MaxLinear (NASDAQ: MXL) posts 43% Q1 revenue surge and extends $130M credit facility
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MaxLinear, Inc. reported strong first quarter 2026 results and amended its senior secured revolving credit facility. Net revenue was $137.2 million, up 1% sequentially and 43% year over year, with infrastructure revenue up 136% year over year and now the largest end market.
On a GAAP basis, the company posted a net loss of $45.1 million (diluted loss per share of $0.52), while non-GAAP net income was $19.4 million with non-GAAP diluted earnings per share of $0.22. Non-GAAP operating margin was 16% of net revenue.
For second quarter 2026, MaxLinear expects net revenue of $160 million to $170 million, with GAAP gross margin of 56.0%–59.0% and non-GAAP gross margin of 58.0%–61.0%. The company also expects GAAP operating expenses of $91 million to $97 million and non-GAAP operating expenses of $61 million to $66 million.
Separately, MaxLinear entered into a Second Amendment to its Credit Agreement, extending the Revolving Facility maturity from June 23, 2026 to March 23, 2028 and increasing total revolving commitments by $30 million to $130 million. As of the amendment closing, the Revolving Facility was undrawn. The amendment adds covenants requiring a total net leverage ratio not greater than 3.50 to 1.00 and minimum liquidity of $80 million, tested quarterly.
Positive
- Revenue and margin inflection: Q1 2026 net revenue rose 43% year over year to $137.2 million, infrastructure revenue grew 136%, and non-GAAP operating margin reached 16%, with non-GAAP EPS improving to $0.22 from a $0.05 loss a year ago.
- Stronger outlook with ample liquidity: Q2 2026 revenue guidance of $160–$170 million signals continued growth, while an undrawn $130 million Revolving Facility extended to March 2028 supports liquidity alongside $89.9 million of cash, cash equivalents and restricted cash.
Negative
- Continuing GAAP losses and cash outflow: Despite non-GAAP profitability, Q1 2026 GAAP net loss was $45.1 million with a $0.52 diluted loss per share, and operating activities used $8.9 million of cash, reflecting ongoing GAAP-level pressure and working capital impacts.
Insights
MaxLinear posts strong Q1 rebound with optical-driven growth and higher Q2 outlook.
MaxLinear delivered Q1 2026 net revenue of $137.2M, up 43% year over year, as infrastructure sales grew 136% and became its largest end market. Non-GAAP operating margin reached 16%, and non-GAAP diluted EPS turned to a profit at $0.22.
GAAP results remained pressured, with a net loss of $45.1M and negative operating cash flow of $8.9M, influenced by a sizable income tax provision and working capital movements. However, the shift from a non-GAAP operating loss a year ago to income suggests better underlying profitability.
Guidance implies further acceleration: Q2 2026 revenue is expected at $160M–$170M, above Q1 levels, with stable to slightly higher gross margins on both GAAP and non-GAAP bases. The extended $130M Revolving Facility, currently undrawn and maturing in March 2028, provides additional balance sheet flexibility alongside $89.9M of cash, cash equivalents and restricted cash as of March 31, 2026.
8-K Event Classification
4 items: 1.01, 2.02, 2.03, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 net revenue: $137.2M
Infrastructure revenue growth: 136% YoY
Q1 2026 GAAP net loss: $45.1M
+5 more
8 metrics
Q1 2026 net revenue
$137.2M
Up 1% sequentially and 43% year over year
Infrastructure revenue growth
136% YoY
Infrastructure became largest end market in Q1 2026
Q1 2026 GAAP net loss
$45.1M
Diluted loss per share of $0.52
Q1 2026 non-GAAP net income
$19.4M
Non-GAAP diluted EPS of $0.22
Q2 2026 revenue guidance
$160M–$170M
Company outlook for next quarter net revenue
Revolving Facility size
$130M
Senior secured revolving credit facility after $30M increase
Liquidity covenant
$80M
Minimum unrestricted cash plus undrawn commitments, tested quarterly
Total net leverage covenant
3.50 to 1.00
Maximum total net leverage ratio required under amended facility
Key Terms
Revolving Facility, total net leverage ratio, non-GAAP gross margin, performance-based equity, +1 more
5 terms
Revolving Facility financial
"extend the maturity date applicable to the Revolving Facility from June 23, 2026 to March 23, 2028"
A revolving facility is a bank loan that works like a company credit card: the borrower can draw funds, repay them, and draw again up to a set limit during the agreement period. It matters to investors because it provides short-term cash flexibility for operations, investments, or emergencies, and the cost or availability of that credit can affect a company’s liquidity, interest expenses, and financial stability.
