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Maxlinear, Inc. — MaxLinear+ +IR+Presentation+2025+ (company IR deck)
Maxlinear, Inc. (MXL) · 28 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MXL deck slides
Slide 1 — MaxLinear Investor Presentation
MaxLinear Investor Presentation
Slide 2 — Disclaimer
Disclaimer Cautionary Note Concerning Forward-Looking Statements This presentation and any accompanying oral presentation contain 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 statements are based on estimates, projections, and assumptions of MaxLinear as of the date of this presentation. These forward-looking statements include, among others, statements concerning: MaxLinear’s growth plan and strategies, including its financial strategy; estimates of serviceable addressable market (SAM); anticipated market trends, including growth trends; the potential of MaxLinear’s technology; our financial performance; and our long-term target model, including metrics related to such model. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has declined, and/or manage future growth effectively, and the impact of excess inventory in the channel on our customers’ expected demand for certain of our products; the geopolitical and economic tensions among the countries in which we conduct business; increased tariffs, export controls or imposition of other trade barriers; our ability to obtain or retain government authorization to export certain of our products or technology; risks related to the loss of, or a significant reduction in orders from major customers; costs of legal proceedings; information technology failures; a decrease in the average selling prices of our products; substantial quarterly and annual fluctuations in our operating results; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial research and development investments; delays or expenses caused by undetected defects or bugs in our products; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties; failure to accurately predict our future revenue and appropriately budget expenses; lengthy and expensive customer qualification processes; customer product plan cancellations; failure to maintain compliance with government regulations; failure to attract and retain qualified personnel; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; risks related to compliance with privacy, data protection and cybersecurity laws and regulations; risks related to conforming our products to industry standards; risks related to business acquisitions and investments; claims of intellectual property infringement; our ability to protect our intellectual property; risks related to security vulnerabilities of our products; use of open source software in our products; and failure to manage our relationships with, or negative impacts from, third parties. In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on January 29, 2025, and our Current Reports on Form 8-K, as well as the information set forth under the caption “Risk Factors” in MaxLinear’s Quarterly Reports on Form 10-Q. All forward-looking statements are based on the estimates, projections and assumptions of management as of the date of this presentation, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. Market Information This presentation and the accompanying oral presentation also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation. Non-GAAP Financial Measures This presentation and the accompanying oral presentation may contain certain non-GAAP financial measures, including non-GAAP diluted earnings per share and non-GAAP EBITA margin, 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 relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2024, which we intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2023, which we settled in shares of common stock in February 2024; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, if any, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) impairment of intangible assets; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions, including impairment of investments in a privately held entity and ticking fees paid to lenders in August 2023 following the termination of the previously pending (now terminated) merger with Silicon Motion; and (x) non-cash income tax benefits and expenses. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Reconciliations of the company’s historic non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the Appendix to this presentation and on the Investor Relations section of MaxLinear’s website as part of its published financial results press release, and investors are encouraged to review the reconciliations. Because of the inherent uncertainty associated with our ability to project future charges, particularly those related to stock-based compensation and its related tax effects as well as potential impairments, we do not provide reconciliations to forward-looking non-GAAP financial information.
Slide 3 — MaxLinear Snapshot
MaxLinear Snapshot Leading Semiconductor Supplier in Infrastructure, Connectivity, and Broadband FOUNDED IN 2003 IPO IN 2010 EMPLOYEES 1,300 WORLDWIDE IP PORTFOLIO 1,000+ PATENTS REVENUE $360.5M FY24A Non-GAAP EPS* $(0.90) FY24A Global Footprint Engineering Centric Competitive Advantage Multiple Revenue Drivers Operating Leverage *Amounts are non-GAAP; refer to reconciliation between non-GAAP and GAAP in the Appendix.
