MaxLinear, Inc. Announces Second Quarter 2024 Financial Results

　　CARLSBAD, Calif., JULY 24, 2024--(BUSINESS WIRE)-- MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2024.

　　Second Quarter Financial Highlights

　　GAAP basis:

　　Net revenue was $92.0 million, down 3% sequentially and down 50% year-over-year.

　　GAAP gross margin was 54.6%, compared to 51.7% in the prior quarter, and 55.9% in the year-ago quarter.

　　GAAP operating expenses were $91.0 million in the second quarter 2024, or 99% of net revenue, compared to $123.9 million in the prior quarter, or 130% of net revenue, and $108.8 million in the year-ago quarter, or 59% of net revenue.

　　GAAP loss from operations was 44% of net revenue, compared to loss from operations of 78% of net revenue in the prior quarter, and loss from operations of 3% of net revenue in the year-ago quarter.

　　Net cash flow used in operating activities was $2.7 million, compared to net cash flow provided by operating activities of $16.0 million in the prior quarter, and net cash flow provided by operating activities of $30.6 million in the year-ago quarter.

　　GAAP diluted loss per share was $0.47, compared to diluted loss per share of $0.88 in the prior quarter, and diluted loss per share of $0.05 in the year-ago quarter.

　　Non-GAAP basis:

　　Non-GAAP gross margin was 60.2%. This compares to 60.6% in the prior quarter, and 61.0% in the year-ago quarter.

　　Non-GAAP operating expenses were $74.8 million, or 81% of net revenue, compared to $74.8 million or 78% of net revenue in the prior quarter, and $82.5 million or 45% of net revenue in the year-ago quarter.

　　Non-GAAP loss from operations was 21% of net revenue, compared to loss of 18% in the prior quarter, and income of 16% in the year-ago quarter.

　　Non-GAAP diluted loss per share was $0.25, compared to loss of $0.21 in the prior quarter, and earnings of $0.34 in the year-ago quarter.

　　Management Commentary

　　“In conclusion, we are excited and confident in our progress in the infrastructure market with our wireless and optical interconnect products, even as we await a broadband recovery,” said Kishore Seendripu, PhD, Chairman and CEO. “In addition, our Ethernet, storage, Wi-Fi7, and fiber PON gateway products are all in the market today addressing additional new TAM, have strong customer traction, and are poised for meaningful growth. We are optimizing our efforts around these opportunities, which will be transformative for our future business while driving maximum value for our customers and shareholders.”

　　Third Quarter 2024 Business Outlook

　　The company expects net revenue in the third quarter of 2024 to be approximately $70 million to $90 million. The Company also estimates the following:

　　GAAP gross margin of approximately 52.5% to 55.5%;

　　Non-GAAP gross margin of approximately 57.0% to 60.0%;

　　GAAP operating expenses of approximately $102 million to $108 million;

　　Non-GAAP operating expenses of approximately $70 million to $76 million;

　　GAAP and non-GAAP interest and other expense of approximately $0 to $2.0 million each; and

　　GAAP and non-GAAP diluted share count of approximately 84.1 million each.

　　SOURCE MaxLinear