Business
MaxLinear, Inc. Announces Second Quarter 2023 Financial Results
Net revenue of $183.9 million in Q2, GAAP gross margin of 55.9% and non-GAAP gross margin of 61.0% Infrastructure revenue was $49.3 million in Q2, up 6%
About this update from Maxlinear, Inc
[{"type":"text","content":"\n\nNet revenue of $183.9 million in Q2, GAAP gross margin of 55.9% and non-GAAP gross margin of 61.0%\n\n\n\nInfrastructure revenue was $49.3 million in Q2, up 6% sequentially and up 37% YoY\n\n\n\n CARLSBAD, Calif.--(BUSINESS WIRE)--\nMaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter Financial Highlights\n\n\nGAAP basis:\n\n\n\nNet revenue was $183.9 million, down 26% sequentially and down 34% year-over-year.\n\n\n\nGAAP gross margin was 55.9%, compared to 56.5% in the prior quarter, and 58.7% in the year-ago quarter.\n\n\n\nGAAP operating expenses were $108.8 million in the second quarter 2023, or 59% of net revenue, compared to $113.0 million in the prior quarter, or 45% of net revenue, and $125.3 million in the year-ago quarter, or 45% of net revenue.\n\n\n\nGAAP loss from operations was 3% of net revenue, compared to income from operations of 11% of net revenue in the prior quarter, and income from operations of 14% of net revenue in the year-ago quarter.\n\n\n\nNet cash flow provided by operating activities was $30.6 million, compared to net cash flow provided by operating activities of $42.2 million in the prior quarter, and net cash flow provided by operating activities of $123.4 million in the year-ago quarter.\n\n\n\nGAAP diluted loss per share was $0.05, compared to diluted earnings per share of $0.12 in the prior quarter, and diluted earnings per share of $0.40 in the year-ago quarter.\n\n\n\nNon-GAAP basis:\n\n\n\nNon-GAAP gross margin was 61.0%. This compares to 60.3% in the prior quarter, and 62.3% in the year-ago quarter.\n\n\n\nNon-GAAP operating expenses were $82.5 million, or 45% of net revenue, compared to $80.8 million or 33% of net revenue in the prior quarter, and $84.3 million or 30% of net revenue in the year-ago quarter.\n\n\n\nNon-GAAP income from operations was 16% of net revenue, compared to 28% in the prior quarter, and 32% in the year-ago quarter.\n\n\n\nNon-GAAP diluted earnings per share was $0.34, compared to $0.74 in the prior quarter, and $1.11 in the year-ago quarter.\n\n\n\nManagement Commentary\n\n\n“In the second quarter, we delivered $183.9 million in revenues and generated cash flow from operations of approximate...