Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $92 million, down 3% from $95.3 million in the previous quarter [20] - Non-GAAP gross margin for Q2 was 60.2%, while GAAP gross margin was approximately 54.6% [21] - Non-GAAP loss from operations for Q2 2024 was 21% of net revenue [22] - Cash flow used in operating activities was approximately $3 million, with $186 million in cash, cash equivalents, and restricted cash at the end of Q2 [22] Business Line Data and Key Metrics Changes - Broadband revenue for Q2 was $22 million, connectivity revenue was $13 million, infrastructure revenue was $32 million, and industrial multi-market revenue was $25 million [20] - The infrastructure business, particularly high-speed optical interconnect, is expected to exceed $30 million in revenue this year [12] - Revenue in 5G wireless infrastructure grew strongly in Q2 compared to the prior quarter [14] Market Data and Key Metrics Changes - The company is experiencing weakness in broadband demand due to excess customer inventory from the supply chain crisis [9] - Continued softness in telecom markets is noted, impacted by U.S.-China tensions and regulatory compliance [9] - The company expects channel inventory to bottom in the second half of the year [10] Company Strategy and Development Direction - The company is focused on R&D investments in high-value markets, including optical data center interconnect and 5G wireless technologies [10] - The company anticipates strong profitability growth as new products ramp up and R&D spending moderates [10] - The strategy includes optimizing efforts around new opportunities in infrastructure, Ethernet, storage, and Wi-Fi 7 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over slower business recovery than anticipated but remains confident in resuming growth in 2025 [9] - The company is aligning its cost structure with the current environment, expecting a 20% to 25% reduction in operating expenses for fiscal 2025 [25][26] - Management highlighted the importance of operational efficiency and fiscal discipline while planning for future growth [28] Other Important Information - The company is on track to exceed its optical revenue target range of $10 million to $30 million for 2024 [8] - The company expects Q3 2024 revenue to be between $70 million and $90 million, with GAAP gross margin expected to be approximately 52.5% to 55.5% [24] Q&A Session Summary Question: Impact of shipment restrictions in telecom - Management indicated that the revocation of a government license impacted shipments by approximately $5 million to $8 million in Q2, with a potential impact of $10 million to $15 million in the second half of the year [30][31] Question: Guidance on infrastructure revenue - Management clarified that the weakness in infrastructure revenue is primarily due to wireless infrastructure, while optical is performing well and on track [32][33] Question: Inventory drain and end demand outlook - Management acknowledged that inventory is depleting slower than expected but sees improvements in bookings and inventory levels [36][38] Question: Share loss concerns in broadband and connectivity - Management noted that while there may be some share shifts, the focus remains on new technologies and product transitions that could offset potential losses [42][44] Question: OpEx reduction and spending plans - Management confirmed a planned reduction in operating expenses of 20% to 25% for fiscal 2025, with a focus on maintaining investment in key product areas [53][56] Question: Future revenue drivers and customer base - Management indicated that multiple customers will drive revenues in 2025, with ongoing investments in optical and broadband technologies [91][92]

This quarterly report represents an earnings surprise of -25%. A quarter ago, it was expected that this chipmaker would post a loss of $0.20 per share when it actually produced a loss of $0.21, delivering a surprise of -5%. MaxLinear, which belongs to the Zacks Semiconductor - Analog and Mixed industry, posted revenues of $91.99 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 8.03%. This compares to year-ago revenues of $183.94 million. The company has topped consensus reven ...

