0001288469-25-000097
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For the nine months ended September 30, 2025, MaxLinear generated operating cash flow of $48.9 million, a significant increase from $7.1 million in the same period of 2024. This 589% year-over-year improvement was primarily driven by a reduction in net loss and favorable working capital changes, notably a $43.4 million decrease in accounts receivable.
Capital expenditures remained modest at $1.6 million, resulting in a free cash flow of $47.3 million (calculated as CFO minus capex). The low capex intensity (3.3% of CFO) indicates a capital-light business model.
The company used $45.1 million in financing activities, mainly for debt repayment ($52.5 million principal payments on long-term debt), partially offset by proceeds from stock issuance. No share repurchases or dividends were reported.
An anomaly to note: the large swing in accounts receivable drove a significant portion of the CFO improvement, which may not be sustainable. Additionally, the net loss of $40.1 million in 2025 (versus $77.5 million in 2024) still resulted in positive CFO due to non-cash charges (depreciation, stock-based compensation) and working capital benefits.