total net leverage ratio financial
"require that MaxLinear maintain (a) a total net leverage ratio of not greater than 3.50 to 1.00"
Total net leverage ratio measures how much a company owes after using its cash, compared with the cash it generates in a year; it is usually calculated by subtracting cash from total debt and dividing that net debt by annual operating cash flow or earnings. Investors use it like a debt-to-income check for a household — a higher number means the company may struggle to cover obligations and is riskier, while a lower number suggests more cushion and financial flexibility.
non-GAAP gross margin financial
"Non-GAAP gross margin was 59.5%, compared to 59.6% in the prior quarter"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
performance-based equity financial
"Performance-based equity consists of accruals related to our executive and non-executive bonus programs"
research and development funded by others financial
"Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects"
Earnings Snapshot
Net revenue: $137.2M · Guidance included
Q1 2026
Net revenue
$137.2M
+43% YoY
GAAP net loss
$45.1M
GAAP diluted EPS
-$0.52
Non-GAAP diluted EPS
$0.22
Non-GAAP operating margin
16%
Q2 2026 revenue guidance
$160M–$170M
Guidance
For Q2 2026, MaxLinear expects net revenue of $160M–$170M, GAAP gross margin of 56.0%–59.0%, non-GAAP gross margin of 58.0%–61.0%, GAAP operating expenses of $91M–$97M, and non-GAAP operating expenses of $61M–$66M.
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
| Washington, D.C. 20549 | ||
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(760 ) 692-0711
(Registrant’s telephone number, including area code)
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On April 22, 2026, MaxLinear, Inc. (“MaxLinear”) entered into an Amendment No. 2 to Credit Agreement (the “Second Amendment”), by and among MaxLinear, Exar Corporation, a Delaware corporation and a wholly-owned subsidiary of MaxLinear, MaxLinear Communications, LLC, a Delaware limited liability company and a wholly-owned subsidiary of MaxLinear, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent (“Agent”). The Second Amendment amends that certain Credit Agreement, dated as of June 23, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the effectiveness of the Second Amendment, the “Credit Agreement”), by and among MaxLinear, the lenders from time to time party thereto and the Agent.
The Second Amendment amends the Credit Agreement to, among other things, (i) extend the maturity date applicable to the Revolving Facility from June 23, 2026 to March 23, 2028, (ii) provide for $30 million in incremental revolving commitments under MaxLinear’s senior secured revolving credit facility (the “Revolving Facility”), and (iii) increase the applicable margin for loans under the Revolving Facility to (x) 2.25% per annum for Term SOFR loans, and (y) 1.25% per annum for base rate loans.
The Second Amendment also amends the applicable financial covenants to require that MaxLinear maintain (a) a total net leverage ratio of not greater than 3.50 to 1.00 and (b) unrestricted cash plus available and undrawn commitments under the Revolving Facility in an amount of no less than $80 million, in each case, tested as of the last day of any fiscal quarter of MaxLinear. The proceeds of the Revolving Facility may be used to finance the working capital needs and other general corporate purposes of MaxLinear and its subsidiaries. As of the closing of the Second Amendment, the Revolving Facility was undrawn.
Certain of the lenders under the Credit Agreement and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with MaxLinear or MaxLinear’s affiliates. The lenders and their affiliates have received, or may in the future receive, customary fees and commissions for these transactions.
The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the Second Amendment, which is filed as Exhibit 10.1 hereto and incorporated by reference.
Item 2.02. Results of Operations and Financial Condition.