Revenue Performance - Net revenue for the six months ended June 30, 2024, was $187.3 million, driven by sales of RF receivers and connectivity solutions[40]. - Revenue generated from sales during the six months ended June 30, 2024, was primarily from Asian ODMs and contract manufacturers delivering products to European and North American markets[41]. - Net revenue decreased by $91.9 million to $92.0 million for the three months ended June 30, 2024, compared to $183.9 million for the same period in 2023, primarily due to macroeconomic conditions impacting customer demand[83]. - For the six months ended June 30, 2024, net revenue decreased by $245.1 million to $187.3 million from $432.4 million in the same period in 2023, largely driven by excess inventory in the channel[85]. - The company expects revenue to fluctuate in the future, consistent with the cyclical nature of the industry[86]. - The company anticipates continued volatility in sales and revenues due to global economic uncertainty and inventory oversupply risks[160]. Market and Customer Insights - Products shipped to Asia accounted for 68% of net revenue during the six months ended June 30, 2024, down from 74% in the same period of 2023[41]. - The company’s ten largest customers accounted for 65% of net revenue in the six months ended June 30, 2024, with two customers alone contributing 22%[158]. Expenses and Cost Management - Research and development expenses include costs related to new product engineering and development testing, with all R&D costs expensed as incurred[49]. - Research and development expenses decreased by $14.1 million to $56.5 million for the three months ended June 30, 2024, compared to $70.7 million in the same period in 2023, due to cost reduction measures[90]. - Selling, general and administrative expenses decreased by $2.3 million to $70.1 million for the six months ended June 30, 2024, compared to $72.4 million for the same period in 2023, primarily due to decreases in payroll and professional fees[96]. - The company is closely managing its expenses in response to the 2023 Workforce Reductions and other cost reduction measures[93]. - The company expects research and development expenses to increase in future years as it develops products to drive growth[94]. - Selling, general and administrative expenses are anticipated to rise in future years as the company expands its sales and marketing organization[97]. Financial Position and Performance - The company reported a net loss of $39,266 thousand for the three months ended June 30, 2024, compared to a net loss of $4,351 thousand for the same period in 2023[115]. - The net loss for the six months ended June 30, 2024, was $111,575, compared to a net income of $5,182 for the same period in 2023[132]. - Total current assets decreased to $397,581 thousand as of June 30, 2024, down from $488,025 thousand as of December 31, 2023[130]. - Total liabilities decreased to $355,942 thousand as of June 30, 2024, compared to $393,992 thousand as of December 31, 2023[130]. - Cash and cash equivalents were $185,108 thousand as of June 30, 2024, compared to $187,288 thousand as of December 31, 2023[130]. - The company reported cash paid for interest of $4,952 for the six months ended June 30, 2024, compared to $4,503 in the prior year[144]. - The balance of total stockholders' equity as of June 30, 2024, was $617,255, down from $746,047 at the end of June 30, 2023[141]. Restructuring and Workforce Changes - Restructuring charges for the six months ended June 30, 2024, were $23,495 thousand, an increase of 159% compared to $9,084 thousand for the same period in 2023[128]. - The company expects to incur approximately $15 million to $20 million in cash severance and related costs pertaining to the 2024 Workforce Reduction[167]. - The company incurred $19.8 million in restructuring costs related to the 2023 Workforce Reductions, with a cumulative total of $43.3 million expected by June 30, 2024[166][167]. Acquisitions and Mergers - The company completed the acquisition of Company Y on January 17, 2023, for a total consideration of $12.4 million, including $9.8 million in cash and $2.6 million in contingent consideration[171][173]. - The company terminated the merger agreement with Silicon Motion on July 26, 2023, due to unmet conditions and a material adverse effect on Silicon Motion[118]. - The company incurred a ticking fee of $18.3 million to Wells Fargo Bank due to the termination of financing related to a now-terminated merger agreement[165][169]. Tax and Accounting Matters - The company recorded income taxes at a concessionary rate in Singapore, effective through March 2027, contingent upon meeting certain employment and investment thresholds[194]. - The company intends to adopt new accounting amendments prospectively in 2025, which are not expected to materially impact its financial position[109]. Inventory and Asset Management - The company assesses the recoverability of its inventory based on demand and market conditions, with adjustments considered permanent until the inventory is sold or disposed of[199]. - The company maintains a valuation allowance on deferred tax assets in jurisdictions with cumulative losses, as realization does not meet the more-likely-than-not threshold[193]. - The company’s finite-lived intangible assets had an ending balance of $61.8 million as of June 30, 2024, down from $91.2 million as of June 30, 2023[213].

