Maxlinear Stock Earnings Reports

MaxLinear reported a strong Q1 2026 with revenue of $137.2M, up 43% year-over-year, driven by a 136% YoY increase in the Infrastructure segment led by optical data center ramps. Management raised its 2026 optical data center revenue expectation to a $150M–$170M range and expects a step-function revenue increase beginning in Q2 with further upside into 2027. Key product drivers are the Keystone PAM4 DSP (400G/800G) now ramping with multiple hyperscale customers, and early momentum for next-generation platforms Rushmore (200Gbps per lane PAM4 DSP) and Annapurna (1.6T/3.2T retimer/AEC). The Panther storage accelerator family is gaining traction and is expected to at least double storage-accelerated revenue in 2026 versus 2025. Broadband, connectivity and wireless infrastructure also show improving trends, with large gateway and fiber deployments ramping later in the year and carrier investment in 5G backhaul/access increasing opportunity. CFO-reported metrics: GAAP/non-GAAP gross margins were 57.5% / 59.5%; Q1 non-GAAP operating income was 16% of revenue; cash was $89.9M exiting Q1; operating cash used ~$8.9M mainly for wafer prepayments to support rising data-center demand; inventory days ~128 and DSO ~27. Guidance for Q2 2026: revenue $160M–$170M; GAAP gross margin ~56%–59% (non-GAAP 58%–61%); GAAP op expense $91M–$97M (non-GAAP $61M–$66M). Management emphasized they are now an infrastructure-focused company with expanding design wins across hyperscalers and module partners and that 2026 is a pivotal year as multiple ramps scale into 2027.