MaxLinear designs communications chips for data centers, broadband, connectivity and industrial equipment, while outsourcing manufacturing. It also earns intellectual-property revenue and reports one operating segment, not separate profit segments for each market.
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A snapshot of what MAXLINEAR, 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 |
|---|---|---|---|
| Dec 31, 20230001288469-24-000015 | Jan 31, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001288469-25-000008 | Jan 29, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001288469-26-000011 | Jan 29, 2026 | 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.
As of October 24, 2026, infrastructure growth has brought MaxLinear back to quarterly GAAP profit, but not positive operating cash flow. Funding inventory and wafer purchases, dependence on a few AI customer programs, and unresolved Silicon Motion litigation remain central to the recovery.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-2.1 · 2022-05-05
MaxLinear spends on development, qualification and supply commitments before customers commit to purchases. Management attributes recent infrastructure growth to optical AI data-center products, including its Keystone platform. Third-quarter infrastructure revenue reached $124.907 million versus $40.343 million a year earlier, while broadband fell to $53.345 million from $58.236 million. Infrastructure is not synonymous with AI: neither AI-only revenue nor product profitability is disclosed.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22
Results filed October 22 show third-quarter 2026 revenue of $218.057 million, versus $168.847 million in the preceding quarter and $126.459 million a year earlier. GAAP net income was $28.902 million, versus a $45.485 million year-earlier loss. Product mix helped gross margin, while sharply lower restructuring and litigation costs helped earnings; R&D and adjusted operating expenses nevertheless increased. Nine-month revenue reached $524.092 million, but a $17.443 million tax provision against $2.968 million of pretax income left a $14.475 million net loss. Second-quarter net income had depended on a tax benefit despite a pretax loss.
Third-quarter adjusted net income of $60.774 million excludes recurring stock compensation and other costs; it is not cash profit. Adjusted R&D can recognize conditional funding earlier than GAAP. Revenue also reflects rebate estimates, and material 2024 IP consideration was not quantified, preventing a clean product-only comparison. No material accounting-policy or segment change is reported. Equity-settled bonuses preserve cash but dilute ownership; differing GAAP loss and adjusted-profit share denominators also complicate EPS comparisons.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · 10-K · 2025-12-31
Operating cash outflow was $13.590 million in the third quarter and $17.653 million over nine months, versus a $9.213 million nine-month inflow in 2025. Management links the pressure to wafer prepayments and inventory for data-center demand; receivables also absorbed cash. Nine-month investing outflows were $17.035 million, including equipment, intangibles and a $2 million convertible note. September 30 cash and equivalents were $81.085 million, excluding $28.779 million of restricted cash. Net revolver borrowing of $40 million and $8 million of claims funding supported liquidity—not operating profitability.
Purchase and other commitments totaled $347.556 million: $100.074 million was scheduled for the remaining three months of 2026 and $211.302 million for calendar 2027, not rolling twelve-month buckets. These obligations should not be indiscriminately added to recorded liabilities. Claims funding, $15 million of conditional R&D receipts and $2.6 million of unpaid acquisition consideration remain liabilities. Private recourse, recovery-sharing and payment conditions are not established, limiting conclusions about final cash costs. Management's twelve-month funding assessment depends on projected operations and potential borrowing.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22
September 30 bank principal was $165 million: a $125 million term loan due June 23, 2028 and $40 million drawn on the revolver due March 23, 2028. The $164.062 million carrying amount is another measurement of that debt, not an additional obligation. MaxLinear reported September covenant compliance with a 3.50-times leverage ceiling and an $80 million cash-plus-available-credit minimum. Following the April 22 extension, an October 16 amendment announced and filed October 22 increased revolving commitments to $200 million and lowered the liquidity minimum to $60 million. Actual October drawings and usable headroom are not established. Borrowings remain secured, variable-rate and restricted by covenants; defaults can accelerate repayment.
Sources: 8-K · 2026-04-22 · 10-Q · 2026-09-30 · 8-K · 2026-10-22
On October 22, management forecast fourth-quarter revenue of $240–260 million, GAAP gross margin of 58–61% and GAAP operating expenses of $96–101 million. These are forecasts, dependent on concentrated hyperscale customer programs, sustained AI spending, qualification and production execution. Prospective adjusted measures lack a reconciliation because certain charges cannot reasonably be predicted. Asian manufacturing dependence is substantial: Vendor A supplied 54% of nine-month inventory purchases. Intel renewal and private supply terms are unestablished. Restricted-party export licenses may lapse or be revoked; a prior BIS disclosure resulted in a warning letter. Cybersecurity remains a risk, including a disclosed earlier access disruption—not a newly dated incident. Singapore tax incentives generally expire in March 2027 and retain employment, investment and potential repayment conditions.
The Silicon Motion acquisition never closed. MaxLinear terminated it July 26, 2023 and maintains no fee is owed; Silicon Motion seeks the termination fee, additional damages, fees and costs in unresolved arbitration. The agreement specifies a conditional $160 million parent termination fee, not an automatic payable or universal loss ceiling: remedy limitations except fraud and willful and material breach, although punitive-type damages are barred. No adjudicated outcome or estimable loss range is supplied, and adverse outcomes could exhaust cash and credit resources. Shareholder and commercial litigation also remains open despite partial dismissals; the disclosed Dish stay runs until November 2, 2026. No material loss accrual does not mean no exposure.
Sources: EX-99.1 · 2026-10-22 · 10-Q · 2026-09-30 · 10-Q · 2026-03-31 · EX-2.1 · 2022-05-05
May 20 shareholder approvals renewed the equity plan and removed the ESPP's automatic annual reserve increase, superseding earlier expiry concerns without eliminating dilution. No program repurchases occurred in the first nine months of 2026. Kris Sennesael joined the board and Audit Committee February 13, announced February 17. KPMG replaced Grant Thornton on May 28, disclosed June 1, shortly after shareholders had ratified Grant Thornton. The company reported no qualifying disagreements or reportable events; Grant Thornton agreed only with statements concerning its firm. The reason for dismissal remains undisclosed.
Sources: 8-K · 2026-05-20 · 10-Q · 2026-09-30 · 8-K · 2026-02-13 · 8-K · 2026-05-28 · EX-16.1 · 2026-05-28
USD 467.641 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 467.641 m | 29.7% |
| 2024 | USD 360.528 m | -48.0% |
| 2023 | USD 693.263 m | — |
Consolidated net revenue, including integrated-circuit sales and intellectual-property revenue.
Sources: 10-K · 2025-12-31
USD -136.681 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -136.681 m | Loss narrowed |
| 2024 | USD -245.198 m | Loss widened |
| 2023 | USD -73.147 m | — |
Consolidated GAAP net income or loss after income taxes; negative denotes loss.
Sources: 10-K · 2025-12-31
USD 19.619 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 19.619 m | Turned positive |
| 2024 | USD -45.295 m | Turned negative |
| 2023 | USD 43.372 m | — |
Net cash provided by or used in operating activities; not accounting profit.
Sources: 10-K · 2025-12-31
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