MXL · MaxLinear, Inc.

MaxLinear reported strong Q1 2026 results, with net revenue of $137.2 million, up 43% year-over-year, driven by a 136% surge in infrastructure revenue, particularly optical data center products. The company achieved GAAP gross margin of 57.5% and non-GAAP gross margin of 59.5%. GAAP operating loss was $17.8 million, while non-GAAP operating income was $21.9 million. GAAP diluted loss per share was $0.52, compared to a loss of $0.58 in the year-ago quarter; non-GAAP diluted EPS was $0.22, versus a loss of $0.05 last year. Management highlighted a multi-year growth phase led by optical data center connectivity, with production ramps at multiple hyperscale customers. For Q2 2026, the company guided revenue of $160-$170 million, implying continued sequential growth. Additionally, MaxLinear amended its credit agreement with Wells Fargo, extending the maturity of its revolving facility to March 2028 and increasing commitments by $30 million to $130 million, while maintaining an undrawn balance. The amendment also introduced tighter financial covenants, including a maximum total net leverage ratio of 3.50x and a minimum liquidity of $80 million. These actions strengthen the company's balance sheet and provide flexibility to support its growth trajectory.