On April 23, 2026, MaxLinear issued a press release announcing its unaudited financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibits 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the exhibits attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Description | ||||
| 99.1 | Press Release, dated April 23, 2026 | ||||
| 10.01 | Amendment No. 2 to Credit Agreement, dated as of April 22, 2026, by and among MaxLinear, Inc., Exar Corporation, MaxLinear Communications LLC, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | April 22, 2026 | MAXLINEAR, INC. | ||||||||||||
| (Registrant) | ||||||||||||||
| By: | /s/ Steven G. Litchfield | |||||||||||||
| Steven G. Litchfield | ||||||||||||||
| Chief Financial Officer and Chief Corporate Strategy Officer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
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Exhibit 99.1
FOR IMMEDIATE RELEASE
MaxLinear, Inc. Announces First Quarter 2026 Financial Results
•Q1 net revenue of $137.2 million, up 1% sequentially and up 43% year over year
•Infrastructure business inflecting, up 136% year over year reflecting solid traction from optical products
Carlsbad, Calif. – April 23, 2026 – MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2026.
First Quarter Financial Highlights
GAAP basis:
•Net revenue was $137.2 million, up 1% sequentially and up 43% from the year-ago quarter.
•GAAP gross margin was 57.5%, compared to 57.6% in the prior quarter, and 56.1% in the year-ago quarter.
•GAAP operating expenses were $96.1 million in the first quarter, or 70% of net revenue, compared to $93.4 million in the prior quarter, or 68% of net revenue, and $99.9 million in the year-ago quarter, or 104% of net revenue.
•GAAP loss from operations was 13% of net revenue, compared to loss from operations of 11% of net revenue in the prior quarter, and loss from operations of 48% of net revenue in the year-ago quarter.
•GAAP diluted loss per share was $0.52, compared to diluted loss per share of $0.17 in the prior quarter, and diluted loss per share of $0.58 in the year-ago quarter.
Non-GAAP basis:
•Non-GAAP gross margin was 59.5%, compared to 59.6% in the prior quarter, and 59.1% in the year-ago quarter.
•Non-GAAP operating expenses were $59.9 million, or 44% of net revenue, compared to $59.2 million or 43% of net revenue in the prior quarter, and $58.4 million or 61% of net revenue in the year-ago quarter.
•Non-GAAP income from operations was 16% of net revenue, compared to income of 16% in the prior quarter, and loss of 2% in the year-ago quarter.
•Non-GAAP diluted earnings per share was $0.22, compared to earnings per share of $0.19 in the prior quarter, and loss per share of $0.05 in the year-ago quarter.
Management Commentary
“Q1 marks the start of a multi‑year growth phase for MaxLinear, led by accelerating momentum in optical data center connectivity,” said Kishore Seendripu, Ph.D., Chairman and CEO of MaxLinear. “Revenue grew 43% year over year, with infrastructure growing more than 130% to become our largest end market. This was driven primarily by strong execution and production ramps of our optical data center products at multiple hyperscale customers across scale-up and scale-out AI platforms. We are now at a clear inflection point in our optical data center business marked by a step function increase in revenues expected in Q2. With improving visibility, multiple high-value products entering meaningful ramps across our portfolio, and continued customer engagement in high‑value markets, we believe MaxLinear is well-positioned for sustained growth and increasing profitability in 2026 and beyond.”
Credit Agreement
MaxLinear today announced that it has amended its existing Credit Agreement with Wells Fargo and other lenders to extend the maturity date of the revolving credit facility from June 2026 to March 2028. While currently MaxLinear has not drawn down on this facility, the amendment also increased the amounts available under the facility by $30 million to $130 million.
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Second Quarter 2026 Business Outlook
The company expects net revenue in the second quarter of 2026 to be approximately $160 million to $170 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 $91 million to $97 million;
•Non-GAAP operating expenses of approximately $61 million to $66 million;
•GAAP interest and other expense of approximately $1.8 million to $2.2 million;
•Non-GAAP interest and other expense of approximately $1.8 million to $2.2 million;
•GAAP income tax benefit of $2.0 million and non-GAAP income tax provision of $1.0 million, and
•GAAP and non-GAAP diluted share count of approximately 95 million each.
