Financial Performance - MaxLinear reported a quarterly loss of $0.09 per share, better than the Zacks Consensus Estimate of a loss of $0.13, and compared to earnings of $0.01 per share a year ago, indicating an earnings surprise of 30.77% [1] - The company posted revenues of $92.17 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.40%, but down from year-ago revenues of $125.35 million [2] - Over the last four quarters, MaxLinear has surpassed consensus EPS estimates just once and topped consensus revenue estimates three times [2] Stock Performance and Outlook - MaxLinear shares have increased by approximately 3.5% since the beginning of the year, compared to the S&P 500's gain of 3.2% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at -$0.05 on revenues of $93.29 million, and $0.42 on revenues of $450.88 million for the current fiscal year [7] Industry Context - The Semiconductor - Analog and Mixed industry, to which MaxLinear belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of MaxLinear's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8]

Financial Performance - In the year ended December 31, 2024, net revenue was $360.5 million, with slower than expected recovery in sales across all end markets due to excess inventory and slower demand in regions like China [352]. - Net revenue decreased by $332.7 million to $360.5 million for the year ended December 31, 2024, a decline of 48% compared to $693.3 million in 2023, primarily due to macroeconomic conditions impacting customer demand [382]. - Cost of net revenue decreased by $141.9 million to $165.7 million for the year ended December 31, 2024, a reduction of 46% compared to $307.6 million in 2023 [383]. - Gross profit decreased by $190.9 million to $194.8 million for the year ended December 31, 2024, resulting in a gross profit margin of 54%, down from 56% in 2023 [383]. - Research and development expenses decreased by $44.3 million to $225.2 million for the year ended December 31, 2024, representing 62% of net revenue, up from 39% in 2023 [384]. - Selling, general and administrative expenses increased by $6.2 million to $138.3 million for the year ended December 31, 2024, accounting for 38% of net revenue, compared to 19% in 2023 [387]. - Restructuring charges increased by $33.6 million to $53.4 million for the year ended December 31, 2024, a significant rise of 170% compared to $19.8 million in 2023 [390]. - Impairment losses decreased by $1.2 million to $1.2 million for the year ended December 31, 2024, a decline of 49% compared to $2.4 million in 2023 [389]. Customer and Market Insights - Products shipped to Asia accounted for 75% of net revenue in 2024, with 41% from Hong Kong and less than 10% from mainland China [353]. - One customer accounted for 12% of net revenue in 2024, while the top ten customers collectively accounted for 60% of net revenue [354]. - The decrease in net revenue was driven by declines across all segments, with broadband revenue down 43%, connectivity down 60%, infrastructure down 36%, and industrial and multi-market down 58% [382]. - The company has experienced geopolitical tensions and changing trade policies affecting the semiconductor industry [352]. Costs and Expenses - The company incurred $53.4 million in restructuring costs due to workforce reductions in 2024, compared to $19.8 million in 2023 [361]. - The company expects research and development expenses to increase in future years as it develops products to drive future growth [385]. - The company anticipates selling, general and administrative expenses to rise in future years as it expands its sales and marketing organization [388]. Cash Flow and Liquidity - As of December 31, 2024, cash and cash equivalents totaled $118.6 million, down from $187.3 million in 2023, while working capital decreased to $141.2 million from $265.9 million [400][410]. - Total cash, cash equivalents, and restricted cash amounted to $119.6 million as of December 31, 2024, compared to $188.4 million in 2023 [410]. - In the year ended December 31, 2024, net cash used in operating activities was $45.3 million, a decline from net cash provided of $43.4 million in 2023, primarily due to decreased product shipment volumes and increased working capital by $68.4 million [413]. - Net cash used in investing activities increased to $23.4 million in 2024 from $15.9 million in 2023, with $17.7 million spent on property and equipment and $5.8 million on intangible assets [414]. - Net cash provided by financing activities was $1.3 million in 2024, consisting of $4.1 million from stock option exercises, offset by $2.8 million in cash outflows for tax withholdings on restricted stock units [415]. - The company experienced a total decrease in cash, cash equivalents, and restricted cash of $68.8 million in 2024, compared to a minimal decrease in 2023 [412]. Debt and Taxation - The company has $125.0 million of principal outstanding under a senior secured term B loan facility, with a revolving credit facility of up to $100.0 million remaining undrawn as of December 31, 2024 [402][410]. - Long-term debt obligations are projected at $125.0 million, with operating lease obligations of $28.9 million and purchase obligations of $51.3 million due within one year [407]. - The company maintains a valuation allowance on deferred tax assets due to cumulative losses, impacting its effective tax rate compared to the U.S. federal statutory rate [397]. - The income tax provision decreased by $2.9 million, or 31%, to $6.5 million in 2024 compared to $9.3 million in 2023 [394]. - The company recorded a $4.4 million liability for uncertain tax positions, which may result in cash payments [407]. Future Outlook - Future capital requirements will depend on revenue changes, market acceptance of products, and potential acquisitions, with risks associated with raising additional funds [404]. - The company is monitoring the impact of high interest rates on its ability to service interest and debt obligations, although current operating cash is deemed sufficient for these purposes [421].

