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            <issuerName>MONOLITHIC POWER SYSTEMS, INC.</issuerName>
            <secFileNumber>000-51026</secFileNumber>
            <issuerAddress>
                <ns2:street1>5808 Lake Washington Blvd. NE</ns2:street1>
                <ns2:city>Kirkland</ns2:city>
                <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                <ns2:zipCode>98033</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(425) 296-9956</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>BERNIE BLEGEN</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
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            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
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            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>2500</noOfUnitsSold>
            <aggregateMarketValue>1693490.50</aggregateMarketValue>
            <noOfUnitsOutstanding>48661000</noOfUnitsOutstanding>
            <approxSaleDate>04/01/2024</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
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            <acquiredDate>02/03/2022</acquiredDate>
            <natureOfAcquisitionTransaction>Performance Shares</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2500</amountOfSecuritiesAcquired>
            <paymentDate>02/03/2022</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
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                    <ns2:street1>5808 Lake Washington Blvd. NE</ns2:street1>
                    <ns2:city>Kirkland</ns2:city>
                    <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                    <ns2:zipCode>98033</ns2:zipCode>
                </address>
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            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>03/01/2024</saleDate>
            <amountOfSecuritiesSold>2500</amountOfSecuritiesSold>
            <grossProceeds>1814386.00</grossProceeds>
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        <securitiesSoldInPast3Months>
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                    <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                    <ns2:zipCode>98033</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>02/08/2024</saleDate>
            <amountOfSecuritiesSold>728</amountOfSecuritiesSold>
            <grossProceeds>495040.00</grossProceeds>
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        <securitiesSoldInPast3Months>
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                    <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                    <ns2:zipCode>98033</ns2:zipCode>
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            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>02/05/2024</saleDate>
            <amountOfSecuritiesSold>867</amountOfSecuritiesSold>
            <grossProceeds>555747.00</grossProceeds>
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        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>BERNIE BLEGEN</name>
                <address>
                    <ns2:street1>5808 Lake Washington Blvd. NE</ns2:street1>
                    <ns2:city>Kirkland</ns2:city>
                    <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                    <ns2:zipCode>98033</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>02/01/2024</saleDate>
            <amountOfSecuritiesSold>2500</amountOfSecuritiesSold>
            <grossProceeds>1508136.00</grossProceeds>
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        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>BERNIE BLEGEN</name>
                <address>
                    <ns2:street1>5808 Lake Washington Blvd. NE</ns2:street1>
                    <ns2:city>Kirkland</ns2:city>
                    <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                    <ns2:zipCode>98033</ns2:zipCode>
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            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>01/04/2024</saleDate>
            <amountOfSecuritiesSold>27613</amountOfSecuritiesSold>
            <grossProceeds>16102131.60</grossProceeds>
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                <name>BERNIE BLEGEN</name>
                <address>
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                    <ns2:stateOrCountry>WA</ns2:stateOrCountry>
                    <ns2:zipCode>98033</ns2:zipCode>
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            <grossProceeds>1539270.50</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>04/01/2024</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>08/18/2023</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Theodore Bernhard Blegen</signature>
        </noticeSignature>
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144
0001415033
XXXXXXXX
LIVE
0001280452
MONOLITHIC POWER SYSTEMS, INC.
000-51026
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
(425) 296-9956
BERNIE BLEGEN
Officer
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
2500
1693490.50
48661000
04/01/2024
NASDAQ
COMMON
02/03/2022
Performance Shares
ISSUER
N
2500
02/03/2022
Not Applicable
N
BERNIE BLEGEN
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
Common
03/01/2024
2500
1814386.00
BERNIE BLEGEN
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
Common
02/08/2024
728
495040.00
BERNIE BLEGEN
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
Common
02/05/2024
867
555747.00
BERNIE BLEGEN
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
Common
02/01/2024
2500
1508136.00
BERNIE BLEGEN
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
Common
01/04/2024
27613
16102131.60
BERNIE BLEGEN
5808 Lake Washington Blvd. NE
Kirkland
WA
98033
Common
01/02/2024
2500
1539270.50
04/01/2024
08/18/2023
/s/ Theodore Bernhard Blegen