MaxLinear, Inc.

What they do

MaxLinear designs RF, high-performance analog, mixed-signal, digital signal processing, security, compression and power management circuitry in CMOS and sells it as integrated systems-on-chip through distributors, module makers, OEMs and ODMs. End devices include 4G/5G base-station and backhaul radios, optical transceivers for hyperscale data centers, Wi-Fi and wireline routers, DOCSIS, PON and DSL broadband modems, and power management and interface products. The company is fabless and does not operate its own wafer fabs.

Revenue drivers

• Infrastructure / optical data center — Sells high-speed optical interconnect solutions and PAM4 DSPs such as the Keystone platform into 800G optical modules for data-center, metro and long-haul networks; management said infrastructure revenue grew 145% year over year in Q2 2026.
• Broadband and connectivity — RF receivers, receiver SoCs and connectivity chips sold into broadband operator voice and data modems, gateways, Wi-Fi routers and PON outdoor units, named in the 10-Q as a principal source of revenue.
• Wireless infrastructure — Radio and modem solutions sold into wireless carrier access and backhaul platforms, including 4G/5G base-station and backhaul infrastructure.
• Industrial and multi-market — High-performance interface and power management products sold into communications, industrial, automotive and multi-market applications; the 10-Q cites growth in this end market alongside infrastructure and connectivity.

Recent performance

Q2 2026 net revenue was $168.8 million, up 23% sequentially from $137.2 million and up 55% year over year from $108.8 million. GAAP gross margin was 57.8% and GAAP operating margin was (2.5)%, versus (22.6)% a year earlier, with GAAP diluted EPS of $0.02. Non-GAAP operating margin was 22.3% and non-GAAP diluted EPS was $0.35, compared with $0.02 a year earlier. Full-year 2025 revenue was $467.6 million with a net loss of $136.7 million, and full-year 2024 revenue was $360.5 million with a net loss of $245.2 million.

Strategy

MaxLinear is emphasizing new products in advanced process nodes such as 16nm and 5nm and beyond, including 1.6T-capable infrastructure products following its 800G Keystone PAM4 DSP ramp. It is a fabless model, relying on external foundries and OSATs, and says it is pursuing opportunities in high-speed optical interconnect and broadband communications. Management framed the current period as the start of a multi-year growth phase and cited design wins in infrastructure, connectivity, and industrial and multi-market end markets. It also refers to continued investment in research and development and to operational discipline, while flagging the cost and legal overhang of the terminated Silicon Motion merger.

Risks

• Customer concentration — In the first six months of 2026 one customer was 11% of net revenue and the ten largest customers were 55%, so a loss or reduction in orders from a large customer could materially reduce revenue.
• Asia shipment concentration — Products shipped to Asia were 81% of net revenue in the six months ended June 30, 2026, including 48% to Hong Kong and 12% to mainland China, exposing results to tariffs, export controls and US-China trade tensions that the 10-K lists as risk factors.
• Terminated Silicon Motion merger — The 10-K flags legal proceedings and potential damages payments related to the terminated merger agreement with Silicon Motion as a risk to business, operating results and financial condition.
• Revenue volatility and losses — Revenue fell from $1.12 billion in 2022 to $360.5 million in 2024 before recovering to $467.6 million in 2025, and the company recorded net losses in 2023, 2024 and 2025, with the 10-K citing the cyclical semiconductor industry as a continuing risk.

Outlook

For Q3 2026 the company guided revenue to $210-$220 million, GAAP gross margin of 57.0%-60.0% and non-GAAP gross margin of 58.5%-61.5%. It guided GAAP operating expenses of $98-$104 million and non-GAAP operating expenses of $66-$71 million, interest and other expense of about $3.8-$4.2 million GAAP, and a fully diluted share count of 99 million. Management said the results reflect an inflection in the business and that it believes MaxLinear is positioned for sustained growth and expanding profitability.