MaxLinear Inc. MXL
Net income turned positive EBITDA turned positive Revenue accelerating Margin expanding strategy: New market
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
MaxLinear is a fabless semiconductor company that designs and markets analog and mixed-signal integrated circuits for broadband communications, data center infrastructure, and industrial applications. Its principal reporting segments are Infrastructure – covering optical interconnect chips such as PAM4 DSPs, high-performance analog components, and wireless backhaul and access semiconductors – and Industrial and Multi-Market, which serves a broader set of industrial and communications customers. Revenue flows through a combination of direct OEM sales and distributor channels, with a significant share routed through distributors and approximately 82% of total revenue sourced from customers in Asia; all manufacturing is outsourced to third-party foundries, including partners in BIS-regulated regions.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
MaxLinear reported Q2 2026 net revenue of $168.8 million, up 55% year-over-year and 23% sequentially, with the infrastructure segment expanding 145% year-over-year led by optical AI data center products 30. Non-GAAP operating margin expanded 1,510 basis points year-over-year to 22.3%, and non-GAAP diluted EPS was $0.35, compared to $0.02 in Q2 2025, while GAAP net income reached $1.8 million for the quarter 30 130. The revolving credit facility was amended on April 22, 2026, providing $30 million in incremental revolving commitments and extending maturity from June 23, 2026 to March 23, 2028 29.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-07-23):
„Q2 results underscore the ongoing significant inflection in MaxLinear's overall business as we delivered 55% year-over-year revenue growth, including 145% growth year over year in our data center-oriented infrastructure revenue. The strong momentum in our optical AI data center business reflects the ramp of our Keystone PAM4 DSP platform for 800G applications, as well as the strength of our expanding infrastructure portfolio and roadmap for 1.6T- capable products. With the convergence of multiple growth drivers over the next two years, and with our continued focus on innovation, operational excellence, and disciplined execution, we believe MaxLinear is well-positioned to deliver sustained growth, expanding profitability, and long-term value for our shareholders.“ – Kishore Seendripu, Chairman and Chief Executive Officer 30
Revenue · 2026-Q2169$m+55.1 % vs. 2025-Q2
Net profit · 2026-Q22$m+106.8 % vs. 2025-Q2
EPS · 2026-Q20.02$+106.5 % vs. 2025-Q2
Revenue trend
Guidance
For 2026-Q3, the company guides Gross margin (GAAP) to 58.5% - 61.5% (initiated). 30.
ProfitabilityGAAP operating income was -$4.2 million in Q2 2026, while non-GAAP adjusted operating income was $37.6 million, with the spread between the two measures reflecting stock-based compensation and amortization charges 130. GAAP diluted EPS was $0.02, based on 97,333,000 diluted shares outstanding 130. Operating cash flow was $4.8 million and capital expenditures were $2.3 million, producing free cash flow of $2.5 million for the quarter 130.
LeverageMaxLinear held $64.8 million in cash and carried net debt of $59.1 million at the end of Q2 2026 130. Working capital increased to $130.5 million as of June 30, 2026, from $62.8 million as of December 31, 2025, driven by wafer prepayments to support rising demand for data center products 29. No Net-Debt/EBITDA LTM ratio is determinable from the available inputs; the net debt position and positive operating cash flow trajectory indicate a manageable but not negligible leverage profile 130.
Management viewMaxLinear is executing an infrastructure-focused growth strategy, concentrating product development and customer engagement on optical AI data center semiconductor connectivity and high-performance analog applications 30. The company is advancing next-generation high-bandwidth semiconductor solutions, targeting anticipated capacity expansion needs at major hyperscale data center operators 30. Optical, high-performance analog, and wireless backhaul and access products collectively underpinned the infrastructure segment's year-over-year expansion in Q2 2026 30.
ChangeGAAP gross margin improved 130 basis points year-over-year to 57.8% in Q2 2026, attributed to a favorable shift in product mix 30. GAAP operating margin improved 2,010 basis points year-over-year to -2.5%, reflecting increased revenue scale, though the margin remained negative on a GAAP basis 30. Restructuring charges for the six months ended June 30, 2026 declined to $0.5 million from $13.5 million in the prior-year period, indicating that prior cost-reduction programs have substantially concluded 29.
Risks (current)Working capital is constrained by wafer prepayments tied to anticipated data center product demand, and approximately 82% of revenue is sourced from Asia, where manufacturing is also concentrated, creating geographic concentration exposure 29 25. Revenue depends heavily on continued ramp of optical data center products with a limited number of hyperscale customers, and reliance on BIS-restricted Chinese foundry partners may be impaired by export license delays or expanded export controls 30 27. MaxLinear faces multiple patent infringement claims involving the MoCA standard and FRAND licensing obligations; separately, goodwill of $318.6 million and intangible assets of $46.4 million as of March 31, 2026 carry potential impairment risk 27.
New this reporting periodThe Keystone PAM4 DSP platform for 800G applications is actively ramping with hyperscale customers, representing a key commercial milestone in MaxLinear's optical data center portfolio in Q2 2026 30. MaxLinear is also developing 1.6T-capable products targeting the next tier of data center bandwidth scaling, with no commercial launch date disclosed as of this reporting period 30.
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Price & Chart#
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
Infrastructure segment ramp led by optical data-center interconnect products
Infrastructure revenue reached 62.8 with 136% growth, the largest and fastest-growing revenue type, coinciding with optical data-center products ramping across multiple hyperscale customers 27 28
Infrastructure revenue reached 62.8 with 136% growth, the largest and fastest-growing revenue type, coinciding with optical data-center products ramping across multiple hyperscale customers 27 28
Infrastructure / optical data-center product ramp
Infrastructure revenue 62.8 at +136%; optical data-center products ramping with multiple hyperscale customers 27 28
Infrastructure revenue 62.8 at +136%; optical data-center products ramping with multiple hyperscale customers 27 28
High-speed PAM4 DSP platform traction (Keystone 800G, 1.6T pipeline)
Keystone PAM4 DSP platform for 800G launched 2026-Q2, with 1.6T-capable products in the pipeline 30
Keystone PAM4 DSP platform for 800G launched 2026-Q2, with 1.6T-capable products in the pipeline 30
Industrial and multi-market demand
Industrial and multi-market revenue 12.2 at +47% 27
Industrial and multi-market revenue 12.2 at +47% 27
Broadband demand
Broadband revenue 43.6 at +7%, the second-largest type with modest growth 27
Broadband revenue 43.6 at +7%, the second-largest type with modest growth 27
Connectivity demand
Connectivity revenue 18.6 at -8%, the only declining revenue type 27
Connectivity revenue 18.6 at -8%, the only declining revenue type 27
Total revenue and margin trajectory
Revenue rose from 95.9 (2025-Q1) to 168.8 (2026-Q2); adjusted operating income improved from -1.7 to 37.6 over the same span 128 130
Revenue rose from 95.9 (2025-Q1) to 168.8 (2026-Q2); adjusted operating income improved from -1.7 to 37.6 over the same span 128 130
China export-control exposure
Export-control restrictions on advanced semiconductor products to China effective 2025-05-15 and proposed AI hardware export-control revisions 25
Export-control restrictions on advanced semiconductor products to China effective 2025-05-15 and proposed AI hardware export-control revisions 25
Sector trend: Demand KPIs are inflecting upward as data-center and optical interconnect content drives Infrastructure revenue and lifts adjusted operating margin, while legacy Connectivity demand softens 27 28 130.
