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MaxLinear, Inc. Announces Third Quarter 2024 Financial Results

  • 2024/10/28 10:49:17

　　CARLSBAD, Calif.--(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 third quarter ended September 30, 2024.

　　Third Quarter Financial Highlights

　　GAAP basis:

　　Net revenue was $81.1 million, down 12% sequentially and down 40% year-over-year.

　　GAAP gross margin was 54.4%, compared to 54.6% in the prior quarter, and 54.6% in the year-ago quarter.

　　GAAP operating expenses were $110.8 million in the third quarter 2024, or 137% of net revenue, compared to $91.0 million in the prior quarter, or 99% of net revenue, and $91.8 million in the year-ago quarter, or 68% of net revenue.

　　GAAP loss from operations was 82% of net revenue, compared to loss from operations of 44% of net revenue in the prior quarter, and loss from operations of 13% of net revenue in the year-ago quarter.

　　Net cash flow used in operating activities was $30.7 million, compared to net cash flow used in operating activities of $2.7 million in the prior quarter, and net cash flow used in operating activities of $12.8 million in the year-ago quarter.

　　GAAP diluted loss per share was $0.90, compared to diluted loss per share of $0.47 in the prior quarter, and diluted loss per share of $0.49 in the year-ago quarter.

　　Non-GAAP basis:

　　Non-GAAP gross margin was 58.7%. This compares to 60.2% in the prior quarter, and 60.8% in the year-ago quarter.

　　Non-GAAP operating expenses were $72.8 million, or 90% of net revenue, compared to $74.8 million or 81% of net revenue in the prior quarter, and $75.1 million or 55% of net revenue in the year-ago quarter.

　　Non-GAAP loss from operations was 31% of net revenue, compared to loss of 21% in the prior quarter, and income of 5% in the year-ago quarter.

　　Non-GAAP diluted loss per share was $0.36, compared to loss of $0.25 in the prior quarter, and earnings of $0.02 in the year-ago quarter.

　　Management Commentary

　　“We are pleased to see encouraging signs of recovery in our business, including another quarter of improvement in customer orders and continued progress in new product traction,” said Kishore Seendripu, PhD, Chairman and CEO. “In particular, we are on track to exit the year at a run rate greater than one million units per year of our high-speed optical interconnect products as customers prepare for the industry transition to 800Gig and beyond. In addition, design win activity and customer success in fiber PON gateways, Ethernet, storage, and Wi-Fi7 position us for renewed growth and earnings improvement in the fourth quarter and beyond.”

　　Fourth Quarter 2024 Business Outlook

　　The company expects net revenue in the fourth quarter of 2024 to be approximately $80 million to $100 million. The Company also estimates the following:

　　GAAP gross margin of approximately 54.0% to 57.0%;

　　Non-GAAP gross margin of approximately 57.5% to 60.5%;

　　GAAP operating expenses of approximately $88 million to $94 million;

　　Non-GAAP operating expenses of approximately $58 million to $64 million;

　　GAAP and non-GAAP interest and other expense of approximately $1.0 million to $2.5 million each; and

　　GAAP and non-GAAP diluted share count of approximately 84.5 million each.

　　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.

Source MaxLinear Inc.

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