Slide 1: MaxLinear Q1'26 Earnings
MaxLinear Q1'26 Earnings April 23, 2026
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: Q1'26 Financial Highlights
Q1'26 Financial Highlights • Revenue of $137.2 million, up 1% from Q4'25 and up 43% from Q1'25 • GAAP and non-GAAP gross margin was 57.5% and 59.5% • GAAP and non-GAAP operating margin was (12.5)% and 15.9% • GAAP and non-GAAP diluted earnings (loss) per share was $(0.52) and $0.22
Slide 5: Q1'26 Business Highlights
Q1'26 Business Highlights • Infrastructure grew 35% sequentially and 136% over Q1'25 to become MaxLinear’s largest revenue category. This was led by strong growth in high-speed optical interconnects. • Showcased live demos of our 1.6T PHY chipset, including our Rushmore 200G/lane PAM4 DSP and our Wa
Slide 6: Q1'26 GAAP Financial Results
Q1'26 GAAP Financial Results $M Q1'26 Q4'25 Q1'25 Net Revenue $137.2 $136.4 $95.9 Gross Margin 57.5% 57.6% 56.1% Operating Expenses $96.1 $93.4 $99.9 Interest and Other Income (Expense), Net $(1.4) $(2.9) $(2.9) Tax Rate (142.0)% 16.3% (1.5)% Net Loss $(45.1) $(14.9) $(49.7) Diluted Net Loss Per Sha
Slide 7: Q1'26 Non-GAAP Financial Results
Q1'26 Non-GAAP Financial Results $M Q1'26 Q4'25 Q1'25 Net Revenue (GAAP) $137.2 $136.4 $95.9 Non-GAAP Gross Margin 59.5% 59.6% 59.1% Non-GAAP Operating Expenses $59.9 $59.2 $58.4 Non-GAAP Interest and Other Income (Expense), Net $(1.3) $(2.8) $(2.7) Non-GAAP Tax Rate 4.9% 10.3% 0.0% Non-GAAP Net Inc
Slide 8: Q1'26 Balance Sheet
Q1'26 Balance Sheet $M Assets Q1'26 Q4'25 Q1'25 Cash and cash equivalents $61.1 $72.8 $102.8 Accounts receivable $40.9 $46.1 $98.9 Inventory $85.8 $78.1 $86.0 Other current assets $61.7 $51.8 $32.7 Total current assets $249.5 $248.8 $320.4 Net PP&E $44.4 $48.9 $55.5 Long-term restricted cash $27.4 $
Slide 9: Q2'26 Guidance
Q2'26 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $160 - $170 $160 - $170 Gross Margin 56.0% - 59.0% 58.0% - 61.0% Operating Expenses $91 - $97 $61 - $66 Interest and Other Expense, Net $1.8 - $2.2 $1.8 - $2.2 Income Tax Provision (Benefit) $(2.0) $1.0 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 March 31, 2026 December 31, 2025 March 31, 2025 GAAP gross profit $ 78,884 $ 78,557 $ 53,831 Stock-based compensation 151 121 281 Performance based equity 55 84 3
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, 2026 December 31, 2025 March 31, 2025 GAAP restructuring expenses (credits) 474 (198) 7,879 Restructuring charges (474) 198 (7,879) 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, 2026 December 31, 2025 March 31, 2025 GAAP loss before income taxes $ (18,652) $ (17,803) $ (49,002) Total non-GAAP adjustments before income taxes 39,0
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, 2026 December 31, 2025 March 31, 2025 GAAP gross margin 57.5 % 57.6 % 56.1 % Stock-based compensation 0.1 % 0.1 % 0.3 % Performance based equity —% 0.1 % —% Am
Slide 15: Thank You
Thank You