Power Integrations, Inc.

The grade, in three tenses

Headline 5.4 out of ten, 9 of 9 metrics filed: past 6.3 out of ten, present 5.3 out of ten, future 4.7 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.2 out of ten. +1.4% a year over 10 filed years; profitable in 10 of 10. 42nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 8.8 out of ten. Share count shrank 1.2% a year. 100% of cash flow returned. Insiders: 35 sales, 0 purchases. 88th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 7.4 out of ten. ROE 3%: 3¢ of profit per shareholder dollar. Leverage 13%: owes 13¢ per asset dollar. 74th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.7 out of ten. bottom 37% of 97 in its family; net margin 5%. 37th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 3.3 out of ten. bottom 33% of 66 in its family for leadership; chief executive since 2025. 33rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.3 out of ten. top 37% of 94 in its family for room to expand. 63rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.2 out of ten. bottom 32% of 93 in its family for growth drivers. 32nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.8 out of ten. bottom 38% of 88 in its family for expectations against reality. 38th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-06 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-06 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form 8-K, 2026-08-14. Filings on record since 1997. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-06.

The people

Jennifer Lloyd has been president, chief executive and a director since July 2025, chosen in a planned succession after the retirement of Balu Balakrishnan, who ran the company as president and chief executive from 2002 until 2025 after earlier engineering, strategic marketing and business development roles there. He stayed on as executive chairman through February 9, 2026 and now serves as a consultant, supporting the company's intellectual property and ongoing litigation. Lloyd came from Analog Devices, where she worked from 1997 until July 2025 in roles that included corporate vice president leading its multi-market power business; she had also sat on Power Integrations' own board from April 2021 through October 2022. The turnover ran wider than the top job: the proxy statement lists five former executive officers no longer employed by the company, among them the vice presidents for marketing, technology and corporate development, whose service ran through June 2025, September 2025 and March 2026. [1, 2, 3, 4, 5, 6, 7, 8]

The finance post changed hands too. Nancy Erba became chief financial officer in January 2026, after the same post at Infinera from 2019 through its acquisition in 2025 and at Immersion from 2016 to 2019, with senior roles at Seagate Technology before that. She followed Sandeep Nayyar, who concluded his service as chief financial officer on October 4, 2025, and Robert Eric Verity, interim chief financial officer from that day until January 5, 2026. The annual report named Gagan Jain, with the company since 2013 after managerial posts at Infineon Technologies Japan, as head of worldwide sales since September 2024; in May 2026 the board appointed Mike Balow senior vice president, worldwide sales, after he had run sales at onsemi from 2021 to 2025 and earlier at Infineon Technologies and Cypress Semiconductor. Sunil (Sunny) Gupta, who had run operations since August 2020 after posts at Renesas, Intersil and Qualcomm and 16 years at National Semiconductor, gave notice in August 2026 that he would resign effective August 25, 2026, not, the company says, over any disagreement. [9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20]

The board split the chair from the chief executive after the succession. Balakrishnan S. Iyer, an independent director on the board since February 2004 and once chief financial officer of Conexant Systems, became chairman in February 2026 after serving as lead independent director from May 2023. Recent arrivals bring power-chip and car experience: Gregg Lowe, a director since February 2025, ran Wolfspeed, a silicon carbide company, from September 2017 until November 2024; Ravi Vig, a director since April 2023, was chief executive of Allegro MicroSystems until June 2022; Nancy Gioia led global electrification at Ford. The proxy statement says two long-serving directors, Balu Balakrishnan and Nicholas E. Brathwaite, a director since January 2000, would retire at the annual meeting, taking the board from nine members to seven. [21, 22, 23, 24, 25, 26, 27, 28]

At the end of 2025 Power Integrations employed 877 full-time staff in 15 countries: 339 in North America, 421 in the Asia-Pacific region and 117 in Europe. Research and development counted 301 people at year end. The annual report puts average tenure at nearly 7.5 years and calls turnover below average for its industry. Weeks after the year closed, on February 2, 2026, the company let go about 7% of its global workforce to lower costs and create a more efficient organization, a cut it estimated would cost 3.5 to 4.0 million dollars, nearly all of it severance and benefits. [29, 30, 31, 32]

How it operates

Power Integrations designs chips for high-voltage power conversion. Most are ICs (integrated circuits) for AC-DC power supplies, which turn the high-voltage alternating current from a wall outlet into the low-voltage direct current that electronics run on; they sit in phone chargers, notebook adapters, appliances, air conditioners, smart utility meters and battery-powered tools, and variations of them convert power in electric vehicles. It also sells LED-lighting drivers, motor-driver chips for the brushless motors in appliances, fans and heating and cooling systems, and gate drivers, sold mainly under the SCALE name: circuit boards that switch the large power transistors (IGBTs and silicon carbide MOSFETs) in systems from about 100 kilowatts up to gigawatts, such as industrial motors, solar and wind power, electric locomotives and high-voltage transmission lines. The selling point is integration: one product holds the high-voltage transistor, the control circuitry and, in some cases, a safety-isolated link between the input and output sides, so a power converter needs far fewer parts than one built from separate components. [33, 34, 35, 36, 37, 38, 39, 40, 41, 42]

It sells to OEMs, the brands that build finished products, and to merchant power-supply makers, which build power supplies and sell them on to the brands, through its own sales staff and a worldwide network of independent representatives and distributors. Distributors took 69% of 2025 revenue, reselling to a broad range of OEMs and power-supply makers. The ten largest customers took 81%. Two customers, both distributors, each took more than 10%: Avnet with 32%, up from 30% the year before and 27% two years before, and Salcomp Group with 11%. Honestar Technologies, which took 18% in 2023 and 11% in 2024, fell below that line. Most distributors may return goods and are protected from price cuts on what they hold, and when one sells below the standard price to win business it claims the difference back as a ship-and-debit credit. Orders are mostly short-lead-time, with quick delivery. [43, 44, 45, 46, 47, 48, 49, 50]