Slide 4 — Diversified End-Market Portfolio
Diversified End-Market Portfolio Across the Board Secular and MXL Specific Growth Opportunities BROADBAND CONNECTIVITY INDUSTRIAL / MULTI-MARKET INFRASTRUCTURE Gateway SoC RF Front-End WiFi Ethernet Power / Analog Interface PAM4 DSP TRX / MOD
Slide 5 — Execute Plan to Deliver Profitable Growth
ADDRESS GROWING MARKETS INCREASE SHARE & CONTENT DRIVE OPERATING LEVERAGE Execute Plan to Deliver Profitable Growth 5 Utilize superior technology to outperform our growing end-markets and deliver strong returns Market Strategy Growth Strategy Financial Strategy
Slide 6 — Market Strategy
Market Strategy Target and Address Dynamic Growth Markets
Slide 7 — Target Large and Growing End-Markets
*All data based on a combination of industry research reports and management estimates Target Large and Growing End-Markets SAM expansion driven by organic growth and strategic acquisitions SAM GROWTH Infrastructure Connectivity Broadband FY20 $4B SAM $500M $1.8B $1.2B $400M Industrial / MM Broadband Infrastructure Connectivity $2.1B $1.9B $4.7B $3.0B FY27 $11B+ SAM
Slide 8 — Product Cycles Drive Opportunity
Product Cycles Drive Opportunity 8 Well positioned to benefit from dynamically changing technology transition Product cycles across our end markets create opportunity for share gains and higher ASPs Cable Fiber Ethernet WiFi Wireless Access Wireless Backhaul Optical Docsis 3.1 GPON 2.5G Single PHY WiFi6/6E 4T4R TRX mWave 400G Ultra Docsis 3.1 XGS-PON 2.5 Quad PHY WiFi7 8T8R TRX mmWave 800G Docsis 4.0 25/50GPON 2.5 Octal SW/PHY WiFi8 mMIMO Multi-Band 1.6T
Slide 9 — Secular Trends
Secular Trends Strong macro drivers across all support long-term growth 1GigE ports moving to 2.5GigE speeds OPTICAL WIRELESS INFRASTRUCTURE WIFI ETHERNET FIBER AI is driving the need for 800Gig and 1.6T optical connectivity Transport links being upgraded for higher throughput / energy savings WiFi access point growth to accelerate, driven by WiFi7 adoption Fiber gateway market growing at 13% CAGR through 2030
Slide 10 — Platform Approach Expands Our SAM
Platform Approach Expands Our SAM Transformation to broadband platform provider is driving higher content opportunity FY19 – Gateway FY24 – Gateway Cable FE / Tuner MoCA Cable FE / Tuner MoCA WiFi GW SoC Power Ethernet SLIC/SLAC Gateway content opportunity increasing by >3x
Slide 11 — Addressable with products in the market today
New Products Driving Expanded Market Opportunity 11 Leverage existing technologies to ramp new products in new and growing markets RF Analog Mixed-Signal Digital Signal Processing Security Compression Optical $3.5B WiFi7 $3B Ethernet $300M Storage $500M Fiber $1.2B Addressable with products in the market today New product introductions have unlocked an incremental Served Addressable Market opportunity
Slide 12 — Growth Strategy
Growth Strategy Increase Market Share and Content Per Platform
Slide 13 — Long-Term Growth Drivers
Long-Term Growth Drivers Product Innovation Drives Opportunity to Grow Content and Market Share FIBER GATEWAY WIFI & ETHERNET WIRELESS INFRASTRUCTURE OPTICAL STORAGE
Slide 14 — Optical
Optical Best-in-class technology poised to disrupt hyperscale DC interconnect Next-generation 200G/lane PAM4 DSP with integrated EML driver Best-in-class power consumption with double the data rates from the previous generation New PAM4 DSP offering expands presence across all major markets by line speed and increases SAM Shipments poised to intercept data center 800G/1.6T upgrade cycles
Slide 15 — Wireless Infrastructure
Wireless Infrastructure Scaling product offerings across existing applications Wireless Access Wireless Backhaul Existing FY27 Content opportunity up by >4x Content opportunity up by >3x 4x4 RF Transceiver Baseband SoC 8x8 RF Transceiver 25Gbps Baseband Ultra-Wband DPD DFE + Transceiver Integration mWave Transceiver 5G Remote Radio Head 5G Remote Radio Head Multi-Band Radio Multi-Band Radio 4x4 RF Transceiver 8x8 RF Transceiver mWave + mmWave Transceiver QoS Engine
Slide 16 — WiFi
WiFi Attach rates, share gain, and product cycles will accelerate growth over time Growth Rate % Time WiFi 7 Ramp Multi-Band Adoption WiFi 6 / 6e Higher Attach Rates Gateway SoC Design Wins Market Growth
Slide 17 — Fiber Gateway
Fiber Gateway Capturing new fiber gateway design wins 2024 2025 2026 2027 2023 140 120 100 80 60 40 20 0 Fiber GW Units (mm) Fiber gateway wins in North America to drive initial share gain Current fiber gateway design win pipeline of $300M+ in play Gateway SoC share gains pull through ~$20 of additional silicon content *Combination of market research and internal estimates
Slide 18 — Storage
