CARLSBAD, Calif.--(BUSINESS WIRE)--MaxLinear appoints Kris Sennesael to its Board of Directors. ...

Company Overview - MaxLinear, Inc. is a technology company specializing in advanced semiconductor solutions that integrate RF, analog, and digital functions for communications and networking applications [6] - The company generates revenue by designing and selling integrated circuits and platform solutions that enable high-speed communications and power management for electronic devices [7] - MaxLinear serves electronics distributors, module makers, OEMs, and ODMs in the connected home, telecom infrastructure, and industrial markets globally [7] Financial Metrics - As of February 1, 2026, MaxLinear shares were priced at $17.35, down 0.7% for the year, underperforming the S&P 500 by 15.0 percentage points [6] - The company's market capitalization is $1.51 billion, with a revenue of $467.64 million and a net income of -$136.68 million (TTM) [4] Recent Developments - AIGH Capital Management LLC fully exited its stake in MaxLinear, selling 1,107,504 shares in a transaction estimated at $17.81 million based on quarterly average pricing [1][2] - Following the sale, MaxLinear no longer represents any portion of AIGH Capital's 13F assets, indicating a significant shift in the fund's investment strategy [6] - The sale of MaxLinear shares by AIGH Capital could be interpreted by investors as a sign of dissatisfaction with the underlying business [9]

Core Insights - MaxLinear Inc. (NASDAQ:MXL) is highlighted as a promising small-cap tech stock, reporting a strong Q4 2025 with revenue of $136.4 million, reflecting an 8% sequential increase and a 48% year-over-year rise, primarily driven by the infrastructure segment [1][4] Financial Performance - Q4 2025 revenue reached $136.4 million, marking an 8% increase from the previous quarter and a 48% increase year-over-year [1] - The infrastructure segment experienced a significant annual growth of 76%, attributed to high demand for optical interconnects and wireless infrastructure in data centers [1] Future Outlook - For 2026, MaxLinear anticipates revenue from its Keystone PAM4 DSP family to be between $100 million and $130 million, driven by major hyperscale data centers [2] - The company expects a softer first half for its broadband business due to industry transitions to DOCSIS 4.0, which may result in an overall annual decline in that segment [2] - Despite challenges such as supply chain tightness and competitive pressures, the company is optimistic about improving its infrastructure product mix, aiming for gross margins to approach 60% by year-end [2] Analyst Ratings - Following the earnings report, analyst Richard Shannon from Craig-Hallum reiterated a Buy rating on MaxLinear with a price target of $27 [3]

Core Insights - MaxLinear, Inc. (MXL) reported decent Q4 and full-year results, showcasing significant growth and profitability improvements, yet the stock experienced a decline as investors took profits [1] Financial Performance - The company demonstrated fantastic growth and profitability improvements in its recent financial results [1] Market Reaction - Despite the positive financial performance, shares of MaxLinear, Inc. fell over a certain percentage as the investing community opted to take profits [1]

分组1 - MaxLinear reported quarterly earnings of $0.19 per share, exceeding the Zacks Consensus Estimate of $0.18 per share, compared to a loss of $0.09 per share a year ago, representing an earnings surprise of +5.56% [1] - The company posted revenues of $136.44 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.08%, and this is an increase from year-ago revenues of $92.17 million [2] - MaxLinear shares have increased approximately 9.8% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.14 on revenues of $130.25 million, and for the current fiscal year, it is $0.74 on revenues of $553.92 million [7] - The Semiconductor - Analog and Mixed industry, to which MaxLinear belongs, is currently ranked in the top 10% of over 250 Zacks industries, indicating strong performance potential [8] - Another company in the same industry, ON Semiconductor Corp., is expected to report quarterly earnings of $0.62 per share, reflecting a year-over-year change of -34.7%, with revenues expected to be $1.53 billion, down 11% from the previous year [9][10]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $136.4 million, up 8% from $126.5 million in the previous quarter and up 48% from $92.2 million in Q4 2024 [14] - GAAP gross margin for Q4 increased to approximately 57.6%, while non-GAAP gross margin was approximately 59.6% [14] - GAAP loss from operations for Q4 was 11%, and non-GAAP income from operations was 16% of net revenue [15] - Net cash flow from operating activities was approximately $10.4 million, with cash and cash equivalents totaling approximately $101.4 million at the end of Q4 [15] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q4 was approximately $47 million, with a full-year growth of 30% and a Q4 growth of 76% year-over-year [14][7] - Broadband revenue was approximately $58 million, with expectations of a seasonal decline in the first half of 2026 due to the transition to DOCSIS 4.0 [14][28] - Connectivity revenue was approximately $18 million, with growth expected from Wi-Fi 7 and Ethernet products [14][83] Market Data and Key Metrics Changes - The infrastructure business is expected to become the largest contributor to overall revenues in 2026, driven by strong demand in data center optical interconnects and wireless infrastructure [7] - The PON market is anticipated to grow significantly, with new