MaxLinear (MXL) investor relations material

Executive summary

• Q3 revenue was $218.1M, up 29% QoQ and 72% YoY; infrastructure revenue grew 210% YoY to $124.9M, led by optical and data-center products.

• GAAP net income was $28.9M and non-GAAP net income was $60.8M, versus a GAAP net loss of $45.5M and non-GAAP net income of $12.1M in Q3 2025.

• Optical data-center revenue outlook for 2026 increased to $250M–$270M; bookings extend through 2027 and into 2028, with management expecting another significant revenue step-up in 2027.

• Management sees a multiyear growth cycle, supported by 800G production ramps and advancing 1.6T qualifications and product launches.

Financial highlights

• Q3 revenue was $218.1M versus $168.8M in Q2 2026 and $126.5M in Q3 2025.

• GAAP/non-GAAP gross margin was 58.7%/60.0%; operating expenses were $97.8M/$66.5M.

• GAAP/non-GAAP operating income was $30.2M/$64.3M; diluted EPS was $0.30/$0.62.

• Nine-month revenue rose 58% YoY to $524.1M; GAAP net loss narrowed to $14.5M from $121.8M, while non-GAAP net income was $114.5M versus $9.5M.

• Q3 restructuring charges were $0.3M versus $11.3M; the prior-year amount included $10.9M of CAD-tool contract charges.

Outlook and guidance

• Q4 2026 revenue guidance is $240M–$260M; infrastructure is expected to grow strongly, broadband and connectivity to decline seasonally, and industrial multi-market to increase.

• Q4 GAAP/non-GAAP gross margin guidance is 58%–61%/59%–62%; operating expenses are $96M–$101M/$65M–$70M.

• Q4 interest and other expense is guided at $3.5M–$4.3M; tax guidance is a $1.5M GAAP benefit and $1.5M non-GAAP provision, with 99.7M diluted shares on both bases.

• Initial Rushmore 1.6T revenues, plus Washington and Annapurna revenues, are expected in 2027, with stronger volumes in 2028.

• Broadband is expected to grow in 2027 on telco spending and PON share gains; edge-AI-related upgrades are expected to support 2027–2028 growth.