Webcast and Conference Call
MaxLinear will host its first quarter financial results conference call today, April 23, 2026 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com and will be archived and available after the call at https://investors.maxlinear.com until May 7, 2026. A replay of the conference call will also be available until May 7, 2026 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13759526.
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Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for second quarter 2026, including net revenue and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, income tax provision (benefit), and diluted share counts); our potential for sustained growth and increasing profitability; statements regarding momentum throughout our portfolio, statements relating to the timing of new products ramping into production; statements related to new and increased products; settlement of bonus awards for our 2026 performance period; statements related to growth trends in the markets in which we operate; and statements by our Chairman and CEO. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to: our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; increased tariffs, export controls or imposition of additional trade barriers; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has previously declined, and/or manage future growth effectively, and the impact of excess inventory in the channel on our customers’ expected demand for certain of our products and on our revenue; escalating trade wars, military conflicts and other geopolitical and economic tensions among the countries in which we conduct business; international geopolitical and military conflicts; our ability to obtain or retain government authorization to export certain of our products or technology; the loss of, or a significant reduction in orders from major customers; legal proceedings or potential violations of regulations; information technology failures; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial and productive research and development investments; delays or expenses caused by undetected defects or bugs in our products; substantial quarterly and annual fluctuations in our revenue and operating results; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties and differences between our estimates of customer demand and product mix and our actual results; failure to accurately predict our future revenue and appropriately budget expenses; lengthy and expensive customer qualification processes; customer product plan cancellations; failure to maintain compliance with government regulations; failure to attract and retain qualified personnel; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; risks related to compliance with privacy, data protection and cybersecurity laws and regulations; risks related to conforming our products to industry standards; risks related to business acquisitions and investments; claims of intellectual property infringement; our ability to protect our intellectual property; security vulnerabilities of our products; use of open source software in our products; failure to manage our relationships with, or negative impacts from, third parties; and future decisions relating to our stock repurchase program.
In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. All forward-looking statements are based on the estimates, projections and assumptions of management as of April 23, 2026, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including, but not limited to, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income (loss) from operations, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP income (loss) before income taxes, non-GAAP interest and other income (expense), non-GAAP income tax provision (benefit), non-GAAP net income (loss), non-GAAP basic and diluted earnings or income (loss) per share, and non-GAAP diluted share count. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2026, which we intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2025, which we settled in shares of common stock in February 2026; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, if any, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) impairment losses; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net, attributable
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to acquisitions; and (x) non-cash income tax benefits and expenses. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income or loss.
Performance-based equity consists of accruals related to our executive and non-executive bonus programs and have been excluded from our non-GAAP net income or loss for all periods reported. Bonus payments for the 2025 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2026. We currently expect that a substantial portion of bonus awards under our fiscal 2026 program will be settled in common stock in the first quarter of fiscal 2027.
Expenses incurred in relation to acquisitions and other include amortization of purchased intangible assets resulting from acquisitions, acquisition and integration costs primarily consisting of professional and consulting fees, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion, and professional fees and expenses incurred in relation to our intellectual property litigation.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities and cancellation of contracts.
Other expense includes accretion of discounts on obligations recorded as a result of abandoned leased facilities for which we continue to be obligated to pay but from which we will receive no future benefit.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the second quarter 2026.