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
Overview: one dot per event · click jumps to the period
2026 · 8 events
2026-Q2 · Apr – Jun 2026
„Q2 results underscore the ongoing significant inflection in MaxLinear's overall business as we delivered 55% year-over-year revenue growth, including 145% growth year over year in our data center-oriented infrastructure revenue. The strong momentum in our optical AI data center business reflects the ramp of our Keystone PAM4 DSP platform for 800G applications, as well as the strength of our expanding infrastructure portfolio and roadmap for 1.6T- capable products. With the convergence of multiple growth drivers over the next two years, and with our continued focus on innovation, operational excellence, and disciplined execution, we believe MaxLinear is well-positioned to deliver sustained growth, expanding profitability, and long-term value for our shareholders.“ – Kishore Seendripu, Chairman and Chief Executive Officer 30
Revenue accelerating 2026-07-23
Q2 net revenue +55% YoY to $168.8 million, driven by infrastructure and industrial and multi-market categories 30
Q2 net revenue +55% YoY to $168.8 million, driven by infrastructure and industrial and multi-market categories 30
Margin expanding 2026-07-23
Non-GAAP operating margin expanded 1,510 basis points YoY to 22.3% in Q2 2026 30
Non-GAAP operating margin expanded 1,510 basis points YoY to 22.3% in Q2 2026 30
New market 2026-07-23
Keystone PAM4 DSP platform for 800G applications ramping with hyperscale customers; Infrastructure segment +145% YoY driven by optical AI data center products 30
Keystone PAM4 DSP platform for 800G applications ramping with hyperscale customers; Infrastructure segment +145% YoY driven by optical AI data center products 30
Net income turned positive 2026-07-23
Net income turned positive for the first time after 12 negative periods (-45.1 to +1.8 USDm). 130
Net income turned positive for the first time after 12 negative periods (-45.1 to +1.8 USDm). 130
EBITDA turned positive 2026-07-23
EBITDA turned positive for the first time after 11 negative periods (-6.3 to +4.9 USDm). 130
EBITDA turned positive for the first time after 11 negative periods (-6.3 to +4.9 USDm). 130
2026-Q1 · Jan – Mar 2026
„Q1 marks the start of a multi-year growth phase for MaxLinear, led by accelerating momentum in optical data center connectivity. Revenue grew 43% year over year, with infrastructure growing more than 130% to become our largest end market. This was driven primarily by strong execution and production ramps of our optical data center products at multiple hyperscale customers across scale-up and scale-out AI platforms. We are now at a clear inflection point in our optical data center business marked by a step function increase in revenues expected in Q2. With improving visibility, multiple high-value products entering meaningful ramps across our portfolio, and continued customer engagement in high-value markets, we believe MaxLinear is well-positioned for sustained growth and increasing profitability in 2026 and beyond.“ – Kishore Seendripu, Ph.D., Chairman and CEO 28
revenue 2026-04-23
Q1 net revenue +43% YoY to $137.2 million, driven by infrastructure, industrial and multi-market, and broadband categories 27
Q1 net revenue +43% YoY to $137.2 million, driven by infrastructure, industrial and multi-market, and broadband categories 27
Guidance initiated 2026-04-23
Q2 2026 revenue guidance of $160-170 million, implying 17-24% sequential growth 28
Q2 2026 revenue guidance of $160-170 million, implying 17-24% sequential growth 28
New market 2026-04-23
Infrastructure business inflected +136% YoY on solid traction from optical products 28
Infrastructure business inflected +136% YoY on solid traction from optical products 28
2025 · 16 events
2025-Q4 · Oct – Dec 2025
„Our fourth quarter and fiscal year results reflect strong sequential and year-over-year growth in our business. Our new products gained solid traction in the market, and we are on a strong path for sustained revenue growth and market share expansion in 2026 and 2027. We are executing against a focused strategy that is working and will drive sustained strong growth even as we continue to invest in high-value, multi-year growth markets where performance, power efficiency, and integration matter most. These include data center connectivity, wireless infrastructure, PON broadband access, Wi-Fi 7, Ethernet, and storage accelerator end markets. With solid execution, we also delivered profitability and positive free cash flow ahead of our plan. During the fourth quarter, we repurchased $20 million of our common stock, reflecting our confidence in our sustained growth expectations and market momentum.“ – Kishore Seendripu, PhD, Chairman and CEO 26
earnings 2026-01-29
Q4 non-GAAP EPS $0.19 vs -$0.09 in Q4 2024; GAAP operating loss narrowed to 11% of revenue from 45% in year-ago quarter 26
Q4 non-GAAP EPS $0.19 vs -$0.09 in Q4 2024; GAAP operating loss narrowed to 11% of revenue from 45% in year-ago quarter 26
revenue 2026-01-29
Q4 revenue $136.4M, +48% YoY and +8% sequentially; FY 2025 revenue $467.6M, +30% vs FY 2024 26
Q4 revenue $136.4M, +48% YoY and +8% sequentially; FY 2025 revenue $467.6M, +30% vs FY 2024 26
Operating cash flow turned positive 2026-01-29
Operating cash flow turned positive on a half-year basis (2025-H1: -0.9 to 2025-H2: +20.5 USDm, aggregated from reported quarters where needed). 128
Operating cash flow turned positive on a half-year basis (2025-H1: -0.9 to 2025-H2: +20.5 USDm, aggregated from reported quarters where needed). 128
2025-Q3 · Jul – Sep 2025
„Our third quarter results reflect strong sequential and year-over-year growth in our business. With solid execution, we again exceeded the mid-point of our revenue guidance, realized a strong sequential increase in our profitability on a non-GAAP basis, and generated positive free cash flow. Our focused investments in data center optical interconnects, wireless infrastructure, PON broadband access, Wi-Fi7, Ethernet and storage accelerator products are enabling us to lay the significant groundwork required for broadening customer traction, new and increased content opportunities, and sustained growth in 2026.“ – Kishore Seendripu, PhD, Chairman and CEO 24
Revenue accelerating 2025-10-23
Q3 revenue $126.5M, +56% YoY and +16% sequentially, driven by broadband, connectivity, and infrastructure markets 23 24
Q3 revenue $126.5M, +56% YoY and +16% sequentially, driven by broadband, connectivity, and infrastructure markets 23 24
Margin expanding 2025-10-23
GAAP gross margin 57% vs 54% prior year; source attributes improvement to higher volume and decreased intangible asset amortization (base effect from prior acquisitions) 23
GAAP gross margin 57% vs 54% prior year; source attributes improvement to higher volume and decreased intangible asset amortization (base effect from prior acquisitions) 23
2025-Q2 · Apr – Jun 2025
„Our second quarter results reflect strong sequential and year-over-year growth in our business. With solid execution, we exceeded the mid-point of our revenue guidance, returned to profitability on a non-GAAP basis, and generated positive free cash flow in Q2. We have continued to drive strong customer and product traction in high-speed interconnects for the data center, multi-gigabit PON access, Wi-Fi connectivity, ethernet, and wireless infrastructure. Our success in these strategic end markets, coupled with improved customer order rates, and strengthening product backlog, give us confidence in our growth for 2025 and 2026.“ – Kishore Seendripu, PhD, Chairman and CEO 22
