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Financial and Business Results Q1 FY26 May 29, 2025
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© 2025 Marvell. All rights reserved. 2 Forward-looking statements Except for statements of historical fact, this presentation contains forward-looking statements (within the meaning of the federal securities laws) including statements related to future revenue, future earnings, and the success of our product releases that involve risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” "forecasts," "targets," "may," “can,” “will,” “would” and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this presentation due to a number of risks and uncertainties. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
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© 2025 Marvell. All rights reserved. 3 Non-GAAP financial measures ▪ During this presentation, we may refer to certain financial measures on a U.S. non-GAAP basis. ▪ We believe that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. ▪ While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. ▪ A reconciliation for non-GAAP financial measures is in the Appendices to this presentation.
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© 2025 Marvell. All rights reserved. 4 Fiscal year nomenclature The Company’s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of 14 weeks. Fiscal 2024 had a 53-week period. Fiscal 2025 had a 52-week period. Fiscal 2026 will be a 52-week period. The first quarter of fiscal year 2026 is the three-month period ended May 3, 2025.
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© 2025 Marvell. All rights reserved. 5 Recent announcements MAY 18, 2025 Marvell and NVIDIA to Provide Custom Solutions for Advanced AI Infrastructure NEWS LINK MAY 29, 2025 Marvell Delivers Advanced Packaging Platform for Custom AI Accelerators NEWS LINK
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© 2025 Marvell. All rights reserved. 6 Record revenue, above midpoint of guidance ▪ Q4 revenue of $1,895M increased 63% y/y and 4% q/q ▪ Data center revenue of $1,441M increased 76% y/y and 5% q/q, now 76% of consolidated revenue ▪ Led by data center, Q2 revenue forecasted to grow 57% y/y and 6% q/q at guidance midpoint Multi-market1 revenue continued recovery in Q1 ▪ Recovery continues in enterprise and carrier with combined revenue up 14% q/q, expect continued growth in Q2 ▪ Auto/industrial revenue down 12% q/q, due to industrial lumpiness ▪ Consumer revenue down 29% q/q, due to gaming seasonality, expected to grow greater than 50% q/q in Q2 Strong AI results ▪ Custom silicon programs rapidly scaled to high-volume production ▪ Robust shipments of our market-leading 800G PAM and 400ZR DCI interconnect products ▪ Demonstrated industry-first 400G per lane PAM4 optical technology and industry-first 3nm 1.6T PAM4 DSP Q1 FY26 Executive summary 1. ”Multi-market” refers to the collective enterprise networking, carrier infrastructure, automotive/industrial and consumer end markets.
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© 2025 Marvell. All rights reserved. 7 Revenue Q1 FY26 Results reflected strong data center growth, augmented by continued recovery in enterprise networking and carrier infrastructure end markets. $1,161M $1,817M $1,895M Q1 FY25 Q4 FY25 Q1 FY26 Up 63% y/y and 4% q/q
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© 2025 Marvell. All rights reserved. 8 Key metrics Q1 FY26 | GAAP $1,161 $1,817 $1,895 45.5% 50.5% 50.3% Q1’25 Q4’25 Q1’26 Q1’25 Q4’25 Q1’26 Gross marginRevenue ($M) Earnings per share 1Operating margin -13.1% 12.9% 14.3% Q1’25 Q4’25 Q1’26 $(0.25) $0.23 $0.20 Q1’25 Q4’25 Q1’26 1. Earnings per share (EPS) = diluted earnings per share.
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© 2025 Marvell. All rights reserved. 9 Key metrics Q1 FY26 | Non-GAAP1 $1,161 $1,817 $1,895 62.4% 60.1% 59.8% Q1’25 Q4’25 Q1’26 Q1’25 Q4’25 Q1’26 Gross marginRevenue ($M) Earnings per share 2Operating margin 23.3% 33.7% 34.2% $0.24 $0.60 $0.62 Q1’25 Q4’25 Q1’26 Q1’25 Q4’25 Q1’26 1. See Appendices for GAAP to Non -GAAP reconciliation. 2. Earnings per share (EPS) = diluted earnings per share.
