MaxLinear(MXL) - 2025 Q4 - Annual Results

Revenue Performance - Q4 net revenue was $136.4 million, up 8% sequentially and up 48% year over year[3]. - Fiscal year 2025 net revenue reached $467.6 million, an increase of 30% over fiscal year 2024[7]. - The company expects Q1 2026 net revenue to be approximately $130 million to $140 million[6]. - Net revenue for Q4 2025 reached $136,436,000, a 7.5% increase from $126,459,000 in Q3 2025 and a 48% increase from $92,167,000 in Q4 2024[25]. - For the full year 2025, net revenue increased to $467,641,000, up 29.7% from $360,528,000 in 2024[27]. Profitability Metrics - GAAP gross margin for Q4 was 57.6%, compared to 55.6% in the year-ago quarter[3]. - Non-GAAP gross margin for Q4 was 59.6%, up from 59.1% in the prior quarter[3]. - Non-GAAP diluted earnings per share for Q4 was $0.19, compared to a loss per share of $0.09 in the year-ago quarter[3]. - GAAP gross profit for Q4 2025 was $78,557 thousand, an increase of 53.3% compared to $51,248 thousand in Q4 2024[36]. - Non-GAAP gross profit for Q4 2025 reached $81,345 thousand, up from $54,432 thousand in Q4 2024, reflecting a growth of 49.4%[36]. - Non-GAAP income from operations for Q4 2025 was 16.2%, compared to a loss of 7.5% in Q4 2024[40]. - Non-GAAP net income for Q4 2025 was 12.7%, compared to a loss of 7.8% in Q4 2024[40]. Operating Expenses - GAAP operating expenses for fiscal year 2025 were $392.7 million, down from $418.1 million in fiscal 2024[7]. - Total operating expenses for Q4 2025 were $93,449,000, down from $113,190,000 in Q3 2025, primarily due to a reduction in restructuring charges[25]. - Research and development expenses for the full year 2025 were $208,599,000, a decrease from $225,189,000 in 2024, reflecting a strategic focus on cost management[27]. - Research and development (R&D) expenses for Q4 2025 were $51,691 thousand, slightly lower than $51,278 thousand in Q4 2024[36]. - GAAP SG&A expenses for Q4 2025 were 30.8%, a decrease from 41.3% in Q4 2024[40]. - Non-GAAP SG&A expenses for Q4 2025 were 16.2%, down from 23.5% in Q4 2024[40]. Cash Flow and Financial Position - Cash provided by operating activities for Q4 2025 was $10,406,000, compared to $10,124,000 in Q3 2025, indicating improved cash flow management[30]. - Cash, cash equivalents, and restricted cash at the end of Q4 2025 totaled $101,412,000, down from $113,263,000 at the end of Q3 2025[30]. - Total assets decreased to $796,396 thousand as of December 31, 2025, down from $864,639 thousand a year earlier, representing a decline of approximately 7.9%[34]. - Total liabilities increased slightly to $344,501 thousand as of December 31, 2025, compared to $329,321 thousand a year earlier[34]. - Stockholders' equity decreased to $451,895 thousand as of December 31, 2025, down from $516,283 thousand a year earlier, reflecting a decline of approximately 12.5%[34]. Loss and Recovery - GAAP loss from operations was 11% of net revenue in Q4, significantly improved from 45% in the year-ago quarter[3]. - Non-GAAP income from operations was 16% of net revenue in Q4, compared to a loss of 7% in the year-ago quarter[3]. - The net loss for Q4 2025 was $14,897,000, an improvement from a net loss of $45,485,000 in Q3 2025 and $57,838,000 in Q4 2024[25]. - The net loss for the full year 2025 was $136,681,000, a significant reduction from $245,198,000 in 2024[27]. - Non-GAAP income (loss) from operations for the twelve months ended December 31, 2025, was $43,495 thousand, a recovery from a loss of $68,459 thousand in the previous year[38]. - Non-GAAP basic net income per share for the twelve months ended December 31, 2025, was $0.31, compared to a loss of $0.90 per share in 2024[38].