MXL earnings analysis
What we found in MXL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MaxLinear reported net revenue of $137.188 million for Q1 2026, up $41.255 million or 43% year-over-year versus $95.933 million in Q1 2025, with gross profit of $78.884 million (58% of revenue). Operating loss narrowed materially to (13)% of revenue from (48)% a year earlier, but a $26.485 million income tax provision resulted in GAAP net loss of 33% of revenue. The company ended the quarter with $61.1 million of cash and cash equivalents, $28.9 million of restricted cash and $102.8 million of working capital, while $125.0 million remains outstanding on its term loan and the $100.0 million revolving facility was undrawn. Management offers qualitative forward commentary (expects revenue and gross margin to fluctuate) but the MD&A contains no new numeric guidance in this 10-Q.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong top-line beat and robust YoY growth
- Net revenue was $137,188,000 in Q1 2026, an increase of $41,255,000 or 43% versus $95,933,000 in Q1 2025.
- Infrastructure segment acceleration
- Infrastructure revenue rose to $62,814,000 (46% of net revenue), up $36,253,000 or 136% year-over-year.
- Gross margin expansion
- Gross profit improved to $78,884,000, representing a 58% gross margin versus 56% in the prior-year quarter.
- Operating leverage — smaller operating loss
- Loss from operations narrowed to (13)% of net revenue in Q1 2026 versus (48)% in Q1 2025, reflecting lower R&D and steadier revenue.
- Improved R&D discipline
- R&D expense decreased $2,295,000 to $53,162,000 in Q1 2026 from $55,457,000 in Q1 2025 (39% of revenue).
- Solid near-term liquidity available
- As of March 31, 2026 the company had $61.1 million cash and cash equivalents, $28.9 million restricted cash and an undrawn $100.0 million revolving credit facility (working capital $102.8 million).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Large tax provision drove GAAP loss
- Income tax provision was $26,485,000 in Q1 2026, contributing to a GAAP net loss equal to 33% of net revenue (vs 1% tax provision prior year).
- Significant outstanding debt
- The company had $125.0 million of principal outstanding under its senior secured term loan as of March 31, 2026, exposing results to variable interest-rate risk.
- Customer concentration
- One customer accounted for 13% of net revenue and the ten largest customers represented 56% of net revenue in Q1 2026.
- Geographic concentration of shipments
- Products shipped to Asia accounted for 77% of net revenue in Q1 2026 (48% to Hong Kong and 10% to mainland China).
- Segment seasonality / cyclicality risk
- Management states it 'currently expect[s] that revenue will fluctuate' and connectivity declined by $1,640,000 (-8%) to $18,595,000 in Q1 2026, highlighting exposure to seasonal demand shifts.
- Ongoing legal exposure
- The company discloses multiple proceedings (e.g., Silicon Motion arbitration filed Oct 5, 2023) and notes that 'no material loss contingencies have been accrued' as of March 31, 2026 but that unfavorable outcomes may be reasonably possible in excess of recorded amounts.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 58%
- Operating margin
- -13%
- Segment
- Infrastructure: $62,814,000 (46% of net revenue; +136% YoY)
- Segment
- Broadband: $43,626,000 (32% of net revenue; +7% YoY)
- Segment
- Connectivity: $18,595,000 (14% of net revenue; -8% YoY)
- Segment
- Industrial and multi-market: $12,153,000 (9% of net revenue; +47% YoY)
What they said about what is next.
The MD&A provides qualitative forward-looking commentary (e.g., 'We currently expect that revenue will fluctuate' and 'gross profit percentage will fluctuate') but contains no numeric guidance in this 10-Q. (Prior 8-K/press release provided Q2 revenue ranges; that numeric guidance is not repeated in the MD&A of this filing.)
The filing reads better than the one before it.
What came before.
- 10-Q · July 23, 2025
- MaxLinear reported Q2 net revenue of $108,813 (thousands), up from $91,990 in Q2 2024, with gross profit of $61,525 and gross margin expanding to 56.5%. Operating loss narrowed to $(24,615) versus $(40,820) a year…
- 10-Q · July 24, 2024
- MaxLinear reported Q2 net revenue of $91.99M and a gross margin of ~54.6%, but results deteriorated materially year-over-year with operating loss widening to $(40.82)M and diluted EPS of $(0.47). Six‑month operating…
- 10-Q · October 25, 2023
- MaxLinear reported Q3 net revenue of $135.53 million and a GAAP net loss of $39.83 million (diluted loss per share $0.49). Gross profit was $73.94 million (≈54.6% margin) while operating loss was $17.82 million, driven…
- 10-Q · July 27, 2023
- MaxLinear reported Q2 net revenue of $183,938 (vs. $280,009 in Q2 2022), producing a gross profit of $102,873 and an operating loss of $(5,937). The company generated positive operating cash flow of $72,737 for the six…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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