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About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
MaxLinear, Inc. Investor Relations Contact:
Leslie Green
lgreen@maxlinear.com
lgreen@maxlinear.com
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended | |||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||
| Net revenue | $ | 137,188 | $ | 136,436 | $ | 95,933 | |||||||||||
| Cost of net revenue | 58,304 | 57,879 | 42,102 | ||||||||||||||
| Gross profit | 78,884 | 78,557 | 53,831 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 53,162 | 51,691 | 55,457 | ||||||||||||||
| Selling, general and administrative | 42,457 | 41,956 | 36,589 | ||||||||||||||
| Restructuring charges (credits) | 474 | (198) | 7,879 | ||||||||||||||
| Total operating expenses | 96,093 | 93,449 | 99,925 | ||||||||||||||
| Loss from operations | (17,209) | (14,892) | (46,094) | ||||||||||||||
| Interest income | 633 | 835 | 864 | ||||||||||||||
| Interest expense | (2,197) | (2,391) | (2,504) | ||||||||||||||
| Other income (expense), net | 121 | (1,355) | (1,268) | ||||||||||||||
| Total other income (expense), net | (1,443) | (2,911) | (2,908) | ||||||||||||||
| Loss before income taxes | (18,652) | (17,803) | (49,002) | ||||||||||||||
| Income tax provision (benefit) | 26,485 | (2,906) | 711 | ||||||||||||||
| Net loss | $ | (45,137) | $ | (14,897) | $ | (49,713) | |||||||||||
| Net loss per share: | |||||||||||||||||
| Basic | $ | (0.52) | $ | (0.17) | $ | (0.58) | |||||||||||
| Diluted | $ | (0.52) | $ | (0.17) | $ | (0.58) | |||||||||||
| Shares used to compute net loss per share: | |||||||||||||||||
| Basic | 87,595 | 87,243 | 85,271 | ||||||||||||||
| Diluted | 87,595 | 87,243 | 85,271 | ||||||||||||||
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended | |||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||
| Operating Activities | |||||||||||||||||
| Net loss | $ | (45,137) | $ | (14,897) | $ | (49,713) | |||||||||||
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||||||||||||
| Amortization and depreciation | 10,939 | 10,788 | 11,149 | ||||||||||||||
| Impairment of other assets | — | 700 | — | ||||||||||||||
| Amortization of debt issuance costs and accretion of discount on debt and leases | 414 | 451 | 510 | ||||||||||||||
| Stock-based compensation | 20,027 | 19,593 | 22,911 | ||||||||||||||
| Deferred income taxes | 25,133 | (2,515) | (678) | ||||||||||||||
| Loss on disposal of property and equipment | — | 86 | — | ||||||||||||||
| Impairment of (adjustment to) leased right-of-use assets | 233 | — | (22) | ||||||||||||||
| Gain on extinguishment of lease liabilities | — | (521) | — | ||||||||||||||
| (Gain) loss on foreign currency and other | (219) | 487 | 1,184 | ||||||||||||||
| Excess tax (benefits) deficiencies on stock-based awards | 970 | (492) | 1,575 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Accounts receivable, net | 5,267 | 6,812 | (13,461) | ||||||||||||||
| Inventory | (7,735) | 8,225 | 4,338 | ||||||||||||||
| Prepaid expenses and other assets | (7,738) | (17,527) | (3,724) | ||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | (18,960) | 3,062 | 4,189 | ||||||||||||||
| Accrued compensation | 9,521 | 7,866 | 8,717 | ||||||||||||||
| Accrued price protection liability | 1,039 | (7,346) | 4,282 | ||||||||||||||
| Lease liabilities | (2,737) | (2,792) | (2,817) | ||||||||||||||
| Other long-term liabilities | 111 | (1,574) | 160 | ||||||||||||||
| Net cash provided by (used in) operating activities | (8,872) | 10,406 | (11,400) | ||||||||||||||
| Investing Activities | |||||||||||||||||
| Purchases of property and equipment | (1,384) | (3,708) | (1,989) | ||||||||||||||
