MaxLinear (MXL) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $168.8 million, up 23% sequentially and 55% year-over-year, driven by strong adoption of new optical AI data center products and infrastructure momentum.

• Infrastructure segment led growth, expanding 145% year-over-year, fueled by high-speed optical interconnects and the ramp of Keystone PAM4 DSP platform for 800G applications.

• GAAP EPS returned to positive at $0.02; non-GAAP EPS was $0.35.

• Management highlighted a significant business inflection, with expectations for sustained growth and expanding profitability.

• Keystone and Rushmore PAM4 DSP platforms are ramping, with Rushmore progressing through customer qualification.

Financial highlights

• GAAP gross margin: 57.8%; non-GAAP gross margin: 59.5%.

• GAAP operating margin: -2.5%; non-GAAP operating margin: 22.3%.

• GAAP operating expenses: $101.8M; non-GAAP: $62.8M.

• Net cash from operations: $4.8M; cash and equivalents: $64.8M at quarter end.

• GAAP net income was $1.8 million; non-GAAP net income was $34.3 million.

Outlook and guidance

• Q3 2026 revenue expected between $210M–$220M, with growth across all segments, led by infrastructure.

• Q3 GAAP gross margin: 57–60%; non-GAAP: 58.5–61.5%.

• Q3 GAAP operating expenses: $98M–$104M; non-GAAP: $66M–$71M.

• 2026 optical data center revenue outlook raised to $210–$230 million, with continued growth expected into 2027.