POWI · Power Integrations, Inc.

Power Integrations reported Q1 2026 revenue of $108.3 million, up 3% year-over-year and 5% sequentially, driven by a 23% surge in industrial revenue which now represents 41% of total sales. The industrial growth was broad-based across renewable energy, battery storage, home automation, and automotive. GAAP net income fell sharply to $3.3 million ($0.06 per share) from $13.3 million ($0.24 per share) in the prior quarter, primarily due to $6.2 million in restructuring charges related to workforce reductions. Non-GAAP net income was $13.9 million ($0.25 per share), down from $17.9 million ($0.31 per share) a year ago. Gross margin contracted to 52.6% GAAP (53.5% non-GAAP) from 55.2% GAAP (55.9% non-GAAP) in the year-ago quarter, reflecting product mix and restructuring costs. Management highlighted strong momentum in industrial and strategic focus on high-voltage technologies for EVs and AI data centers. For Q2 2026, the company guided revenue of $115-$120 million, non-GAAP gross margin of 54%-55%, and non-GAAP operating margin of 13.5%-15.5%. Additionally, the company appointed Mike Balow as SVP Worldwide Sales, effective May 4, 2026. Balow brings over 30 years of semiconductor sales experience from onsemi, Infineon, and Cypress. His compensation includes a $450,000 base salary, $2.4 million in RSUs vesting over four years, $1.6 million in target PRSUs, and a pro-rated $360,000 target PSU award for 2026. The appointment strengthens the company's sales leadership as it pursues growth in industrial and high-voltage markets.