Adjusted result turned positive 2025-07-23
Returned to non-GAAP profitability (adj. operating income $7.8M) and generated positive free cash flow of $9.3M in Q2, the first quarter of adjusted profitability in the recovery cycle 22 130
Returned to non-GAAP profitability (adj. operating income $7.8M) and generated positive free cash flow of $9.3M in Q2, the first quarter of adjusted profitability in the recovery cycle 22 130
Revenue accelerating 2025-07-23
Q2 revenue $108.8M, +18% YoY and +13% sequentially, driven by broadband and connectivity market recovery 22
Q2 revenue $108.8M, +18% YoY and +13% sequentially, driven by broadband and connectivity market recovery 22
2025-Q1 · Jan – Mar 2025
„Our Q1 results reflect the continued growth and recovery of our business. We exceeded the midpoint of our revenue guidance, delivered a meaningful reduction in non-GAAP operating expenses, and made strong progress towards our return-to-profitability and generation of positive cash flow, which we expect to achieve in the second quarter of 2025. We are confident that the investments we've made in high-value categories such as high-speed interconnect for the data center, multi-gigabit PON access, Wi-Fi connectivity, ethernet, and wireless infrastructure will result in strong product traction and revenue growth with Tier-1 customers and partners. Our solid progress on new products, coupled with the ongoing industry recovery, will drive continued growth and market share expansion in 2025 and beyond.“ – Kishore Seendripu, Ph.D., Chairman and CEO 20
Revenue accelerating 2025-04-23
Q1 revenue $95.9M, +1% YoY – first positive YoY reading of the recovery cycle – driven by broadband up $7.8M to 43% of net revenue 19 20
Q1 revenue $95.9M, +1% YoY – first positive YoY reading of the recovery cycle – driven by broadband up $7.8M to 43% of net revenue 19 20
Margin expanding 2025-04-23
GAAP gross margin 56.1% vs 51.7% prior year; source attributes improvement primarily to decreased amortization of acquired intangible assets (base effect from prior acquisitions), not operational mix shift 19 20
GAAP gross margin 56.1% vs 51.7% prior year; source attributes improvement primarily to decreased amortization of acquired intangible assets (base effect from prior acquisitions), not operational mix shift 19 20
Segment divergence 2025-04-23
Broadband revenue grew +23.6% to 40.9 USDm in 2025-Q1 (43% of group revenue) while group revenue changed +0.6%. 19
Broadband revenue grew +23.6% to 40.9 USDm in 2025-Q1 (43% of group revenue) while group revenue changed +0.6%. 19
Guidance initiated 2025-04-23
Company guided for return to non-GAAP profitability and positive cash flow generation in Q2 2025 20
Company guided for return to non-GAAP profitability and positive cash flow generation in Q2 2025 20
Revenue decelerating 2025-01-29
Full-year net revenue fell 48% to $360.5M from $693.3M in 2023 due to macroeconomic conditions and excess channel inventory; broadband revenue declined $86.7M YoY with slower-than-expected recovery anticipated into 2025 17
Full-year net revenue fell 48% to $360.5M from $693.3M in 2023 due to macroeconomic conditions and excess channel inventory; broadband revenue declined $86.7M YoY with slower-than-expected recovery anticipated into 2025 17
Strategic pivot 2025-01-29
Total restructuring charges of $53.4M in FY2024, including $28.9M in severance, $17.2M in cancelled project contracts and related impairment, and $7.2M in facility reduction charges across 2023 and 2024 workforce reductions 17
Total restructuring charges of $53.4M in FY2024, including $28.9M in severance, $17.2M in cancelled project contracts and related impairment, and $7.2M in facility reduction charges across 2023 and 2024 workforce reductions 17
2024 · 13 events
2024-Q4 · Oct – Dec 2024
„Another quarter of improvement in customer orders and continued new product traction give us confidence that we are entering our next stage of growth in 2025. In particular, we're excited by the progress in our optical interconnect business, where we have now shipped more than one million units across multiple customers into high-volume opportunities. We also believe that our investments into strategic applications such as fiber broadband access gateways, Wi-Fi, Ethernet, and wireless infrastructure position us for meaningful growth and TAM expansion this year. With our strong focus on operational efficiency, we are working hard towards a return to profitability in the coming quarters.“ – Kishore Seendripu, PhD, Chairman and CEO 18
revenue 2025-01-29
Net revenue rose 14% sequentially to $92.2M in Q4 2024, though still 26% below the year-ago quarter 18
Net revenue rose 14% sequentially to $92.2M in Q4 2024, though still 26% below the year-ago quarter 18
Net cash to net debt 2025-01-29
Cash declined to $118.6M and net debt position of $4.4M at year-end, reversing from net cash of $25.6M at end of Q3, as Q4 FCF was negative $30.0M 126
Cash declined to $118.6M and net debt position of $4.4M at year-end, reversing from net cash of $25.6M at end of Q3, as Q4 FCF was negative $30.0M 126
New market 2025-01-29
Optical interconnect business shipped more than one million units across multiple customers in Q4 2024 18
Optical interconnect business shipped more than one million units across multiple customers in Q4 2024 18
2024-Q3 · Jul – Sep 2024
„We are pleased to see encouraging signs of recovery in our business, including another quarter of improvement in customer orders and continued progress in new product traction. In particular, we are on track to exit the year at a run rate greater than one million units per year of our high-speed optical interconnect products as customers prepare for the industry transition to 800Gig and beyond. In addition, design win activity and customer success in fiber PON gateways, Ethernet, storage, and Wi-Fi7 position us for renewed growth and earnings improvement in the fourth quarter and beyond.“ – Kishore Seendripu, PhD, Chairman and CEO 16
Revenue decelerating 2024-10-23
Net revenue declined 40% YoY and 12% sequentially to $81.1M; broadband recovery slower than expected and anticipated to continue negatively impacting revenues in Q4 2024 and beyond 15
Net revenue declined 40% YoY and 12% sequentially to $81.1M; broadband recovery slower than expected and anticipated to continue negatively impacting revenues in Q4 2024 and beyond 15
Strategic pivot 2024-10-23
2024 Workforce Reduction generated $26.8M in restructuring charges in Q3; nine-month restructuring total reached $50.3M versus $9.1M in prior-year period 15
2024 Workforce Reduction generated $26.8M in restructuring charges in Q3; nine-month restructuring total reached $50.3M versus $9.1M in prior-year period 15
New market 2024-10-23
High-speed optical interconnect products on track to exit year at run rate over one million units annually 16
High-speed optical interconnect products on track to exit year at run rate over one million units annually 16
2024-Q2 · Apr – Jun 2024
„In conclusion, we are excited and confident in our progress in the infrastructure market with our wireless and optical interconnect products, even as we await a broadband recovery. In addition, our Ethernet, storage, Wi-Fi7, and fiber PON gateway products are all in the market today addressing additional new TAM, have strong customer traction, and are poised for meaningful growth. We are optimizing our efforts around these opportunities, which will be transformative for our future business while driving maximum value for our customers and shareholders.“ – Kishore Seendripu, PhD, Chairman and CEO 14
