MaxLinear reported Q4 net revenue of $136.4 million, an increase of 48% year-over-year and 8% sequentially, driving full-year revenue to $467.6 million, up 30% over fiscal 2024. Infrastructure segment revenues surged 76% year-over-year, powered by strong demand in data center connectivity and wireless infrastructure. Broadband access sales also climbed, though growth rates moderated compared with prior quarters.

GAAP gross margin expanded to 57.6% in Q4 from 55.6% a year ago, while non-GAAP gross margin reached 59.6% versus 59.1% in the prior period. Operating leverage improved, with GAAP operating expenses at 68% of revenue compared with 100% a year earlier, narrowing GAAP loss from operations to 11% of revenue from 45% a year ago. On a non-GAAP basis, income from operations rose to 16% of revenue, compared to a 7% loss in Q4 of fiscal 2024. Non-GAAP diluted earnings per share were $0.19, turning positive from a loss of $0.09 per share twelve months prior.

Management guided Q1 revenue to range between $130 million and $140 million, above consensus estimates, while forecasting GAAP gross margins of 56.0%–59.0% and non-GAAP margins of 58.0%–61.0%. Anticipated GAAP operating expenses are $85 million to $90 million. The company flagged potential broadband weakness and lumpy infrastructure orders, suggesting near-term revenue could fluctuate by quarter depending on large project cycles and customer stocking patterns.

Operating cash flow in Q4 was $10.4 million, bringing full-year cash generation to $19.6 million versus a $45.3 million usage in fiscal 2024. The board authorized a $20 million share repurchase during the quarter, underscoring confidence in long-term growth prospects. Management reiterated focus on high-value markets—Wi-Fi 7, PON broadband access, Ethernet, and storage accelerators—and expects sustained market share gains through 2027.