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MPS Monolithic Power Systems Announces Results for the Third Quarter Ended September 30 , 2021 KIRKLAND , Wash . , Oct. 28 , 2021 ( GLOBE NEWSWIRE ) -- Monolithic Power Systems , Inc. ( MPS ) ( Nasdaq : MPWR ) , a global company that provides high - performance , semiconductor - based power electronics solutions , today announced financial results for the quarter ended September 30 , 2021 . I Revenue was $ 323.5 million for the quarter ended September 30 , 2021 , a 10.3 % increase from $ 293.3 million for the quarter ended June 30 , 2021 and a 24.7 % increase from $ 259.4 million for the quarter ended September 30 , 2020 . GAAP gross margin was 57.6 % for the quarter ended September 30 , 2021 , compared with 55.1 % for the quarter ended September 30 , 2020. GAAP gross margin included a one - time benefit of a $ 4.0 million litigation settlement for the quarter ended September 30 , 2021 . Non - GAAP ( 1 ) gross margin was 57.8 % for the quarter ended September 30 , 2021 , excluding the impact of $ 0.9 million for stock based compensation expense and $ 0.2 million for deferred compensation plan income . Excluding the one - time benefit of a $ 4.0 million litigation settlement , non - GAAP ( 1 ) gross margin would have been 56.6 % for the quarter ended September 30 , 2021. This compares with 55.5 % for the quarter ended September 30 , 2020 , excluding the impact of $ 0.7 million for stock - based compensation expense and $ 0.2 million for deferred compensation plan expense . GAAP operating expenses were $ 109.2 million for the quarter ended September 30 , 2021 , compared with $ 83.1 million for the quarter ended September 30 , 2020 . Non - GAAP ( 1 ) operating expenses were $ 78.7 million for the quarter ended September 30 , 2021 , excluding $ 30.7 million for stock based compensation expense and $ 0.1 million for deferred compensation plan income , compared with $ 59.1 million for the quarter ended September 30 , 2020 , excluding $ 22.3 million for stock - based compensation expense and $ 1.7 million for deferred compensation plan expense . GAAP operating income was $ 77.1 million for the quarter ended September 30 , 2021 , compared with $ 60.0 million for the quarter ended September 30 , 2020 . I Non - GAAP ( 1 ) operating income was $ 108.4 million for the quarter ended September 30 , 2021 , excluding $ 31.6 million for stock based compensation expense and $ 0.3 million for deferred compensation plan income , compared with $ 84.9 million for the quarter ended September 30 , 2020 , excluding $ 23.0 million for stock - based compensation expense and $ 1.9 million for deferred compensation plan expense . I GAAP other income , net , was $ 0.8 million for the quarter ended September 30 , 2021 , compared with $ 2.5 million for the quarter ended September 30 , 2020 . Non - GAAP ( 1 ) other income , net , was $ 1.2 million for the quarter ended September 30 , 2021 , excluding $ 0.4 million for deferred compensation plan expense , compared with $ 0.9 million for the quarter ended September 30 , 2020 , excluding $ 1.6 million for deferred compensation plan income . I GAAP income before income taxes was $ 77.9 million for the quarter ended September 30 , 2021 , compared with $ 62.5 million for the quarter ended September 30 , 2020 . Non - GAAP ( 1 ) income before income taxes was $ 109.6 million for the quarter ended September 30 , 2021 , excluding $ 31.6 million for stock - based compensation expense and $ 0.1 million for deferred compensation plan expense , compared with $ 85.8 million for the quarter ended September 30 , 2020 , excluding $ 23.0 million for stock - based compensation expense , and $ 0.3 million for deferred compensation plan expense . 1 GAAP net income was $ 68.8 million and $ 1.44 per diluted share for the quarter ended September 30 , 2021. Comparatively , GAAP net income was $ 55.6 million and $ 1.18 per diluted share for the quarter ended September 30 , 2020 . Non - GAAP ( 1 ) net income was $ 98.6 million and $ 2.06 per diluted share for the quarter ended September 30 , 2021 , excluding stock based compensation expense , net deferred compensation plan expense and related tax effects , compared with non - GAAP net income ( 1 ) of $ 79.4 million and $ 1.69 per diluted share for the quarter ended September 30 , 2020 , excluding stock - based compensation expense , net deferred compensation plan expense and related tax effects . The financial results for the nine months ended September 30 , 2021 are as follows : I Revenue was $ 871.3 million for the nine months ended September 30 , 2021 , a 42.5 % increase from $ 611.4 million for the nine months ended September 30 , 2020 . 1 GAAP gross margin was 56.4 % for the nine months ended September 30 , 2021 , compared with 55.1 % for the nine months ended September 30 , 2020 . Non - GAAP ( 1 ) gross margin was 56.7 % for the nine months ended September 30 , 2021 , excluding the impact of $ 2.6 million for stock - based compensation expense and $ 0.1 million for deferred compensation plan expense , compared with 55.5 % for the nine months ended September 30 , 2020 , excluding the impact of $ 1.9 million for stock - based compensation expense and $ 0.7 million for the deferred compensation plan expense .