Monolithic Power Systems, Inc. announced on February 26, 2026, that its Audit Committee determined previous financial statements in the 2024 Form 10-K and 2025 Form 10-Qs should no longer be relied upon due to an unintentional error in accounting for deferred income taxes related to a foreign tax incentive, requiring restatement with a $195 million decrease to income tax benefit, net for 2024.
Key takeaways
Audit Committee determination on February 26, 2026: previous 2024 10-K and 2025 10-Qs not reliable due to deferred tax error.
Restatement decreases 2024 income tax benefit, net by $194,642 thousand; restated net income $1,592,058 thousand.
2024 restated diluted EPS $32.60 (down $3.99).
2025 unaudited net income increases by $5,556 thousand to $621,483 thousand due to adjustment.
Error non-cash, no impact on revenue, non-GAAP metrics, or Q1 2026 outlook; no misconduct.
Restated financials to be filed in 2025 Form 10-K immediately after this 8-K.