On its Q4 2025 earnings call, MaxLinear’s CEO Kishore Seendripu declared 2025 an “inflection year,” driven by full-year revenue growth of 30%, non-GAAP profitability and positive free cash flow ahead of plan. Fiscal 2025 net revenue reached $467.6 million, up from $359.7 million in 2024, while non-GAAP gross margin held at 59.3%, only slightly below 59.7% the prior year. The company posted non-GAAP income from operations equal to 9% of net revenue, versus a non-GAAP loss of 19% in 2024, and generated $19.6 million in operating cash flow compared with a $45.3 million cash burn a year earlier.

In Q4 2025, MaxLinear delivered $136.4 million in revenue, up 48% year-over-year and 8% sequentially. Infrastructure products drove $47 million, broadband $58 million, connectivity $18 million and industrial multi-market $14 million. GAAP gross margin expanded to 57.6%, while non-GAAP gross margin improved to 59.6%, with the 2.0-point gap primarily due to $2.6 million of acquisition-related intangible amortization. GAAP operating expenses were $93.5 million (68% of revenue), compared to non-GAAP OpEx of $59.2 million (43%), with $28.1 million in stock-based compensation and $6 million in acquisition costs accounting for the difference. Non-GAAP operating income equaled 16% of net revenue, versus an 11% GAAP loss from operations.

MaxLinear generated $10.4 million of net cash flow from operations in Q4, up slightly from $10.1 million in Q3, and repurchased $20 million of common stock under a $75 million board-authorized buyback program. Total cash, cash equivalents and restricted cash stood at $101.4 million at quarter end. Working capital improved: days sales outstanding declined to 31 days and inventory decreased by $8 million sequentially, reducing inventory days to 130. Management noted that buyback activity reflects confidence in sustained cash flow improvement and revenue stability.

For Q1 2026, MaxLinear guided revenue of $130 million to $140 million, with infrastructure expected to grow sequentially while broadband, connectivity and industrial multi-market face typical seasonal declines. GAAP gross margin is projected at 56%–59% and non-GAAP at 58%–61%. GAAP operating expenses are forecast at $85 million to $90 million and non-GAAP OpEx at $58 million to $64 million. Longer term, management expects infrastructure to become the largest revenue category, with Keystone optical DSPs driving $100 million to $130 million in 2026 and Panther accelerator revenue at least doubling year-over-year, positioning gross margin to exit the year “starting with a six.” Basic and diluted share counts are projected at approximately 88 million and 91 million, respectively.