MaxLinear(US:MXL)2025-04-23 20:06Financial Performance - Q1 2025 net revenue was $95.9 million, representing a 4% sequential increase and a 1% year-over-year increase[4]. - GAAP gross margin for Q1 2025 was 56.1%, up from 55.6% in the prior quarter and 51.7% in the year-ago quarter[5]. - Non-GAAP operating expenses decreased to $58.4 million, or 61% of net revenue, compared to $61.3 million, or 67% of net revenue in the prior quarter[5]. - GAAP loss from operations was 48% of net revenue, an improvement from 45% in the prior quarter and 78% in the year-ago quarter[5]. - The company expects Q2 2025 net revenue to be approximately $95 million to $115 million[6]. - GAAP gross margin guidance for Q2 2025 is projected to be between 54.5% and 57.5%[8]. - Non-GAAP gross margin guidance for Q2 2025 is projected to be between 57.5% and 60.5%[8]. - The company anticipates achieving positive cash flow in Q2 2025[3]. - Net revenue for the three months ended March 31, 2025, was $95,933 million, a 0.7% increase from $95,269 million in the same period last year[24]. - Gross profit increased to $53,831 million, up from $49,268 million year-over-year, reflecting a gross margin improvement[24]. - The net loss for the quarter was $49,713 million, an improvement from a net loss of $72,309 million in the same period last year[24]. - Non-GAAP net loss for the quarter was $4,371 million, compared to $17,403 million in the same quarter last year, showing significant improvement[30]. - Basic net loss per share improved to $(0.58) from $(0.88) year-over-year, reflecting better operational performance[24]. Cash Flow and Expenses - Cash and cash equivalents at the end of the period were $102,773 million, down from $191,882 million a year ago[28]. - Accounts receivable increased to $98,925 million from $126,230 million year-over-year, indicating improved collection efforts[28]. - The company reported a net cash used in operating activities of $11,400 million, an improvement from $27,838 million in the previous quarter[26]. - Total operating expenses rose to $99,925 million, compared to $123,884 million in the same quarter last year, primarily due to reduced restructuring charges[24]. - Research and development expenses were $55,457 million, a decrease from $64,766 million in the same quarter last year, indicating cost management efforts[30]. Operational Efficiency - GAAP gross margin increased to 56.1% in Q1 2025 from 51.7% in Q1 2024[31]. - Non-GAAP gross margin decreased slightly to 59.1% in Q1 2025 from 60.6% in Q1 2024[31]. - GAAP R&D expenses decreased to 57.8% in Q1 2025 from 68.0% in Q1 2024[31]. - Non-GAAP R&D expenses decreased to 37.1% in Q1 2025 from 50.8% in Q1 2024[31]. - GAAP SG&A expenses increased to 38.1% in Q1 2025 from 38.3% in Q1 2024[31]. - Non-GAAP SG&A expenses improved slightly to 23.7% in Q1 2025 from 27.7% in Q1 2024[31]. - GAAP net loss improved to (51.8)% in Q1 2025 from (75.9)% in Q1 2024[31]. - Non-GAAP net loss improved to (4.6)% in Q1 2025 from (18.3)% in Q1 2024[31]. - Total non-GAAP adjustments before income taxes increased to 46.5% in Q1 2025 from 60.5% in Q1 2024[31]. - GAAP loss from operations improved to (48.1)% in Q1 2025 from (78.3)% in Q1 2024[31]. Strategic Focus - Management highlighted strong product traction and revenue growth potential with Tier-1 customers in high-value categories[3]. - The company is focused on market share expansion and ongoing industry recovery to drive growth in 2025 and beyond[3].