Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2026 Financial Results

Core Insights - Marvell Technology, Inc. reported record net revenue of $1.895 billion for the first quarter of fiscal 2026, representing a 63% year-over-year increase [2][3][10] - The company attributes this growth to strong demand for AI in the data center market, driven by custom silicon programs and robust shipments of electro-optics products [3][10] - Marvell is forecasting continued strong growth into the second quarter, with expected net revenue of $2.000 billion, plus or minus 5% [11][30] Financial Performance - GAAP net income for the first quarter was $177.9 million, or $0.20 per diluted share, while non-GAAP net income was $540.0 million, or $0.62 per diluted share [2][10][27] - Cash flow from operations for the quarter was $332.9 million [2][25] - The gross margin for the first quarter was 50.3% (GAAP) and 59.8% (non-GAAP) [10][26] Market Outlook - Marvell will host a Custom AI Investor Event on June 17, 2025, to showcase advancements in its technology platform and discuss market opportunities for custom silicon [4][5] - The company is positioned to benefit from the ongoing transformation towards custom AI infrastructure [3][4] Revenue Breakdown - For the first quarter, revenue by end market included $1.440 billion from data centers (76% of total revenue), $177.5 million from enterprise networking (9%), $138.4 million from carrier infrastructure (7%), $63.1 million from consumer (3%), and $75.7 million from automotive/industrial (5%) [32][33] - Year-over-year growth rates for these markets were 76% for data centers, 16% for enterprise networking, and 93% for carrier infrastructure [33] Future Guidance - The company expects GAAP gross margin for the second quarter to be around 50.5%, with non-GAAP gross margin expected to be approximately 59.5% [11][30] - GAAP diluted net income per share is projected to be $0.21, plus or minus $0.05, for the second quarter [11][30]