MaxLinear (MXL) 28th Annual Needham Growth Conference Virtual summary

Revenue growth and product traction

• Keystone 800G product is gaining significant traction, driving most of the current year's revenues, especially in data centers.

• Strong relationships with U.S. hyperscalers and Tier 1/Tier 2 data centers in both the U.S. and China are contributing to growth.

• Bookings rates have increased as customers face tight supply, with good visibility for optical products and lead times around 28 weeks.

• DSP revenues are expected to reach $60–70 million in 2025, with potential to double and surpass $100 million in 2026.

• Panther product roadmap is expanding, with new applications and use cases driving revenue opportunities above $50–100 million.

Market share, competitive positioning, and design wins

• Secured major design wins in access with two leading North American telecom providers, serving as lighthouse wins for further opportunities.

• Gained a significant gateway win with a top North American PON vendor, breaking a competitor's long-standing monopoly.

• Winning more RFPs and business in broadband as the market recovers from inventory overhang.

• Differentiated 2.5G Ethernet offering is winning in enterprise, industrial, and small business applications, with a large installed base ready for upgrade.

Industry trends and forward outlook

• CapEx environment is stabilizing and improving, with more dollars flowing into wireless and broadband infrastructure.

• DOCSIS 4.0 upgrades are underway, with CPE ramp expected to accelerate in 2026 and 2027, and ASPs increasing by over 40%.

• BEAD funding, though less discussed recently, is expected to provide some uplift as customers report upside.

• Industrial and multi-market segments faced headwinds in 2025 due to pricing pressure and export controls, but stabilization and mid-single digit growth are expected.