MaxLinear (MXL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $137.2 million, up 43% year-over-year and 1% sequentially, driven by strong growth in the infrastructure segment, particularly optical data center products.

• Infrastructure became the largest revenue category, surging 136% year-over-year and 35% sequentially, fueled by high-speed optical interconnects and production ramps at hyperscale customers.

• Non-GAAP net income was $19.4 million, or $0.22 per diluted share, while GAAP net loss was $45.1 million, or $(0.52) per share.

• Panther storage accelerator SoC family and Keystone PAM4 DSP platform saw increased design wins and customer adoption, with Panther revenue expected to double in 2026.

• Large-scale deployments of fiber PON and Wi-Fi 7 gateway platforms are underway with Tier 1 service providers in North America and Europe.

Financial highlights

• GAAP gross margin was 57.5%; non-GAAP gross margin was 59.5%.

• GAAP operating expenses were $96.1 million; non-GAAP operating expenses were $59.9 million.

• GAAP loss from operations was 13% of revenue; non-GAAP income from operations was 16%.

• Cash and cash equivalents at quarter end were $61.1 million; restricted cash was $28.9 million.

• Net cash used in operating activities was $8.9 million.

Outlook and guidance

• Q2 2026 revenue expected between $160 million and $170 million, with growth anticipated across all business segments, especially infrastructure.

• Q2 GAAP gross margin expected at 56%-59%; non-GAAP gross margin at 58%-61%.

• Q2 GAAP operating expenses projected at $91–$97 million; non-GAAP at $61–$66 million.

• Q2 GAAP and non-GAAP diluted share count expected to be approximately 95 million.

• Management expects revenue and gross margin to fluctuate due to semiconductor industry cyclicality, product mix, and macroeconomic factors.