MaxLinear(MXL) - 2024 Q4 - Annual Results

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].