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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2025
MaxLinear, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3466614-1896129
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
5966 La Place Court, Suite 100, Carlsbad, California 92008
(Address of principal executive offices) (Zip Code)
(760) 692-0711
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockMXLThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
On January 29, 2025, MaxLinear, Inc. issued a press release announcing its unaudited financial results for the fourth quarter and year ended December 31, 2024. A copy of the press release is furnished as Exhibits 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the exhibits attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)    Exhibits
ExhibitDescription
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:January 29, 2025MAXLINEAR, INC.
(Registrant)
By:/s/ Steven G. Litchfield
Steven G. Litchfield
Chief Financial Officer and Chief Corporate Strategy Officer
(Principal Financial Officer)

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Exhibit 99.1
mxla01a01a42.jpg
FOR IMMEDIATE RELEASE

MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

•Q4 net revenue of $92.2 million, GAAP gross margin of 55.6% and non-GAAP gross margin of 59.1%
•FY'24 net revenue of $360.5 million, GAAP gross margin of 54.0% and non-GAAP gross margin of 59.7%

Carlsbad, Calif. – January 29, 2025 – MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter Financial Highlights
GAAP basis:
•Net revenue was $92.2 million, up 14% sequentially and down 26% from the year-ago quarter.
•GAAP gross margin was 55.6%, compared to 54.4% in the prior quarter, and 54.7% in the year-ago quarter.
•GAAP operating expenses were $92.4 million in the fourth quarter 2024, or 100% of net revenue, compared to $110.8 million in the prior quarter, or 137% of net revenue, and $110.3 million in the year-ago quarter, or 88% of net revenue.
•GAAP loss from operations was 45% of net revenue, compared to loss from operations of 82% of net revenue in the prior quarter, and loss from operations of 33% of net revenue in the year-ago quarter.
•Net cash flow used in operating activities was $27.8 million, compared to net cash flow used in operating activities of $30.7 million in the prior quarter, and net cash flow used in operating activities of $16.6 million in the year-ago quarter.
•GAAP diluted loss per share was $0.68, compared to diluted loss per share of $0.90 in the prior quarter, and diluted loss per share of $0.47 in the year-ago quarter.
Non-GAAP basis:
•Non-GAAP gross margin was 59.1%, compared to 58.7% in the prior quarter, and 61.4% in the year-ago quarter.
•Non-GAAP operating expenses were $61.3 million, or 67% of net revenue, compared to $72.8 million or 90% of net revenue in the prior quarter, and $75.7 million or 60% of net revenue in the year-ago quarter.
•Non-GAAP loss from operations was 7% of net revenue, compared to loss of 31% in the prior quarter, and income of 1% in the year-ago quarter.
•Non-GAAP diluted loss per share was $0.09, compared to loss of $0.36 in the prior quarter, and earnings of $0.01 in the year-ago quarter.
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Fiscal Year 2024 Financial Highlights
•
Net revenue was $360.5 million, down 48.0% over fiscal 2023.
•
GAAP gross margin was 54.0%, down from 55.6% in the prior year, and non-GAAP gross margin was 59.7%, down from 60.8% the prior year.
•
GAAP operating expenses were $418.1 million, or 116% of net revenue, compared to $423.9 million or 61% of net revenue in fiscal 2023, and non-GAAP operating expenses were $283.7 million, or 79% of net revenue, compared to $314.1 million or 45% of net revenue in the prior year.
•
GAAP loss from operations was 62% of net revenue, compared to GAAP loss from operations of 6% in fiscal 2023, and non-GAAP loss from operations was 19% of net revenue, compared to non-GAAP income from operations of 16% in the prior year.
•
Net cash flow used in operations of $45.3 million, compared to net cash flow provided by operations of $43.4 million in fiscal 2023.
•
GAAP diluted loss per share was $2.93 compared to GAAP diluted loss per share of $0.91 in the prior year, while non-GAAP diluted loss per share was $0.90 compared to non-GAAP diluted earnings per share of $1.10 in fiscal 2023.
Management Commentary