By where customers are billed, Hong Kong and China brought in 245.9 million dollars in 2025, 55.4% of revenue, up 3.1%; South Korea followed with 8.9%, then Germany with 6.1%, Taiwan with 5.8% and India with 5.3%, the one region that shrank, down 15.0%. Customers outside the United States accounted for 98% of revenue and Asia for about 84%, because most power converters using its chips are manufactured in Asia even though they are sold worldwide. It keeps sales offices across Asia, from China, Japan and South Korea to Taiwan, India, Singapore and the Philippines, as well as in the United States, Canada, the United Kingdom, Germany and Italy. [51, 52, 53]

Power Integrations is fabless, meaning it designs chips and hires others to make them, which keeps its capital spending low. Three foundries make the vast majority of its silicon wafers with its own high-voltage processes, in Japan, Germany and the United States: Lapis Semiconductor (formerly OKI Electric Industry), Seiko Epson and X-FAB. The contracts run to December 2028 for Lapis and X-FAB and to December 2035 for Epson, and the company estimates that bringing up a new source would take 12 to 24 months. Subcontractors in China, Malaysia, Thailand and the Philippines assemble and test its chips, with a small share tested at its California headquarters; gate-driver boards are assembled and tested in Sri Lanka and Thailand, some tested at its own facility in Switzerland. Because it buys a large share of its wafers in Japan, the yen matters: by its reckoning, a 10% move in the dollar against the yen would eventually shift gross margin by about 1.5%. [54, 55, 56, 57, 58, 59, 60]

The specifics

Power Integrations was incorporated in California on March 25, 1988, reincorporated in Delaware in December 1997 and has filed with the SEC since that year. In 1994 it introduced TOPSwitch, which it calls the industry's first cost-effective high-voltage IC for switched-mode power supplies, the smaller, more efficient kind that replaced heavy transformers but had been complex to build from separate parts. Since 1998 its power-supply chips have carried EcoSmart, which cuts the electricity a plugged-in device wastes on standby; more than 21 billion of them have been sold. InnoSwitch, launched in 2014, was the first power-supply IC to combine the primary, secondary and feedback circuits in one package, using its FluxLink technology instead of optical parts. Since 2019 it has put its own gallium nitride (GaN) transistors, PowiGaN, into some of its chips, saving energy against silicon, in generations rated up to 1700 volts. In July 2024 it bought the assets of Odyssey Semiconductor, a developer of vertical GaN, for 9.52 million dollars, to speed work on higher-power GaN for the power modules in electric-vehicle drivetrains, which it believes will take several years. [61, 62, 63, 64, 65, 66, 67, 68, 69]

It guards the technology with patents and trade secrets. At the end of 2025 it held 281 US and 329 foreign patents, expiring from 2026 to 2046, and says it depends on no single one. Its trade secrets include the high-volume production process for its high-voltage chips; those processes need no leading-edge geometries, so the foundries run them on older, lower-cost lines, working closely with the company to reach good yields. In court, CogniPower sued one of its customers in 2019 over two patents and the company stepped in; after a trial in August 2025 a jury found no infringement and found all the asserted claims invalid. A second trial went the other way in part: in June 2025 a jury sided with the company on age and disability discrimination but found for a former employee on harassment based on disability and on retaliation, awarding 3.2 million dollars in compensatory and 6.0 million in punitive damages. The company booked 11.3 million dollars of expense for that case in 2025 and has appealed. [70, 71, 72, 73, 74, 75, 76, 77]

It names its competitors plainly. In power-supply chips: STMicroelectronics, Infineon Technologies and Sanken Electric, plus makers of controller chips paired with separate transistors, among them NXP, Texas Instruments, Diodes, On-Bright, MediaTek, Renesas and a growing number of Chinese suppliers such as Southchip, Chipown and Hangzhou Silan. In GaN: InnoScience, Infineon, Renesas, Texas Instruments and Navitas. In gate drivers: Infineon, Mitsubishi Electric, Fuji Electric, Semikron and Hangzhou Firstack. In motor drivers: ON Semiconductor, Infineon, STMicroelectronics, Mitsubishi and Sanken. It expects competition from Chinese vendors to intensify as China pursues its stated aim of building a domestic chip industry. Its chips let customers build a power converter for about the same total parts cost as the alternatives, so their value tracks the prices of separate components, which have generally fallen over time. [78, 79, 80, 81, 82]

Energy-efficiency rules shape its market. California made efficiency standards for external power supplies mandatory in 2007; they went nationwide in July 2008 under the Energy Independence and Security Act and were tightened in 2016. The European Union has limited standby power on a wide range of electronics since 2010, cut the limit by half in 2013, to 500 milliwatts for many products, and scheduled a further tightening from 2025. China's new efficiency standards for room air conditioners took effect in July 2020, and India's Bureau of Energy Efficiency brought in ceiling-fan labels in 2022 to push brushless DC motors in place of less efficient induction motors. Trade shapes it too: most power supplies using its chips are made by customers in Asia, so tariffs reach its business, and during 2025 the United States imposed and threatened large new tariffs while trading partners answered with their own. Some of its products fall under US export controls and sanctions. [83, 84, 85, 86, 87, 88]

