MaxLinear's earnings call for Q1 2025 reflected a positive trajectory with strong revenue growth, improved non-GAAP margins, and significant product development achievements, particularly in data center and PON markets. However, challenges remain with operational losses, cash flow issues, and geopolitical risks impacting the outlook. Overall, the highlights and strategic progress indicate a focus on recovery and growth, with a cautiously optimistic view for the remainder of the year.

Company Guidance -

Q3 2025

During the MaxLinear, Inc. first quarter 2025 earnings call, the company provided guidance for the second quarter, anticipating revenue between $95 million and $115 million. The GAAP and non-GAAP gross margins are expected to be in the range of 57.5% to 59.5% of revenue. Operating expenses on a GAAP basis are projected between $92 million and $98 million, while non-GAAP operating expenses are forecasted between $55 million to $61 million. The company also expects GAAP and non-GAAP interest and other expenses to be between $2 million and $3 million, with a GAAP tax expense of $2.4 million and a non-GAAP tax rate of 10.5%. The diluted share count is anticipated to be approximately 87.0 million to 87.5 million shares. MaxLinear expressed confidence in continuing growth and recovery throughout 2025, driven by innovation in strategic applications such as high-speed interconnects, wireless infrastructure, storage, Ethernet, Wi-Fi, and fiber PON gateways.

Exceeding Revenue Guidance

MaxLinear reported Q1 2025 revenue of $95.9 million, surpassing the midpoint of their guidance. This represents growth from the previous quarter's $92.2 million.

Positive Non-GAAP Margins

The company achieved a non-GAAP gross margin of 59.1% in Q1 2025, indicating strong operational efficiency.

Infrastructure Revenue Growth

Infrastructure revenue for Q1 2025 was approximately $27 million, with expectations for growth across all end markets in Q2.

Significant Progress in Product Development

MaxLinear highlighted advancements in high-speed data center interconnects, PON, Wi-Fi, and Ethernet, with expectations for strong growth in 2025 and 2026.

Strong Product Traction in Optical DSP

The Keystone PAM4 DSP product showcased at the Optical Fiber Conference demonstrated a wide array of applications, with expectations for revenue growth in 2026.

Positive Cash Flow Outlook

The company expects to generate positive free cash flow in Q2 2025, marking a return to profitability.

Maxlinear (MXL) Earnings, Revenues Date & History

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MXL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	0.12 / -	-0.36	―	―	―
Jul 23, 2025	2025 (Q2)	0.02 / 0.02	-0.25	108.00% (+0.27)
Apr 23, 2025	2025 (Q1)	-0.05 / -0.05	-0.21	76.19% (+0.16)
Jan 29, 2025	2024 (Q4)	-0.13 / -0.09	0.01	-1000.00% (-0.10)
Oct 23, 2024	2024 (Q3)	-0.32 / -0.36	0.02	-1900.00% (-0.38)
Jul 24, 2024	2024 (Q2)	-0.19 / -0.25	0.34	-173.53% (-0.59)
Apr 24, 2024	2024 (Q1)	-0.22 / -0.21	0.74	-128.38% (-0.95)
Jan 31, 2024	2023 (Q4)	<0.01 / 0.01	1.07	-99.07% (-1.06)
Oct 25, 2023	2023 (Q3)	0.04 / 0.02	1.05	-98.10% (-1.03)
Jul 26, 2023	2023 (Q2)	0.33 / 0.34	1.11	-69.37% (-0.77)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MXL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$15.32	$17.25	+12.60%
Apr 23, 2025	$11.01	$9.66	-12.26%
Jan 29, 2025	$21.79	$17.47	-19.83%
Oct 23, 2024	$14.87	$15.09	+1.48%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.