design wins contributing to market share gains [29] - The broadband business is expected to decline year-over-year due to the transition to DOCSIS 4.0, but the PON segment may offset some of this decline [28][29] Company Strategy and Development Direction - The company is focused on high-value multi-year growth markets, including data center connectivity, wireless infrastructure, and broadband access [6][7] - Investments are being made in areas where performance, power efficiency, and integration are critical, positioning the company for sustained growth in 2026 and beyond [6][13] - The company aims to leverage its technology portfolio to capture market share across various segments, including optical transceivers and storage accelerators [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth expectations and market momentum, with robust bookings and improved visibility entering 2026 [6] - The company anticipates strong growth driven by new design wins and expanding content opportunities across its product portfolio [17] - Management highlighted the importance of performance over pricing in a competitive market, emphasizing the company's technological advantages [73] Other Important Information - The company repurchased $20 million of its common stock in Q4, reflecting confidence in its growth trajectory [6][15] - Guidance for Q1 2026 includes expected revenue between $130 million and $140 million, with GAAP gross margin projected at approximately 56%-59% [16] Q&A Session Summary Question: Can you discuss the PAM4 DSP business and its growth prospects? - Management indicated strong traction and design wins in the PAM4 DSP market, with expectations of revenue between $100-$130 million in 2026 [22][24] Question: What is the outlook for the broadband business in 2026? - Management expects a decline in broadband revenue in the first half of 2026 due to the transition to DOCSIS 4.0, with potential recovery in the second half [28][29] Question: What is the magnitude of opportunity within the data center segment? - Management highlighted the significant growth potential in the data center market, particularly with PAM4 transceivers and PON technology [33][34] Question: How does the company view its competitive position in the optical market? - Management expressed confidence in strengthening its position in the optical market with upcoming product launches and design wins [43][44] Question: What are the expectations for gross margin and operating expenses in 2026? - Management anticipates improvements in gross margin driven by a favorable product mix, with operating expenses expected to grow at a slower rate than revenue [45][47]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $136.4 million, up 8% from $126.5 million in the previous quarter and up 48% from $92.2 million in Q4 2024 [15] - GAAP gross margin for Q4 increased to approximately 57.6%, while non-GAAP gross margin was approximately 59.6% [15] - GAAP loss from operations for Q4 was 11%, and non-GAAP income from operations was 16% of net revenue [16] - Net cash flow from operating activities was approximately $10.4 million, with cash and cash equivalents totaling approximately $101.4 million at the end of Q4 [16] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q4 was approximately $47 million, broadband revenue was approximately $58 million, connectivity revenue was approximately $18 million, and industrial multi-market revenue was approximately $14 million [15] - Infrastructure revenue grew 30% for the full year and 76% in Q4 year-over-year, driven by strong growth in data center optical interconnects and wireless infrastructure [8] - The Panther Hardware Storage Accelerator SoC family is expected to see strong revenue growth, potentially doubling in 2026 compared to 2025 [11] Market Data and Key Metrics Changes - The company expects to achieve significant revenue from the Keystone PAM4 DSP family, projecting $100-$130 million in revenue for 2026 [9] - The broadband business is expected to decline year-over-year due to the transition to DOCSIS 4.0, with a seasonal soft first half anticipated [12][17] - The company is gaining market share in optical transceivers and cable broadband, with a focus on expanding its presence in the PON market [60] Company Strategy and Development Direction - The company is focused on high-value multi-year growth markets, including data center connectivity, wireless infrastructure, and broadband access [7] - Investments are being made in areas of strategic importance to build a solid foundation for sustainable growth and profitability in 2026 and beyond [19] - The company aims to strengthen its position in the PAM4 DSP market and expand its offerings in optical interconnects and storage accelerators [24][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth expectations and market momentum, entering 2026 with strong bookings and visibility [7] - The company anticipates solid growth in 2026 driven by new design wins and expanding content opportunities across its product portfolio [18] - Management highlighted the importance of performance over pricing in a competitive market, emphasizing the need for robust technology [70] Other Important Information - The company repurchased $20 million of its common stock in Q4, reflecting confidence in its growth trajectory [7] - The company is actively engaged in securing design wins in the AI data center market, with multiple new design wins entering production [10] Q&A Session Summary Question: Can you discuss the PAM4 DSP business and its growth dynamics? - Management noted significant growth in the PAM4 DSP market, with expectations