MaxLinear (MXL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $137.2 million, up 43% year-over-year and 1% sequentially, driven by strong growth in the infrastructure segment, particularly optical data center products.

• Infrastructure became the largest revenue category, surging 136% year-over-year and 35% sequentially, fueled by high-speed optical interconnects and major hyperscale customer ramps.

• Non-GAAP net income was $19.4 million ($0.22 per diluted share), while GAAP net loss was $45.1 million ($0.52 per share); operating loss narrowed significantly year-over-year.

• Major product and customer wins included the first XGS-PON design at a U.S. hyperscale data center and strong traction for Panther storage accelerators.

• Management highlighted a multi-year growth phase, with significant production ramps and a step function increase in optical data center revenues expected in Q2.

Financial highlights

• Q1 2026 revenue was $137.2 million, with infrastructure at $63 million, broadband at $44 million, connectivity at $19 million, and industrial multi-market at $12 million.

• GAAP gross margin was 57.5% (up from 56.1% year-over-year); non-GAAP gross margin was 59.5%.

• GAAP operating expenses were $96.1 million; non-GAAP operating expenses were $59.9 million.

• GAAP loss from operations was 13% of revenue; non-GAAP income from operations was 16% of revenue.

• Cash and cash equivalents at quarter end were $61.1 million; net cash used in operating activities was $8.9 million.

Outlook and guidance

• Q2 2026 revenue expected between $160 million and $170 million, with growth across all business segments, led by infrastructure.

• Q2 GAAP gross margin expected at 56%-59%; non-GAAP gross margin at 58%-61%.

• Q2 GAAP operating expenses projected at $91–$97 million; non-GAAP at $61–$66 million.

• Q2 GAAP and non-GAAP diluted share count expected at approximately 95 million.

• 2026 optical data center revenue guidance raised to $150 million-$170 million, up $30-$40 million from prior expectations.