Slide 1: MaxLinear Q2'25 Earnings
MaxLinear Q2'25 Earnings July 23, 2025
Slide 2: Cautionary Note Concerning Forward-Looking Statements
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
Slide 3: Disclaimer
Disclaimer Non-GAAP Financial Measures This communication contains non-GAAP financial measures, which MaxLinear management believes are useful to investors and reflect how management measures MaxLinear’s business. Among other uses, our management uses non-GAAP measures to compare our performance rel
Slide 4: Q2'25 Financial Highlights
Q2'25 Financial Highlights • Revenue of $108.8 million up 13.4% from Q1'25 and up 18.3% from Q2'24 • GAAP and non-GAAP gross margin was 56.5% and 59.1% • GAAP and non-GAAP operating margin was (22.6)% and 7.2% • GAAP and non-GAAP diluted earnings (loss) per share was $(0.31) and $0.02 • Cash provide
Slide 5: Q2'25 Business Highlights
Q2'25 Business Highlights • Returned to non-GAAP profitability and positive free cash flow • Achieved growth across three of our four end-market segments, with continued improvement in customer order rates and backlog • On track to deliver $60-70M in revenue this year for 5nm Keystone PAM4 product f
Slide 6: Q2'25 GAAP Financial Results
Q2'25 GAAP Financial Results $M Q2'25 Q1'25 Q2'24 Net Revenue $108.8 $95.9 $92.0 Gross Margin 56.5% 56.1% 54.6% Operating Expenses $86.1 $99.9 $91.0 Interest and Other Income (Expense), Net $(6.1) $(2.9) $(0.5) Tax Rate 13.4% (1.5)% 5.0% Net Loss $(26.6) $(49.7) $(39.3) Diluted Loss Per Share $(0.31
Slide 7: Q2'25 Non-GAAP Financial Results
Q2'25 Non-GAAP Financial Results $M Q2'25 Q1'25 Q2'24 Net Revenue (GAAP) $108.8 $95.9 $92.0 Non-GAAP Gross Margin 59.1% 59.1% 60.2% Non-GAAP Operating Expenses $56.6 $58.4 $74.8 Non-GAAP Interest and Other Income (Expense), Net $(5.9) $(2.7) $(0.4) Non-GAAP Tax Rate 7.4% —% (5.8)% Non-GAAP Net Incom
Slide 8: Q2'25 Balance Sheet
Q2'25 Balance Sheet $M Assets Q2'25 Q1'25 Q2'24 Cash and cash equivalents $108.6 $102.8 $185.1 Accounts receivable $105.8 $98.9 $84.9 Inventory $86.0 $86.0 $94.7 Other current assets $29.7 $32.7 $32.8 Total current assets $330.1 $320.4 $397.6 Net PP&E $51.1 $55.5 $65.4 Other assets $482.5 $479.3 $51
Slide 9: Q3'25 Guidance
Q3'25 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $115 - $135 $115 - $135 Gross Margin 55.0% - 58.0% 57.5% - 60.5% Operating Expenses $84 - $90 $55 - $61 Interest and Other Expense, Net $3.5 - $4.5 $3.5 - $4.5 Income Tax Provision (Benefit) $(0.6) $1.3 Fully Diluted Share Cou
Slide 10: Appendix
Appendix
Slide 11: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 GAAP gross profit $ 61,525 $ 53,831 $ 50,186 Stock-based compensation 156 281 173 Performance based equity 73 38 (37) A
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 GAAP restructuring expenses 5,580 7,879 865 Restructuring charges (5,580) (7,879) (865) Non-GAAP restructuring expenses
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 GAAP loss before income taxes $ (30,701) $ (49,002) $ (41,326) Total non-GAAP adjustments before income taxes 32,597 44
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Six Months Ended June 30, 2025 June 30, 2024 GAAP gross profit $ 115,356 $ 99,454 Stock-based compensation 437 354 Performance based equity 111 35 Amortization of purchased intangib
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Six Months Ended June 30, 2025 June 30, 2024 GAAP restructuring expenses 13,459 23,495 Restructuring charges (13,459) (23,495) Non-GAAP restructuring expenses — — GAAP loss from ope
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Six Months Ended June 30, 2025 June 30, 2024 GAAP loss before income taxes $ (79,703) $ (115,397) Total non-GAAP adjustments before income taxes 77,228 79,191 Non-GAAP loss before i
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 GAAP gross margin 56.5 % 56.1 % 54.6 % Stock-based compensation 0.1 % 0.3 % 0.2 % Amortization of purchased intangible assets
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Six Months Ended June 30, 2025 June 30, 2024 GAAP gross margin 56.3 % 53.1 % Stock-based compensation 0.2 % 0.2 % Performance based equity 0.1 % —% Amortization of purchased intangible ass
Slide 19: Thank You
Thank You