Revenue decelerating 2024-07-24
Net revenue declined 50% YoY to $92.0M; broadband revenue fell $80.3M YoY with market recovery slower than expected 14
Net revenue declined 50% YoY to $92.0M; broadband revenue fell $80.3M YoY with market recovery slower than expected 14
Margin expanding 2024-07-24
GAAP gross margin improved sequentially to 54.6% in Q2 2024 from 51.7% in Q1 2024 14
GAAP gross margin improved sequentially to 54.6% in Q2 2024 from 51.7% in Q1 2024 14
Strategic pivot 2024-07-24
2024 Workforce Reduction initiated in July 2024 with estimated $15-20M in severance costs, following completion of 2023 workforce reductions 13
2024 Workforce Reduction initiated in July 2024 with estimated $15-20M in severance costs, following completion of 2023 workforce reductions 13
Operating cash flow turned positive 2024-07-24
Operating cash flow turned positive on a half-year basis (2023-H2: -29.4 to 2024-H1: +13.3 USDm, aggregated from reported quarters where needed). 122
Operating cash flow turned positive on a half-year basis (2023-H2: -29.4 to 2024-H1: +13.3 USDm, aggregated from reported quarters where needed). 122
2024-Q1 · Jan – Mar 2024
„It is both gratifying and exciting to see years of product development and business execution begin to culminate in our next stage of growth as a data infrastructure company. Across our portfolio, we have the right solutions in production today to meet high-value market trends and open up significant revenue growth potential in optical datacenter and wireless network infrastructure, enterprise ethernet and storage accelerators, Wi-Fi connectivity, and fiber broadband access gateways. We believe our revenue has bottomed and is now poised for sequential growth throughout 2024. Additionally, we have continued to exercise strong fiscal discipline which we expect to deliver positive cash flow and favorable financial leverage as our growth from these investments accelerates“ – Kishore Seendripu, Ph.D., Chairman and CEO 12
Revenue decelerating 2024-04-24
Net revenue fell 62% YoY to $95.3M due to macroeconomic conditions and excess channel inventory following the 2021-2022 supply shortage 11
Net revenue fell 62% YoY to $95.3M due to macroeconomic conditions and excess channel inventory following the 2021-2022 supply shortage 11
Margin compressing 2024-04-24
Gross profit margin declined from 56% in Q1 2023 to 52% in Q1 2024 due to reduced absorption of intangible amortization and fixed costs 11
Gross profit margin declined from 56% in Q1 2023 to 52% in Q1 2024 due to reduced absorption of intangible amortization and fixed costs 11
Strategic pivot 2024-04-24
Cumulative workforce reduction charges reached $42.4M through Q1 2024, including $22.6M in Q1 2024 for severance and facility exit costs 11
Cumulative workforce reduction charges reached $42.4M through Q1 2024, including $22.6M in Q1 2024 for severance and facility exit costs 11
2023 · 13 events
2023-Q4 · Oct – Dec 2023
„As we look ahead, we believe 2024 will be the start of an exciting period of growth and opportunity for MaxLinear. Market headwinds of the past year in broadband and connectivity are likely to become tailwinds over time when customer inventory rationalization winds down and incentive programs begin to provide new market stimulus. Most importantly, the investments we made in product innovations in wireless and optical datacenter network infrastructure, Wi-Fi, ethernet, and fiber broadband access gateways are beginning to open up new and significant revenue opportunities that are expected to drive our growth for many years to come.“ – Kishore Seendripu, Ph.D., Chairman and CEO 10
Revenue decelerating 2024-01-31
Q4 revenue fell 8% sequentially and 57% YoY to $125.4M; FY2023 total revenue of $693.3M, down 38% from prior year 10 9
Q4 revenue fell 8% sequentially and 57% YoY to $125.4M; FY2023 total revenue of $693.3M, down 38% from prior year 10 9
Margin compressing 2024-01-31
Q4 GAAP gross margin of 54.7% declined from 56.2% in year-ago quarter; FY2023 GAAP gross margin 55.6%, down from 58.0% in 2022 10
Q4 GAAP gross margin of 54.7% declined from 56.2% in year-ago quarter; FY2023 GAAP gross margin 55.6%, down from 58.0% in 2022 10
2023-Q3 · Jul – Sep 2023
„In the third quarter, we delivered $135.5 million in revenues. Our infrastructure category was up 1% sequentially and 40% year over year, primarily driven by the expanding roll-out of multi-band millimeter wave and microwave 5G wireless backhaul platform solutions. Even as we navigate a challenging demand environment with fiscal discipline and operational efficiency, our solid execution and innovative product offerings are enabling us to maximize strategic business opportunities across all our end markets. In 2023, we continue to lay important groundwork in Wi-Fi, ethernet, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for potential future growth.“ – Kishore Seendripu, Ph.D., Chairman and CEO 8
Free cash flow turned negative 2023-10-25
Operating cash flow turned negative at -$12.8M in Q3 from $30.6M in Q2, and FCF declined to -$14.7M from $25.5M in Q2 8 116
Operating cash flow turned negative at -$12.8M in Q3 from $30.6M in Q2, and FCF declined to -$14.7M from $25.5M in Q2 8 116
Revenue decelerating 2023-10-25
Q3 revenue declined 26% sequentially and 53% YoY to $135.5M, driven by continued macroeconomic conditions and excess inventory in distribution channels 8
Q3 revenue declined 26% sequentially and 53% YoY to $135.5M, driven by continued macroeconomic conditions and excess inventory in distribution channels 8
2023-Q2 · Apr – Jun 2023
„In the second quarter, we delivered $183.9 million in revenues and generated cash flow from operations of approximately $31 million. Our infrastructure category was up 6% sequentially and 37% year over year, primarily driven by the expanding roll-out of multi-band millimeter wave and microwave 5G wireless backhaul platform solutions. Even as we navigate a challenging demand environment with fiscal discipline and operational efficiency, our solid execution and innovative product offerings are enabling us to maximize strategic business opportunities across all our end markets. In 2023, we continue to lay important groundwork in Wi-Fi, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for our growth throughout 2024.“ – Kishore Seendripu, Ph.D., Chairman and Chief Executive Officer 5
Strategic pivot 2023-07-27
Merger agreement with Silicon Motion terminated July 26, 2023 due to unmet closing conditions, material adverse effect, and material breach by Silicon Motion; Wells Fargo $3.5 billion financing commitment also terminated; $18.3 million ticking fee paid to lenders 6
Merger agreement with Silicon Motion terminated July 26, 2023 due to unmet closing conditions, material adverse effect, and material breach by Silicon Motion; Wells Fargo $3.5 billion financing commitment also terminated; $18.3 million ticking fee paid to lenders 6
2023-Q1 · Jan – Mar 2023
„Even as we navigate a challenging demand environment with fiscal discipline and operational efficiency, our solid execution and innovative product offerings are enabling us to maximize strategic business opportunities across all our end markets. In 2023, we continue to lay important groundwork in Wi-Fi, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for our growth later this year and throughout 2024.“ – Kishore Seendripu, Ph.D., Chairman and CEO 4
Revenue decelerating 2023-04-26