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© 2025 Marvell. All rights reserved. 10 Q1 FY26 Summary P&L | GAAP ($ in millions, except per share data) Q1’25 Q4’25 Q1’26 Y/Y Q/Q Revenue $1,160.9 $1,817.4 $1,895.3 +63% +4% Gross margin 45.5% 50.5% 50.3% +480 bps -20 bps Operating expenses $680.1 $682.2 $681.8 ⎯ % ⎯ % Operating margin (13.1%) 12.9% 14.3% +2,740 bps +140 bps Net income (loss) ($215.6) $200.2 $177.9 +183% -11% Earnings per share1 ($0.25) $0.23 $0.20 +180% -13% 1. Earnings per share (EPS) = diluted earnings per share
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© 2025 Marvell. All rights reserved. 11 Q1 FY26 Summary P&L | Non-GAAP1 ($ in millions, except per share data) Q1’25 Q4’25 Q1’26 Y/Y Q/Q Revenue $1,160.9 $1,817.4 $1,895.3 +63% +4% Gross margin 62.4% 60.1% 59.8% -260 bps -30 bps Operating expenses $453.8 $479.4 $486.2 +7% +1.4% Operating margin 23.3% 33.7% 34.2% +1,090 bps +50 bps Net income $206.7 $531.4 $540.0 +161% +2% Earnings per share2 $0.24 $0.60 $0.62 +158% +3% 1. See Appendices for GAAP to Non-GAAP reconciliation. 2. Earnings per share (EPS) = diluted earnings per share.
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© 2025 Marvell. All rights reserved. 12 Q1 FY26 Summary balance sheet items ($ in millions) Q1’25 Q4’25 Q1’26 Cash and cash equivalents $848 $948 $886 Accounts receivable, net $882 $1,028 $1,144 Inventories $826 $1,030 $1,071 Total debt $4,146 $4,064 $4,233
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© 2025 Marvell. All rights reserved. 13 Data center end market Q1 FY26 Highlights ▪ Strong ongoing demand from AI applications ▪ Custom AI silicon in high-volume production ▪ Strong demand for 800G PAM4 and 400ZR DCI products ▪ Demonstrated industry’s first 400G per lane PAM4 optical technology and industry-first 3nm 1.6T PAM4 DSP at OFC 2025 ▪ Announced new Marvell-designed 2.5D packaging platform for custom XPUs ▪ Marvell adds NVIDIA NVLink Fusion technology to its custom XPU platform for AI rack-scale solutions ▪ Expect Q2 revenue to grow in the mid-single digits sequentially on a percentage basis, driven by continued growth in AI $816 $1,366 $1,441 Revenue ($M) Up 76% y/y and 5% q/q Custom silicon high-volume ramp and strong demand for interconnects Q1’25 Q4’25 Q1’26
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© 2025 Marvell. All rights reserved. 14 Enterprise networking end market Q1 FY26 Highlights ▪ Demand recovery continued in Q1 ▪ Expect Q2 revenue to grow 1 $153 $171 $178 Revenue ($M) Up 16% y/y and 4% q/q Q1’25 Q4’25 Q1’26 1. Reflects guidance for aggregate enterprise networking and carrier infrastructure revenue.
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© 2025 Marvell. All rights reserved. 15 Carrier infrastructure end market Q1 FY26 Highlights ▪ Demand recovery continued in Q1 ▪ Expect growth to continue in Q2 1 $72 $106 $138 Revenue ($M) Up 93% y/y and 31% q/q Q1’25 Q4’25 Q1’26 1. Reflects guidance for aggregate enterprise networking and carrier infrastructure revenue.
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© 2025 Marvell. All rights reserved. 16 Automotive / industrial end market Q1 FY26 Highlights ▪ Modest automotive recovery in Q1 offset by decline in industrial ▪ Expect flat revenue in Q2 ▪ Announced sale of Automotive Ethernet business to Infineon for $2.5B in cash Down -2% y/y and -12% q/q Q1’25 Q4’25 Q1’26 Revenue ($M) $78 $86 $76
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© 2025 Marvell. All rights reserved. 17 ($ in millions) Q1’25 Q4’25 Q1’26 Y/Y Q/Q Data center $816.4 $1,365.8 $1,440.6 +76% +5% Enterprise networking $153.1 $171.4 $177.5 +16% +4% Carrier infrastructure $71.8 $105.8 $138.4 +93% +31% Consumer $42.0 $88.7 $63.1 +50% -29% Automotive/industrial $77.6 $85.7 $75.7 -2% -12% Q1 FY26 Summary revenue by end market
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© 2025 Marvell. All rights reserved. 18 Financial outlook ($ in millions, except per share data) Q2 FY26 (GAAP) Q2 FY26 (Non-GAAP1) Revenue $2,000 +/- 5% $2,000 +/- 5% Gross margin 50% - 51% 59% - 60% Operating expenses ~$735 ~$495 Diluted share count 874 million 874 million Diluted net income per share $0.21 +/- $0.05 $0.67 +/- $0.05 1. See Appendices for GAAP to Non-GAAP reconciliation.