“Another quarter of improvement in customer orders and continued new product traction give us confidence that we are entering our next stage of growth in 2025,” said Kishore Seendripu, PhD, Chairman and CEO. “In particular, we’re excited by the progress in our optical interconnect business, where we have now shipped more than one million units across multiple customers into high-volume opportunities. We also believe that our investments into strategic applications such as fiber broadband access gateways, Wi-Fi, Ethernet, and wireless infrastructure position us for meaningful growth and TAM expansion this year. With our strong focus on operational efficiency, we are working hard towards a return to profitability in the coming quarters.”
First Quarter 2025 Business Outlook

The company expects net revenue in the first quarter of 2025 to be approximately $85 million to $105 million. The Company also estimates the following:
•GAAP gross margin of approximately 54.5% to 57.5%;
•Non-GAAP gross margin of approximately 57.5% to 60.5%;
•GAAP operating expenses of approximately $93 million to $99 million;
•Non-GAAP operating expenses of approximately $56 million to $62 million;
•GAAP and non-GAAP interest and other expense of approximately $1.0 million to $2.0 million each;
•GAAP and non-GAAP income tax provision of $2.7 million and $0; and
•GAAP and non-GAAP diluted share count of approximately 85.5 million each.

Webcast and Conference Call
MaxLinear will host its fourth quarter financial results conference call today, January 29, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com, and will be archived and available after the call at https://investors.maxlinear.com until February 12, 2025. A replay of the conference call will also be available until February 12, 2025 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13750660.
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Cautionary Note Concerning Forward-Looking Statements

This press release 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. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for first quarter 2025 net revenue, and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, income tax provision, and diluted share counts); our potential growth, TAM expansion, revenue and profitability opportunities; market trends; settlement of bonus awards for our 2024 performance period; and statements by our Chairman and CEO. 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 and our future financial performance and operating results forecasts generally. 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 previously 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 and on our revenue; 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 associated with international geopolitical and military conflicts; risks related to the loss of, or a significant reduction in orders from major customers; costs of legal proceedings or potential violations of regulations; information technology failures; a decrease in the average selling prices of our products; 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; substantial quarterly and annual fluctuations in our revenue and operating results; 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 Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Annual Report on Form 10-K for the year ended December 31, 2024. All forward-looking statements are based on the estimates, projections and assumptions of management as of January 29, 2025, 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.
Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income (loss) from operations, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP interest and other income (expense), non-GAAP income tax provision, non-GAAP diluted earnings (loss) per share, and non-GAAP diluted share count. 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 subject to limitations, and should
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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. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. 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.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income or loss.
Performance-based equity consists of accruals related to our executive and non-executive bonus programs, and have been excluded from our non-GAAP net income or loss for all periods reported. Bonus payments for the 2023 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2024. We currently expect that bonus awards under our fiscal 2024 program will be settled in common stock in the first quarter of fiscal 2025.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, acquisition and integration costs primarily consisting of professional and consulting fees, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; ticking fees paid to lenders following the termination of such merger which were recorded in other expense; and accretion of discount on contingent consideration to interest expense.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Impairment losses are related to abandonment of acquired or purchased intangible assets.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.
Other expense also includes losses from impairment of privately held investments.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the first quarter 2025.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
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MaxLinear, Inc. Investor Relations Contact:
Leslie Green
lgreen@maxlinear.com

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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
Net revenue$92,167 $81,102 $125,353 
Cost of net revenue40,919 37,022 56,814 
Gross profit51,248 44,080 68,539 
Operating expenses:
Research and development51,278 52,604 65,250 
Selling, general and administrative38,087 30,154 34,384 
Impairment losses— 1,237 — 
Restructuring charges3,056 26,828 10,648 
Total operating expenses92,421 110,823 110,282 
Loss from operations(41,173)(66,743)(41,743)
Interest income1,040 1,653 1,781 
Interest expense(2,802)(2,655)(2,909)
Other income (expense), net2,113 (14,753)240 
Total other income (expense), net351 (15,755)(888)
Loss before income taxes(40,822)(82,498)(42,631)
Income tax provision (benefit)17,016 (6,713)(4,131)
Net loss$(57,838)$(75,785)$(38,500)
Net loss per share:
Basic$(0.68)$(0.90)$(0.47)
Diluted$(0.68)$(0.90)$(0.47)
Shares used to compute net loss per share:
Basic84,485 84,074 81,681 
Diluted84,485 84,074 81,681 
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

