MaxLinear: Fiscal 3Q25 Financial Results

Summary:

Q3 net revenue of $126.5 million, up 16% sequentially and up 56% YoY

MaxLinear, Inc., a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the third quarter ended September 30, 2025.Third Quarter Financial Highlights
GAAP basis:

Net revenue was $126.5 million, up 16% sequentially and up 56% from the year-ago quarter
GAAP gross margin was 56.9%, compared to 56.5% in the prior quarter, and 54.4% in the year-ago quarter
GAAP operating expenses were $113.2 million in the third quarter, or 90% of net revenue, compared to $86.1 million in the prior quarter, or 79% of net revenue, and $110.8 million in the year-ago quarter, or 137% of net revenue
GAAP loss from operations was 33% of net revenue, compared to loss from operations of 23% of net revenue in the prior quarter, and loss from operations of 82% of net revenue in the year-ago quarter
Net cash flow provided by operating activities was $10.1 million, compared to net cash flow provided by operating activities of $10.5 million in the prior quarter, and net cash flow used in operating activities of $30.7 million in the year-ago quarter
GAAP diluted loss per share was $0.52, compared to diluted loss per share of $0.31 in the prior quarter, and diluted loss per share of $0.90 in the year-ago quarter

Non-GAAP basis:

Non-GAAP gross margin was 59.1%, compared to 59.1% in the prior quarter, and 58.7% in the year-ago quarter
Non-GAAP operating expenses were $59.5 million, or 47% of net revenue, compared to $56.6 million or 52% of net revenue in the prior quarter, and $72.8 million or 90% of net revenue in the year-ago quarter
Non-GAAP income from operations was 12% of net revenue, compared to income of 7% in the prior quarter, and loss of 31% in the year-ago quarter
Non-GAAP diluted earnings per share was $0.14, compared to earnings per share of $0.02 in the prior quarter, and loss per share of $0.36 in the year-ago quarter

Management Commentary
“Our third quarter results reflect strong sequential and year-over-year growth in our business,” said Kishore Seendripu, PhD, chairman and CEO, MaxLinear. “With solid execution, we again exceeded the mid-point of our revenue guidance, realized a strong sequential increase in our profitability on a non-GAAP basis, and generated positive free cash flow. Our focused investments in data center optical interconnects, wireless infrastructure, PON broadband access, Wi-Fi7, Ethernet and storage accelerator products are enabling us to lay the significant groundwork required for broadening customer traction, new and increased content opportunities, and sustained growth in 2026.”

Fourth Quarter 2025 Business Outlook
The company expects net revenue in the fourth quarter of 2025 to be approximately $130 million to $140 million. The Company also estimates the following:

GAAP gross margin of approximately 56.0% to 59.0%
Non-GAAP gross margin of approximately 58.0% to 61.0%
GAAP operating expenses of approximately $92 million to $98 million
Non-GAAP operating expenses of approximately $57 million to $63 million
GAAP interest and other expense of approximately $2.2 million to $2.8 million
Non-GAAP interest and other expense of approximately $1.9 million to $2.5 million
GAAP income tax benefit of $2.5 million and non-GAAP income tax provision of $2 million, respectively; and
Basic and diluted share count of approximately 87.5 million and 91.1 million, respectively

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