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EX - 99.1 2 a2021331exhibit991.htm EX - 99.1 First Quarter Financial Highlights GAAP basis : ● ● MAXLINEAR INEAR Carlsbad , Calif . – April 28 , 2021 – MaxLinear , Inc. ( NYSE : MXL ) , a leading provider of RF , analog , digital and mixed - signal integrated circuits , today announced financial results for the first quarter ended March 31 , 2021 . FOR IMMEDIATE RELEASE MaxLinear , Inc. Announces First Quarter 2021 Financial Results ● Record net revenue of $ 209.4 million , up 8 % sequentially and up 238 % year - on - year Delivers strong results driven by Infrastructure and Broadband product revenues ● Exhibit 99.1 up 238 % Net revenue was $ 209.4 million , up 8 % sequentially , and year - on - year . GAAP gross margin was 53.4 % , compared to 42.7 % in the prior quarter , and 49.6 % in the year - ago quarter . GAAP operating expenses were $ 101.8 million in the first quarter 2021 , or 49 % of net revenue , compared to $ 106.7 million in the prior quarter , or 55 % of net revenue , and $ 50.9 million in the year - ago quarter , or 82 % of net revenue . Non - GAAP basis : Non - GAAP gross margin was 58.6 % . This compares to 57.8 % in the prior quarter , and 63.8 % in the year - ago quarter . Non - GAAP operating expenses were $ 72.6 million , or 35 % of revenue , compared to $ 75.8 million or 39 % of revenue in the prior quarter , and $ 31.7 million or 51 % of revenue in the year - ago quarter . GAAP income from operations was 5 % of revenue , compared to loss from operations of 12 % in the prior quarter , and loss from operations of 32 % in the year - ago quarter . Net cash flow provided by operating activities was $ 40.3 million , compared to net cash flow provided by operating activities of $ 74.3 million in the prior quarter , and net cash flow provided by operating activities of $ 6.6 million in the year - ago quarter . GAAP diluted earnings per share was $ 0.05 , compared to diluted loss per share of $ 0.33 in the prior quarter , and diluted loss per share of $ 0.21 in the year - ago quarter . Non - GAAP income from operations was 24 % of revenue , compared to 19 % in the prior quarter , and 13 % in the year - ago quarter . Non - GAAP diluted earnings per share was $ 0.55 , compared to diluted earnings per share of $ 0.39 in the prior quarter , and diluted earnings per share of $ 0.07 in the year - ago quarter . Recent Business Highlights Announced that MaxLinear joined the O - RAN Alliance and will be actively contributing to the development of open , standards based 5G mobile network architectures . Announced MaxLinear's collaboration with Facebook Connectivity on Evenstar OpenRAN Solutions . Announced MaxLinear's collaboration with NI to simplify validation of wideband power amplifiers for 5G networks , giving RF Design Validation Engineers a streamlined test and measurement approach . Announced industry's first quad - port PHY optimized for 2.5GBASE - T enabling cost effective 2.5G Ethernet multiport applications . Announced the release of MaxLinear's G.hn Spirit Grid software designed for large - scale , multi - hop , high - speed , low - latency industrial IoT ( IIoT ) applications and support for up to 250 end points with one network controller . Announced partnership with Inango Systems to allow internet service providers to deploy high - value software services faster . 1