MaxLinear, Inc.

maxlinear.com

What Do They Do?

Sells communications chips for broadband equipment, data-center networks, and wireless and wireline infrastructure to electronics distributors, module makers, and equipment designers.

How Do They Make Money?

Customers order chips and intellectual property under purchase orders; most chip invoices are due after shipment. Some intellectual-property deals include an upfront payment and a share of the recipient’s later revenue.

revenue

Segment	Share	How money arrives
Broadband Sold outright	44% FY2022: 44%	Sold outright
Connectivity Sold outright	17% FY2022: 27%	Sold outright
Infrastructure Sold outright	32% FY2022: 12%	Sold outright
Industrial and multi-market Sold outright	7.9% FY2022: 17%	Sold outright

Who Are Their Customers?

Sells directly and indirectly to module makers and equipment designers, as well as electronics distributors that resell its products. Direct sales staff, sales representatives, and distributors serve customers worldwide.

Do Revenues Turn Into Profits?

Not on paper. It lost $136.7M in FY2025, but brought in more cash than it spent: $7M of free cash flow.

Operating income, FY2025

−27% of revenue

▼ −43% (Loss) vs FY2024 (−$223.4M, −62%)

Net income, FY2025

−29% of revenue

▼ −44% (Loss) vs FY2024 (−$245.2M, −68%)

Free cash flow, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$63M, −17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +72%; vs $126.5M in Q3 FY2025
Net income: ▲ Now profitable; vs −$45.5M in Q3 FY2025

Broadband share of revenue vs 46.1% in Q3 FY2025

Jun 1, 2026 Replaced Grant Thornton with KPMG as independent auditor KPMG was appointed auditor for fiscal 2026; Grant Thornton's reports for fiscal 2024 and 2025 had no adverse or qualified opinions.

Shrinking. Revenue fell 48% in 4 years, from $892.4M in FY2021 to $467.6M in FY2025, about 15% a year.

Revenue over time

Broadband Connectivity Infrastructure Industrial and multi-market

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Broadcom, Qualcomm, Realtek Semiconductor, Skyworks Solutions, Credo Semiconductor, MediaTek, Marvell Technology Group, MACOM Technology Solutions Holdings, Texas Instruments, Analog Devices, Renesas Electronics, Microchip Technology, and Semtech

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