Financial Performance - Q4 2024 net revenue was $92.2 million, up 14% sequentially but down 26% year-over-year[4]. - FY 2024 net revenue totaled $360.5 million, a decrease of 48% compared to FY 2023[7]. - Net revenue for Q4 2024 was $92,167 thousand, a decrease of 26.5% compared to $125,353 thousand in Q4 2023[23]. - For the full year 2024, net revenue was $360,528 thousand, a significant decline of 48% from $693,263 thousand in 2023[25]. - The company expects Q1 2025 net revenue to be between $85 million and $105 million[7]. Profitability and Losses - GAAP loss from operations was 62% of net revenue for FY 2024, compared to a loss of 6% in FY 2023[7]. - GAAP diluted loss per share for Q4 2024 was $0.68, an improvement from $0.90 in the prior quarter[4]. - Non-GAAP diluted loss per share for FY 2024 was $0.90, compared to earnings of $1.10 in FY 2023[7]. - Net loss for Q4 2024 was $57,838 thousand, compared to a net loss of $38,500 thousand in Q4 2023, representing a 50.5% increase in losses[23]. - The net loss for the full year 2024 was $245,198 thousand, compared to a net loss of $73,147 thousand in 2023, indicating a 235.5% increase in losses[25]. Margins and Expenses - GAAP gross margin for Q4 2024 was 55.6%, an increase from 54.4% in the prior quarter[4]. - Non-GAAP gross margin for FY 2024 was 59.7%, down from 60.8% in the previous year[7]. - Gross profit for Q4 2024 was $51,248 thousand, down 25.3% from $68,539 thousand in Q4 2023[23]. - Research and development expenses for Q4 2024 were $51,278 thousand, slightly down from $65,250 thousand in Q4 2023[23]. - Research and development (R&D) expenses for the year ended December 31, 2024, were $225.189 million, down from $269.504 million in 2023[37]. Cash and Assets - Cash, cash equivalents, and restricted cash at the end of Q4 2024 were $119,603 thousand, down from $188,356 thousand at the end of Q4 2023[30]. - The company reported a net cash used in operating activities of $27,838 thousand for Q4 2024, compared to $16,573 thousand in Q4 2023[28]. - Total assets decreased to $864.639 million as of December 31, 2024, down from $895.303 million in the previous quarter, and significantly lower than $1,080.257 million a year ago[32]. Operational Focus - The company is focused on operational efficiency and aims to return to profitability in the coming quarters[6]. - Management reported shipping over one million units in the optical interconnect business, indicating strong customer traction[6]. Other Financial Metrics - Total operating expenses for Q4 2024 were $92,421 thousand, a decrease of 16.6% compared to $110,282 thousand in Q4 2023[23]. - Total other income (expense), net for Q4 2024 was $351 thousand, a significant recovery from a loss of $888 thousand in Q4 2023[23]. - Total liabilities increased to $348.356 million as of December 31, 2024, from $316.801 million in the previous quarter[32]. - Stockholders' equity decreased to $516.283 million as of December 31, 2024, down from $686.265 million a year ago[32].

