MaxLinear reported Q4 net revenue of $136.4 million, up 8% sequentially and 48% year-over-year. GAAP gross margin expanded to 57.6%, compared with 56.9% in Q3 and 55.6% a year earlier. GAAP operating expenses declined to $93.4 million (68% of revenue) versus $113.2 million (90% of revenue) in the prior quarter. The company narrowed its GAAP loss from operations to 11% of revenue, down from 33% in Q3 and 45% in Q4 2024. Operating cash flow was $10.4 million, roughly flat with Q3 and reversing a $27.8 million cash burn in the year-ago period. GAAP diluted loss per share improved to $0.17 from $0.52 in Q3 and $0.68 in Q4 2024. On a non-GAAP basis, gross margin rose to 59.6%, operating expenses were $59.2 million (43% of revenue) and non-GAAP EPS was $0.19, up from $0.14 in Q3 and a $0.09 loss a year ago.

For FY 2025, MaxLinear achieved net revenue of $467.6 million, a 30% increase over FY 2024. GAAP gross margin improved to 56.8% from 54.0% the prior year; non-GAAP gross margin was 59.3%. GAAP operating expenses fell to $392.7 million (84% of revenue) from $418.1 million (116% of revenue) in FY 2024, while non-GAAP operating expenses declined to $233.7 million (50% of revenue) from $283.7 million (79%). GAAP loss from operations narrowed to 27% of revenue (compared with 62% a year earlier), and non-GAAP income from operations reached 9%, reversing a 19% non-GAAP loss in FY 2024. Full-year operating cash flow turned positive at $19.6 million versus a $45.3 million outflow in the prior year. GAAP diluted loss per share was $1.58 versus $2.93, and non-GAAP EPS was $0.31 compared with a $0.90 loss.

Management projects Q1 2026 net revenue of $130 million to $140 million, with GAAP gross margin of 56.0%–59.0% and non-GAAP gross margin of 58.0%–61.0%. GAAP operating expenses are expected at $85 million–$90 million and non-GAAP operating expenses at $58 million–$64 million. GAAP interest and other expense is forecast at $2.1 million–$2.7 million, non-GAAP interest and other expense at $2.0 million–$2.6 million, GAAP income tax provision of $4.0 million and non-GAAP provision of $0.8 million. Basic and diluted shares are estimated at 88.0 million and 91.0 million, respectively. CEO Kishore Seendripu highlighted traction in data center connectivity, wireless infrastructure, PON broadband, Wi-Fi 7 and storage accelerators, and noted $20 million of stock repurchases in Q4 as evidence of confidence in sustained growth and market momentum.