| Purchases of intangible assets | (855) | 22 | — | ||||||||||||||
| Proceeds under convertible notes receivable | (2,000) | — | — | ||||||||||||||
| Net cash used in investing activities | (4,239) | (3,686) | (1,989) | ||||||||||||||
| Financing Activities | |||||||||||||||||
| Proceeds from funding arrangement | 6,000 | — | — | ||||||||||||||
| Net proceeds from issuance of common stock, net of costs | — | 1,391 | (10) | ||||||||||||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (3,722) | (4) | (2,130) | ||||||||||||||
| Repurchase of common stock | — | (20,000) | — | ||||||||||||||
| Net cash provided by (used in) financing activities | 2,278 | (18,613) | (2,140) | ||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (647) | 42 | (9) | ||||||||||||||
| Decrease in cash, cash equivalents and restricted cash | (11,480) | (11,851) | (15,538) | ||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 101,412 | 113,263 | 119,603 | ||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 89,932 | $ | 101,412 | $ | 104,065 | |||||||||||
7
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||
| Assets | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 61,077 | $ | 72,806 | $ | 102,773 | |||||||||||
| Short-term restricted cash | 1,426 | 1,419 | 1,267 | ||||||||||||||
| Accounts receivable, net | 40,855 | 46,122 | 98,925 | ||||||||||||||
| Inventory | 85,839 | 78,104 | 86,005 | ||||||||||||||
| Prepaid expenses and other current assets | 60,253 | 50,390 | 31,436 | ||||||||||||||
| Total current assets | 249,450 | 248,841 | 320,406 | ||||||||||||||
| Long-term restricted cash | 27,429 | 27,187 | 25 | ||||||||||||||
| Property and equipment, net | 44,362 | 48,873 | 55,546 | ||||||||||||||
| Leased right-of-use assets | 21,938 | 15,506 | 17,939 | ||||||||||||||
| Intangible assets, net | 46,412 | 48,892 | 51,587 | ||||||||||||||
| Goodwill | 318,588 | 318,588 | 318,588 | ||||||||||||||
| Deferred tax assets | 52,132 | 77,268 | 69,345 | ||||||||||||||
| Other long-term assets | 10,956 | 11,241 | 21,845 | ||||||||||||||
| Total assets | $ | 771,267 | $ | 796,396 | $ | 855,281 | |||||||||||
| Liabilities and stockholders’ equity | |||||||||||||||||
| Current liabilities | $ | 146,658 | $ | 186,020 | $ | 196,893 | |||||||||||
| Long-term lease liabilities | 17,987 | 12,313 | 15,774 | ||||||||||||||
| Long-term debt | 123,773 | 123,618 | 123,150 | ||||||||||||||
| Other long-term liabilities | 28,658 | 22,550 | 26,289 | ||||||||||||||
| Stockholders’ equity | 454,191 | 451,895 | 493,175 | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | 771,267 | $ | 796,396 | $ | 855,281 | |||||||||||
8
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
| Three Months Ended | |||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||
| GAAP gross profit | $ | 78,884 | $ | 78,557 | $ | 53,831 | |||||||||||
| Stock-based compensation | 151 | 121 | 281 | ||||||||||||||
| Performance-based equity | 55 | 84 | 38 | ||||||||||||||
| Amortization of purchased intangible assets | 2,582 | 2,583 | 2,582 | ||||||||||||||
| Non-GAAP gross profit | 81,672 | 81,345 | 56,732 | ||||||||||||||
| GAAP R&D expenses | 53,162 | 51,691 | 55,457 | ||||||||||||||
| Stock-based compensation | (9,675) | (9,443) | (14,656) | ||||||||||||||
| Performance-based equity | (5,329) | (5,148) | (4,179) | ||||||||||||||
| Research and development funded by others | (500) | — | (1,000) | ||||||||||||||
| Non-GAAP R&D expenses | 37,658 | 37,100 | 35,622 | ||||||||||||||
| GAAP SG&A expenses | 42,457 | 41,956 | 36,589 | ||||||||||||||
| Stock-based compensation | (10,202) | (10,030) | (7,973) | ||||||||||||||
| Performance-based equity | (3,266) | (3,512) | (2,053) | ||||||||||||||
