MaxLinear reported Q4 revenue of $136.4 million, an 8% sequential increase and a 48% jump year-over-year. Infrastructure products accounted for $47 million, broadband contributed $58 million, connectivity delivered $18 million, and industrial multi-market added $14 million. Management attributed the strong top-line performance to accelerating design-win momentum across optical interconnects and broad demand across its end markets.

Gross margin expanded to 57.6% on a GAAP basis and 59.6% non-GAAP, with the non-GAAP uplift reflecting the exclusion of $2.6 million in acquisition-related intangible amortization. Operating expenses totaled $93.5 million GAAP and $59.2 million non-GAAP, driven by $28.1 million in stock-based compensation and $6 million in acquisition costs. Non-GAAP operating income reached 16% of revenue, compared with an 11% GAAP loss, marking the third consecutive quarter of profitability improvement.

The company generated $10.4 million in net operating cash flow in Q4 and repurchased $20 million of its common shares under a board-authorized $75 million program. Cash, equivalents and restricted cash stood at $101.4 million at quarter end. Working capital improved with days sales outstanding reduced to 31 days and inventory down by $8 million sequentially, translating to approximately 130 days of inventory on hand.

CEO Kishore Seendripu described 2025 as an “inflection year” and expects 2026 to see infrastructure become the largest revenue category. The Keystone PAM4 DSP line is forecast to generate $100 million–$130 million next year, with potential upside. For Q1 2026, management guided revenue between $130 million and $140 million, GAAP gross margin of 56%–59%, non-GAAP gross margin of 58%–61%, and GAAP operating expenses of $85 million–$90 million. The company reiterated its philosophy of managing operating expense growth at roughly half the pace of revenue expansion.