Business
MaxLinear, Inc. Announces Second Quarter 2024 Financial Results
Net revenue of $92.0 million in Q2, GAAP gross margin of 54.6% and non-GAAP gross margin of 60.2% CARLSBAD, Calif.--(BUSINESS WIRE)-- MaxLinear, Inc.
About this update from Maxlinear, Inc
[{"type":"text","content":"\n\nNet revenue of $92.0 million in Q2, GAAP gross margin of 54.6% and non-GAAP gross margin of 60.2%\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, 2024.\n\n\nSecond Quarter Financial Highlights\n\n\nGAAP basis:\n\n\n\nNet revenue was $92.0 million, down 3% sequentially and down 50% year-over-year.\n\n\n\nGAAP gross margin was 54.6%, compared to 51.7% in the prior quarter, and 55.9% in the year-ago quarter.\n\n\n\nGAAP operating expenses were $91.0 million in the second quarter 2024, or 99% of net revenue, compared to $123.9 million in the prior quarter, or 130% of net revenue, and $108.8 million in the year-ago quarter, or 59% of net revenue.\n\n\n\nGAAP loss from operations was 44% of net revenue, compared to loss from operations of 78% of net revenue in the prior quarter, and loss from operations of 3% of net revenue in the year-ago quarter.\n\n\n\nNet cash flow used in operating activities was $2.7 million, compared to net cash flow provided by operating activities of $16.0 million in the prior quarter, and net cash flow provided by operating activities of $30.6 million in the year-ago quarter.\n\n\n\nGAAP diluted loss per share was $0.47, compared to diluted loss per share of $0.88 in the prior quarter, and diluted loss per share of $0.05 in the year-ago quarter.\n\n\n\nNon-GAAP basis:\n\n\n\nNon-GAAP gross margin was 60.2%. This compares to 60.6% in the prior quarter, and 61.0% in the year-ago quarter.\n\n\n\nNon-GAAP operating expenses were $74.8 million, or 81% of net revenue, compared to $74.8 million or 78% of net revenue in the prior quarter, and $82.5 million or 45% of net revenue in the year-ago quarter.\n\n\n\nNon-GAAP loss from operations was 21% of net revenue, compared to loss of 18% in the prior quarter, and income of 16% in the year-ago quarter.\n\n\n\nNon-GAAP diluted loss per share was $0.25, compared to loss of $0.21 in the prior quarter, and earnings of $0.34 in the year-ago quarter.\n\n\n\nManagement Commentary\n\n\n“In conclusion, we are excited and confident in our progress in the infrastructure market with our wireless and optical interconnect products, even as we await a broadband recovery,” said Kishore ...