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© 2025 Marvell. All rights reserved. 19 Q1 FY26 Summary Revenue $1,895M Up 63% y/y Data center revenue $1,441M Up 76% y/y Non-GAAP gross margin1 59.8% Non-GAAP EPS2 $0.62 Record revenue and non-GAAP EPS 1. See Appendices for GAAP to Non -GAAP reconciliation. 2. Earnings per share (EPS) = diluted earnings per share
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© 2025 Marvell. All rights reserved. 20 Appendices Reconciliations from GAAP to Non -GAAP
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© 2025 Marvell. All rights reserved. 21 Non-GAAP financial measures exclude the effect of stock -based compensation expense, amortization of acquired intangible assets, acquisition and divestiture related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facility exit related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related t o Marvell’s core business. Although Marvell excludes the amortization of all acquired intangible assets from these non -GAAP financial measures, management believes that it is important for investors to understand t hat such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in fut ure periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell’s revenues earned during the periods presented and are expected to contri bute to Marvell’s future period revenues as well. Marvell uses a non -GAAP tax rate to compute the non -GAAP tax provision. This non -GAAP tax rate is based on Marvell’s estimated a nnual GAAP income tax forecast, adjusted to account for items excluded from Marvell’s non -GAAP income, as well as the effects of significant non -recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell’s non -GAAP tax rate is determin ed on an annual basis and may be adjusted during the year to take into account events that may materially affect the non -GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell’s geographic mix of revenue and expenses; or changes to Marvell’s corporate structure. For the first quarter of fiscal 2026, a non -GAAP tax rate of 10 .0% has been applied to the non -GAAP financial results. Marvell believes that the presentation of non -GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell’s financial condition and results of operations. While Marvell uses non -GAAP financial measures as a tool to enhance its understan ding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non -GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell’s non -GAAP financial measures useful in their assessment of Marv ell’s operating performance and the valuation of Marvell. Internally, Marvell’s non-GAAP financial measures are used in the following areas: ▪ Management’s evaluation of Marvell’s operating performance; ▪ Management’s establishment of internal operating budgets; ▪ Management’s performance comparisons with internal forecasts and targeted business models; and ▪ Management’s determination of the achievement and measurement of certain types of compensation including Marvell’s annual incentive plan and certain performance -based equity awards (adjustments may vary from award to award). Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marv ell’s business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell’s results as reported under GAAP. The exclusi on of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Discussion of Non-GAAP financial measures
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© 2025 Marvell. All rights reserved. 22 Appendices (Millions) (Unaudited) Q1’25 Q4’25 Q1’26 GAAP gross profit $ 527.8 $ 917.4 $ 952.4 Special items – expenses (income): Stock-based compensation 9.7 10.1 11.2 Amortization of acquired intangible assets 180.5 169.5 169.4 Restructuring related charges (a) ⎯ 1.1 ⎯ Other cost of goods sold (b) 6.0 (6.1) 0.5 Total special items 196.2 174.6 181.1 Non-GAAP gross profit $ 724.0 $ 1,092.0 $ 1,133.5 Reconciliation of GAAP to Non-GAAP gross profit (a) Restructuring and other related items include gain on sale of property, recognition of future contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other cost of goods sold includes product claim related matters and an intellectual property licensing claim.
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© 2025 Marvell. All rights reserved. 23 Appendices (Unaudited) Q1’25 Q4’25 Q1’26 GAAP gross margin 45.5% 50.5% 50.3% Stock-based compensation 0.8% 0.6% 0.6% Amortization of acquired intangible assets 15.5% 9.3% 8.9% Restructuring related charges (a) ⎯ % 0.1% ⎯ % Other cost of goods sold (b) 0.6% (0.4)% ⎯ % Non-GAAP gross margin 62.4% 60.1% 59.8% Reconciliation of GAAP to Non-GAAP gross margin (a) Restructuring and other related items include gain on sale of property, recognition of future contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other cost of goods sold includes product claim related matters and an intellectual property licensing claim.
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© 2025 Marvell. All rights reserved. 24 Appendices Reconciliation of GAAP to Non-GAAP operating expenses (Millions) (Unaudited) Q1’25 Q4’25 Q1’26 GAAP operating expenses $ 680.1 $ 682.2 $ 681.8 Special items – (expenses) income: Stock-based compensation (126.8) (137.5) (130.9) Amortization of acquired intangible assets (84.4) (77.6) (76.3) Restructuring related charges (a) (4.1) 12.5 12.3 Other (c) (11.0) (0.2) (0.7) Total special items (226.3) (202.8) (195.6) Total non-GAAP operating expenses $ 453.8 $ 479.4 $ 486.2 (a) Restructuring and other related items include gain on sale of property, recognition of future contractual obligations, employee severance costs, facility exit related charges, and other. (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments, and asset acquisition and divestiture related costs.