Q1 revenue fell 6% YoY to $248.4M and 15% sequentially, primarily due to macroeconomic conditions reducing customer demand for broadband products 3
Q1 revenue fell 6% YoY to $248.4M and 15% sequentially, primarily due to macroeconomic conditions reducing customer demand for broadband products 3
Margin compressing 2023-04-26
GAAP gross margin declined to 56% from 59% in Q1 2022, primarily due to revenue mix and decreased absorption of amortization of intangible assets 3
GAAP gross margin declined to 56% from 59% in Q1 2022, primarily due to revenue mix and decreased absorption of amortization of intangible assets 3
Acquisition 2023-04-26
Silicon Motion acquisition pending, with implied total transaction value of approximately $4.3 billion, awaiting antitrust approval from SAMR in China 3
Silicon Motion acquisition pending, with implied total transaction value of approximately $4.3 billion, awaiting antitrust approval from SAMR in China 3
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Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($m) · annual basis, as reported
Net income ($m) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($m) · annual basis, as reported
Revenue ($m) · quarterly basis, as reported
Net income ($m) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($m) · quarterly basis, as reported
Cash ($m) · annual basis, as reported
Debt ($m) · annual basis, as reported
Net Debt ($m) · annual basis, as reported
Capex ($m) · annual basis, as reported
FCF ($m) · annual basis, as reported
D&A ($m) · annual basis, as reported
Cash ($m) · quarterly basis, as reported
Debt ($m) · quarterly basis, as reported
Net Debt ($m) · quarterly basis, as reported
Capex ($m) · quarterly basis, as reported
FCF ($m) · quarterly basis, as reported
D&A ($m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.
Fiscal years
Amounts in $m · EPS in $ per share · as reported
| Period | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | OCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 467.6 | -126.9 | 43.4 | -136.7 | -1.58 | 0.31 | 19.6 | 25 |
| FY2024 | 360.5 | -223.4 | -68.5 | -245.2 | -2.93 | -0.90 | -45.3 | 17 |
| FY2023 | 693.3 | -38.2 | 107.5 | -73.1 | -0.91 | 1.10 | 43.4 | 9 |
Quarters
Amounts in $m · EPS in $ per share · as reported
| Period | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-07-23 | 168.8 | -4.2 | 37.6 | 1.8 | 0.02 | 0.35 | 2.5 | 64.8 | 59.1 | 130 |
| 2026-Q1* | 2026-04-23 | 137.2 | -17.2 | 21.8 | -45.1 | -0.52 | 0.22 | -10.3 | 61.1 | 62.7 | 27 |
| 2025-Q4* | 2026-01-29 | 136.4 | -14.9 | 22.1 | -14.9 | -0.17* | 0.19 | 6.7 | 72.8 | 50.8 | 25 |
| 2025-Q3* | 2025-10-23 | 126.5 | -41.3 | 15.2 | -45.5 | -0.52 | 0.14 | 4.4 | 111.9 | 11.6 | 23 |
| 2025-Q2* | 2025-07-23 | 108.8 | -24.6 | 7.8 | -26.6 | -0.31 | 0.02 | 9.3 | 108.6 | 14.7 | 21 |
| 2025-Q1* | 2025-04-23 | 95.9 | -46.1 | -1.7 | -49.7 | -0.58 | -0.05 | -13.4 | 102.8 | 22.2 | 19 |
| 2024-Q4* | 2025-01-29 | 92.2 | -41.2 | -6.9 | -57.8 | -0.69* | -0.09 | -30 | 118.6 | 4.4 | 17 |
| 2024-Q3* | 2024-10-23 | 81.1 | -66.7 | -25.2 | -75.8 | -0.90 | -0.36 | -34.9 | 148.5 | -25.6 | 15 |
| 2024-Q2* | 2024-07-24 | 92 | -40.8 | -19.4 | -39.3 | -0.47 | -0.25 | -5.7 | 185.1 | -62.4 | 13 |
| 2024-Q1* | 2024-04-24 | 95.3 | -74.6 | -17 | -72.3 | -0.88 | -0.21 | 7.6 | 191.9 | -69.4 | 11 |
| 2023-Q4* | 2024-01-31 | 125.4 | -41.7 | 1.3 | -38.5 | -0.48* | 0.01 | -17.8 | 187.3 | -64.9 | 9 |
| 2023-Q3* | 2023-10-25 | 135.5 | -17.8 | 7.3 | -39.8 | -0.49 | 0.02 | -14.7 | 187 | -64.8 | 7 |
| 2023-Q2* | 2023-07-26 | 183.9 | -5.9 | 29.8 | -4.4 | -0.05 | 0.34 | 25.5 | 224.6 | -102.5 | 5 |
| 2023-Q1* | 2023-04-26 | 248.4 | 27.3 | 69.1 | 9.5 | 0.12 | 0.74 | 36.9 | 207.8 | -85.9 | 3 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: EBITDA (adj.), Net Debt/EBITDA (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-01-29 | 72.8 | 123.6 | 50.8 | 44 | 19.6 | 12.6 | 7 | 25 |
| FY2024 | 2025-01-29 | 118.6 | 123 | 4.4 | 54.1 | -45.3 | 17.7 | -63 | 17 |
| FY2023 | 2024-01-31 | 187.3 | 122.4 | -64.9 | 71.5 | 43.4 | 13.5 | 29.9 | 9 |
Quarters
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-07-23 | 64.8 | 123.9 | 59.1 | 9 | 4.8 | 2.3 | 2.5 | 130 |
| 2026-Q1 | 2026-04-23 | 61.1 | 123.8 | 62.7 | 10.9 | -8.9 | 1.4 | -10.3 | 27 |
| 2025-Q4 | 2026-01-29 | 72.8 | 123.6 | 50.8 | 10.8 | 10.4 | 3.7 | 6.7 | 25 |
| 2025-Q3 | 2025-10-23 | 111.9 | 123.5 | 11.6 | 9 | 10.1 | 5.7 | 4.4 | 23 |
| 2025-Q2 | 2025-07-23 | 108.6 | 123.3 | 14.7 | 9.3 | 10.5 | 1.2 | 9.3 | 21 |
| 2025-Q1 | 2025-04-23 | 102.8 | 125 | 22.2 | 11.1 | -11.4 | 2 | -13.4 | 19 |
| 2024-Q4 | 2025-01-29 | 118.6 | 123 | 4.4 | 11.7 | -27.8 | 2.2 | -30 | 17 |
| 2024-Q3 | 2024-10-23 | 148.5 | 122.8 | -25.6 | 10.1 | -30.7 | 4.1 | -34.9 | 15 |
| 2024-Q2 | 2024-07-24 | 185.1 | 122.7 | -62.4 | 11.6 | -2.7 | 3 | -5.7 | 13 |
| 2024-Q1 | 2024-04-24 | 191.9 | 122.5 | -69.4 | 16.7 | 16 | 8.3 | 7.6 | 11 |
| 2023-Q4 | 2024-01-31 | 187.3 | 122.4 | -64.9 | 16.6 | -16.6 | 1.3 | -17.8 | 9 |
| 2023-Q3 | 2023-10-25 | 187 | 122.2 | -64.8 | 14.8 | -12.8 | 1.9 | -14.7 | 7 |
| 2023-Q2 | 2023-07-26 | 224.6 | 122.1 | -102.5 | 16.5 | 30.6 | 5 | 25.5 | 5 |
| 2023-Q1 | 2023-04-26 | 207.8 | 121.9 | -85.9 | 19.2 | 42.2 | 5.2 | 36.9 | 3 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Revenue by Type (as of 2026-Q2 · USDm · 4/4)#
Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.
| Segment | Since | Period | Basis | Revenue | Growth | Source |
|---|---|---|---|---|---|---|
| Infrastructure | 2023-Q1 | 2026-Q1 | 3M | 62.8 | 136% | 27 |
| Broadband | 2023-Q1 | 2026-Q1 | 3M | 43.6 | 7% | 27 |
| Connectivity | 2023-Q1 | 2026-Q1 | 3M | 18.6 | -8% | 27 |
| Industrial and multi-market | 2023-Q1 | 2026-Q1 | 3M | 12.2 | 47% | 27 |
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Products & M&A (11/12 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Initial Term Loan expiration | 2028-06 | Launched | 25 |
| Amended and Restated 2010 Equity Incentive Plan expires | 2026-08 | Launched | 25 |
| Keystone PAM4 DSP platform for 800G applications | 2026-06 | Launched | 30 |
| Colorado AI Act effective date (2x) | 2026-06 | Launched | 25 |
| 1.6T-capable products | 2026-06 | Launched | 30 |
| Optical data center products ramping with multiple hyperscale customers | 2026-03 | Launched | 28 |
| Export control restrictions on advanced semiconductor products to China | 2025-05 | Launched | 25 |
| High-speed interconnects for data center, metro, and long-haul optical modules | 2025-03 | Launched | 19 |
| Ethernet and broadband gateway processor SoCs with machine learning techniques | 2025-03 | Launched | 19 |
| Proposed revisions to AI hardware export controls | 2025 | Launched | 25 |
| Wi-Fi and broadband gateway processor SoCs (2x) | 2023-09 | Launched | 19 |
| Development of intellectual property utilizing patented machine learning techniques for SoCs, ASICs, and FPGAs | 2023-09 | Launched | 7 |
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M&A (2)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Silicon Motion Merger | 2023-07 | Completed | 29 |
| Company Y Acquisition | 2023-01 | Completed | 9 |
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Reported KPIs (as disclosed) (114)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-07-23 | 2026-Q2 | working capital | 130.5 million | 29 |
| 2026-07-23 | 2026-Q2 | unrestricted cash plus available revolving facility | 194.8 million | 29 |
| 2026-07-23 | 2026-Q2 | total cash and equivalents and restricted cash | 93.7 million | 29 |
| 2026-07-23 | 2026-Q2 | geographic concentration Hong Kong | 48% | 29 |
| 2026-07-23 | 2026-Q2 | geographic concentration Asia | 81% | 29 |
