Marvell Technology, Inc. · NASDAQ:MRVL

Marvell Technology — Q1 2027 Earnings Presentation

33 slides from Marvell Technology's earnings presentation, May 27, 2026

1. Slide 1: Q1 FY27 Financial and Business Results

   Q1 FY27 Financial and Business Results May 27, 2026

2. Slide 2: Forward-looking statements

   Forward-looking statements Except for statements of historical fact, this presentation contains forward -looking statements (within the meaning of the federal securities laws) including statements related to future revenue, future earnings, and the success of our product releases that involve risks

3. Slide 3: Non-GAAP financial measures

   Non-GAAP financial measures ▪ During this presentation, we may refer to certain financial measures on a U.S. non-GAAP basis. ▪ We believe that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business tren

4. Slide 4: Fiscal year nomenclature

   Fiscal year nomenclature The Company’s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of

5. Slide 5: Recent announcements

   Recent announcements APRIL 22, 2026 MARCH 31, 2026 Marvell Announces Acquisition of Polariton NVIDIA AI Ecosystem Expands as Marvell Technologies, Advancing Optical Performance Joins Forces Through NVLink Fusion Scaling to 3.2T and Beyond NEWS LINK NEWS LINK MARCH 17, 2026 MARCH 17, 2025 Marvell Lau

6. Slide 6: Recent announcements

   Recent announcements MARCH 16, 2026 MARCH 12, 2026 Marvell and Lumentum to Demonstrate Marvell Ushers In the 1.6T Era with Expanded Optical Circuit Switching for Next-generation Optical DSP Platform Portfolio, Redefining AI AI Scale-up Infrastructure Data Center End-to-End Connectivity NEWS LINK NEW

7. Slide 7: Executive summary

   Executive summary Record Q1 FY27 financial performance ▪ Q1 record revenue of $2,418M increased 28% y/y and 9% q/q ▪ Q1 record data center revenue of $1,833M increased 27% y/y and 11% q/q ▪ Q1 communications and other revenue of $585M increased 29% y/y and 3% q/q AI expected to drive revenue acceler

8. Slide 8: Revenue Q1 FY27

   Revenue Q1 FY27 Results reflected strong demand $2,418M in the data center end market. $2,219M $1,895M Q1 FY26 Q4 FY26 Q1 FY27 Up 28% y/y and 9% q/q © 2026 Marvell. All rights reserved. 8

9. Slide 9: Key metrics Q1 FY27 | GAAP

   Key metrics Q1 FY27 | GAAP Revenue ($M) Gross margin 51.7% 52.1% $2,219 $2,418 50.3% $1,895 Q1’26 Q4’26 Q1’27 Q1’26 Q4’26 Q1’27 Operating margin Earnings per share1 18.2% $0.46 14.3% 14.0% $0.20 2 $0.04 Q1’26 Q4’26 Q1’27 Q1’26 Q4’26 Q1’27 © 2026 Marvell. All rights reserved. 1. Earnings per share (E

10. Slide 10: Key metrics Q1 FY27 | Non-GAAP

    Key metrics Q1 FY27 | Non-GAAP1 Revenue ($M) Gross margin $2,418 59.8% 59.0% 58.9% $2,219 $1,895 Q1’26 Q4’26 Q1’27 Q1’26 Q4’26 Q1’27 Operating margin Earnings per share2 35.7% 35.0% 34.2% $0.80 $0.80 $0.62 Q1’26 Q4’26 Q1’27 Q1’26 Q4’26 Q1’27 © 2026 Marvell. All rights reserved. 1. See Appendices for

11. Slide 11: Q1 FY27 Summary P&L | GAAP

    Q1 FY27 Summary P&L | GAAP ($ in millions, except per share data) Q1’26 Q4’26 Q1’27 Y/Y Q/Q Revenue $1,895.3 $2,218.7 $2,417.8 +28% +9% Gross margin 50.3% 51.7% 52.1% +180 bps +40 bps Operating expenses $681.8 $743.5 $921.4 +35% +24% Operating income $270.6 $404.4 $339.4 +25% -16% Operating margin 1

