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MaxLinear Q4'25 Earnings January 29, 2026
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Cautionary Note Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Unless otherwise indicated, all forward looking statements are based on estimates, projections, and assumptions of MaxLinear as of the date of this presentation. These forward-looking statements include, among others, statements concerning: our expected financial performance for the first quarter of 2026; our potential growth and revenue opportunities; plans regarding development and production of our technology and products; including the timing of the rollout for our data center applications; and statements relating to the potential ramp up of our single-chip integrated fiber PON and 10-gigabit processor gateway SoC plus triband Wi-Fi7 single-chip platform solution. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to: our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; increased tariffs, export controls or imposition of other trade barriers; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has previously declined, and/or manage future growth effectively, and the impact of excess inventory in the channel on our customers' expected demand for certain of our products and on our revenue; escalating trade wars, military conflicts and other geopolitical and economic tensions among the countries in which we conduct business; international geopolitical and military conflicts; our ability to obtain or retain government authorization to export certain of our products or technology; the loss of, or a significant reduction in orders from major customers; legal proceedings or potential violations of regulations; information technology failures; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial and productive research and development investments; delays or expenses caused by undetected defects or bugs in our products; substantial quarterly and annual fluctuations in our revenue and operating results; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties and differences between our estimates of customer demand and product mix and our actual results; failure to accurately predict our future revenue and appropriately budget expenses; lengthy and expensive customer qualification processes; customer product plan cancellations; failure to maintain compliance with government regulations; failure to attract and retain qualified personnel; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; risks related to compliance with privacy, data protection and cybersecurity laws and regulations; risks related to conforming our products to industry standards; risks related to business acquisitions and investments; claims of intellectual property infringement; our ability to protect our intellectual property; security vulnerabilities of our products; use of open source software in our products; failure to manage our relationships with, or negative impacts from, third parties; and expectations relating to our stock repurchase program. In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on January 29, 2026, and our Current Reports on Form 8-K. All forward-looking statements are based on the estimates, projections and assumptions of management as of January 29, 2026, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. 2
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Disclaimer Non-GAAP Financial Measures This communication contains non-GAAP financial measures, which MaxLinear management believes are useful to investors and reflecthow management measures MaxLinear’s business. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance. The company’s non-GAAP financial measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2025, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2024, which we settled in shares of common stock in February 2025; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, if any, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) impairment losses; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions, and (x) non-cash income tax benefits and expenses. The amount of such exclusions could be significant. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP . Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by othercompanies. A description of these non-GAAP financial measures and a reconciliation of the company’s non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the Appendix and investors are encouraged to review the reconciliation. Further detail and reconciliations between the non-GAAP financial measures and the GAAP financial measures are available in the Appendix to this presentation and on the Investor Relations section of MaxLinear’s website as partof its published financial results press release. Because of the inherent uncertainty associated with our ability to project future charges, particularly those related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide reconciliations to forward-looking non-GAAP financial information. 3
