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October 27 , 2021 MAXLINEAR MaxLinear , Inc. Announces Third Quarter 2021 Financial Results • Record net revenue of $ 229.8 million , up 12 % sequentially and up 47 % year - over year • GAAP gross margin 56.5 % and non - GAAP gross margin 61.3 % , up 170 bps and 110 bps from previous quarter , respectively CARLSBAD , Calif .-- ( BUSINESS WIRE ) -- MaxLinear , Inc. ( NYSE : MXL ) , a leading provider of RF , analog , digital and mixed - signal integrated circuits , today announced financial results for the third quarter ended September 30 , 2021 . Third Quarter Financial Highlights GAAP basis : • Net revenue was $ 229.8 million , up 12 % sequentially and up 47 % year - over - year . • GAAP gross margin was 56.5 % , compared to 54.8 % in the prior quarter , and 42.3 % in the year - ago quarter . • GAAP operating expenses were $ 106.0 million in the third quarter 2021 , or 46 % of net revenue , compared to $ 110.3 million in the prior quarter , or 54 % of net revenue , and $ 100.8 million in the year - ago uarter , or 64 % of net revenue . • GAAP income from operations was 10 % of revenue , compared to income from operations of 1 % in the prior quarter , and loss from operations of 22 % in the year - ago quarter . • Net cash flow provided by operating activities was $ 84.1 million , compared to net cash flow provided by operating activities of $ 7.9 million in the prior quarter , and net cash flow used in operating activities of $ 16.6 million in the year - ago quarter . • GAAP diluted earnings per share was $ 0.12 , compared to diluted earnings per share of $ 0.01 in the prior quarter , and diluted loss per share of $ 0.50 in the year - ago quarter . Non - GAAP basis : • Non - GAAP gross margin was 61.3 % . This compares to 60.2 % in the prior quarter , and 58.0 % in the year - ago quarter . • Non - GAAP operating expenses were $ 74.4 million , or 32 % of revenue , compared to $ 75.2 million or 37 % of revenue in the prior quarter , and $ 61.1 million or 39 % of revenue in the year - ago quarter . • Non - GAAP income from operations was 29 % of revenue , compared to 24 % in the prior quarter , and 19 % in the year - ago quarter . • Non - GAAP diluted earnings per share was $ 0.75 , compared to diluted earnings per