During the after-market session on Tuesday, the shares of Power Integrations, Inc. (NASDAQ: POWI) experienced a notable ascent of 11.16% to reach $78.00, subsequent to a modest uptick of 0.72% during regular trading, closing at $70.17. This surge was instigated by the disclosure of its financial outcomes.
Power Integrations (POWI) posted $91.7 million in net revenues and $4.0 million in net income, equivalent to $0.07 per diluted share. These figures emerged from the financial report for the quarter ending on March 31, 2024. Additionally, during this period, the company bought back 207 thousand shares of its common stock, amounting to $14.6 million.
As of March 31, 2024, Power Integrations had $11.3 million earmarked for further stock repurchases. Looking ahead to the second quarter, POWI anticipates a slight uptick in revenues and an improvement in gross margin, thanks in part to anticipated favorable movements in the dollar/yen exchange rate and heightened factory utilization.
Power Integrations propelled its power-conversion technology to new heights with the introduction of InnoMux-2, which features multiple independently regulated DC outputs, obviating the necessity for separate DC-DC stages and substantially augmenting efficiency. The efficacy of InnoMux-2 is further amplified by PowiGaN transistors, culminating in a total system efficiency surpassing 90 percent.
Simultaneously, the acquisition of Odyssey Semiconductor's assets bolsters its endeavors in the development of high-current GaN technology, facilitating its penetration into higher-power applications. POWI unveiled 900- and 1250-volt iterations of PowiGaN technology and products in 2023. An agreement has been reached for Power Integrations to acquire the assets of Odyssey Semiconductor Technologies, specializing in vertical gallium-nitride (GaN) transistor technology.
The completion of this transaction is anticipated in July 2024, subsequent to which key Odyssey personnel are slated to join Power Integrations' technology division. Power Integrations aims to commercialize a cost-efficient high-current and high-voltage GaN technology to support higher-power applications currently dominated by silicon carbide (SiC), offering superior performance at a reduced cost, attributable to the inherent material advantages of GaN over SiC.