of $110-$130 million in revenue, driven by strong traction and design wins [22][25] Question: What is the outlook for the broadband business? - Management indicated a seasonal decline in the first half of the year due to the DOCSIS 4.0 upgrade cycle, but potential growth in the second half as the upgrade begins [27][28] Question: What is the magnitude of opportunity within the data center segment? - Management highlighted the potential for hundreds of millions in value for silicon offerings in the data center market, with ongoing design wins and increasing demand [33] Question: How does the company view its competitive position in the optical market? - Management expressed confidence in strengthening its position in the optical market, particularly with the rollout of the 1.6 terabit products [42][43] Question: What are the expectations for gross margins and operating expenses? - Management expects gross margins to improve due to a favorable product mix, while operating expenses are anticipated to grow at a slower rate than revenue [44][45]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $136.4 million, up 8% from $126.5 million in the previous quarter and up 48% from $92.2 million in Q4 2024 [14] - GAAP gross margin for Q4 increased to approximately 57.6%, while non-GAAP gross margin was approximately 59.6% [14] - GAAP loss from operations for Q4 was 11%, and non-GAAP income from operations was 16% of net revenue [16] - Net cash flow from operating activities was approximately $10.4 million, with cash and cash equivalents totaling approximately $101.4 million at the end of Q4 [16] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q4 was approximately $47 million, broadband revenue was approximately $58 million, connectivity revenue was approximately $18 million, and industrial multi-market revenue was approximately $14 million [14] - Infrastructure revenue grew 30% for the full year and 76% in Q4 year-over-year, driven by strong growth in data center optical interconnects and wireless infrastructure [8][12] - The broadband business is expected to decline year-over-year due to the transition to DOCSIS 4.0, with a seasonal decline expected in Q1 [27][28] Market Data and Key Metrics Changes - The company expects to achieve significant revenue from the Keystone PAM4 DSP family, projecting $100-$130 million in revenue for 2026 [9] - The cloud data centers are deploying 10-gigabit XGS-PON, with the company securing its first PON data center design win [10] - The company anticipates strong growth in the Ethernet market as its 2.5 gigabit Ethernet switch and PHY portfolio expands into commercial, enterprise, and industrial applications [13] Company Strategy and Development Direction - The company is focused on high-value multi-year growth markets, including data center connectivity, wireless infrastructure, and broadband access [6][8] - Investments are being made in areas of strategic importance to build a solid foundation for sustainable growth and profitability in 2026 and beyond [19] - The company aims to strengthen its position in the optical DSP market and expand its offerings in response to evolving market demands [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth expectations and market momentum, entering 2026 with strong momentum across its portfolio [6] - The company expects solid growth in 2026 driven by new design wins and expanding content opportunities across its product portfolio [18] - Management highlighted the competitive advantage of power efficiency and the importance of performance over pricing in the optical market [73] Other Important Information - The company repurchased $20 million of its common stock in Q4, reflecting confidence in its growth trajectory [6][16] - The company is experiencing improved visibility and robust bookings, which are expected to drive growth in 2026 [18] Q&A Session Summary Question: Can you talk about the PAM4 DSP business and its growth? - Management indicated strong traction and design wins in the PAM4 DSP market, with expectations for continued growth in 2026 and 2027 [21][22] Question: What is the trajectory for the broadband business? - Management expects a decline in the broadband business in the first half of the year due to the transition to DOCSIS 4.0, with potential recovery in the second half [27][28] Question: What is the magnitude of opportunity within the data center segment? - Management highlighted the significant potential in the data center market, particularly with PON as a control plane layer and the increasing sophistication of compute racks [33][34] Question: Can you discuss the share repurchase authorization? - Management conveyed that the share repurchase signals confidence in the balance sheet and cash flow improvement, with revenue stability and an improving outlook [37][38] Question: How is the competitive landscape evolving for optical products? - Management expressed confidence in strengthening their position in the optical market with the rollout of new products, including the 1.6 terabit solutions [44][45] Question: What are the biggest opportunities for market share gain in 2026? - Management identified optical transceivers, storage accelerators, PON market revenues, and wireless infrastructure growth as key areas for market share gain [76]

MaxLinear Q4'25 Earnings January 29, 2026 Cautionary Note Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Unless otherwise indicated, all forward looking statements are based on estimates, projections, and assumptions of MaxLinear as of the date of this presentation. These forward-looking statements include, among others, ...