12. Slide 12: Q1 FY27 Summary P&L | Non-GAAP

    Q1 FY27 Summary P&L | Non-GAAP1 ($ in millions, except per share data) Q1’26 Q4’26 Q1’27 Y/Y Q/Q Revenue $1,895.3 $2,218.7 $2,417.8 +28% +9% Gross margin 59.8% 59.0% 58.9% -90 bps -10 bps Operating expenses $486.2 $517.0 $576.9 +19% +12% Operating income $647.3 $791.8 $846.9 +31% +7% Operating margi

13. Slide 13: Q1 FY27 Summary balance sheet items

    Q1 FY27 Summary balance sheet items ($ in millions) Q1’26 Q4’26 Q1’27 Cash and cash equivalents $886 $2,639 $3,844 Accounts receivable, net $1,144 $2,187 $1,872 Inventories $1,071 $1,388 $1,401 Total debt $4,233 $4,471 $4,961 © 2026 Marvell. All rights reserved. 13

14. Slide 14: Data center end market Q1 FY27

    Data center end market Q1 FY27 Revenue ($M) Highlights $1,833 ▪ Strong 800G PAM4 demand with 1.6T ramping quickly in scale out $1,651 ▪ Expect TIA and driver annualized revenue to exceed $1B in next few $1,441 quarters ▪ Scale-across market expected to accelerate Marvell DCI module revenue growth wi

15. Slide 15: Communications and other end market Q1 FY27

    Communications and other end market Q1 FY27 Revenue ($M) Highlights ▪ Market has largely recovered from $567 $585 customer inventory corrections $455 ▪ As a result, expect Q2 revenue to decline in the mid-single-digit range q/q and grow in the high-single-digit range y/y on a percentage basis ▪ Look

16. Slide 16: Q1 FY27 Summary revenue by end market

    Q1 FY27 Summary revenue by end market1 ($ in millions) Q1’26 Q4’26 Q1’27 Y/Y Q/Q Data center $1,440.6 $1,651.3 $1,832.7 +27% +11% Communications and other $454.7 $567.4 $585.1 +29% +3% 1. Beginning in the fourth quarter of fiscal 2026, we consolidated revenue previously reported separately as enterp

17. Slide 17: Financial outlook

    Financial outlook ($ in millions, except per share data) Q2 FY27 (GAAP) Q2 FY27 (Non-GAAP1) Revenue $2,700 +/- 5% $2,700 +/- 5% Gross margin 52.1% - 53.1% 58.25% - 59.25% Operating expenses ~$960 ~$600 Diluted share count 915 million 915 million Diluted net income per share $0.37 +/- $0.05 $0.93 +/-

18. Slide 18: Q1 FY27 Summary

    Q1 FY27 Summary Revenue Data center revenue Non-GAAP Non-GAAP gross margin1 EPS2 $2,418M $1,833M Up 28% y/y Up 27% y/y 58.9% $0.80 Record company and data center revenue © 2026 Marvell. All rights reserved. 1. See Appendices for GAAP to Non-GAAP reconciliation. 18 2. Earnings per share (EPS) = dilut

19. Slide 19: Appendices: Reconciliations from GAAP to Non-GAAP

    Appendices Reconciliations from GAAP to Non-GAAP © 2026 Marvell. All rights reserved. 19

20. Slide 20: Discussion of Non-GAAP financial measures

    Discussion of Non-GAAP financial measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture related costs, restructuring and other related charges (gains) including, but not limited to, recognit

21. Slide 21: GAAP gross profit to Non-GAAP gross profit

    Appendices Reconciliation of GAAP gross profit to Non-GAAP gross profit (Millions) (Unaudited) Q1’26 Q4’26 Q1’27 GAAP gross profit $ 952.4 $ 1,147.9 $ 1,260.8 Special items – expenses (income): Stock-based compensation 11.2 10.5 14.2 Amortization of acquired intangible assets 169.4 148.8 150.8 Restr

22. Slide 22: GAAP gross margin to Non-GAAP gross margin

    Appendices Reconciliation of GAAP gross margin to Non-GAAP gross margin (Unaudited) Q1’26 Q4’26 Q1’27 GAAP gross margin 50.3% 51.7% 52.1% Stock-based compensation 0.6% 0.5% 0.6% Amortization of acquired intangible assets 8.9% 6.7% 6.3% Restructuring related charges (a) ⎯% ⎯% (0.1) % Other cost of go