What drives growth, line by line

Revenue rose 5.9% in 2025 to 443.5 million dollars, the first rise after three years of decline from 703.3 million in 2021. The filing credits higher sales in the industrial end market, including its gate drivers, and more chips sold for electronic utility meters, electric vehicles and battery-powered tools. Operating income still fell, to 10.2 million dollars from 17.9 million, in a year that carried 19.7 million of other operating expenses: 11.3 million for the employee lawsuit and 8.4 million of stock compensation from changing the retiring chief executive's awards. [89, 90, 76]

Industrial. The largest end market in 2025 at 38% of revenue, up from 35% the year before and 32% two years before, and the one the filing credits for the year's growth, through its gate drivers and chips for electronic utility meters, electric vehicles and battery-powered tools. The group is broad: industrial motor drives, renewable energy systems, electric locomotives, electric cars and commercial vehicles, high-voltage DC transmission, utility meters, LED lighting, power tools and smart-home devices. [91, 90, 92]

Consumer. 37% of revenue in 2025, its share down from 39% the year before but well above the 27% of two years before. It covers major and small appliances, air conditioners, TVs, set-top boxes and game consoles. The filing names consumer appliances, with cellphone chargers, among the few applications that make up a significant share of revenue, and says recent results were hurt by soft housing markets, which weigh on appliance demand, and by inflation. [91, 93, 94, 95]

Computer. 13% of revenue in 2025, against 14% the year before and 12% two years before: chips for desktop PCs and monitors, servers, adapters for tablets and notebooks, and other computer peripherals. The filing gives no separate account of what moved this market in the year. [91, 36]

Communications. 12% of revenue in 2025, the same as the year before but down from 29% two years earlier: mobile-phone chargers, broadband modems, wi-fi routers and other network and telecom gear. This annual report does not explain that fall; it leaves the comparison of those two earlier years to the previous year's annual report. [91, 35, 96]

What comes next, in the company's own words. It describes its market as growing only modestly over time, as more power converters are offset by falling component prices, so its own growth depends on winning more of the markets it serves and widening them. It says it has widened its served market to about 5 billion dollars and expects automotive applications to become a significant part of it over time. It is developing more GaN products for higher power, which it expects to include power supplies for data centers delivering AI services, communications network equipment and on-board chargers for electric vehicles, and it expects its 2026 capital spending to go mainly to machinery and equipment for making its products. [97, 98, 99, 100, 101]

What the desk infers (inferred, not filed)

• Honestar Technologies, a distributor whose share of revenue shrank from 18% in 2023 to below 10% in 2025, was most likely the main channel for a mobile-phone charger business that fell away in 2024, when communications dropped to 12% of revenue from 29% and then stayed there. Because: Honestar took 18% of revenue in 2023 and 11% in 2024, then fell below the 10% line in 2025. [47] Communications fell from 29% of revenue to 12% in one step and stayed at 12% in 2025, the shape of one large piece of business ending rather than a broad slide. [91] Mobile-phone chargers lead the filing's list of communications applications, and it names cellphone chargers among the few applications that make up a significant share of revenue. [35, 94] Every customer above 10% in 2023 was a distributor, and distributors resell to OEMs and power-supply makers. [46, 45] Confidence 50 of 100. Wrong if: A filing showing that Honestar bought mainly for appliance, industrial or computer products, or that the fall in communications came from many customers rather than one.
• Industrial is most likely the higher-margin end market the filing credits without naming it: gross margin rose in 2025, the year industrial was the only end market to gain share of revenue, and gate drivers led that gain. Because: Gross margin rose to 54.5% in 2025 from 53.6%, which the filing puts down to manufacturing efficiencies and a favorable end-market mix, with more sales from higher-margin market categories. [102, 103] Industrial was the only end market whose share of revenue grew in 2025, to 38% from 35%, while consumer and computer slipped and communications held at 12%. [91] The filing credits the year's growth to industrial sales, gate drivers among them, and its gate drivers are fully assembled circuit boards for systems of about 100 kilowatts and up, far more than a single chip. [90, 38, 40] It calls its industry intensely price-sensitive and names a growing number of Chinese suppliers of the controller chips that compete in power supplies. [104, 79] Confidence 65 of 100. Wrong if: A filing that names consumer, computer or communications as the company's highest-margin end market, or a year in which industrial gains share while the filing blames end-market mix for a lower gross margin.
• Part of the 2025 rise in industrial sales went onto distributors' shelves rather than straight into customers' products: the company books a sale when a distributor takes the goods, and distributors ended the year holding more of its industrial inventory. Because: The company recognizes revenue on sales to distributors when control passes to the distributor, before the distributor resells. [105] The reserve for distributors' ship-and-debit claims rose by 7.2 million dollars during 2025, which the filing puts down mainly to higher inventory held by distributors in its industrial end market. [106] Industrial is the end market the filing credits for the year's revenue growth. [90] Avnet, one of the two distributors above 10% of revenue, rose to 32% from 30%. [47, 46] Confidence 65 of 100. Wrong if: A filing showing that distributors held no more industrial inventory at the end of 2025 than a year earlier, or that the larger reserve reflected deeper price concessions on the same inventory rather than more of it.
• The profit is booked offshore: a subsidiary in the Cayman Islands, most likely Power Integrations International, holds the wafer contracts and books the sales abroad, so the margin on its chips lands where no tax is levied, while its US operations showed a loss before taxes in 2025. Because: The wafer agreements with Seiko Epson, Lapis and X-FAB have been made or amended by Power Integrations International, Ltd., as the exhibit list shows. [107, 108, 109] About 98% of revenue comes from customers outside the United States. [52] The filing names the Cayman Islands, a non-taxing jurisdiction, as the main source of its foreign earnings and calls income in other foreign jurisdictions not material. [110] In 2025 its US operations lost money before taxes while its foreign operations earned more than the whole company did. [111] The effective tax rate was minus 5.3% in 2025, below the 21% federal rate, which the filing puts down partly to earnings in lower-tax jurisdictions. [112, 113] Confidence 65 of 100. Wrong if: A filing showing that Power Integrations International, Ltd. is organized outside the Cayman Islands, or that the sales outside the United States are booked by a subsidiary in a taxing jurisdiction.