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Q4'25 Financial Highlights • Revenue of $136.4 million, up 7.9% from Q3'25 and up 48.0% from Q4'24 • GAAP and non-GAAP gross margin was 57.6% and 59.6% • GAAP and non-GAAP operating margin was (10.9)% and 16.2% • GAAP and non-GAAP diluted earnings (loss) per share was $(0.17) and $0.19 • Cash provided by operations was $10.4 million • Repurchased common stock of $20.0 million
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Fiscal Year Financial Highlights • Revenue of $467.6 million, up 29.7% from FY'25 • GAAP and non-GAAP gross margin was 56.8% and 59.3% • GAAP and non-GAAP operating margin (loss) was (27.1)% and 9.3% • GAAP and non-GAAP diluted earnings (loss) per share was $(1.58) and $0.31 • Cash provided by operations was $19.6 million
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Q4'25 and FY'25 Business Highlights • Infrastructure grew 30% in FY2025 and 79% in Q425 over the same period in 2024. This was led by strong growth in optical and wireless infrastructure, and early traction in our storage accelerator business. • Keystone PAM4 DSP family is now qualified and ramping at several major data centers in the US and Asia for 400G and 800G deployments. • Early deployment of our single-chip integrated fiber PON and 10-gigabit processor gateway SoC plus triband WiFi-7 single-chip platform solution with a second major Tier-1 North American carrier began in Q4 and is expected to ramp throughout 2026. • Showcased WiFi 8 solution for the carrier market at the Consumer Electronics Show in Las Vegas
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Q4'25 GAAP Financial Results $M Q4'25 Q3'25 Q4'24 Net Revenue $136.4 $126.5 $92.2 Gross Margin 57.6% 56.9% 55.6% Operating Expenses $93.4 $113.2 $92.4 Interest and Other Income (Expense), Net $(2.9) $(2.1) $0.4 Tax Rate 16.3% (4.8)% (41.7)% Net Loss $(14.9) $(45.5) $(57.8) Diluted Loss Per Share $(0.17) $(0.52) $(0.68)
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FY'25 GAAP Financial Results $M FY'25 FY'24 Net Revenue $467.6 $360.5 Gross Margin 56.8% 54.0% Operating Expenses $392.7 $418.1 Interest and Other Income (Expense), Net $(14.0) $(15.4) Tax Rate 3.0% (2.7)% Net Loss $(136.7) $(245.2) Diluted Loss Per Share $(1.58) $(2.93)
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Q4'25 Non-GAAP Financial Results $M Q4'25 Q3'25 Q4'24 Net Revenue (GAAP) $136.4 $126.5 $92.2 Non-GAAP Gross Margin 59.6% 59.1% 59.1% Non-GAAP Operating Expenses $59.2 $59.5 $61.3 Non-GAAP Interest and Other Income (Expense), Net $(2.8) $(1.8) $0.7 Non-GAAP Tax Rate 10.3% 9.7% 16.1% Non-GAAP Net Income (Loss) $17.4 $12.1 $(7.2) Non-GAAP Diluted Net Income (Loss) Per Share $0.19 $0.14 $(0.09)
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FY'25 Non-GAAP Financial Results $M FY'25 FY'24 Net Revenue (GAAP) $467.6 $360.5 Non-GAAP Gross Margin 59.3% 59.7% Non-GAAP Operating Expenses $233.7 $283.7 Non-GAAP Interest and Other Income (Expense), Net $(13.2) $(3.1) Non-GAAP Tax Rate 11.3% (5.6)% Non-GAAP Net Income (Loss) $26.9 $(75.6) Non-GAAP Diluted Net Income (Loss) Per Share $0.31 $(0.90)
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Q4'25 Balance Sheet $M Assets Q4'25 Q3'25 Q4'24 Cash and cash equivalents $72.8 $111.9 $118.6 Accounts receivable $46.1 $52.9 $85.5 Inventory $78.1 $86.3 $90.3 Other current assets $51.8 $33.0 $29.1 Total current assets $248.8 $284.1 $323.4 Net PP&E $48.9 $50.9 $59.3 Restricted cash $27.2 $— $— Other assets $471.5 $473.1 $481.9 Total assets $796.4 $808.1 $864.6 Liabilities & Stockholders' Equity Total current liabilities $186.0 $183.6 $182.3 Long-term debt $123.6 $123.5 $123.0 Other liabilities $34.9 $36.4 $43.1 Total liabilities $344.5 $343.4 $348.4 Stockholders' equity $451.9 $464.7 $516.3 Total liabilities and equity $796.4 $808.1 $864.6
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Q1'26 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $130 - $140 $130 - $140 Gross Margin 56.0% - 59.0% 58.0% - 61.0% Operating Expenses $85 - $90 $58 - $64 Interest and Other Expense, Net $2.1 - $2.7 $2.0 - $2.6 Income Tax Provision $4.0 $0.8 Fully Diluted Share Count 88.0 91.0
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Appendix
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 GAAP gross profit $ 78,557 $ 71,901 $ 51,248 Stock-based compensation 121 164 186 Performance based equity 84 136 8 Amortization of purchased intangible assets 2,583 2,582 2,990 Non-GAAP gross profit 81,345 74,783 54,432 GAAP R&D expenses 51,691 54,252 51,278 Stock based compensation (9,443) (9,750) (10,862) Performance based equity (5,148) (7,361) (743) Non-GAAP R&D expenses 37,100 37,141 39,673 GAAP SG&A expenses 41,956 47,674 38,087 Stock based compensation (10,030) (11,597) (7,766) Performance based equity (3,512) (3,750) (811) Amortization of purchased intangible assets (206) (350) (592) Acquisition and integration costs (6,093) (9,572) (7,261) Non-GAAP SG&A expenses 22,115 22,405 21,657