23. Slide 23: GAAP operating expenses to Non-GAAP operating expenses

    Appendices Reconciliation of GAAP operating expenses to Non-GAAP operating expenses (Millions) (Unaudited) Q1’26 Q4’26 Q1’27 GAAP operating expenses $ 681.8 $ 743.5 $ 921.4 Special items – (expenses) income: Stock-based compensation (130.9) (132.5) (193.4) Amortization of acquired intangible assets

24. Slide 24: GAAP operating income to Non-GAAP operating income

    Appendices Reconciliation of GAAP operating income to Non-GAAP operating income (Millions) (Unaudited) Q1’26 Q4’26 Q1’27 GAAP operating income $ 270.6 $ 404.4 $ 339.4 Special items – (expenses) income: Stock-based compensation 142.1 143.0 207.6 Amortization of acquired intangible assets 245.7 223.6

25. Slide 25: GAAP operating margin to Non-GAAP operating margin

    Appendices Reconciliation of GAAP operating margin to Non-GAAP operating margin (Unaudited) Q1’26 Q4’26 Q1’27 GAAP operating margin 14.3 % 18.2 % 14.0 % Stock-based compensation 7.5 % 6.4 % 8.6 % Amortization of acquired intangible assets 13.0 % 10.1 % 9.3 % Restructuring related charges (a) (0.6) %

26. Slide 26: GAAP interest and other loss to Non-GAAP interest and other loss

    Appendices Reconciliation of GAAP interest and other loss to Non-GAAP interest and other loss (Millions) (Unaudited) Q1’26 Q4’26 Q1’27 GAAP interest and other loss, net $ (54.7) $ (22.8) $ (256.1) Special items – expenses (income): Change in fair value of contingent consideration ⎯ ⎯ 250.7 liability

27. Slide 27: GAAP net income to Non-GAAP net income (1 of 2)

    Appendices Reconciliation of GAAP net income to Non-GAAP net income (1 of 2) (Millions) (Unaudited) Q1’26 Q4’26 Q1’27 GAAP net income $ 177.9 $ 396.1 $ 34.5 Special items – expenses (income): Stock-based compensation 142.1 143.0 207.6 Amortization of acquired intangible assets 245.7 223.6 225.2 Rest

28. Slide 28: GAAP net income to Non-GAAP net income (2 of 2)

    Appendices Reconciliation of GAAP net income (loss) to Non-GAAP net income (2 of 2) (a) Restructuring and other related items include gain on sale of property, recognition of contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other cost of goods sold inc

29. Slide 29: GAAP diluted net income per share to Non-GAAP

    Appendices Reconciliation of GAAP diluted net income per share to Non-GAAP diluted net income per share (Millions, except per share amounts) (Unaudited) Q1’26 Q4’26 Q1’27 GAAP weighted-average shares outstanding ⎯ basic 864.8 848.0 882.0 GAAP weighted-average shares outstanding ⎯ diluted 875.6 856.2

30. Slide 30: GAAP outlook to Non-GAAP outlook (1 of 3)

    Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (1 of 3) (Millions, except per share amounts) (Unaudited) Q2’27 GAAP net revenue $2,700 +/- 5% Special items: ⎯ Non-GAAP net revenue $2,700 +/- 5% GAAP gross margin 52.1% - 53.1% Special items: Stock-based compensation ~0.8% Amortization

31. Slide 31: GAAP outlook to Non-GAAP outlook (2 of 3)

    Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (2 of 3) (Millions, except per share amounts) (Unaudited) Q2’27 Total GAAP operating expenses ~ $960 Special items: Stock-based compensation 282 Amortization of acquired intangible assets 72 Restructuring related charges 1 Other 5 Total N

32. Slide 32: GAAP outlook to Non-GAAP outlook (3 of 3)

    Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (3 of 3) (Millions, except per share amounts) (Unaudited) Q2’27 GAAP diluted net income per share $0.37 +/- $0.05 Special items: Stock-based compensation 0.33 Amortization of acquired intangible assets 0.23 Other income tax effects and ad

33. Slide 33: Marvell: Essential technology, done right

    ya MARVELL Essential technology, done right™

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