Slide 1: MaxLinear Q1'25 Earnings
MaxLinear Q1'25 Earnings April 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: Q1'25 Financial Highlights
Q1'25 Financial Highlights • Revenue of $95.9 million • GAAP and non-GAAP gross margin was 56.1% and 59.1% • GAAP and non-GAAP operating margin was (48)% and (2)% • GAAP diluted loss per share was $0.58 and non-GAAP diluted loss per share was $0.05 • Cash used in operations was $11.4 million
Slide 5: Q1'25 Business Highlights
Q1'25 Business Highlights • Demonstrated design win traction at OFC for our Keystone family of PAM4 DSPs for high- speed data center interconnects across multiple customers and high-volume use cases. • Also at OFC, showcased a live demo of the power, performance and feature set of our Rushmore 1.6T
Slide 6: Q1'25 GAAP Financial Results
Q1'25 GAAP Financial Results $M Q1'25 Q4'24 Q1'24 Net Revenue $95.9 $92.2 $95.3 Gross Margin 56.1% 55.6% 51.7% Operating Expenses $99.9 $92.4 $123.9 Interest and Other Income (Expense), Net $(2.9) 0.4 $0.5 Tax Rate (1.5)% (41.7)% 2.4 % Net Loss $(49.7) $(57.8) $(72.3) Diluted Loss Per Share $(0.58)
Slide 7: Q1'25 Non-GAAP Financial Results
Q1'25 Non-GAAP Financial Results $M Q1'25 Q4'24 Q1'24 Net Revenue (GAAP) $95.9 $92.2 $95.3 Non-GAAP Gross Margin 59.1% 59.1% 60.6% Non-GAAP Operating Expenses $58.4 $61.3 $74.8 Non-GAAP Interest and Other Income (Expense), Net $(2.7) $0.7 $0.6 Non-GAAP Tax Rate —% (16.1)% (6.1)% Non-GAAP Net Loss $(
Slide 8: Q1'25 Balance Sheet
Q1'25 Balance Sheet $M Assets Q1'25 Q4'24 Q1'24 Cash and cash equivalents and restricted cash $102.8 $119.6 $192.9 Accounts receivable $98.9 $85.5 $126.2 Inventory $86.0 $90.3 $96.1 Other current assets $32.7 $28.1 $30.4 Total current assets $320.4 $323.4 $444.7 Net PP&E $55.5 $59.3 $68.3 Other asse
Slide 9: Q2'25 Guidance
Q2'25 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $95 - $115 $95 - $115 Gross Margin 54.5% - 57.5% 57.5% - 60.5% Operating Expenses $92 - $98 $55 - $61 Interest and Other Expense, Net $2.0 - $3.0 $2.0 - $3.0 Income Tax Provision $2.4 $0.1 Fully Diluted Share Count 86.5 to 87.
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 March 31, 2025 December 31, 2024 March 31, 2024 GAAP gross profit $ 53,831 $ 51,248 $ 49,268 Stock-based compensation 281 186 181 Performance based equity 38 8 72
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 March 31, 2025 December 31, 2024 March 31, 2024 GAAP restructuring expenses 7,879 3,056 22,630 Restructuring charges (7,879) (3,056) (22,630) Non-GAAP restructuri
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 March 31, 2025 December 31, 2024 March 31, 2024 GAAP loss before income taxes $ (49,002) $ (40,822) $ (74,071) Total non-GAAP adjustments before income taxes 44,6
Slide 14: 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 March 31, 2025 December 31, 2024 March 31, 2024 GAAP gross margin 56.1 % 55.6 % 51.7 % Stock-based compensation 0.3 % 0.2 % 0.2 % Performance based equity —% —% 0.1 % Am
Slide 15: Thank You
Thank You