Maxlinear Stock Earnings Reports

MaxLinear reported strong Q3 2025 results with revenue of $126.5M (up 16% sequentially and 56% YoY) and substantial improvement in profitability and cash generation. Infrastructure drove significant momentum (Q3 infrastructure up 16% sequentially and 75% YoY) with meaningful traction in high-speed data center optical interconnects (Keystone PAM4 DSP qualified at several major data centers; company expects $60M–$70M optical revenue in 2025 and acceleration in 2026), wireless infrastructure (Sierra 5G single-chip radio SoC gaining carrier design wins and ramping macro RRUs), and storage accelerators (Panther 5 announced with PCIe Gen5, low latency and power advantages). Broadband and connectivity also grew strongly in Q3 (broadband +80% YoY; connectivity +50% YoY) with initial PON and Wi‑Fi7 ramps at Tier 1 carriers and early DOCSIS 4.0 rollouts by smaller MSOs — though management expects some seasonal moderation in broadband/connectivity in Q4. Financials: Q3 GAAP gross margin ~56.9%, non‑GAAP ~59.1%; non‑GAAP operating income ~12% of revenue; operating cash flow ~$10.1M; cash balance ~$113M. Q4 2025 guidance: revenue $130M–$140M; GAAP gross margin ~56%–59% (non‑GAAP 58%–61%); GAAP OpEx $92M–$98M (non‑GAAP $57M–$63M). Management emphasized design‑win momentum across infrastructure markets, cautious optimism about 2026 acceleration (noting supply/foundry and module constraints), and continued investment in high‑value end markets.