| Amortization of purchased intangible assets | (206) | (206) | (591) | ||||||||||||||
| Acquisition and integration and other costs | (6,525) | (6,093) | (3,209) | ||||||||||||||
| Non-GAAP SG&A expenses | 22,258 | 22,115 | 22,763 | ||||||||||||||
| GAAP restructuring expenses (credits) | 474 | (198) | 7,879 | ||||||||||||||
| Restructuring charges | (474) | 198 | (7,879) | ||||||||||||||
| Non-GAAP restructuring expenses | — | — | — | ||||||||||||||
| GAAP loss from operations | (17,209) | (14,892) | (46,094) | ||||||||||||||
| Total non-GAAP adjustments | 38,965 | 37,022 | 44,441 | ||||||||||||||
| Non-GAAP income (loss) from operations | 21,756 | 22,130 | (1,653) | ||||||||||||||
| GAAP interest and other income (expense), net | (1,443) | (2,911) | (2,908) | ||||||||||||||
| Non-recurring interest and other income (expense), net | 104 | 146 | 190 | ||||||||||||||
| Non-GAAP interest and other income (expense), net | (1,339) | (2,765) | (2,718) | ||||||||||||||
| GAAP loss before income taxes | (18,652) | (17,803) | (49,002) | ||||||||||||||
| Total non-GAAP adjustments | 39,069 | 37,168 | 44,631 | ||||||||||||||
| Non-GAAP income (loss) before income taxes | 20,417 | 19,365 | (4,371) | ||||||||||||||
| GAAP income tax provision (benefit) | 26,485 | (2,906) | 711 | ||||||||||||||
| Adjustment for non-cash tax benefits/expenses | (25,485) | 4,906 | (711) | ||||||||||||||
| Non-GAAP income tax provision | 1,000 | 2,000 | — | ||||||||||||||
| GAAP net loss | (45,137) | (14,897) | (49,713) | ||||||||||||||
| Total non-GAAP adjustments before income taxes | 39,069 | 37,168 | 44,631 | ||||||||||||||
| Less: total tax adjustments | (25,485) | 4,906 | (711) | ||||||||||||||
| Non-GAAP net income (loss) | $ | 19,417 | $ | 17,365 | $ | (4,371) | |||||||||||
| Shares used in computing GAAP and non-GAAP basic net income (loss) per share | 87,595 | 87,243 | 85,271 | ||||||||||||||
| Shares used in computing GAAP diluted net loss per share | 87,595 | 87,243 | 85,271 | ||||||||||||||
| Dilutive common stock equivalents | 2,266 | 3,399 | — | ||||||||||||||
| Shares used in computing non-GAAP diluted net income (loss) per share | 89,861 | 90,642 | 85,271 | ||||||||||||||
| Non-GAAP basic net income (loss) per share | $ | 0.22 | $ | 0.20 | $ | (0.05) | |||||||||||
| Non-GAAP diluted net income (loss) per share | $ | 0.22 | $ | 0.19 | $ | (0.05) | |||||||||||
9
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE
AS A PERCENTAGE OF NET REVENUE
| Three Months Ended | |||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||
| GAAP gross margin | 57.5 | % | 57.6 | % | 56.1 | % | |||||||||||
| Stock-based compensation | 0.1 | % | 0.1 | % | 0.3 | % | |||||||||||
| Performance-based equity | — | % | 0.1 | % | — | % | |||||||||||
| Amortization of purchased intangible assets | 1.9 | % | 1.9 | % | 2.7 | % | |||||||||||
| Non-GAAP gross margin | 59.5 | % | 59.6 | % | 59.1 | % | |||||||||||
| GAAP R&D expenses | 38.8 | % | 37.9 | % | 57.8 | % | |||||||||||
| Stock-based compensation | (7.1) | % | (6.9) | % | (15.3) | % | |||||||||||
| Performance-based equity | (3.9) | % | (3.8) | % | (4.4) | % | |||||||||||
| Research and development funded by others | (0.4) | % | — | % | (1.0) | % | |||||||||||
| Non-GAAP R&D expenses | 27.5 | % | 27.2 | % | 37.1 | % | |||||||||||
| GAAP SG&A expenses | 31.0 | % | 30.8 | % | 38.1 | % | |||||||||||
| Stock-based compensation | (7.4) | % | (7.4) | % | (8.3) | % | |||||||||||
| Performance-based equity | (2.4) | % | (2.6) | % | (2.1) | % | |||||||||||
| Amortization of purchased intangible assets | (0.2) | % | (0.2) | % | (0.6) | % | |||||||||||
| Acquisition and integration and other costs | (4.8) | % | (4.5) | % | (3.4) | % | |||||||||||