Revenue and Sales Performance - Net revenue for the year ended December 31, 2025, was $467.6 million, driven by sales of RF receivers, connectivity solutions, and optical interconnect solutions [335]. - Products shipped to Asia accounted for 82% of net revenue in 2025, with significant contributions from Hong Kong (49%) and Vietnam (12%) [336]. - Two customers accounted for 28% of net revenue in 2025, while the top ten customers collectively represented 65% of total revenue [337]. - Net revenue increased by $107.1 million to $467.6 million for the year ended December 31, 2025, compared to $360.5 million for 2024, driven by demand in broadband, connectivity, and infrastructure markets [364]. - Industrial and multi-market revenue decreased by $37.0 million, driven by a reduced volume of shipments, while broadband revenue increased by $87.6 million [364]. Costs and Expenses - The company incurred $24.5 million in restructuring costs during 2025, including $17.1 million related to CAD software licenses and $6.9 million in severance costs [343]. - Gross profit improved to 57% of net revenue in 2025, up from 54% in 2024, with gross profit amounting to $265.8 million, an increase of $71.0 million [366]. - Research and development expenses decreased by $16.6 million to $208.6 million in 2025, representing 45% of net revenue, down from 62% in 2024 [367]. - Selling, general and administrative expenses rose by $21.3 million to $159.6 million in 2025, accounting for 34% of net revenue, compared to 38% in 2024 [369]. - Restructuring charges decreased by $28.9 million to $24.5 million in 2025, representing 5% of net revenue, down from 15% in 2024 [371]. - Cost of net revenue increased by $36.1 million to $201.8 million in 2025, representing 43% of net revenue, down from 46% in 2024 [366]. Cash Flow and Financial Position - As of December 31, 2025, the company had cash and cash equivalents of $72.8 million, restricted cash of $28.6 million, and net accounts receivable of $46.1 million [380]. - The company's working capital as of December 31, 2025, was $62.8 million, a decrease from $141.2 million in 2024 [390]. - Net cash provided by operating activities for the year ended December 31, 2025, was $19.6 million, compared to a net cash used of $45.3 million in 2024 [392]. - The company recorded net cash used in investing activities of $19.8 million for the year ended December 31, 2025, down from $23.4 million in 2024 [393]. - Net cash used in financing activities was $18.7 million for the year ended December 31, 2025, primarily due to common stock repurchases of $20.0 million [394]. - As of December 31, 2025, the company's total indebtedness was $125.0 million under a senior secured term B loan facility [390]. - The company has a senior secured revolving credit facility of up to $100.0 million, which remained undrawn as of December 31, 2025 [382]. - The company anticipates that its cash, cash equivalents, and restricted cash of $101.4 million will be sufficient to fund projected operating requirements for at least the next twelve months [390]. Tax and Valuation - The income tax benefit for 2025 was $4.2 million, compared to a provision of $6.5 million in 2024, reflecting a change of $10.7 million [375]. - The company recorded a full valuation allowance against its Singapore deferred tax assets, resulting in no income tax provision recorded in Singapore for the year ended December 31, 2024 [379]. Market and Operational Insights - The company is experiencing growth in sales demand across broadband and connectivity markets, driven by new product wins and recovery from excess inventory [335]. - The company continues to innovate with new products in advanced semiconductor process nodes such as 16nm and 5nm [335]. - The sales cycle for the company's products is lengthy, with product life cycles varying from 24 to 84 months depending on the market [338]. - Revenue recognition estimates involve significant uncertainty, particularly regarding price adjustments and returns based on historical data [349]. - The company expects revenue to fluctuate in the future, consistent with the cyclical nature of the industry [365]. Interest Rate and Currency Risks - The company may face substantial variable interest rate risk due to its term loans, which could adversely affect its operating results if interest rates increase significantly [383]. - The company is subject to variable interest rates on credit agreements and could be adversely impacted by high interest rates in the future [399]. - A 10% increase in SOFR interest rates would result in an immaterial increase in interest expense [399]. - The company believes its operating cash is sufficient to cover interest obligations but is monitoring the impact of high interest rates on financing and business operations [399]. - The company has limited exposure to foreign currency exchange rates as most international agreements are denominated in United States dollars [398]. - A hypothetical change of 100 basis points in foreign currency exchange rates would result in a translation gain change of approximately $0.9 million [398].