Twelve Months Ended
December 31, 2024December 31, 2023
Net revenue$360,528 $693,263 
Cost of net revenue165,746 307,600 
Gross profit194,782 385,663 
Operating expenses:
Research and development225,189 269,504 
Selling, general and administrative138,329 132,156 
Impairment losses1,237 2,438 
Restructuring charges53,379 19,786 
Total operating expenses418,134 423,884 
Loss from operations(223,352)(38,221)
Interest income6,386 6,053 
Interest expense(10,874)(10,702)
Other income (expense), net(10,877)(20,940)
Total other income (expense), net(15,365)(25,589)
Loss before income taxes(238,717)(63,810)
Income tax provision6,481 9,337 
Net loss$(245,198)$(73,147)
Net loss per share:
Basic$(2.93)$(0.91)
Diluted$(2.93)$(0.91)
Shares used to compute net loss per share:
Basic83,600 80,719 
Diluted83,600 80,719 



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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
Operating Activities
Net loss$(57,838)$(75,785)$(38,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization and depreciation11,714 12,142 16,593 
Impairment of intangible assets— 1,237 — 
Impairment of investments and other assets— 14,000 — 
Amortization of debt issuance costs and accretion of discount on debt and leases548 637 703 
Stock-based compensation18,813 12,788 16,413 
Deferred income taxes13,884 (8,320)(10,954)
Loss on disposal of property and equipment— 623 — 
Gain on sale of investments— — (434)
Unrealized holding gain on investments— — (2,152)
Impairment of leased right-of-use assets2,140 677 — 
Gain on extinguishment of lease liabilities(1)(1)— 
(Gain) loss on foreign currency and other(2,226)2,339 2,335 
Excess tax deficiencies on stock based awards262 1,469 276 
Changes in operating assets and liabilities:
Accounts receivable, net(37,534)37,010 (12,363)
Inventory5,720 (1,325)15,034 
Prepaid expenses and other assets6,742 (7,852)887 
Accounts payable, accrued expenses and other current liabilities17,448 (6,708)(11,514)
Accrued compensation(2,092)159 932 
Accrued price protection liability(1,071)(17,158)3,474 
Lease liabilities(2,889)(2,761)(2,780)
Other long-term liabilities(1,458)6,098 5,477 
Net cash used in operating activities(27,838)(30,731)

(16,573)
Investing Activities
Purchases of property and equipment(2,193)(4,132)(1,274)
Purchases of intangible assets(805)(1,818)(157)
Cash used in acquisitions, net of cash acquired— — (940)
Sales of trading securities— — 17,198 
Net cash provided by (used in) investing activities(2,998)(5,950)14,827 
Financing Activities
Net proceeds from issuance of common stock2,512 — 1,391 
Minimum tax withholding paid on behalf of employees for restricted stock units(1,091)(58)(220)
Net cash provided by (used in) financing activities1,421 (58)1,171 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(474)94 779 
Increase (decrease) in cash, cash equivalents and restricted cash(29,889)(36,645)204 
Cash, cash equivalents and restricted cash at beginning of period149,492 186,137 188,152 
Cash, cash equivalents and restricted cash at end of period$119,603 $149,492 $188,356 
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Year Ended
December 31, 2024December 31, 2023
Operating Activities
Net loss$(245,198)$(73,147)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation54,140 71,516 
Impairment of intangible assets1,237 2,438 
Impairment of investments and other assets14,000 — 
Amortization of debt issuance costs and accretion of discount on debt and leases2,538 2,561 
Stock-based compensation66,021 55,176 
Deferred income taxes826 (4,452)
Loss on disposal of property and equipment1,068 2,057 
Gain on sale of investments— (434)
Unrealized holding loss on investments— 1,765 
Impairment of leased right-of-use assets5,555 — 
Gain on settlement of pension— (1,008)
Gain on extinguishment of lease liabilities(555)— 
(Gain) loss on foreign currency(1,253)2,475 
Excess tax (benefits) deficiencies on stock based awards3,250 (253)
Changes in operating assets and liabilities:
Accounts receivable, net85,155 1,406 
Inventory9,565 60,636 
Prepaid expenses and other assets(1,873)(9,328)
Accounts payable, accrued expenses and other current liabilities(4,569)(29,431)
Accrued compensation919 9,708 
Accrued price protection liability(28,283)(41,562)
Lease liabilities(10,695)(11,671)
Other long-term liabilities2,857 4,920 
Net cash provided by (used in) operating activities(45,295)43,372 
Investing Activities
Purchases of property and equipment(17,680)(13,454)
Purchases of intangible assets(5,766)(6,355)
Cash used in acquisitions, net of cash acquired— (13,324)
Sales of trading securities— 17,198 
Net cash used in investing activities(23,446)(15,935)
Financing Activities
Payment of debt commitment fees— (18,325)
Net proceeds from issuance of common stock4,091 4,559 
Minimum tax withholding paid on behalf of employees for restricted stock units
(2,805)(12,590)
Net cash provided by (used in) financing activities1,286 (26,356)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,298)(1,082)
Decrease in cash, cash equivalents and restricted cash(68,753)(1)
Cash, cash equivalents and restricted cash at beginning of period188,356 188,357 
Cash, cash equivalents and restricted cash at end of period$119,603 $188,356 
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MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