[MaxLinear, Inc. Second Quarter 2024 Financial Results](index=1&type=section&id=MaxLinear%2C%20Inc.%20Second%20Quarter%202024%20Financial%20Results) MaxLinear reported its second quarter 2024 financial results, detailing Q2 performance, management's strategic commentary, and providing guidance for the third quarter [Second Quarter 2024 Financial Highlights](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Highlights) MaxLinear reported Q2 2024 net revenue of $92.0 million, a 50% year-over-year decrease, with GAAP diluted loss per share of $0.47 and non-GAAP loss of $0.25 Q2 2024 Key Financial Metrics (GAAP) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Net Revenue (Millions USD) | $92.0 | $95.3 | $183.9 | | Gross Margin | 54.6% | 51.7% | 55.9% | | Loss from Operations (Millions USD) | ($40.8) | ($74.6) | ($5.9) | | Diluted Loss per Share (USD) | ($0.47) | ($0.88) | ($0.05) | Q2 2024 Key Financial Metrics (Non-GAAP) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Gross Margin | 60.2% | 60.6% | 61.0% | | Loss from Operations (% of revenue) | (21%) | (18%) | 16% (Income) | | Diluted Loss per Share (USD) | ($0.25) | ($0.21) | $0.34 (Earnings) | - Net cash flow used in operating activities was **$2.7 million**, a sharp contrast to the **$30.6 million** provided by operating activities in the year-ago quarter[11](index=11&type=chunk)[28](index=28&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed confidence in infrastructure market progress and new product traction in Ethernet, Wi-Fi 7, and fiber PON gateways - The company is confident in its progress in the infrastructure market with wireless and optical interconnect products, despite awaiting a broader broadband market recovery[7](index=7&type=chunk) - New products addressing additional total addressable market (TAM) in Ethernet, storage, Wi-Fi 7, and fiber PON gateways have strong customer traction and are expected to drive meaningful growth[7](index=7&type=chunk) - The strategic focus is on optimizing efforts around these new opportunities to maximize value for customers and shareholders[7](index=7&type=chunk) [Third Quarter 2024 Business Outlook](index=1&type=section&id=Third%20Quarter%202024%20Business%20Outlook) MaxLinear anticipates Q3 2024 net revenue between $70 million and $90 million, with non-GAAP gross margin of 57.0% to 60.0% Q3 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Net Revenue (Millions USD) | $70 - $90 | | GAAP Gross Margin | 52.5% - 55.5% | | Non-GAAP Gross Margin | 57.0% - 60.0% | | GAAP Operating Expenses (Millions USD) | $102 - $108 | | Non-GAAP Operating Expenses (Millions USD) | $70 - $76 | | Diluted Share Count (Millions) | ~84.1 | [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents MaxLinear's unaudited GAAP consolidated financial statements, including statements of operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=6&type=section&id=UNAUDITED%20GAAP%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) MaxLinear reported a Q2 2024 net loss of $39.3 million, improving sequentially but declining year-over-year, with a six-month net loss of $111.6 million Quarterly Statement of Operations Highlights (in thousands) | Metric | Q2 2024 (Thousands USD) | Q1 2024 (Thousands USD) | Q2 2023 (Thousands USD) | | :--- | :--- | :--- | :--- | | Net Revenue | $91,990 | $95,269 | $183,938 | | Gross Profit | $50,186 | $49,268 | $102,873 | | Loss from Operations | ($40,820) | ($74,616) | ($5,937) | | Net Loss | ($39,266) | ($72,309) | ($4,351) | | Diluted Loss per Share (USD) | ($0.47) | ($0.88) | ($0.05) | Six-Month Statement of Operations Highlights (in thousands) | Metric | Six Months Ended June 30, 2024 (Thousands USD) | Six Months Ended June 30, 2023 (Thousands USD) | | :--- | :--- | :--- | | Net Revenue | $187,259 | $432,380 | | Gross Profit | $99,454 | $243,180 | | Loss from Operations | ($115,436) | $21,340 (Income) | | Net Loss | ($111,575) | $5,182 (Income) | | Diluted Loss per Share (USD) | ($1.35) | $0.06 (Income) | [Condensed Consolidated Balance Sheets](index=10&type=section&id=UNAUDITED%20GAAP%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) MaxLinear's