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MaxLinear(MXL) - 2024 Q4 - Annual Results
MXLMaxLinear(MXL)2025-01-29 21:05

Financial Performance - Q4 2024 net revenue was 92.2million,up1492.2 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 92,167thousand,adecreaseof26.592,167 thousand, a decrease of 26.5% compared to 125,353 thousand in Q4 2023[23]. - For the full year 2024, net revenue was 360,528thousand,asignificantdeclineof48360,528 thousand, a significant decline of 48% from 693,263 thousand in 2023[25]. - The company expects Q1 2025 net revenue to be between 85millionand85 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,animprovementfrom0.68, an improvement from 0.90 in the prior quarter[4]. - Non-GAAP diluted loss per share for FY 2024 was 0.90,comparedtoearningsof0.90, compared to earnings of 1.10 in FY 2023[7]. - Net loss for Q4 2024 was 57,838thousand,comparedtoanetlossof57,838 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 245,198thousand,comparedtoanetlossof245,198 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 51,248thousand,down25.351,248 thousand, down 25.3% from 68,539 thousand in Q4 2023[23]. - Research and development expenses for Q4 2024 were 51,278thousand,slightlydownfrom51,278 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 225.189million,downfrom225.189 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 119,603thousand,downfrom119,603 thousand, down from 188,356 thousand at the end of Q4 2023[30]. - The company reported a net cash used in operating activities of 27,838thousandforQ42024,comparedto27,838 thousand for Q4 2024, compared to 16,573 thousand in Q4 2023[28]. - Total assets decreased to 864.639millionasofDecember31,2024,downfrom864.639 million as of December 31, 2024, down from 895.303 million in the previous quarter, and significantly lower than 1,080.257millionayearago[32].OperationalFocus−Thecompanyisfocusedonoperationalefficiencyandaimstoreturntoprofitabilityinthecomingquarters[6].−Managementreportedshippingoveronemillionunitsintheopticalinterconnectbusiness,indicatingstrongcustomertraction[6].OtherFinancialMetrics−TotaloperatingexpensesforQ42024were1,080.257 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 110,282thousandinQ42023[23].−Totalotherincome(expense),netforQ42024was110,282 thousand in Q4 2023[23]. - Total other income (expense), net for Q4 2024 was 351 thousand, a significant recovery from a loss of 888thousandinQ42023[23].−Totalliabilitiesincreasedto888 thousand in Q4 2023[23]. - Total liabilities increased to 348.356 million as of December 31, 2024, from 316.801millioninthepreviousquarter[32].−Stockholders′equitydecreasedto316.801 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].