December 31, 2024September 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$118,575 $148,476 $187,288 
Short-term restricted cash1,003 993 1,051 
Accounts receivable, net85,464 47,930 170,619 
Inventory90,343 96,063 99,908 
Prepaid expenses and other current assets28,057 34,798 29,159 
Total current assets323,442 328,260 488,025 
Long-term restricted cash25 23 17 
Property and equipment, net59,300 63,493 66,431 
Leased right-of-use assets18,184 22,549 31,264 
Intangible assets, net55,008 58,031 73,630 
Goodwill318,588 318,588 318,588 
Deferred tax assets68,662 82,552 69,493 
Other long-term assets21,430 21,807 32,809 
Total assets$864,639 $895,303 $1,080,257 
Liabilities and stockholders’ equity
Current liabilities$182,284 $168,597 $222,129 
Long-term lease liabilities16,952 19,433 26,243 
Long-term debt122,996 122,840 122,375 
Other long-term liabilities26,124 27,561 23,245 
Stockholders’ equity516,283 556,872 686,265 
Total liabilities and stockholders’ equity$864,639 $895,303 $1,080,257 

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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
GAAP gross profit$51,248 $44,080 $68,539 
Stock-based compensation186 81 137 
Performance based equity8 (19)17 
Amortization of purchased intangible assets2,990 3,498 8,332 
Non-GAAP gross profit54,432 47,640 77,025 
GAAP R&D expenses51,278 52,604 65,250 
Stock-based compensation(10,862)(7,423)(11,061)
Performance based equity(743)775 (1,918)
Research and development funded by others— 3,000 (2,000)
Non-GAAP R&D expenses39,673 48,956 50,271 
GAAP SG&A expenses38,087 30,154 34,384 
Stock-based compensation(7,766)(5,284)(5,215)
Performance based equity(811)384 (1,324)
Amortization of purchased intangible assets(592)(591)(591)
Acquisition and integration costs(7,261)(801)(1,799)
Non-GAAP SG&A expenses21,657 23,862 25,455 
GAAP impairment losses— 1,237 — 
Impairment losses— (1,237)— 
Non-GAAP impairment losses— — — 
GAAP restructuring expenses3,056 26,828 10,648 
Restructuring charges(3,056)(26,828)(10,648)
Non-GAAP restructuring expenses— — — 
GAAP loss from operations(41,173)(66,743)(41,743)
Total non-GAAP adjustments34,275 41,565 43,042 
Non-GAAP income (loss) from operations(6,898)(25,178)1,299 
GAAP interest and other income (expense), net351 (15,755)(888)
Non-recurring interest and other income (expense), net326 11,769 54 
Non-GAAP interest and other income (expense), net677 (3,986)(834)
GAAP loss before income taxes(40,822)(82,498)(42,631)
Total non-GAAP adjustments34,601 53,334 43,096 
Non-GAAP income (loss) before income taxes(6,221)(29,164)465 
GAAP income tax provision (benefit)17,016 (6,713)(4,131)
Adjustment for non-cash tax benefits/expenses(16,016)7,568 4,177 
Non-GAAP income tax provision1,000 855 46 
GAAP net loss(57,838)(75,785)(38,500)
Total non-GAAP adjustments before income taxes34,601 53,334 43,096 
Less: total tax adjustments(16,016)7,568 4,177 
Non-GAAP net income (loss)$(7,221)$(30,019)$419 
Shares used in computing GAAP and non-GAAP basic net income (loss) per share84,485 84,074 81,681 
Shares used in computing GAAP diluted net loss per share84,485 84,074 81,681 
Dilutive common stock equivalents— — 1,000 
Shares used in computing non-GAAP diluted net income (loss) per share84,485 84,074 82,681 
Non-GAAP basic net income (loss) per share$(0.09)$(0.36)$0.01 
Non-GAAP diluted net income (loss) per share$(0.09)$(0.36)$0.01 
11