Financial Data and Key Metrics - Q3 2024 revenue was $81.1 million, slightly above the midpoint of guidance, with a non-GAAP gross margin of 58.7% [5] - Total revenue for Q3 2024 was $81.1 million, down 12% from $92 million in the previous quarter [12] - Broadband revenue for Q3 was $32 million, connectivity revenue was $13 million, infrastructure revenue was $23 million, and industrial multi-market revenue was $13 million [12] - GAAP and non-GAAP gross margin for Q3 were approximately 54.4% and 58.7% of revenue, respectively, with the delta driven by $3.5 million of acquisition-related intangible asset amortization [12] - Q3 GAAP operating expenses were $110.8 million, and non-GAAP operating expenses were $72.8 million, with the delta primarily due to restructuring costs of $26.8 million and stock-based compensation of $11.5 million [13] - Q3 cash flow used in operating activities was approximately $31 million, with $149 million in cash, cash equivalents, and restricted cash at the end of the quarter [13] - Days sales outstanding (DSO) decreased to approximately 54 days in Q3, and gross inventory also decreased compared to the previous quarter [14] Business Line Data and Key Metrics - In infrastructure, the company's product shipment volume run rate is now greater than 1 million units per year, driven by high-speed optical data center connectivity [7] - The company is making significant progress in 5G wireless infrastructure with its millimeter and microwave backhaul modem and RF transceiver products [8] - The Panther III series hardware storage accelerators are gaining traction in enterprise storage and compute subsystems, with multiple design wins across major geographies [9] - In Ethernet connectivity, the company has a broad portfolio of 2.5 gigabit Ethernet switch products, with a Tier 1 North American enterprise OEM customer expected to ramp to production in 2025 [9] - Broadband and Wi-Fi connectivity are seeing design win traction, particularly with the PON platform and Wi-Fi 7 single-chip solution, with potential to reach a $100 million run rate over the next 24 months [10] Market Data and Key Metrics - The company is seeing exponential growth in AI workloads driving design activity in high-speed optical data center connectivity [7] - 800 gigabit PAM4 Ethernet adoption is starting to ramp, with 400 gigabit demand continuing to accelerate [7] - The company is well-positioned for content growth and revenue expansion in 5G wireless infrastructure as service provider CapEx spend is expected to improve in 2025 [8] - The broadband business is expected to grow in 2025, with order rates picking up, particularly in the cable business, which is still dominated by DOCSIS 3.1 [20][21] Company Strategy and Industry Competition - The company is focused on innovation and investment in strategic applications such as optical high-speed interconnects, wireless infrastructure, storage, Ethernet, Wi-Fi, and fiber broadband access gateways [15] - The company is leveraging its Max AI technology framework to enhance network performance, security, and user connectivity experience, strengthening its competitive position in the market [11] - The company is seeing strong traction with new products in high-value markets, including optical data center interconnect, enterprise Ethernet, storage accelerators, 5G wireless infrastructure, and multi-gigabit PON broadband access [12] Management Commentary on Operating Environment and Future Outlook - Management is confident in achieving sequential revenue improvement in the coming quarters, driven by early signs of recovery in customer order rates and new product traction [5] - The company expects Q4 2024 revenue to be between $80 million and $100 million, with broadband slightly down and infrastructure, connectivity, and industrial multi-market up [14] - Management is optimistic about the company's ability to exceed the 1 million unit per year run rate for optical transceivers in 2025, driven by strong design win traction [17][18] - The company expects to see a 30%+ increase in infrastructure business revenue in 2025, driven by recovery in telecom spending and growth in optical and Panther products [33] Other Important Information - The company received the Best Emerging Supplier of the Year award from Cisco in Q3 [6] - The company showcased new technology and products at several industry events, including the Flash Memory Summit, ECOC, and Network X Summit [6] - The company is seeing widespread interest in next-generation broadband gateways and routers, with potential for significant Ethernet revenue growth over the coming years [9] Q&A Session Summary Question: Optical Transceiver Mix and Run Rate [16] - The company is forecasting to ship over 1 million units of optical transceivers by the end of 2024, with 800 gigabit being the larger fraction relative to 400 gigabit transceivers [17] - The company expects to exceed the 1 million unit run rate in 2025, driven by strong design win traction [18] Question: Broadband Business Outlook [19] - The broadband business is expected to grow in 2025, with order rates picking up, particularly in the cable business, which is still dominated by DOCSIS 3.1 [20][21] Question: Q4 Revenue Growth Drivers [23] - The company is seeing improved demand across the board, with strong bookings in broadband and optical, and modest recovery in connectivity and industrial multi-market [23][24] Question: Operating Expense Reduction [25] - The company is on track to realize a 20% to 25% reduction in operating expenses next year, with the majority of cost reductions already realized [25] Question: Book-to-Bill Ratio [27] - The company saw a significant uptick in bookings in Q3, with backlogs building nicely for Q4 and Q1, indicating a book-to-bill ratio above 1 [27] Question: Infrastructure Revenue Excluding Optical [30] - The company expects a 30%+ increase in infrastructure business revenue in 2025, driven by recovery in telecom spending and growth in optical and Panther products [33] Question: Normalized Revenue for Broadband and Connectivity [35] - The company expects broadband and connectivity revenue to grow double digits next year, driven by new product wins, share gains, and market transitions [36][37] Question: Optical Design Wins and Customer Qualification [38] - The company is working with all the top module makers globally, targeting major data centers, with strong traction in China and the U.S. [38][39] Question: Ethernet Switch Product Adoption [42] - The company is seeing excellent adoption of its 2.5 gigabit Ethernet switch products, with potential for $50 million to $100 million in annualized revenue over the next three years [42][43] Question: Max AI Monetization Strategy [44] - The company plans to offer Max AI as a default feature for competitive differentiation, with potential for customized solutions for large customers [44][45] Question: China Hyperscaler Opportunity [47] - The company's low-power optical products are well-positioned for growth in China, with strong differentiation in both the U.S. and China markets [47] Question: Wi-Fi and Connectivity Revenue Drivers [48] - The company is seeing growth in Wi-Fi and Ethernet connectivity, driven by new market opportunities and strong traction in industrial and enterprise markets [48] Question: Optical DSP Run Rate Clarification [50] - The company clarified that the 1 million unit run rate for optical DSPs is annual, not quarterly, with expectations to exceed this run rate in 2025 [51] Question: China Restrictions Impact [54] - The company estimated a $5 million to $10 million impact from China restrictions in the back half of 2024, but expects this to be behind them moving forward [54] Question: PON Fiber Rollout Timing [55] - The company expects PON fiber rollout momentum to build in the latter half of 2025, with significant revenue growth potential in 2026 and 2027 [55][56] Question: Wireless Infrastructure Recovery [58] - The company expects steady recovery in wireless infrastructure throughout 2025, driven by telecom spending and upgrades in Southeast Asia, Latin America, and India [58][59] Question: Storage Business Outlook [60] - The company maintains its revenue target of $50 million to $75 million for the storage business by 2026, with potential for growth beyond storage applications [60][61] Question: Rushmore 200 Gig Revenue Timing [63] - The company expects to showcase its Rushmore 200 gig product at OFC, with initial revenue driven by AI systems, particularly NVIDIA [63][64]