total assets decreased to $973.2 million as of June 30, 2024, primarily due to reductions in cash, receivables, and inventory Balance Sheet Highlights (in thousands) | Metric | June 30, 2024 (Thousands USD) | March 31, 2024 (Thousands USD) | June 30, 2023 (Thousands USD) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $185,108 | $191,882 | $224,579 | | Total current assets | $397,581 | $444,679 | $554,491 | | Total assets | $973,197 | $1,030,625 | $1,161,480 | | Total current liabilities | $190,277 | $223,854 | $241,729 | | Stockholders' equity | $617,255 | $637,983 | $746,047 | [Consolidated Statements of Cash Flows](index=8&type=section&id=UNAUDITED%20GAAP%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) MaxLinear used $2.7 million in cash from operating activities in Q2 2024, a significant shift from prior periods, ending with $186.1 million in cash - Net cash used in operating activities was **$2.7 million** for Q2 2024, compared to net cash provided of **$16.0 million** in Q1 2024 and **$30.6 million** in Q2 2023[28](index=28&type=chunk) - For the six months ended June 30, 2024, net cash provided by operating activities was **$13.3 million**, a sharp decline from **$72.7 million** in the same period of 2023[54](index=54&type=chunk) - Cash, cash equivalents, and restricted cash decreased to **$186.1 million** at the end of Q2 2024 from **$225.6 million** at the end of Q2 2023[28](index=28&type=chunk)[54](index=54&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=3&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides a reconciliation of MaxLinear's GAAP financial results to non-GAAP measures, explaining the adjustments and their impact on performance metrics [Explanation of Non-GAAP Measures](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Measures) MaxLinear uses non-GAAP measures to reflect core operating performance by excluding non-cash and one-time expenses for internal planning and benchmarking - Non-GAAP measures are used to supplement GAAP results by excluding certain non-cash and one-time expenses to better reflect core operating performance[18](index=18&type=chunk)[41](index=41&type=chunk) - Key adjustments include stock-based compensation, performance-based equity, amortization of purchased intangible assets, acquisition and integration costs, impairment losses, and restructuring charges[19](index=19&type=chunk)[20](index=20&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) [Reconciliation of Non-GAAP Adjustments (in thousands)](index=11&type=section&id=UNAUDITED%20RECONCILIATION%20OF%20NON-GAAP%20ADJUSTMENTS) Q2 2024 GAAP net loss of $39.3 million reconciled to a non-GAAP net loss of $20.9 million, reflecting significant adjustments Quarterly GAAP to Non-GAAP Net Income (Loss) Reconciliation (in thousands) | Metric | Q2 2024 (Thousands USD) | Q1 2024 (Thousands USD) | Q2 2023 (Thousands USD) | | :--- | :--- | :--- | :--- | | GAAP Net Loss | ($39,266) | ($72,309) | ($4,351) | | Total Non-GAAP Adjustments (Pre-tax) | $21,523 | $57,668 | $35,758 | | Non-GAAP Net (Loss) Income | ($20,948) | ($17,403) | $27,899 | Six-Month GAAP to Non-GAAP Net Income (Loss) Reconciliation (in thousands) | Metric | Six Months Ended June 30, 2024 (Thousands USD) | Six Months Ended June 30, 2023 (Thousands USD) | | :--- | :--- | :--- | | GAAP Net (Loss) Income | ($111,575) | $5,182 | | Total Non-GAAP Adjustments (Pre-tax) | $79,191 | $77,724 | | Non-GAAP Net (Loss) Income | ($38,351) | $88,257 | [Reconciliation as a Percentage of Net Revenue](index=14&type=section&id=UNAUDITED%20RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20FINANCIAL%20MEASURES%20AS%20A%20PERCENTAGE%20OF%20NET%20REVENUE) Q2 2024 non-GAAP gross margin was 60.2%, with non-GAAP loss from operations at 21.1% of revenue, indicating a year-over-year profitability decline Quarterly Reconciliation as a Percentage of Net Revenue | Metric (% of Net Revenue) | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | GAAP Gross Margin | 54.6% | 51.7% | 55.9% | | Non-GAAP Gross Margin | 60.2% | 60.6% | 61.0% | | GAAP Loss from Operations | (44.4)% | (78.3)% | (3.2)% | | Non-GAAP (Loss) Income from Operations | (21.1)% | (17.9)% | 16.2% | | GAAP Net Loss | (42.7)% | (75.9)% | (2.4)% | | Non-GAAP Net (Loss) Income | (22.8)% | (18.3)% | 15.2% | Six-Month Reconciliation as a Percentage of Net Revenue | Metric (% of Net Revenue) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | GAAP Gross Margin | 53.1% | 56.2% | | Non-GAAP Gross Margin | 60.4% | 60.6% | | GAAP (Loss) Income from Operations | (61.7)% | 4.9% | | Non-GAAP (Loss) Income from Operations | (19.4)% | 22.9% | | GAAP Net (Loss) Income | (59.6)% | 1.2% | | Non-GAAP Net (Loss) Income | (20.5)% | 20.4% | [Other Information](index=2&type=section&id=Other%20Information) This section provides details on the conference call for Q2 2024 results and includes a cautionary note regarding forward-looking statements [Conference Call Information](index=2&type=section&id=Webcast%20and%20Conference%20Call) MaxLinear held a conference call on July 24, 2024, to discuss Q2 financial results, with a webcast replay available - The Q2 2024 financial results conference call was held on July 24, 2024, at 1:30 p.m. Pacific Time[39](index=39&type=chunk) - A live webcast and an archived replay were made available on the investor relations section of the MaxLinear website[39](index=39&type=chunk) [Cautionary Note Concerning Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Concerning%20Forward-Looking%20Statements) The report contains forward-looking statements, with actual results potentially differing due to risks like competition, industry cycles, and the terminated Silicon Motion merger - The report contains forward-looking statements regarding future financial performance, including Q3 2024 guidance, and potential growth opportunities[40](index=40&type=chunk) - Key risks that could affect future results include the terminated merger with Silicon Motion, intense competition, the cyclical semiconductor industry, global economic conditions, and excess inventory in the channel[40](index=40&type=chunk) - The company disclaims any obligation to update forward-looking statements[40](index=40&type=chunk)

Company Insights - The chipmaker is expected to report a quarterly loss of $0.20 per share, reflecting a year-over-year decline of 158.8% [1] - Revenues for the chipmaker are anticipated to be $100.02 million, down 45.6% from the same quarter last year [1] - MACOM's consensus EPS estimate for the upcoming report has decreased by 0.3% over the past month to $0.65, which is a 20.4% increase compared to the previous year [3] - MaxLinear has recently developed its fourth generation 200G/lane PAM4 SERDES and DSP family, named Rushmore, indicating an expanding product portfolio [4] Stock Performance - MaxLinear shares increased by 5.9% in the last trading session, closing at $20.16, with significant trading volume [7] - Over the past four weeks, MaxLinear's stock has gained 5% [7] - MACOM Technology's stock closed 0.7% higher at $105.77, with a 3.5% return over the past month [6] Industry Trends - MaxLinear operates within the Zacks Semiconductor - Analog and Mixed industry [6] - The correlation between earnings estimate revisions and stock price movements is emphasized as a critical factor in evaluating stock strength [8]

MaxLinear (MXL) came out with a quarterly loss of $0.21 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5%. A quarter ago, it was expected that this chipmaker would post earnings of $0.01 per share when it actually produced earnings of $0.01, delivering no surprise.Over the last four quarters, the company has surpassed consens ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-34666 MaxLinear, Inc. (Exact name of registrant as specified in its charter) Delaware 14-1896129 (State or other jurisdiction of incorporat ...

Exhibit 99.1 Carlsbad, Calif. – April 24, 2024 – MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2024. First Quarter Financial Highlights GAAP basis: Non-GAAP basis: Management Commentary FOR IMMEDIATE RELEASE MaxLinear, Inc. Announces First Quarter 2024 Financial Results • Net revenue of $95.3 million in Q1, GAAP gross margin of 51.7% and non-GAAP gross ma ...

