MACOM Technology Solutions Holdings, Inc. (Nasdaq: MTSI) designs and manufactures RF, microwave, optical and other high-performance semiconductor components and modules for defense, industrial equipment, data-center connectivity and telecommunications infrastructure.
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A snapshot of what MACOM Technology Solutions Holdings, Inc. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Sep 29, 20230001493594-23-000081 | Nov 13, 2023 | 10-K | Open 10-Ksec.gov |
| Sep 27, 20240001493594-24-000060 | Nov 12, 2024 | 10-K | Open 10-Ksec.gov |
| Oct 3, 20250001493594-25-000054 | Nov 14, 2025 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
MACOM's operating recovery is stronger than its volatile net-income history initially suggests, but earnings require careful separation from financing and investment effects. Fiscal 2025 revenue reached $967.3 million and operating income improved, while a debt-exchange charge produced a GAAP net loss. Subsequently, Data Center became its largest quarterly revenue market in fiscal Q3 2026, helping improve operating margins. That quarter's net income also included a substantial noncash IQE investment gain. Cash generation remains positive, although inventory, capital spending, debt repayment and the IQE investment absorb resources. Remaining convertible notes create potential cash demands before their contractual maturity. This view covers fiscal 2023–2025 and subsequent disclosures through August 6, 2026; the August forecast for fiscal Q4 is not an established result.
Sources: 10-K · 2025-10-03 · 10-Q · 2026-07-03 · EX-99.1 · 2026-08-06
MACOM supplies components incorporated into larger electronic systems, rather than principally selling finished consumer products. Its capabilities span analog and mixed-signal design, compound semiconductors, optical devices and integrated modules. Defense applications include radar, electronic warfare and communications; commercial applications include high-speed data links, broadband networks and industrial equipment. Internal fabrication supports specialized processes and domestic defense supply requirements, while outside foundries and assembly partners broaden capacity. This combination still carries factory fixed costs, yield risk and dependence on qualified suppliers. Industrial & Defense, Data Center and Telecom are revenue markets within one reportable segment, not separately disclosed profit centers.
Sources: 10-K · 2025-10-03 · 10-Q · 2026-07-03
The annual sequence is uneven. Telecom weakness reduced fiscal 2023 revenue to $648.4 million. Fiscal 2024 revenue recovered to $729.6 million, but the acquired Wolfspeed RF business contributed $138.7 million—more than the consolidated increase—and gross margin fell to 54.0%. Acquired staffing, product mix, amortization and depreciation limited profitability. Fiscal 2025 revenue reached $967.3 million as all three markets expanded, with acquisition annualization also helping. Operating income recovered to $129.7 million and gross margin to 54.7%, still below fiscal 2023's 59.5%. Fiscal 2025 contained an extra week and benefited from a depreciation-estimate change; reported growth and margin improvement are therefore not purely like-for-like operating measures.
Sources: 10-K · 2023-09-29 · 10-K · 2024-09-27 · 10-K · 2025-10-03
The August 6, 2026 filings reported fiscal Q3 revenue of $342.2 million and operating income of $77.1 million. Data Center revenue reached $137.6 million, becoming the largest quarterly market; management attributed its growth principally to optical products supporting 100G–1.6T links. Defense programs also expanded, while Telecom grew more slowly. Higher sales and higher-margin products lifted gross margin to 58.3%, despite additional RTP factory staffing and maintenance. Net income of $100.7 million included a $41.5 million noncash IQE valuation gain, so it overstates operating earnings as a standalone indicator. MACOM's August forecast called for fiscal Q4 revenue of $415–425 million; no actual Q4 result is established here.
Sources: 10-Q · 2026-07-03 · EX-99.1 · 2026-08-06
Operating cash flow increased to $235.4 million in fiscal 2025 and totaled $201.6 million in the first nine months of fiscal 2026. These figures are not profit: they reverse noncash charges or gains and reflect working-capital timing. The latest nine months absorbed $89.6 million in working capital, including substantial inventory and receivables investment. Cash property-and-equipment purchases were $46.9 million, with software spending separate. At July 3, cash was $89.6 million and short-term investments $573.4 million. Much of that securities portfolio matured beyond one year despite its current classification. IQE investments are separate long-term assets, and proposed CHIPS direct funding is not available cash. The fiscal 2025 annual also disclosed $157.1 million of outstanding purchase commitments as of October 3, 2025, primarily for services and inventory supply arrangements, with approximately $145.1 million of payments due within one year. This is a material dated claim on resources, not an additional amount mechanically deductible from July 3 liquidity or additive to recorded liabilities. The supplied fiscal 2026 quarterly commitment notes address litigation without updating the purchase-commitment amount; they establish neither the balance outstanding at July 3, 2026 nor subsequent settlement, cancellation or a zero balance.
Sources: 10-K · 2025-10-03 · 10-Q · 2026-07-03 · 10-Q · 2026-01-02 · 10-Q · 2026-04-03
On March 16, 2026, MACOM settled the remaining 2026 notes with approximately $160.7 million cash principal and 1,259,111 shares for the conversion premium, without an earnings charge. Remaining convertible principal was $344.3 million at July 3. Those zero-coupon notes mature December 15, 2029, but became convertible during fiscal Q4 2026 after a stock-price trigger, moving their carrying amount into current debt. Conversion requires cash for principal; subsequent conversion is not established. Leases and property financing add obligations outside that principal figure. Capital allocation also includes acquisitions, the completed IQE investment and employee-award tax withholding; the latter is not a discretionary shareholder buyback program.
Sources: 10-Q · 2026-04-03 · 10-Q · 2026-07-03
A broad end-customer base does not eliminate concentrated purchasing channels: the largest customer generated 23% of fiscal Q3 revenue and represented 26% of receivables. China-billed revenue was $133.8 million, although billing address does not identify final consumption. Export restrictions, material shortages and supplier qualification delays can affect both demand and production. Purchase orders are generally cancellable or deferrable, making backlog an unreliable forecast. Inventory valuation depends on uncertain demand, while strategic investments introduce loss risk and limited control. Faster interconnect adoption offers opportunity, but neither design wins nor the IQE supply relationship guarantees orders, capacity, pricing benefits or durable growth.
Sources: 10-K · 2025-10-03 · 10-Q · 2026-01-02 · 10-Q · 2026-04-03 · 10-Q · 2026-07-03
USD 967.258 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 967.258 m | 32.6% |
| 2024 | USD 729.578 m | 12.5% |
| 2023 | USD 648.407 m | — |
Consolidated revenue recognized under ASC 606, net of estimated returns and pricing adjustments.
Sources: 10-K · 2025-10-03
USD 76.859 m
FY2024 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 76.859 m | -16.1% |
| 2023 | USD 91.577 m | — |
Consolidated GAAP net income attributable to common stockholders.
Sources: 10-K · 2025-10-03
USD -54.21 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -54.21 m | — |
Consolidated GAAP net income or loss attributable to common stockholders, including debt extinguishment and tax effects.
Sources: 10-K · 2025-10-03
USD 235.368 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 235.368 m | 44.7% |
| 2024 | USD 162.64 m | -2.6% |
| 2023 | USD 166.917 m | — |
GAAP operating cash flow after noncash reconciliation and changes in operating assets and liabilities.
Sources: 10-K · 2025-10-03
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