| 2026-07-23 | 2026-Q2 | customer concentration top ten | 55% | 29 |
| 2026-07-23 | 2026-Q2 | customer concentration top one | 11% | 29 |
| 2026-07-23 | 2026-Q2 | Operating cash flow | 4,809 (USD in thousands) | 30 |
| 2026-04-23 | 2026-Q1 | Working capital | $102.8 million | 27 |
| 2026-04-23 | 2026-Q1 | Restricted cash | $28.9 million | 27 |
| 2026-04-23 | 2026-Q1 | Non-GAAP operating expenses as % of revenue | 44% | 28 |
| 2026-04-23 | 2026-Q1 | Non-GAAP gross margin | 59.5% | 28 |
| 2026-04-23 | 2026-Q1 | Long-term debt obligations | $125.0 million | 27 |
| 2026-04-23 | 2026-Q1 | Infrastructure business growth YoY | 136% | 28 |
| 2026-04-23 | 2026-Q1 | Cash and cash equivalents | $61.1 million | 27 |
| 2026-04-23 | 2026-Q1 | Available revolving credit facility | $100.0 million | 27 |
| 2026-01-29 | FY2025 | working capital | $62,821 | 25 |
| 2026-01-29 | FY2025 | Total cash, cash equivalents and restricted cash | $101,412 | 25 |
| 2026-01-29 | FY2025 | Restricted cash | $28,600 | 25 |
| 2026-01-29 | FY2025 | Cash and cash equivalents | $72,806 | 25 |
| 2026-01-29 | FY2025 | Sales to distributors percentage | 50% | 25 |
| 2026-01-29 | FY2025 | Revenue concentration - ten customers | 54% | 25 |
| 2026-01-29 | FY2025 | Operations and semiconductor technology employees | 27 | 25 |
| 2026-01-29 | FY2025 | Administration employees | 102 | 25 |
| 2026-01-29 | 2025-Q4 | Stockholders' equity | 451,895 (USD in thousands) | 26 |
| 2026-01-29 | 2025-Q4 | Cash and cash equivalents | $72,806 | 26 |
| 2025-10-23 | 2025-Q3 | working capital | 100.6 million | 23 |
| 2025-10-23 | 2025-Q3 | Revolving credit facility | 100.0 million | 23 |
| 2025-10-23 | 2025-Q3 | Restricted cash | 1.4 million | 23 |
| 2025-10-23 | 2025-Q3 | Long-term debt | 125.0 million | 23 |
| 2025-10-23 | 2025-Q3 | Cash and cash equivalents | 111.9 million | 23 |
| 2025-07-23 | 2025-Q2 | Working capital | $116.7 million | 21 |
| 2025-07-23 | 2025-Q2 | Stockholders' equity | 488,331 (USD in thousands) | 22 |
| 2025-07-23 | 2025-Q2 | Revolving credit facility (undrawn) | undrawn as of June 30, 2025 | 21 |
| 2025-07-23 | 2025-Q2 | Revolving credit facility (amount) | $100.0 million | 21 |
| 2025-07-23 | 2025-Q2 | R&D expense - 6 months ended Jun 30, 2025 | $102.7 million | 21 |
| 2025-07-23 | 2025-Q2 | R&D expense - 6 months ended Jun 30, 2024 | $121.3 million | 21 |
| 2025-07-23 | 2025-Q2 | Outstanding indebtedness | $125.0 million | 21 |
| 2025-07-23 | 2025-Q2 | Net revenue - 2 largest customers | 31% | 21 |
| 2025-07-23 | 2025-Q2 | Net revenue - 10 largest customers | 67% | 21 |
| 2025-07-23 | 2025-Q2 | Long-term debt | 123,305 (USD in thousands) | 22 |
| 2025-07-23 | 2025-Q2 | Infrastructure revenue | $61.3 million | 21 |
| 2025-07-23 | 2025-Q2 | Industrial and multi-market revenue | $14.1 million | 21 |
| 2025-07-23 | 2025-Q2 | Distributor customers percentage | 26% | 21 |
| 2025-07-23 | 2025-Q2 | Connectivity revenue | $41.0 million | 21 |
| 2025-07-23 | 2025-Q2 | Cash and cash equivalents | $108.6 million | 21 |
| 2025-07-23 | 2025-Q2 | Cash and cash equivalents | 108,618 (USD in thousands) | 22 |
| 2025-07-23 | 2025-Q2 | Broadband revenue | $88.4 million | 21 |
| 2025-07-23 | 2025-Q2 | Broadband applications revenue six months ended June 30 2025 | approximately 43% | 21 |
| 2025-07-23 | 2025-Q2 | Broadband applications revenue six months ended June 30 2024 | 29% | 21 |
| 2025-07-23 | 2025-Q2 | Aggregate indebtedness as of June 30 2025 | $125.0 million | 21 |
| 2025-04-23 | 2025-Q1 | Two largest customers as percentage of net revenue | 28% | 19 |
| 2025-04-23 | 2025-Q1 | Ten largest customers as percentage of net revenue | 66% | 19 |
| 2025-04-23 | 2025-Q1 | Stockholders' equity | 493,175 (USD in thousands) | 20 |
| 2025-04-23 | 2025-Q1 | SG&A as percentage of revenue | 38% | 19 |
| 2025-04-23 | 2025-Q1 | Restructuring charges as percentage of revenue | 8% | 19 |
| 2025-04-23 | 2025-Q1 | R&D as percentage of revenue | 58% | 19 |
| 2025-04-23 | 2025-Q1 | Long-term debt | 123,150 (USD in thousands) | 20 |
| 2025-04-23 | 2025-Q1 | Cash and cash equivalents | 102,773 (USD in thousands) | 20 |
| 2025-01-29 | FY2024 | Working capital | $141.2 million | 17 |
| 2025-01-29 | FY2024 | Total cash, cash equivalents and restricted cash | $119.6 million | 17 |
| 2025-01-29 | FY2024 | Restricted cash | $1.0 million | 17 |
| 2025-01-29 | FY2024 | Outstanding debt | $125.0 million | 17 |
| 2025-01-29 | FY2024 | Cash and cash equivalents | $118.6 million | 17 |
| 2025-01-29 | FY2024 | Available revolving credit facility | $100.0 million | 17 |
| 2024-10-23 | 2024-Q3 | working capital | $159.7 million | 15 |
| 2024-10-23 | 2024-Q3 | Restricted cash short term | $1.0 million | 15 |
| 2024-10-23 | 2024-Q3 | Long-term debt | $125.0 million | 15 |
| 2024-10-23 | 2024-Q3 | Cash and cash equivalents | $148.5 million | 15 |
| 2024-10-23 | 2024-Q3 | Available revolving credit | $100.0 million | 15 |
| 2024-10-23 | 2024-Q3 | Ten largest customers percentage of net revenue (nine months ended September 30, 2024) | 64% | 15 |
| 2024-10-23 | 2024-Q3 | Revolving credit facility (undrawn as of September 30, 2024) | $100.0 million | 15 |
| 2024-10-23 | 2024-Q3 | Revenue attributable to broadband applications (nine months ended September 30, 2024) | 32% | 15 |
| 2024-10-23 | 2024-Q3 | Revenue attributable to broadband applications (nine months ended September 30, 2023) | 30% | 15 |
| 2024-10-23 | 2024-Q3 | One customer percentage of net revenue (nine months ended September 30, 2024) | 13% | 15 |
| 2024-10-23 | 2024-Q3 | Distributor customers percentage of net revenue (nine months ended September 30, 2024) | 15% | 15 |
| 2024-10-23 | 2024-Q3 | Decrease in broadband net revenue (nine months ended September 30, 2024 vs 2023) | $82.5 million | 15 |
| 2024-07-24 | 2024-Q2 | Working capital | $207.3 million | 13 |
| 2024-07-24 | 2024-Q2 | Restricted cash | $1.0 million | 13 |
| 2024-07-24 | 2024-Q2 | Outstanding debt | $125.0 million | 13 |
| 2024-07-24 | 2024-Q2 | Cash and cash equivalents | $185.1 million | 13 |
| 2024-07-24 | 2024-Q2 | Available revolving credit facility | $100.0 million | 13 |
| 2024-04-24 | 2024-Q1 | Working capital | 220.8 million | 11 |
| 2024-04-24 | 2024-Q1 | Outstanding debt | 125.0 million | 11 |
| 2024-04-24 | 2024-Q1 | Non-GAAP gross margin | 60.6 | 12 |
| 2024-04-24 | 2024-Q1 | Infrastructure revenue | 32.605 million | 11 |
| 2024-04-24 | 2024-Q1 | Industrial and multi-market revenue | 19.898 million | 11 |
| 2024-04-24 | 2024-Q1 | GAAP diluted loss per share | -0.88 | 12 |
| 2024-04-24 | 2024-Q1 | Connectivity revenue | 9.711 million | 11 |
| 2024-04-24 | 2024-Q1 | Cash and cash equivalents | 191.9 million | 11 |
| 2024-04-24 | 2024-Q1 | Cash and cash equivalents | 191,882 (USD in thousands) | 12 |
| 2024-04-24 | 2024-Q1 | Broadband revenue | 33.055 million | 11 |
| 2024-04-24 | 2024-Q1 | Available revolving credit facility | 100.0 million | 11 |
| 2024-01-31 | FY2023 | working capital | $265.9 million | 9 |
| 2024-01-31 | FY2023 | Total debt | $125.0 million | 9 |
| 2024-01-31 | FY2023 | Net revenue | $693.3 million | 9 |
| 2024-01-31 | FY2023 | Gross profit margin | 56% | 9 |
| 2024-01-31 | FY2023 | Cash and equivalents | $187.3 million | 9 |
| 2023-10-25 | 2023-Q3 | Working capital | 275.7 (USD millions) | 7 |
| 2023-10-25 | 2023-Q3 | Restricted cash | 1.1 (USD millions) | 7 |
| 2023-10-25 | 2023-Q3 | Outstanding debt | 125.0 (USD millions) | 7 |
| 2023-10-25 | 2023-Q3 | Infrastructure revenue | $50.0 million | 8 |
| 2023-10-25 | 2023-Q3 | Cash and cash equivalents | 187.0 (USD millions) | 7 |
