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Power Integrations’ TinySwitch-5 And TOPSwitchGaN Ramp: Can New Products Revive Growth?

Power Integrations reported first-quarter revenue of $108.3 million, representing a 3% increase year-over-year and a 5% sequential rise from the previous quarter. Non-GAAP earnings per diluted share were $0.25, with a non-GAAP gross margin of 53.5%, slightly above the prior quarter. The industrial segment was the primary growth driver, achieving 23% year-over-year revenue growth and 15% sequential growth in Q1. The consumer segment declined compared to the strong first quarter of 2025, influenced by prior tariff-related inventory pull-ins in appliances; however, it showed a 17% sequential increase as that inventory normalized. Communications and computer segments experienced seasonal lows in Q1 but are expected to rebound. Management highlighted ongoing strategic initiatives centered on customer alignment, product pipeline streamlining, and organizational efficiency improvements. A recent leadership addition to worldwide sales aims to deepen customer engagement and expand reach in growth markets like data center and automotive.