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

Year ended
December 31, 2024December 31, 2023
GAAP gross profit$194,782 $385,663 
Stock-based compensation621 763 
Performance based equity24 111 
Amortization of purchased intangible assets19,798 35,102 
Non-GAAP gross profit215,225 421,639 
GAAP R&D expenses225,189 269,504 
Stock-based compensation(38,814)(44,189)
Performance based equity(3,108)(7,568)
Research and development funded by others2,000 (9,500)
Non-GAAP R&D expenses185,267 208,247 
GAAP SG&A expenses138,329 132,156 
Stock-based compensation(26,586)(10,224)
Performance based equity(2,132)(3,874)
Amortization of purchased intangible assets(2,366)(2,881)
Acquisition and integration costs(8,828)(9,286)
Non-GAAP SG&A expenses98,417 105,891 
GAAP impairment losses1,237 2,438 
Impairment losses(1,237)(2,438)
Non-GAAP impairment losses— — 
GAAP restructuring expenses53,379 19,786 
Restructuring charges(53,379)(19,786)
Non-GAAP restructuring expenses— — 
GAAP loss from operations(223,352)(38,221)
Total non-GAAP adjustments154,893 145,722 
Non-GAAP income (loss) from operations(68,459)107,501 
GAAP interest and other income (expense), net(15,365)(25,589)
Non-recurring interest and other income (expense), net12,233 18,628 
Non-GAAP interest and other income (expense), net(3,132)(6,961)
GAAP loss before income taxes(238,717)(63,810)
Total non-GAAP adjustments167,126 164,350 
Non-GAAP income (loss) before income taxes(71,591)100,540 
GAAP income tax provision6,481 9,337 
Adjustment for non-cash tax benefits/expenses(2,481)717 
Non-GAAP income tax provision4,000 10,054 
GAAP net loss(245,198)(73,147)
Total non-GAAP adjustments before income taxes167,126 164,350 
Less: total tax adjustments(2,481)717 
Non-GAAP net income (loss)$(75,591)$90,486 
Shares used in computing GAAP and non-GAAP basic net income (loss) per share83,600 80,719 
Shares used in computing GAAP diluted net loss per share83,600 80,719 
Dilutive common stock equivalents— 1,210 
Shares used in computing non-GAAP diluted net income (loss) per share83,600 81,929 
Non-GAAP basic net income (loss) per share$(0.90)$1.12 
Non-GAAP diluted net income (loss) per share$(0.90)$1.10 