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 GAAP restructuring expenses (198) 11,264 3,056 Restructuring charges 198 (11,264) (3,056) Non-GAAP restructuring expenses — — — GAAP loss from operations (14,892) (41,289) (41,173) Total non-GAAP adjustments 37,022 56,526 34,275 Non-GAAP income (loss) from operations 22,130 15,237 (6,898) GAAP interest and other income (expense), net (2,911) (2,099) 351 Non-recurring interest and other income (expense), net 146 298 326 Non-GAAP interest and other income (expense), net (2,765) (1,801) 677
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 GAAP loss before income taxes $ (17,803) $ (43,388) $ (40,822) Total non-GAAP adjustments before income taxes 37,168 56,824 34,601 Non-GAAP income (loss) before income taxes 19,365 13,436 (6,221) GAAP income tax provision (benefit) (2,906) 2,097 17,016 Adjustment for non-cash tax benefits/expenses 4,906 (797) (16,016) Non-GAAP income tax provision 2,000 1,300 1,000 GAAP net loss (14,897) (45,485) (57,838) Total non-GAAP adjustments before income taxes 37,168 56,824 34,601 Total tax adjustments 4,906 (797) (16,016) Non-GAAP net income (loss) $ 17,365 $ 12,136 $ (7,221) Shares used in computing GAAP and non-GAAP basic net income (loss) per share 87,243 87,186 84,485 Shares used in computing GAAP diluted net loss per share 87,243 87,186 84,485 Dilutive common stock equivalents 3,399 671 — Shares used in computing non-GAAP diluted net income (loss) per share 90,642 87,857 84,485 Non-GAAP basic net income (loss) per share $ 0.20 $ 0.14 $ (0.09) Non-GAAP diluted net income (loss) per share $ 0.19 $ 0.14 $ (0.09)
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2025 December 31, 2024 GAAP gross profit $ 265,814 $ 194,782 Stock-based compensation 722 621 Performance based equity 331 24 Amortization of purchased intangible assets 10,329 19,798 Non-GAAP gross profit 277,196 215,225 GAAP R&D expenses 208,599 225,189 Stock based compensation (41,474) (38,814) Performance based equity (20,833) (3,108) Research and development funded by others (1,000) 2,000 Non-GAAP R&D expenses 145,292 185,267 GAAP SG&A expenses 159,580 138,329 Stock based compensation (34,933) (26,586) Performance based equity (11,546) (2,132) Amortization of purchased intangible assets (1,739) (2,366) Acquisition and integration costs (22,953) (8,828) Non-GAAP SG&A expenses 88,409 98,417
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2025 December 31, 2024 GAAP impairment losses — 1,237 Impairment losses — (1,237) Non-GAAP impairment losses — — GAAP restructuring expenses 24,525 53,379 Restructuring charges (24,525) (53,379) Non-GAAP restructuring expenses — — GAAP loss from operations (126,890) (223,352) Total non-GAAP adjustments 170,385 154,893 Non-GAAP income (loss) from operations 43,495 (68,459) GAAP interest and other income (expense), net (14,004) (15,365) Non-recurring interest and other income (expense), net 835 12,233 Non-GAAP interest and other income (expense), net (13,169) (3,132)
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2025 December 31, 2024 GAAP loss before income taxes $ (140,894) $ (238,717) Total non-GAAP adjustments before income taxes 171,220 167,126 Non-GAAP income (loss) before income taxes 30,326 (71,591) GAAP income tax provision (benefit) (4,213) 6,481 Adjustment for non-cash tax benefits/expenses 7,653 (2,481) Non-GAAP income tax provision 3,440 4,000 GAAP net loss (136,681) (245,198) Total non-GAAP adjustments before income taxes 171,220 167,126 Total tax adjustments 7,653 (2,481) Non-GAAP net income (loss) $ 26,886 $ (75,591) Shares used in computing GAAP and non-GAAP basic net income (loss) per share 86,588 83,600 Shares used in computing GAAP diluted net loss per share 86,588 83,600 Dilutive common stock equivalents 1,300 — Shares used in computing non-GAAP diluted net income (loss) per share 87,888 83,600 Non-GAAP basic net income (loss) per share $ 0.31 $ (0.90) Non-GAAP diluted net income (loss) per share $ 0.31 $ (0.90)
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 GAAP gross margin 57.6 % 56.9 % 55.6 % Stock-based compensation 0.1 % 0.1 % 0.2 % Performance based equity 0.1 % 0.1 % — % Amortization of purchased intangible assets 1.9 % 2.0 % 3.2 % Non-GAAP gross margin 59.6 % 59.1 % 59.1 % GAAP operating margin (10.9)% (32.7)% (44.7)% Total non-GAAP adjustments 27.1 % 44.7 % 37.2 % Non-GAAP operating margin 16.2 % 12.1 % (7.5)%
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GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Year Ended December 31, 2025 December 31, 2024 GAAP gross margin 56.8 % 54.0 % Stock-based compensation 0.2 % 0.2 % Performance based equity 0.1 % — % Amortization of purchased intangible assets 2.2 % 5.5 % Non-GAAP gross margin 59.3 % 59.7 % GAAP operating margin (27.1)% (62.0)% Total non-GAAP adjustments 36.4 % 43.0 % Non-GAAP operating margin 9.3 % (19.0)%
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Thank You