| Non-GAAP SG&A expenses | 16.2 | % | 16.2 | % | 23.7 | % | |||||||||||
| GAAP restructuring expenses (credits) | 0.4 | % | (0.2) | % | 8.2 | % | |||||||||||
| Restructuring charges | (0.4) | % | 0.2 | % | (8.2) | % | |||||||||||
| Non-GAAP restructuring expenses | — | % | — | % | — | % | |||||||||||
| GAAP loss from operations | (12.5) | % | (10.9) | % | (48.1) | % | |||||||||||
| Total non-GAAP adjustments | 28.4 | % | 27.1 | % | 46.3 | % | |||||||||||
| Non-GAAP income (loss) from operations | 15.9 | % | 16.2 | % | (1.7) | % | |||||||||||
| GAAP interest and other income (expense), net | (1.1) | % | (2.1) | % | (3.0) | % | |||||||||||
| Non-recurring interest and other income (expense), net | 0.1 | % | 0.1 | % | 0.2 | % | |||||||||||
| Non-GAAP interest and other income (expense), net | (1.0) | % | (2.0) | % | (2.8) | % | |||||||||||
| GAAP loss before income taxes | (13.6) | % | (13.1) | % | (51.1) | % | |||||||||||
| Total non-GAAP adjustments | 28.5 | % | 27.2 | % | 46.5 | % | |||||||||||
| Non-GAAP income (loss) before income taxes | 14.9 | % | 14.2 | % | (4.6) | % | |||||||||||
| GAAP income tax provision (benefit) | 19.3 | % | (2.1) | % | 0.7 | % | |||||||||||
| Adjustment for non-cash tax benefits/expenses | (18.6) | % | 3.6 | % | (0.7) | % | |||||||||||
| Non-GAAP income tax provision | 0.7 | % | 1.5 | % | — | % | |||||||||||
| GAAP net loss | (32.9) | % | (10.9) | % | (51.8) | % | |||||||||||
| Total non-GAAP adjustments before income taxes | 28.5 | % | 27.2 | % | 46.5 | % | |||||||||||
| Less: total tax adjustments | (18.6) | % | 3.6 | % | (0.7) | % | |||||||||||
| Non-GAAP net income (loss) | 14.2 | % | 12.7 | % | (4.6) | % | |||||||||||
10
FAQ
How did MaxLinear (MXL) perform financially in Q1 2026?
MaxLinear reported Q1 2026 net revenue of $137.2 million, up 1% sequentially and 43% year over year. On a non-GAAP basis, it generated $19.4 million of net income and $0.22 diluted EPS, while GAAP results showed a $45.1 million net loss.
What drove MaxLinear’s year-over-year growth in Q1 2026?
Growth was led by MaxLinear’s infrastructure business, which grew 136% year over year and became its largest end market. Management cited strong execution and production ramps of optical data center products at multiple hyperscale customers across AI platforms as key demand drivers.
What guidance did MaxLinear (MXL) provide for Q2 2026?
For Q2 2026, MaxLinear expects net revenue of $160 million to $170 million. It projects GAAP gross margin of 56.0%–59.0%, non-GAAP gross margin of 58.0%–61.0%, GAAP operating expenses of $91–$97 million, and non-GAAP operating expenses of $61–$66 million.
How did MaxLinear’s GAAP profitability compare with non-GAAP results?
On a GAAP basis, MaxLinear recorded a $45.1 million net loss and diluted loss per share of $0.52 in Q1 2026. Excluding stock-based compensation, performance-based equity, amortization, acquisition-related items and non-cash tax effects, non-GAAP net income was $19.4 million with $0.22 diluted EPS.
What changes were made to MaxLinear’s credit facility in April 2026?
MaxLinear’s Second Amendment to its Credit Agreement extended the Revolving Facility maturity from June 23, 2026 to March 23, 2028 and increased commitments by $30 million to $130 million. New covenants require a total net leverage ratio ≤3.50x and minimum liquidity of $80 million.
What was MaxLinear’s cash and debt position at March 31, 2026?
As of March 31, 2026, MaxLinear had $89.9 million in cash, cash equivalents and restricted cash, including $61.1 million of cash and cash equivalents. Long-term debt totaled $123.8 million, and its $130 million Revolving Facility was undrawn following the Second Amendment.