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 September 30, 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 incorp ...

Exhibit 99.1 FOR IMMEDIATE RELEASE MaxLinear, Inc. Announces Third Quarter 2024 Financial Results • Net revenue of $81.1 million in Q3, GAAP gross margin of 54.4% and non-GAAP gross margin of 58.7% Carlsbad, Calif. – October 23, 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 third quarter ended September 30, 2024. Third Quarter Financial Highlights GAAP basis: • Net revenue was ...

NEW YORK, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against MaxLinear, Inc. ("MaxLinear" or the "Company") (NASDAQ: MXL). The ongoing investigation concerns whether MaxLinear and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation] On July 24, 2024, MaxLinear issued a press release announcing its ...

Core Insights - MaxLinear, Inc. is under investigation for potential violations of federal securities laws following a significant drop in stock price [1] - The company's second quarter 2024 net revenue was reported at $92 million, reflecting a 50% year-over-year decline attributed to excess customer inventory and weakened demand [2] - Following the earnings announcement, MaxLinear's stock price fell from $22.29 to approximately $16.40, marking a decline of $5.89 per share or 26% [3] Company Overview - MaxLinear specializes in integrated radio-frequency analog and mixed-signal semiconductor products for broadband communications applications [1] Legal Context - Bleichmar Fonti & Auld LLP is conducting an investigation into MaxLinear and encourages affected investors to seek legal options [4] - The law firm operates on a contingency fee basis, meaning shareholders are not responsible for court costs or litigation expenses [4] Law Firm Credentials - Bleichmar Fonti & Auld LLP is recognized as a leading international law firm in securities class actions and has achieved notable recoveries in past cases, including over $900 million from Tesla's Board of Directors [5]

Core Insights - MaxLinear, Inc. is under investigation for potential violations of federal securities laws following a significant drop in its stock price [1][3] - The company reported a net revenue of $92 million for Q2 2024, representing a 50% decline year-over-year, attributed to excess customer inventory and weakened demand [2] - Following the earnings announcement, MaxLinear's stock price fell by 26%, closing at $22.29 per share before dropping to $16.40 per share the next day [3] Company Overview - MaxLinear specializes in integrated radio-frequency analog and mixed-signal semiconductor products for broadband communications applications [1] Legal Context - Bleichmar Fonti & Auld LLP is conducting the investigation and encourages affected investors to seek legal options [4] - The law firm operates on a contingency fee basis, meaning shareholders will not incur costs unless the case is successful [4] Law Firm Credentials - Bleichmar Fonti & Auld LLP is recognized as a leading international law firm in securities class actions, having achieved notable recoveries in past cases [5]

NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into MaxLinear, Inc. (NASDAQ: MXL) for potential violations of the federal securities laws. If you invested in MaxLinear, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/maxlinear-inc. Why Did MaxLinear's Stock Drop? MaxLinear provides integrated radio-frequency analog and mixed-signal semiconductor products for broadband c ...