Storage Revolutionary storage accelerator for today’s AI and data storage solutions Compression Encryption Data Protection Real-Time Validation Deduplication 200Gbps to 3.4Tbps Saleable Throughput for all Data Center solutions 12:1 Data Reduction for best effective capacity across workloads Ultra-Low Latency provides quicker datasets access for faster AI analysis Industry’s standard Secure and best Energy-Efficiency for reliable data handling
Slide 19 — Financial Strategy
Financial Strategy Drive operating leverage and shareholder returns
Slide 20 — Revenue Growth
Revenue Growth 20 Drive sales expansion by at least 2x the semiconductor industry growth rate Industry Growth Rate MXL Target Growth Rate Product Cycles Content Increases New Markets Share Gains Fiber GW WiFi Routers G.hn Ethernet Power Mgmt. BB Gateway 5G Base Station Wireless Backhaul Optical 5G Access Storage Open RAN mMIMO 800G DC WiFi 7 Docsis 4.0 10G PON 2X GROWTH RATE %
Slide 21 — Margin Expansion
Margin Expansion 21 Drive operating leverage with higher gross margin and increasing productivity • Grow slower than revenue • Leverage automation • Emphasize productivity gains • Prudent product investments • Technology re-use across markets • Co-invest with strategic customers • Demand value for our products • Design for cost savings • Product mix shift to infrastructure Gross Margin Non-GAAP Operating Margin Target 35%+ R&D Spend SG&A Spend
Slide 22 — Long-Term Non-GAAP Target Model
Long-Term Non-GAAP Target Model 22 Target model achieves significant operating leverage over time Revenue Growth Rate 2x Market Share/content growth + product cycles Gross Margin 65% Lower product costs + richer mix Operating Expenses 50% of Sales Growth Drive new project ROI + customer NRE Operating Margin 35%+ Revenue scale + prudent opex deployment FCF Margin 30%+ Optimize cash conversion cycles * Free Cash Flow (FCF) = Cash Flow from Operations less Capital Expenditures
Slide 23 — Appendix
Appendix
Slide 24 — GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2024 December 31, 2023 GAAP gross profit $ 194,782 $ 385,663 Stock-based compensation 621 763 Performance based equity 24 111 Amortization of purchased intangible assets 19,798 35,102 Non-GAAP gross profit 215,225 421,639 GAAP R&D expenses 225,189 269,504 Stock based compensation (38,814) (44,189) Performance based equity (3,108) (7,568) Research and development funded by others 2,000 (9,500) Non-GAAP R&D expenses 185,267 208,247 GAAP SG&A expenses 138,329 132,156 Stock based compensation (26,586) (10,224) Performance based equity (2,132) (3,874) Amortization of purchased intangible assets (2,366) (2,881) Acquisition and integration costs (8,828) (9,286) Non-GAAP SG&A expenses 98,417 105,891
Slide 25 — GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2024 December 31, 2023 GAAP impairment losses 1,237 2,438 Impairment losses (1,237) (2,438) Non-GAAP impairment losses — — GAAP restructuring expenses 53,379 19,786 Restructuring charges (53,379) (19,786) Non-GAAP restructuring expenses — — GAAP loss from operations (223,352) (38,221) Total non-GAAP adjustments 154,893 145,722 Non-GAAP income (loss) from operations (68,459) 107,501 GAAP interest and other income (expense), net (15,365) (25,589) Non-recurring interest and other income (expense), net 12,233 18,628 Non-GAAP interest and other income (expense), net (3,132) (6,961)
Slide 26 — GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2024 December 31, 2023 GAAP loss before income taxes $ (238,717) $ (63,810) Total non-GAAP adjustments before income taxes 167,126 164,350 Non-GAAP income (loss) before income taxes (71,591) 100,540 GAAP income tax provision 6,481 9,337 Adjustment for non-cash tax benefits/expenses (2,481) 717 Non-GAAP income tax provision 4,000 10,054 GAAP net loss (245,198) (73,147) Total non-GAAP adjustments before income taxes 167,126 164,350 Total tax adjustments (2,481) 717 Non-GAAP net income (loss) $ (75,591) $ 90,486 Shares used in computing GAAP and non-GAAP basic net income (loss) per share 83,600 80,719 Shares used in computing GAAP and non-GAAP diluted net income (loss) per share 83,600 80,719 Dilutive common stock equivalents — 1,210 Shares used in computing non-GAAP diluted net income (loss) per share 83,600 81,929 Non-GAAP basic net income (loss) per share $ (0.90) $ 1.12 Non-GAAP diluted net income (loss) per share $ (0.90) $ 1.10
Slide 27 — GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Year Ended December 31, 2024 December 31, 2023 GAAP gross margin 54.0 % 55.6 % Stock-based compensation 0.2 % 0.1 % Performance based equity — % — % Amortization of purchased intangible assets 5.5 % 5.1 % Non-GAAP gross margin 59.7 % 60.8 % GAAP operating margin (62.0)% (5.5)% Total non-GAAP adjustments 43.0 % 21.0 % Non-GAAP operating margin (19.0)% 15.5 %
Slide 28 — Thank you
Thank you