Financial Data and Key Metrics - Q4 2023 revenue was $125.4 million, down 8% sequentially and 57% year-over-year [45] - Non-GAAP gross margin for Q4 was 61.4%, while GAAP gross margin was 54.7% [46] - Infrastructure end market grew 30% in fiscal 2023, with Q4 revenue of $32 million, down 37% sequentially but flat year-over-year [25] - Broadband revenue for Q4 was $34 million, flat sequentially but down 66% year-over-year [45] - Connectivity revenue for Q4 was $19 million, up 26% sequentially but down 82% year-over-year [45] - Industrial and multi-market revenue was $41 million in Q4, up 13% sequentially but down 25% year-over-year [46] - Q4 GAAP operating expenses were $110.3 million, including $19.5 million in stock-based compensation and performance-based equity accruals, $10.6 million in restructuring costs, and $1.8 million in acquisition integration costs [26] - Q4 cash flow used in operating activities was $16.6 million, with $188 million in cash, cash equivalents, and restricted cash at the end of Q4 [48] Business Line Performance - Infrastructure business is expected to grow to an annualized revenue run rate of several hundred million dollars over the next three years [8] - Panther III Series hardware storage accelerators are a new growth driver within the infrastructure segment, targeting enterprise all-flash-array and hybrid storage systems [10] - Ethernet connectivity business is expected to reach $100 million over the next 18-24 months, driven by new Octal 2.5-gigabit Ethernet PHY and switch products [40][41] - Fiber PON revenue was approximately $50 million in 2023, with expectations to more than double over the next two years [42] - Wi-Fi 7 solutions are expected to drive significant ASP growth and higher attach rates in broadband access platforms, with initial rollouts expected later in 2024 [23] Market Performance - High-speed optical data center infrastructure market is expected to generate tens of millions of dollars in revenue in 2024, with production ramps in the second half of the year driving growth in 2025 [17] - Wireless infrastructure is expected to benefit from the global rollout of millimeter wave, microwave, and hybrid backhaul technologies, with strong demand anticipated in 2025 [38] - Broadband and connectivity markets are facing inventory headwinds, with recovery expected in 2025 as inventory rationalization concludes [44] Strategic Direction and Industry Competition - The company is focused on product innovation across optical Wi-Fi, fiber broadband access gateways, Ethernet, and wireless infrastructure, with new products already in the market and gaining customer traction [1][24] - The company is leveraging its 5-nanometer CMOS Keystone 800-gigabit PAM4 DSP family to differentiate in the high-speed optical data center market [17] - The company is expanding its addressable market in Ethernet connectivity by $300 million, targeting enterprise and small-to-medium business switch markets [40] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the infrastructure business, expecting strong growth in 2024 and beyond [8] - The company expects market headwinds in broadband and connectivity to turn into tailwinds as customer inventory rationalization concludes [44] - Management highlighted the importance of new product cycles in driving revenue growth, particularly in optical, Ethernet, and storage accelerators [37] Other Important Information - The company expects Q1 2024 revenue to be between $85 million and $105 million, with all four end markets expected to decline sequentially [28] - Q1 2024 GAAP gross margin is expected to be between 50.0% and 54.0%, while non-GAAP gross margin is expected to be between 59.5% and 62.5% [28] - Q1 2024 GAAP operating expenses are expected to be between $115 million and $125 million, while non-GAAP operating expenses are expected to be between $72 million and $78 million [49] Q&A Session Summary Question: Cyclical vs Secular Trends in Business [31] - Management could not break down the cyclical vs secular components but noted that infrastructure is performing well, while broadband and connectivity face inventory challenges [32] Question: Impact of Infrastructure Bill on CapEx Spending [34] - Management acknowledged that some customers are delaying CapEx spending to take advantage of future subsidies, which may push recovery by two to three quarters [35][36] Question: Ethernet Design-Wins and Revenue Potential [61] - Management expects the Ethernet business to reach $100 million over the next 18-24 months, driven by unique offerings and a strong design-win pipeline [62] Question: Inventory Levels and Recovery Timeline [73] - Management expects inventory rationalization to continue into Q3 2024, with recovery likely in 2025 [76][78] Question: Optical PAM4 DSP Market Opportunity [103] - Management expects the optical PAM4 DSP market to reach $1.5 billion in three years, with the company targeting 20-25% market share [141] Question: Long-Term Revenue Normalization [105] - Management expects the company to return to a $1 billion revenue run rate in the next two to three years, driven by new product cycles and recovery from inventory headwinds [109] Question: Gross Margin Impact from Infrastructure Growth [134] - Management expects gross margins to improve as infrastructure becomes a larger part of the business, with a target of mid-60% gross margins [135]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-34666 MaxLinear, Inc. (Exact name of Registrant as specified in its charter) Delaware 14-1896129 (State or other jurisdiction ...