| 2023-10-25 | 2023-Q3 | Available revolving credit facility | 100.0 | 7 |
| 2023-07-27 | 2023-Q2 | Selling, general and administrative as % of net revenue (6M) | 17% | 6 |
| 2023-07-27 | 2023-Q2 | Selling, general and administrative as % of net revenue (3M) | 18% | 6 |
| 2023-07-27 | 2023-Q2 | Research and development as % of net revenue (6M) | 32% | 6 |
| 2023-07-27 | 2023-Q2 | Research and development as % of net revenue (3M) | 38% | 6 |
| 2023-07-26 | 2023-Q2 | Infrastructure revenue | $49.3 million | 5 |
| 2023-07-26 | 2023-Q2 | Cash and cash equivalents | 224,579 (USD in thousands) | 5 |
| 2023-04-26 | 2023-Q1 | Working capital | 293.4 million | 3 |
| 2023-04-26 | 2023-Q1 | Restricted cash | 1.0 million | 3 |
| 2023-04-26 | 2023-Q1 | Infrastructure revenue | $46.3 million | 4 |
| 2023-04-26 | 2023-Q1 | Cash and cash equivalents | 207.9 million | 3 |
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Guidance Tracking (latest per metric/period · 32/68)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
Actuals: revenue in $m
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| 2026-Q3 | 2026-07-23 | Gross margin (GAAP) | 58.5–61.5% | – | pending | initiated | 30 |
| 2026-Q2 | 2026-04-23 | Revenue | 160–170 | 168.8 | in line | initiated | 28 |
| 2026-Q2 | 2026-04-23 | Gross margin (GAAP) | 56–59% | – | – | initiated | 28 |
| 2026-Q2 | 2026-04-23 | Gross margin (non-GAAP) | 58–61% | – | – | initiated | 28 |
| 2026-Q2 | 2026-04-23 | OpEx (GAAP) | 91–97 | – | – | initiated | 28 |
| 2026-Q2 | 2026-04-23 | OpEx (non-GAAP) | 61–66 | – | – | initiated | 28 |
| 2026-Q2 | 2026-04-23 | Interest/Other | 1.8–2.2 | – | – | initiated | 28 |
| 2026-Q1 | 2026-01-29 | Revenue | 130–140 | 137.2 | in line | initiated | 26 |
| 2026-Q1 | 2026-01-29 | Gross margin (GAAP) | 56–59% | – | – | initiated | 26 |
| 2026-Q1 | 2026-01-29 | Gross margin (non-GAAP) | 58–61% | – | – | initiated | 26 |
| 2026-Q1 | 2026-01-29 | OpEx (GAAP) | 85–90 | – | – | initiated | 26 |
| 2026-Q1 | 2026-01-29 | OpEx (non-GAAP) | 58–64 | – | – | initiated | 26 |
| 2025-Q4 | 2025-10-23 | Revenue | 130–140 | 136.4 | in line | initiated | 24 |
| 2025-Q4 | 2025-10-23 | Gross margin (GAAP) | 56–59% | – | – | initiated | 24 |
| 2025-Q4 | 2025-10-23 | Gross margin (non-GAAP) | 58–61% | – | – | initiated | 24 |
| 2025-Q4 | 2025-10-23 | OpEx (GAAP) | 92–98 | – | – | initiated | 24 |
| 2025-Q4 | 2025-10-23 | OpEx (non-GAAP) | 57–63 | – | – | initiated | 24 |
| 2025-Q3 | 2025-07-23 | Revenue | 115–135 | 126.5 | in line | initiated | 22 |
| 2025-Q3 | 2025-07-23 | Gross margin (GAAP) | 55–58% | – | – | initiated | 22 |
| 2025-Q3 | 2025-07-23 | Gross margin (non-GAAP) | 57.5–60.5% | – | – | initiated | 22 |
| 2025-Q3 | 2025-07-23 | OpEx (GAAP) | 84–90 | – | – | initiated | 22 |
| 2025-Q3 | 2025-07-23 | OpEx (non-GAAP) | 55–61 | – | – | initiated | 22 |
| 2025-Q2 | 2025-04-23 | Revenue | 95–115 | 108.8 | in line | initiated | 20 |
| 2025-Q2 | 2025-04-23 | Gross margin (GAAP) | 54.5–57.5% | – | – | initiated | 20 |
| 2025-Q2 | 2025-04-23 | Gross margin (non-GAAP) | 57.5–60.5% | – | – | initiated | 20 |
| 2025-Q2 | 2025-04-23 | OpEx (GAAP) | 92–98 | – | – | initiated | 20 |
| 2025-Q2 | 2025-04-23 | OpEx (non-GAAP) | 55–61 | – | – | initiated | 20 |
| 2025-Q1 | 2025-01-29 | Revenue | 85–105 | 95.9 | in line | initiated | 18 |
| 2025-Q1 | 2025-01-29 | Gross margin (GAAP) | 54.5–57.5% | – | – | initiated | 18 |
| 2025-Q1 | 2025-01-29 | Gross margin (non-GAAP) | 57.5–60.5% | – | – | initiated | 18 |
| 2025-Q1 | 2025-01-29 | OpEx (GAAP) | 93–99 | – | – | initiated | 18 |
| 2025-Q1 | 2025-01-29 | OpEx (non-GAAP) | 56–62 | – | – | initiated | 18 |
| 2024-Q4 | 2024-10-23 | Revenue | 80–100 | 92.2 | in line | initiated | 16 |
| 2024-Q4 | 2024-10-23 | Gross margin (GAAP) | 54–57% | – | – | initiated | 16 |
| 2024-Q4 | 2024-10-23 | Gross margin (non-GAAP) | 57.5–60.5% | – | – | initiated | 16 |
| 2024-Q4 | 2024-10-23 | OpEx (GAAP) | 88–94 | – | – | initiated | 16 |
| 2024-Q4 | 2024-10-23 | OpEx (non-GAAP) | 58–64 | – | – | initiated | 16 |
| 2024-Q4 | 2024-10-23 | Interest/Other | 1–2.5 | – | – | initiated | 16 |
| 2024-Q4 | 2024-10-23 | GAAP and non-GAAP diluted share count | 84.5 | – | – | initiated | 16 |
| 2024-Q3 | 2024-07-24 | Revenue | 70–90 | 81.1 | in line | initiated | 14 |
| 2024-Q3 | 2024-07-24 | Gross margin (GAAP) | 52.5–55.5% | – | – | initiated | 14 |
| 2024-Q3 | 2024-07-24 | Gross margin (non-GAAP) | 57–60% | – | – | initiated | 14 |
| 2024-Q2 | 2024-04-24 | Revenue | 90–110 | 92 | in line | initiated | 12 |
| 2024-Q2 | 2024-04-24 | Gross margin (GAAP) | 52.5–56.5% | – | – | initiated | 12 |
| 2024-Q2 | 2024-04-24 | Gross margin (non-GAAP) | 58.5–61.5% | – | – | initiated | 12 |
| 2024-Q1 | 2024-01-31 | Revenue | 85–105 | 95.3 | in line | initiated | 10 |
| 2024-Q1 | 2024-01-31 | Gross margin (GAAP) | 50–54% | – | – | initiated | 10 |
| 2024-Q1 | 2024-01-31 | Gross margin (non-GAAP) | 59.5–62.5% | – | – | initiated | 10 |
| 2024-Q1 | 2024-01-31 | OpEx (GAAP) | 115–125 | – | – | initiated | 10 |
| 2024-Q1 | 2024-01-31 | OpEx (non-GAAP) | 72–78 | – | – | initiated | 10 |
| 2023-Q4 | 2023-10-25 | Revenue | 115–135 | 125.4 | in line | initiated | 8 |
| 2023-Q4 | 2023-10-25 | Gross margin (GAAP) | 52.5–55.5% | – | – | initiated | 8 |
| 2023-Q4 | 2023-10-25 | Gross margin (non-GAAP) | 59.5–62.5% | – | – | initiated | 8 |
| 2023-Q3 | 2023-07-26 | Revenue | 125–155 | 135.5 | in line | initiated | 5 |
| 2023-Q3 | 2023-07-26 | Gross margin (GAAP) | 53–56% | – | – | initiated | 5 |
| 2023-Q3 | 2023-07-26 | Gross margin (non-GAAP) | 59.5–62.5% | – | – | initiated | 5 |
| 2023-Q3 | 2023-07-26 | OpEx (GAAP) | 104–110 | – | – | initiated | 5 |
| 2023-Q3 | 2023-07-26 | OpEx (non-GAAP) | 75–81 | – | – | initiated | 5 |
| 2023-Q2 | 2023-04-26 | Revenue | 175–205 | 183.9 | in line | initiated | 4 |
| 2023-Q2 | 2023-04-26 | Gross margin (GAAP) | 54.5–57.5% | – | – | initiated | 4 |
| 2023-Q2 | 2023-04-26 | Gross margin (non-GAAP) | 59.5–62.5% | – | – | initiated | 4 |
| 2023-Q2 | 2023-04-26 | OpEx (GAAP) | 110–116 | – | – | initiated | 4 |
| 2023-Q2 | 2023-04-26 | OpEx (non-GAAP) | 79–85 | – | – | initiated | 4 |
| 2023-Q1 | 2023-02-01 | Revenue | 240–260 | 248.4 | in line | initiated | 2 |
| 2023-Q1 | 2023-02-01 | Gross margin (GAAP) | 55–58% | – | – | initiated | 2 |
| 2023-Q1 | 2023-02-01 | Gross margin (non-GAAP) | 59–62% | – | – | initiated | 2 |
| 2023-Q1 | 2023-02-01 | OpEx (GAAP) | 113–119 | – | – | initiated | 2 |
| 2023-Q1 | 2023-02-01 | OpEx (non-GAAP) | 80–86 | – | – | initiated | 2 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
MaxLinear's first half of fiscal year 2026 showed sustained revenue acceleration, with Q1 net revenue of $137.2 million (+43% year over year) and Q2 net revenue of $168.8 million (+55% year over year), bringing combined H1 2026 revenue to $306.0 million 27 29 30. The Infrastructure segment was the primary growth driver, rising 141% year over year in the first half, led by optical, high-performance analog, and wireless backhaul and access products, with the Keystone PAM4 DSP platform for 800G applications ramping with hyperscale customers in Q2 29 30. Gross profit margin expanded to 58% in H1 2026 from 56% in H1 2025, attributable to product mix and reduced intangible asset amortization 27 29. Non-GAAP diluted EPS improved from a loss of $0.05 in Q1 2025 to $0.22 in Q1 2026 and $0.35 in Q2 2026 28 30. The revolving credit facility was amended in April 2026 to extend maturity to March 2028 and increase available capacity by $30 million to $130 million 28.