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© 2025 Marvell. All rights reserved. 25 Appendices Reconciliation of GAAP operating margin to Non-GAAP operating margin (Unaudited) Q1’25 Q4’25 Q1’26 GAAP operating margin (13.1) % 12.9% 14.3% Stock-based compensation 11.8 % 8.1 % 7.5 % Amortization of acquired intangible assets 22.8 % 13.6 % 13.0 % Restructuring related charges (a) 0.4 % (0.6)% (0.6)% Other cost of goods sold (b) 0.5 % (0.3)% ⎯ % Other (c) 0.9 % ⎯ % ⎯ % Non-GAAP operating margin 23.3 % 33.7 % 34.2 % (a) Restructuring and other related items include gain on sale of property, recognition of future contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other cost of goods sold includes product claim related matters and an intellectual property licensing claim. (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments, and asset acquisition and divestiture related costs.
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© 2025 Marvell. All rights reserved. 26 Appendices Reconciliation of GAAP interest and other loss to Non-GAAP interest and other loss (Millions) (Unaudited) Q1’25 Q4’25 Q1’26 GAAP interest and other loss, net $ (45.5) $ (35.4) $ (54.7) Special items – expenses (income): Other (c) (2.4) (5.8) 7.4 Total special items (2.4) (5.8) 7.4 Total non-GAAP interest and other loss, net $ (47.9) $ (41.2) $ (47.3) (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments, and asset acquisition and divestiture related costs.
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© 2025 Marvell. All rights reserved. 27 Appendices Reconciliation of GAAP net income (loss) to Non-GAAP net income (1 of 2) (Millions) (Unaudited) Q1’25 Q4’25 Q1’26 GAAP net income (loss) $ (215.6) $ 200.2 $ 177.9 Special items – expenses (income): Stock-based compensation 136.5 147.6 142.1 Amortization of acquired intangible assets 264.9 247.1 245.7 Restructuring related charges (a) 4.1 (11.4) (12.3) Other cost of goods sold (b) 6.0 (6.1) 0.5 Other (c) 8.6 (5.6) 8.1 Pre-tax total special items 420.1 371.6 384.1 Other income tax effects and adjustments (d) 2.2 (40.4) (22.0) Non-GAAP net income $ 206.7 $ 531.4 $ 540.0
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© 2025 Marvell. All rights reserved. 28 Appendices Reconciliation of GAAP net income (loss) to Non-GAAP net income (2 of 2) (a) Restructuring and other related items include gain on sale of property, recognition of future contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other cost of goods sold includes product claim related matters and an intellectual property licensing claim. (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments, and asset acquisition and divestiture related costs. (d) Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 10.0% for the three months ended May 3, 2025. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 7.0% for the three months ended February 1, 2025 and May 4, 2024.
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© 2025 Marvell. All rights reserved. 29 Appendices Reconciliation of GAAP diluted net income (loss) per share to Non-GAAP diluted net income per share (Millions, except per share amounts) (Unaudited) Q1’25 Q4’25 Q1’26 GAAP weighted-average shares ⎯ basic 865.0 865.7 864.8 GAAP weighted-average shares ⎯ diluted 865.0 879.9 875.6 Non-GAAP weighted-average shares ⎯ diluted (e) 876.0 879.9 875.6 GAAP diluted net income (loss) per share $ (0.25) $ 0.23 $ 0.20 Non-GAAP diluted net income per share $ 0.24 $ 0.60 $ 0.62 (e) In periods of GAAP net loss, non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported.
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© 2025 Marvell. All rights reserved. 30 Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (1 of 3) (Millions, except per share amounts) (Unaudited) Q2’26 GAAP net revenue $2,000 +/- 5% Special items: ⎯ Non-GAAP net revenue $2,000 +/- 5% GAAP gross margin ~50.5% Special items: Stock-based compensation 0.6% Amortization of acquired intangible assets 8.4% Non-GAAP gross margin ~59.5%
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© 2025 Marvell. All rights reserved. 31 Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (2 of 3) (Millions, except per share amounts) (Unaudited) Q2’26 Total GAAP operating expenses ~ $735 Special items: Stock-based compensation 147 Amortization of acquired intangible assets 76 Restructuring related charges and other 17 Total Non-GAAP operating expenses ~ $495
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© 2025 Marvell. All rights reserved. 32 Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (3 of 3) (Millions, except per share amounts) (Unaudited) Q2’26 GAAP diluted net income per share $0.21 +/- $0.05 Special items: Stock-based compensation 0.18 Amortization of acquired intangible assets 0.29 Restructuring related charges and other 0.02 Other income tax effects and adjustments (0.03) Non-GAAP diluted net income per share $0.67 +/- $0.05