12

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE

Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
GAAP gross margin55.6 %54.4 %54.7 %
Stock-based compensation0.2 %0.1 %0.1 %
Performance based equity— %— %— %
Amortization of purchased intangible assets3.2 %4.3 %6.7 %
Non-GAAP gross margin59.1 %58.7 %61.4 %
GAAP R&D expenses55.6 %64.9 %52.1 %
Stock-based compensation(11.8)%(9.2)%(8.8)%
Performance based equity(0.8)%1.0 %(1.5)%
Research and development funded by others— %3.7 %(1.6)%
Non-GAAP R&D expenses43.0 %60.4 %40.1 %
GAAP SG&A expenses41.3 %37.2 %27.4 %
Stock-based compensation(8.4)%(6.5)%(4.2)%
Performance based equity(0.9)%0.5 %(1.1)%
Amortization of purchased intangible assets(0.6)%(0.7)%(0.5)%
Acquisition and integration costs(7.9)%(1.0)%(1.4)%
Non-GAAP SG&A expenses23.5 %29.4 %20.3 %
GAAP impairment losses— %1.5 %— %
Impairment losses— %(1.5)%— %
Non-GAAP impairment losses— %— %— %
GAAP restructuring expenses3.3 %33.1 %8.5 %
Restructuring charges(3.3)%(33.1)%(8.5)%
Non-GAAP restructuring expenses— %— %— %
GAAP loss from operations(44.7)%(82.3)%(33.3)%
Total non-GAAP adjustments37.2 %51.3 %34.3 %
Non-GAAP income (loss) from operations(7.5)%(31.0)%1.0 %
GAAP interest and other income (expense), net0.4 %(19.4)%(0.7)%
Non-recurring interest and other income (expense), net0.4 %14.5 %— %
Non-GAAP interest and other income (expense), net0.7 %(4.9)%(0.7)%
GAAP loss before income taxes(44.3)%(101.7)%(34.0)%
Total non-GAAP adjustments before income taxes37.5 %65.8 %34.4 %
Non-GAAP income (loss) before income taxes(6.8)%(36.0)%0.4 %
GAAP income tax provision (benefit)18.5 %(8.3)%(3.3)%
Adjustment for non-cash tax benefits/expenses(17.4)%9.3 %3.3 %
Non-GAAP income tax provision1.1 %1.1 %— %
GAAP net loss(62.8)%(93.4)%(30.7)%
Total non-GAAP adjustments before income taxes37.5 %65.8 %34.4 %
Less: total tax adjustments(17.4)%9.3 %3.3 %
Non-GAAP net income (loss)(7.8)%(37.0)%0.3 %
13

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE

Year ended
December 31, 2024December 31, 2023
GAAP gross margin54.0 %55.6 %
Stock-based compensation0.2 %0.1 %
Performance based equity— %— %
Amortization of purchased intangible assets5.5 %5.1 %
Non-GAAP gross margin59.7 %60.8 %
GAAP R&D expenses62.5 %38.9 %
Stock-based compensation(10.8)%(6.4)%
Performance based equity(0.9)%(1.1)%
Research and development funded by others0.6 %(1.4)%
Non-GAAP R&D expenses51.4 %30.0 %
GAAP SG&A expenses38.4 %19.1 %
Stock-based compensation(7.4)%(1.5)%
Performance based equity(0.6)%(0.6)%
Amortization of purchased intangible assets(0.7)%(0.4)%
Acquisition and integration costs(2.5)%(1.3)%
Non-GAAP SG&A expenses27.3 %15.3 %
GAAP impairment losses0.3 %0.4 %
Impairment losses(0.3)%(0.4)%
Non-GAAP impairment losses— %— %
GAAP restructuring expenses14.8 %2.9 %
Restructuring charges(14.8)%(2.9)%
Non-GAAP restructuring expenses— %— %
GAAP loss from operations(62.0)%(5.5)%
Total non-GAAP adjustments43.0 %21.0 %
Non-GAAP income (loss) from operations(19.0)%15.5 %
GAAP interest and other income (expense), net(4.3)%(3.7)%
Non-recurring interest and other income (expense), net3.4 %2.7 %
Non-GAAP interest and other income (expense), net(0.9)%(1.0)%
GAAP loss before income taxes(66.2)%(9.2)%
Total non-GAAP adjustments46.4 %23.7 %
Non-GAAP income (loss) before income taxes(19.9)%14.5 %
GAAP income tax provision1.8 %1.4 %
Adjustment for non-cash tax benefits/expenses(0.7)%0.1 %
Non-GAAP income tax provision1.1 %1.5 %
GAAP net loss(68.0)%(10.6)%
Total non-GAAP adjustments before income taxes46.4 %23.7 %
Less: total tax adjustments(0.7)%0.1 %
Non-GAAP net income (loss)(21.0)%13.1 %
14
v3.24.4
DEI Document
Jan. 29, 2025
Entity Information [Line Items]  
Entity Central Index Key 0001288469
Document Period End Date Jan. 29, 2025
Document Type 8-K
Entity Registrant Name MaxLinear, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34666
Entity Tax Identification Number 14-1896129
Entity Address, Address Line One 5966 La Place Court, Suite 100,
Entity Address, City or Town Carlsbad,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92008
City Area Code 760
Local Phone Number 692-0711
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
NASDAQ/NGS (GLOBAL SELECT MARKET)  
Entity Information [Line Items]  
Title of 12(b) Security Common stock
Trading Symbol MXL
Security Exchange Name NASDAQ
MaxLinear (NASDAQ:MXL)
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