Sources

1. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Jennifer Lloyd, PhD, has served as president, chief executive officer and as a director of Power Integrations since July 2025; she also previously served as a member of the board of directors from April 2021 through October 2022.”
2. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Previously, from 1997 until July 2025, Dr. Lloyd served in a succession of increasingly senior technical and management roles at Analog Devices, Inc. (“Analog”), a global semiconductor leader. Prior roles included corporate vice president leading Analog’s multi-market power business unit, leadership of Analog’s precision franchise and its healthcare and consumer unit.”
3. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Balu Balakrishnan, age 71, has served as a director of Power Integrations since 2002. From 2002 until 2025, Mr. Balakrishnan served as President and Chief Executive Officer of the Company. Prior to serving in this role, Mr. Balakrishnan served in various engineering, strategic marketing and business development roles at the Company.”
4. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “We completed a planned Chief Executive Officer succession following the retirement of our long-tenured Chief Executive Officer, resulting in the appointment of Dr. Lloyd as our new Chief Executive Officer.”
5. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Mr. Balakrishnan served as Executive Chairman through February 9, 2026 and now serves as a consultant to the Company.”
6. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Assured an orderly transition by securing arrangements with the former Chief Executive Officer, including transitional Board and consulting roles tailored to the critical support of our intellectual property and ongoing litigation matters.”
7. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “As a result of leadership transitions, our NEOs for fiscal 2025 consist of four executive officers as of the end of fiscal year 2025 that continue to be employed with us (“Current Employees”) and five former executive officers who are no longer employed with us (“Former Employees”), as reflected below.”
8. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Douglas Bailey(5) Former Vice President, Marketing (through June 2025) Radu Barsan(6) Former Vice President, Technology (through September 2025) Cliff Walker Former Vice President, Corporate Development (through March 2026)”
9. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Nancy Erba has served as chief financial officer since January 2026. Ms. Erba brings more than 25 years of corporate finance experience, most recently as chief financial officer at Infinera Corporation from 2019 through the company’s acquisition in 2025. From 2016 to 2019 she was chief financial officer at Immersion Corporation.”
10. Power Integrations, Inc., Form 10-K filed 2026-02-06: “held a succession of increasingly senior leadership positions at Seagate Technology, including executive leadership roles in finance, business operations and corporate development.”
11. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Mr. Nayyar concluded his service as Chief Financial Officer on October 4, 2025.”
12. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Mr. Verity served as interim Chief Financial Officer from October 4, 2025 through January 5, 2026, at which point the Chief Financial Officer position was assumed by Nancy Erba.”
13. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Gagan Jain has served as our vice president, worldwide sales since September 2024. Mr. Jain joined Power Integrations in 2013, managing the company's industrial and high-power gate-driver business in Japan before being promoted to director of sales for Japan.”
14. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Prior to joining Power Integrations, Mr. Jain held various managerial positions at Infineon Technologies Japan in the industrial module and bi-polar devices business”
15. Power Integrations, Inc., Form 8-K filed 2026-05-07: “The Board of Directors of Power Integrations, Inc. (the “Company”) appointed Mike Balow as the Company’s Senior Vice President, Worldwide Sales, effective upon Mr. Balow’s commencement of employment with the Company on May 4, 2026.”
16. Power Integrations, Inc., Form 8-K filed 2026-05-07: “From 2021 to 2025 he served as executive vice president of sales for onsemi, a supplier of sensing and power-management semiconductors. Previously, he served as executive vice president of sales at Infineon Technologies after holding a similar position at Cypress Semiconductor from 2015 until its acquisition by Infineon in 2020.”
17. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Sunny Gupta has served as our vice president of operations since August 2020. Prior to joining Power Integrations, Mr. Gupta was vice president of operations at Renesas Electronics Corporation, a provider of electronics solutions, from July 2017 until August 2020”
18. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Prior to joining Renesas he was Senior Vice President, Global Operations at Intersil Corporation, a developer of power management and precision analog integrated circuits, from June 2016 to July 2017”
19. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Prior to joining Intersil, Mr. Gupta was the Director of Worldwide Customer Quality Engineering at Qualcomm, and prior to Qualcomm Mr. Gupta spent 16 years at National Semiconductor in wafer fab operations and quality.”
20. Power Integrations, Inc., Form 8-K filed 2026-08-14: “On August 11, 2026, Sunil Gupta, our Senior Vice President, Operations, notified us of his intent to resign from his employment at Power Integrations, Inc. (the “Company”), effective August 25, 2026. Mr. Gupta’s resignation did not result from any disagreement with the Company concerning any matter relating to the Company’s operations, policies, or practices.”
21. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Separated the roles of Chief Executive Officer and Chair of the Board, appointing an independent Chairman following the former Chief Executive Officer’s retirement, reinforcing independent Board oversight.”
22. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Mr. Iyer, who is an independent director, currently serves as the Chairman of the Board. Mr. Iyer assumed this role in February 2026, after previously serving as the Lead Independent Director since May 2023.”
23. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Balakrishnan S. Iyer, age 69, has served as Chairman of the Board since February 2026 and as a director of Power Integrations since February 2004. He previously served as Lead Independent Director from May 2023 to February 2026. Mr. Iyer retired from Conexant Systems in 2003 after serving for five years as Senior Vice President and Chief Financial Officer.”
24. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Gregg Lowe, age 63, has served as a director of Power Integrations since February 2025. Mr. Lowe was the President and Chief Executive Officer of Wolfspeed, Inc., a silicon carbide solutions company, from September 2017 until November 2024.”
25. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Ravi Vig, age 65, has served as a director of Power Integrations since April 2023. Mr. Vig served as President and Chief Executive Officer and on the board of directors of Allegro MicroSystems, Inc., a global leader in power and sensing semiconductors, until his retirement in June 2022.”
26. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Among her roles at Ford, she served as Director of Global Electrification, leading all aspects of the company’s electrified vehicle technologies and product portfolio.”
27. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “As of April 21, 2026, the Board had nine members, all of whose terms of office expire at the Annual Meeting. Two of our directors, Balu Balakrishnan and Nicholas E. Brathwaite, will retire from the Board at the Annual Meeting. As a result of these retirements, the Board will have seven members.”
28. Power Integrations, Inc., Form DEF 14A filed 2026-04-21: “Nicholas E. Brathwaite, age 67, has served as a director of Power Integrations since January 2000.”
29. Power Integrations, Inc., Form 10-K filed 2026-02-06: “As of December 31, 2025, we employed 877 full-time personnel across 15 countries with 339, or 39% of the total, residing in North America, while 61% resided offshore comprising 421 in the Asia-Pacific region and 117 across Europe.”
30. Power Integrations, Inc., Form 10-K filed 2026-02-06: “R&D expenses $ 101.1 0.3 % $ 100.8 4.9 % $ 96.1 Headcount (at period end) 301 311 282”
31. Power Integrations, Inc., Form 10-K filed 2026-02-06: “These benefits, combined with our culture of innovation and sustainable growth, contribute to below-average employee turnover relative to our industry and an average tenure of nearly 7.5 years.”
32. Power Integrations, Inc., Form 10-K filed 2026-02-06: “On January 31, 2026, the Company approved a reduction in force that resulted in the termination of approximately 7% of the Company’s global workforce on February 2, 2026 in order to decrease the Company’s costs and create a more efficient organization to support its business. In connection with the reduction in force, the Company estimates it will incur approximately between $3.5 million and $4.0 million of costs, substantially all of which are related to employee severance and benefit costs, which the Company expects to recognize in the first quarter of 2026.”
33. Power Integrations, Inc., Form 10-K filed 2026-02-06: “A large percentage of our products are ICs used in AC-DC power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices.”
34. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Power supplies incorporating our products are used with all manner of electronic products including industrial controls, “smart” utility meters, appliances, air conditioners, battery-powered tools, building-automation, or “internet-of-things” applications such as networked thermostats and security devices, and mobile devices such as smartphones, tablets and notebook computers.”
35. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Communications Mobile-phone chargers, broadband modems, wi-fi routers, other network and telecom gear”
36. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Computer Desktop PCs and monitors, servers, adapters for tablets and notebook computers, other computer peripherals”
37. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Variations of our power-supply ICs are used for high-voltage power conversion in electric vehicles (“EVs”). We also supply high-voltage LED drivers, which are AC-DC ICs specifically designed for lighting applications that utilize light-emitting diodes, and motor-driver ICs for brushless DC (“BLDC”) motors used in consumer appliances, HVAC systems, ceiling fans and a variety of industrial applications.”
38. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We offer a range of high-voltage gate-driver products sold primarily under the SCALE™ and SCALE™-2 product-family names. These products are fully assembled circuit boards incorporating multiple ICs, electrical isolation components and other circuitry.”
39. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We also offer high-voltage gate drivers—either standalone ICs or circuit boards containing ICs, electrical isolation components and other circuitry—used to operate high-voltage switches such as insulated-gate bipolar transistors (“IGBTs”) and silicon-carbide (“SiC”) MOSFETs.”
40. Power Integrations, Inc., Form 10-K filed 2026-02-06: “These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging from approximately 100 kilowatts up to gigawatts) such as industrial motors, solar- and wind-power systems, electric locomotives, EVs and high-voltage DC transmission systems.”
41. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our power-conversion products are distinguished by their “system-level” nature; that is, they incorporate into a single product numerous elements of a power-conversion system including a high-voltage transistor, drivers, advanced control circuitry and, in some cases, a communication link connecting the primary (i.e., input) and secondary (i.e., output) sides of the power converter while maintaining safety isolation to protect the end user from exposure to high voltage.”
42. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our highly integrated ICs and gate drivers enable designs with far fewer components than comparable discrete designs.”
43. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We sell our products to original equipment manufacturers, or OEMs, and merchant power-supply manufacturers through our direct sales staff and a worldwide network of independent sales representatives and distributors.”
44. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Sales to distributors accounted for 69% and 70% of our net revenue in 2025 and 2024, respectively.”
45. Power Integrations, Inc., Form 10-K filed 2026-02-06: “These distributors sell the Company’s products to a broad, diverse range of end users, including OEMs and merchant power supply manufacturers. Similarly, merchant power-supply manufacturers sell power supplies incorporating the Company’s products to a broad range of OEMs.”
46. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our top ten customers, including distributors that resell to OEMs and merchant power supply manufacturers, accounted for approximately 81%, 79% and 80% of net revenue in 2025, 2024 and 2023, respectively. In 2025, two customers, both distributors, each accounted for more than 10% of revenue, in 2024, two customers, both distributors, each accounted for more than 10% of revenue, and in 2023, three customers, all distributors, each accounted for more than 10% of revenue.”
47. Power Integrations, Inc., Form 10-K filed 2026-02-06: “The following customers represented 10% or more of our net revenue for the respective years: Customer 2025 2024 2023 Avnet 32 % 30 % 27 % Salcomp Group 11 % * 10 % Honestar Technologies Co., Ltd. * 11 % 18 % *Total customer revenue was less than 10% of net revenue.”
48. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Most of our distributors are entitled to return privileges based on revenue and are protected from price reductions affecting their inventories.”
49. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Frequently, distributors need to sell at a price lower than the standard distribution price in order to win business. At the time the distributor invoices its customer or soon thereafter, the distributor submits a “ship-and-debit” price adjustment claim to us to adjust the distributor’s cost from the standard price to the pre-approved lower price.”
50. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Historically, our business has been characterized by short-lead-time orders and quick delivery schedules.”
51. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
52. Power Integrations, Inc., Form 10-K filed 2026-02-06: “International sales, consisting of sales to customers outside of the United States of America based on “bill to” customer locations, were $436.6 million and $412.5 million in 2025 and 2024, respectively, representing 98% of net revenue in both 2025 and 2024. Although power converters using our products are distributed to end markets worldwide, most are manufactured in Asia. As a result, sales to this region represented approximately 84% of our net revenue in both 2025 and 2024.”
53. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We have sales offices in the United States, United Kingdom, Germany, Italy, India, China, Japan, South Korea, the Philippines, Canada, Singapore and Taiwan.”
54. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our fabless manufacturing model enables us to focus on our engineering and design strengths, minimize capital expenditures and still have access to high-volume manufacturing capacity.”
55. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We contract with three foundries for the manufacture of the vast majority of our silicon wafers: (1) Lapis Semiconductor Co., Ltd., or Lapis, (formerly OKI Electric Industry), (2) Seiko Epson Corporation, or Epson and (3) X-FAB Semiconductor Foundries AG, or X-FAB. These contractors manufacture wafers using our proprietary high-voltage process technologies at fabrication facilities located in Japan, Germany and the United States.”
56. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our wafer supply agreements with Lapis, Epson and X-FAB expire in December 2028, December 2035 and December 2028, respectively.”
57. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We estimate that it would take 12 to 24 months from the time we identified an alternate manufacturing source to produce wafers with acceptable manufacturing yields in sufficient quantities to meet our needs.”
58. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our ICs are assembled, packaged and tested by independent subcontractors in China, Malaysia, Thailand and the Philippines; a small percentage of our ICs are tested at our headquarters facility in California. Our gate-driver boards are assembled and tested by independent subcontractors in Sri Lanka and Thailand; some of the boards are tested at our facility in Switzerland.”
59. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Also, because we purchase a large percentage of our silicon wafers from foundries located in Japan, our gross margin is influenced by fluctuations in the exchange rate between the U.S. dollar and the Japanese yen.”
60. Power Integrations, Inc., Form 10-K filed 2026-02-06: “All else being equal, a 10% change in the value of the U.S. dollar compared to the Japanese yen would eventually result in a corresponding change in our gross margin of approximately 1.5%; this sensitivity may increase depending on the percentage of our wafer supply that we purchase from Japanese suppliers.”
61. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Power Integrations, Inc. was incorporated in California on March 25, 1988, and reincorporated in Delaware in December 1997.”
62. The record on this page: the filing record (the EDGAR submissions feed)
63. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 1994 we introduced TOPSwitch™, the industry’s first cost-effective high-voltage IC for switched-mode AC-DC power supplies.”
64. Power Integrations, Inc., Form 10-K filed 2026-02-06: “While SMPS are generally smaller, lighter-weight and more energy-efficient than linear transformers, early versions designed with discrete components were highly complex, containing numerous components and requiring a high level of analog design expertise.”
65. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Since 1998, our AC-DC power-conversion ICs have featured our EcoSmart™ technology which drastically reduces standby power waste. We have sold more than 21 billion ICs featuring EcoSmart™ technology, resulting in estimated savings of hundreds of terawatt-hours (TWh) of standby power worldwide.”
66. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 2014 we introduced our InnoSwitch™ product family, the first power-supply ICs to combine primary, secondary and feedback circuits into a single package. These ICs employ a proprietary technology known as FluxLink™ to enable precise control without the need for optical components, which tend to add cost and diminish the reliability of power supplies.”
67. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 2019 we began incorporating our proprietary PowiGaN™ transistors in some of our products, enabling a higher level of energy efficiency than ICs with silicon transistors. Since then, we have introduced a variety of new products utilizing GaN technology and developed new generations of our GaN technology capable of supporting voltages as high as 1700 volts.”
68. Power Integrations, Inc., Form 10-K filed 2026-02-06: “On March 12, 2024, the Company agreed to acquire the assets of Odyssey, a U.S. company and a developer of vertical GaN transistor technology. The transaction closed on July 1, 2024, at which time all key Odyssey employees joined the Company. Pursuant to the asset purchase agreement, Odyssey sold, transferred and assigned substantially all of its assets to the Company for $9.52 million in cash.”
69. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Additionally, we are developing GaN technologies capable of supporting higher power output than today’s GaN devices, with an aim of developing products to address power-switching modules in EV drivetrains, which currently incorporate SiC and IGBT modules. In July 2024 we acquired the assets of Odyssey Semiconductor, a developer of vertical GaN technology, in an effort to accelerate our development of higher-power GaN devices. We believe the development of such technologies will take several years to complete.”
70. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 2025, we received 20 U.S. and 39 foreign patents. As of December 31, 2025, we held 281 U.S. and 329 foreign patents. Both U.S. and foreign patents have expiration dates ranging from 2026 to 2046. While our patent portfolio as a whole is important to the success of our business, we are not materially dependent upon any single patent.”
71. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our trade secrets include a high-volume production process used in the manufacture of our high-voltage ICs.”
72. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our proprietary high-voltage processes do not require leading-edge geometries, which enables us to use our foundries’ older, lower-cost facilities for wafer manufacturing. However, because of our highly sensitive high-voltage process, we must interact closely with our foundries to achieve satisfactory yields.”
73. Power Integrations, Inc., Form 10-K filed 2026-02-06: “On December 18, 2019, CogniPower LLC (“CogniPower”) filed a complaint against a customer of the Company in the United States District Court for the District of Delaware for infringement of two patents; the Company thereafter intervened and sought a declaration of non-infringement with respect to use of the Company’s products.”
74. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Following a trial in August 2025, the Company successfully obtained verdicts of noninfringement and invalidity of all asserted claims, and as part of the noninfringement verdict, the jury found that no products incorporating the Company’s InnoSwitch products met the specific requirements of CogniPower’s asserted claims.”
75. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In June 2025, the remaining claims in the matter were tried before a jury. The jury reached a verdict and ruled in favor of the Company on the claims of age and disability discrimination and harassment based on age. The jury ruled in favor of the plaintiff and against the Company on the claims of harassment based on disability and retaliation and awarded compensatory damages of $3.2 million and punitive damages of $6.0 million.”
76. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Other operating expenses were $19.7 million in 2025. We recognized expenses of $11.3 million stemming from an employee litigation matter (refer to Note 14, Legal Proceedings and Contingencies, in our Notes to Consolidated Financial Statements for details). In addition, we recognized stock-based compensation expense of $8.4 million as a result of an award modification associated with the retirement of our former chief executive officer”
77. Power Integrations, Inc., Form 10-K filed 2026-02-06: “The Company disagrees with the jury’s verdicts and court’s orders against the Company and has appealed the judgement.”
78. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Competing alternatives to our high-voltage ICs for the power-supply market include monolithic and hybrid ICs from companies such as STMicroelectronics, Infineon Technologies and Sanken Electric Company, as well as PWM-controller chips paired with discrete high-voltage silicon or GaN transistors.”
79. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Such controller chips are produced by a large number of vendors, including those listed above as well as others including NXP Semiconductors, Texas Instruments, Diodes Inc., On-Bright Electronics, MediaTek Inc., Renesas Electronics, and, in recent years, an increasing number of Chinese suppliers such as Southchip Semiconductor, Chipown Microelectronics and Hangzhou Silan Microelectronics Co.”
80. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Competing suppliers of high-voltage GaN products include InnoScience, Infineon, Renesas, Texas Instruments, Navitas Semiconductor and others. Our gate-driver products compete with alternatives from such companies as Infineon, Mitsubishi Electric, Fuji Electric, Semikron and Hangzhou Firstack Technology Co., as well as driver circuits made up of discrete devices.”
81. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our motor-driver ICs compete with power modules from such companies as ON Semiconductor, Infineon, STMicroelectronics, Mitsubishi and Sanken as well as discrete designs from a wide range of other suppliers. In general, we expect competition from Chinese semiconductor vendors to intensify over time reflecting China’s stated aim to develop its domestic semiconductor industry.”
82. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Generally, our products enable customers to design power converters with total bill-of-materials costs similar to those of competing alternatives. As a result, the value of our products is influenced by the prices of discrete components, which fluctuate in relation to market demand, raw-material prices and other factors, but have generally decreased over time.”
83. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 2007 the California Energy Commission (“CEC”) implemented mandatory efficiency standards for external power supplies. The CEC standards were implemented nationwide in the United States in July 2008 as a result of the Energy Independence and Security Act of 2007 (“EISA”); these federal standards were tightened in 2016.”
84. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 2010, the EU EcoDesign Directive implemented standards limiting standby power consumption on a wide range of electronic products. The limit was reduced by 50 percent beginning in 2013, with many products now limited to 500 milliwatts of standby usage; the EU standards are scheduled to tighten further beginning in 2025.”
85. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In December 2019 the government of China published new efficiency standards for room air conditioners, which took effect in July 2020. In 2022 India’s Bureau of Energy Efficiency implemented new labeling standards for ceiling fans in an effort to drive adoption of BLDC motors in place of less efficient induction motors.”
86. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Although power supplies using our products are designed and distributed worldwide, most of these power supplies are manufactured by our customers in Asia. As a result, our business is subject to risks related to tariffs and other trade protection measures put in place by the United States or other countries”
87. Power Integrations, Inc., Form 10-K filed 2026-02-06: “During the year 2025, the United States government imposed and threatened significant additional tariffs on goods imported into the U.S. from most of its trading partners, and, in response, multiple countries imposed or threatened retaliatory tariffs and other actions.”
88. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In some cases, our products and power supplies using our products are subject to import and export control laws and regulations, including the Export Administration Regulations administered by the U.S. Department of Commerce and trade and economic sanctions, including those administered by the U.S. Treasury Department’s Office of Foreign Assets Control.”
89. The record on this page: the filed annual figures (EDGAR's company facts)
90. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our net revenue was $443.5 million and $419.0 million in 2025 and 2024, respectively. The increase in revenue in 2025 was primarily driven by higher sales in the industrial end-market, including growth in sales of our gate-driver products, as well as increased sales of our ICs for a broad range of applications including electronic utility meters, electric vehicles and battery-powered tools.”
91. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our approximate net revenue mix by end-markets served in 2025, 2024 and 2023 is as follows: End Market 2025 2024 2023 Communications 12 % 12 % 29 % Computer 13 % 14 % 12 % Consumer 37 % 39 % 27 % Industrial 38 % 35 % 32”
92. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Industrial Industrial motor drives, renewable energy systems, electric locomotives, electric passenger cars and commercial vehicles, high-voltage DC transmission systems, industrial controls, utility meters, motor controls, uninterruptible power supplies, LED lighting, battery-powered tools and lawn equipment, networked thermostats, power strips and other “smart home” devices”
93. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Consumer Major and small appliances, air conditioners and other comfort appliances, TVs and set-top boxes, video-game consoles”
94. Power Integrations, Inc., Form 10-K filed 2026-02-06: “A limited number of applications of our products, such as consumer appliances and cellphone chargers, make up a significant percentage of our net revenue.”
95. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Demand for end products incorporating our products has been highly cyclical over time and has been impacted by economic downturns; our recent results have been impacted by economic conditions, including softness in housing markets, which affects demand for consumer appliances and inflation.”
96. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.”
97. Power Integrations, Inc., Form 10-K filed 2026-02-06: “While the size of our addressable market fluctuates with changes in macroeconomic and industry conditions, the market has generally exhibited a modest growth rate over time as growth in the unit volume of power converters has been offset to a large degree by reductions in the average selling price of components in this market. Therefore, the growth of our business depends largely on increasing our penetration of the markets that we serve, creating value for our customers and on further expanding our addressable market.”
98. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Since then, we have expanded our served available market (“SAM”) to approximately $5 billion through a variety of means.”
99. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We have also introduced products targeting the EV market and expect automotive applications to become a significant portion of our SAM over time.”
100. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We are developing additional products incorporating GaN transistors, which we believe will enable us to address higher-power applications than we address with our current range of products, and further expand our SAM as discussed above. We expect such applications to include power supplies used in data centers delivering artificial intelligence (“AI”) services, in communications network infrastructure equipment and in onboard-charging circuitry for EVs, among others.”
101. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We expect capital expenditures in fiscal 2026 to be primarily for machinery and equipment for use in the manufacture of our products to support future growth.”
102. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Gross profit $ 241.6 7.5 % $ 224.8 (1.8) % $ 229.0 Gross margin 54.5 % 53.6 % 51.5”
103. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Our gross margin increased in 2025 as compared to 2024 due to manufacturing efficiencies including the benefit of higher unit volumes on our manufacturing costs per unit, and favorable end-market mix with a greater percentage of sales coming from higher-margin market categories.”
104. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Because our industry is intensely price-sensitive, our gross margin (gross profit divided by net revenue) is subject to change based on the relative pricing of solutions that compete with ours.”
105. Power Integrations, Inc., Form 10-K filed 2026-02-06: “We recognize revenue from sales to distributors upon the transfer of control to the distributor.”
106. Power Integrations, Inc., Form 10-K filed 2026-02-06: “The reserve for ship-and-debit claims increased by $7.2 million between December 31, 2025 and December 31, 2024, primarily due to higher inventory levels held by distributors in our industrial end-market.”
107. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Wafer Supply Agreement, between Seiko Epson Corporation and Power Integrations International, Ltd. effective as of April 1, 2005”
108. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Amendment Number Nine to the Amended and Restated Wafer Supply Agreement, between Power Integrations International, Ltd. and Lapis Semiconductor Co., Ltd. (formerly OKI Semiconductor Co., Ltd.), effective as of February 6, 2019”
109. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Amendment Number One to the Amended and Restated Wafer Supply Agreement between Power Integrations International, Ltd. and XFAB Dresden GmbH & Co. KG, effective as of July 20, 2005”
110. Power Integrations, Inc., Form 10-K filed 2026-02-06: “The primary jurisdiction from which our foreign earnings are derived is the Cayman Islands, which is a non-taxing jurisdiction. Income earned in other foreign jurisdictions was not material.”
111. Power Integrations, Inc., Form 10-K filed 2026-02-06: “U.S. and foreign components of income before income taxes were: Year Ended December 31, (In thousands) 2025 2024 2023 U.S. operations $ (25,273) $ (4,521) $ 2,995 Foreign operations 46,252 35,275 42,912 Total income before income taxes $ 20,979 $ 30,754 $ 45,907”
112. Power Integrations, Inc., Form 10-K filed 2026-02-06: “In 2025 and 2024, our effective tax rate was lower than the statutory U.S. federal income-tax rates of 21% due to the geographic distribution of our world-wide earnings in lower tax jurisdictions, the impact of federal research tax credits and the recognition of excess tax benefits related to share-based compensation.”
113. Power Integrations, Inc., Form 10-K filed 2026-02-06: “Provision (benefit) for income taxes $ (1.1) (24.7) % $ (1.5) (84.9) % $ (9.8) Effective tax rate (5.3) % (4.8) % (21.4)”

Where the revenue comes from

By geography: Hong Kong China 55%, South Korea 9%, Other APAC 8%, Germany 6%, Taiwan 6%, India 5%. As tagged in its annual report (Form 10-K, filed 2026-02-06).

Who runs it

Lloyd, Jennifer A (President and CEO); Balakrishnan, Balu (President and CEO); Gupta, Sunil (Sr. Vice President, Operations); Erba, Nancy (Chief Financial Officer); Verity, Robert Eric (Interim CFO); Hughes, Andrew S (General Counsel and Secretary); Balow, Michael (Sr. VP, Worldwide Sales); Jain, Gagan (VP, Worldwide Sales); Bailey, Doug (Former VP Marketing); Arienzo, Wendy (director); and 6 more. 16 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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