MXL · MaxLinear, Inc.

MaxLinear's Q2 2026 results mark a significant inflection point, driven by robust demand in data center infrastructure, particularly its Keystone PAM4 DSP platform for 800G applications. Revenue of $168.8M surged 55% year-over-year, with infrastructure up 145%, reflecting hyperscale customer adoptions. Gross margins improved both sequentially and annually, with GAAP gross margin reaching 57.8% and non-GAAP 59.5%, benefiting from scale. Operating leverage was evident as GAAP operating loss narrowed to -2.5% from -22.6% a year ago, while non-GAAP operating margin expanded to 22.3% from 7.2%. The company achieved GAAP net income of $1.76M ($0.02 per diluted share) versus a loss of $26.6M in Q2 2025, and non-GAAP net income of $34.3M ($0.35 per diluted share) improved from $1.8M ($0.02) last year. Management attributed strength to the ramp of the Keystone platform and expanding 1.6T-capable product roadmap. Q3 2026 guidance projects revenue of $210-220M, above Q2 levels, with continued gross margin expansion and further operating income improvement. The company's cash flow from operations turned positive at $4.8M in the quarter, and it ended with $64.8M in cash and equivalents. The results underscore a sustained growth phase, with management expressing confidence in delivering long-term value through innovation and operational discipline.