FY2025
MaxLinear reported FY 2025 net revenue of $467.6 million, up 30% from $360.5 million in fiscal 2024, led by a $87.6 million increase in broadband applications revenue as the market recovered from macroeconomic conditions, with additional gains in connectivity and infrastructure markets partially offset by a decline in the industrial and multi-market segment 25. GAAP gross margin expanded to 57% from 54%, a movement sources attribute in part to a scheduled decrease in amortization of acquired intangible assets rather than solely to operational improvement 25. Adjusted operating income recovered to $43.5 million from a loss in the prior year, while the GAAP operating loss remained at $126.9 million, reflecting $24.5 million in restructuring charges and $208.6 million in R&D expense 126 25. Full-year operating cash flow turned positive at $19.6 million compared to negative $45.3 million in fiscal 2024 25. Year-end cash stood at $72.8 million against $125.0 million in aggregate debt, yielding a net debt position of $50.8 million, with the $100.0 million revolving credit facility undrawn 25 128.
FY2024
MaxLinear's FY2024 net revenue declined 48% to $360.5 million from $693.3 million in 2023, driven by macroeconomic conditions and excess inventory in the distribution channel 17. All four quarters produced GAAP operating losses, with a full-year GAAP operating loss of $223.4 million and adjusted operating loss of $68.5 million 126. The company executed two rounds of workforce reductions – initiated in March 2023, October 2023, and July 2024 – incurring $53.4 million in total restructuring charges for the year 17. Free cash flow was negative $63.0 million for the full year, and the balance sheet shifted from a net cash position to net debt of $4.4 million by year-end 126. Revenue recovered 14% sequentially in Q4 to $92.2 million, and the optical interconnect business crossed the one-million-unit shipped milestone across multiple customers 18.
FY2023
MaxLinear's FY2023 net revenue declined 37% to $693.3 million from approximately $1.1 billion in 2022, driven by macroeconomic conditions and excess channel inventory, with the contraction accelerating each quarter from $248.4 million in Q1 to $125.4 million in Q4 9 10. Broadband applications revenue fell $289.7 million year-over-year, declining from 44% to 29% of total revenue, while the wireless infrastructure segment grew approximately 30% over the prior year 9 10. The company terminated its merger agreement with Silicon Motion on July 26, 2023, citing unmet closing conditions, material adverse effect, and material breach by Silicon Motion, and subsequently paid lenders a ticking fee of $18.3 million 9. GAAP operating income swung to a full-year loss of $38.2 million while adjusted operating income was $107.5 million; operating cash flow fell to $43.4 million from $388.7 million in 2022 9 118. Two rounds of workforce reductions generated $19.8 million in restructuring charges, and Q1 2024 guidance of $85-105 million signaled continued revenue pressure from macroeconomic conditions and excess channel inventory 9 10.
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Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
46 documents · 2016 – 2026 · SEC EDGAR (USA)
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 10-K | 2023-02-01 | Open |
| #2 / #102 | 8-K-EX99.1 | 2023-02-01 | Open |
| #3 | 10-Q | 2023-04-26 | Open |
| #4 / #104 | 8-K-EX99.1 | 2023-04-26 | Open |
| #5 / #105 | 8-K-EX99.1 | 2023-07-26 | Open |
| #6 | 10-Q | 2023-07-27 | Open |
| #7 | 10-Q | 2023-10-25 | Open |
| #8 / #108 | 8-K-EX99.1 | 2023-10-25 | Open |
| #9 | 10-K | 2024-01-31 | Open |
| #10 / #110 | 8-K-EX99.1 | 2024-01-31 | Open |
| #11 | 10-Q | 2024-04-24 | Open |
| #12 / #112 | 8-K-EX99.1 | 2024-04-24 | Open |
| #13 | 10-Q | 2024-07-24 | Open |
| #14 / #114 | 8-K-EX99.1 | 2024-07-24 | Open |
| #15 | 10-Q | 2024-10-23 | Open |
| #16 / #116 | 8-K-EX99.1 | 2024-10-23 | Open |
| #17 | 10-K | 2025-01-29 | Open |
| #18 / #118 | 8-K-EX99.1 | 2025-01-29 | Open |
| #19 | 10-Q | 2025-04-23 | Open |
| #20 / #120 | 8-K-EX99.1 | 2025-04-23 | Open |
| #21 | 10-Q | 2025-07-23 | Open |
| #22 / #122 | 8-K-EX99.1 | 2025-07-23 | Open |
| #23 | 10-Q | 2025-10-23 | Open |
| #24 / #124 | 8-K-EX99.1 | 2025-10-23 | Open |
| #25 | 10-K | 2026-01-29 | Open |
| #26 / #126 | 8-K-EX99.1 | 2026-01-29 | Open |
| #27 | 10-Q | 2026-04-23 | Open |
| #28 / #128 | 8-K-EX99.1 | 2026-04-23 | Open |
| #29 | 10-Q | 2026-07-23 | Open |
| #30 / #130 | 8-K-EX99.1 | 2026-07-23 | Open |
Older sources (+16)
| # | Document type | Published | Link |
|---|---|---|---|
| #201 | 10-Q | 2016-05-09 | Open |
| #202 | 10-Q | 2016-08-08 | Open |
| #203 | 10-K | 2016-08-08 | Open |
| #205 | 10-K | 2017-02-09 | Open |
| #204 | 10-Q | 2017-08-08 | Open |
| #207 | 10-K | 2018-02-20 | Open |
| #206 | 10-Q | 2018-08-07 | Open |
| #209 | 10-K | 2019-02-05 | Open |
| #208 | 10-Q | 2019-07-25 | Open |
| #213 | 10-K | 2020-02-05 | Open |
| #210 | 10-Q | 2020-04-29 | Open |
| #211 | 10-Q | 2020-07-23 | Open |
| #212 | 10-Q | 2020-11-05 | Open |
| #214 | 10-Q | 2021-04-28 | Open |
| #215 | 10-Q | 2021-07-28 | Open |
| #216 | 10-Q | 2021-10-27 | Open |
FAQ#
Where can I find the official investor relations documents of MaxLinear Inc.?
The sources chapter links all 61 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.
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