$MXL

MAXLINEAR INC

CIK:0001288469|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 168,847	$ 108,813	$ 306,035	$ 204,746
Cost of net revenue	71,184	47,288	129,488	89,390
Gross profit	97,663	61,525	176,547	115,356
Operating expenses:
Research and development	56,033	47,199	109,195	102,656
Selling, general and administrative	45,751	33,361	88,208	69,950
Restructuring charges	64	5,580	538	13,459
Total operating expenses	101,848	86,140	197,941	186,065
Loss from operations	(4,185)	(24,615)	(21,394)	(70,709)
Interest income	474	812	1,107	1,676
Interest expense	(2,269)	(2,512)	(4,466)	(5,016)
Other income (expense), net	(570)	(4,386)	(449)	(5,654)
Total other income (expense), net	(2,365)	(6,086)	(3,808)	(8,994)
Loss before income taxes	(6,550)	(30,701)	(25,202)	(79,703)
Income tax provision (benefit)	(8,310)	(4,115)	18,175	(3,404)
Net income (loss)	$ 1,760	$ (26,586)	$ (43,377)	$ (76,299)
Net income (loss) per share:
Basic (in usd per share)	$ 0.02	$ (0.31)	$ (0.49)	$ (0.89)
Diluted (in usd per share)	$ 0.02	$ (0.31)	$ (0.49)	$ (0.89)
Shares used to compute net income (loss) per share:
Basic (in shares)	90,043	86,626	88,826	85,952
Diluted (in shares)	97,333	86,626	88,826	85,952

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (43,377)	$ (76,299)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation	18,130	18,582
Amortization of debt issuance costs and accretion of discounts	839	1,001
Stock-based compensation	47,506	36,024
Deferred income taxes	14,902	(6,355)
Loss on disposal of property and equipment	200	900
Reduction in the carrying amount of leased right-of-use assets	3,615	3,784
Impairment of leased right-of-use assets	233	427
Gain on extinguishment of lease liabilities	(328)	0
Loss on foreign currency	247	5,461
Excess tax benefits on stock-based awards	(10,615)	(2,274)
Changes in operating assets and liabilities:
Accounts receivable	(4,915)	(20,354)
Inventory	(27,386)	4,312
Prepaid expenses and other assets	(22,501)	4,480
Accounts payable, accrued expenses and other current liabilities	(709)	29,141
Accrued compensation	21,211	11,849
Accrued price protection liability	4,699	(3,881)
Lease liabilities	(5,485)	(5,777)
Other long-term liabilities	(329)	(1,932)
Net cash used in operating activities	(4,063)	(911)
Investing Activities
Purchases of property and equipment	(3,722)	(3,161)
Purchases of intangible assets	(1,665)	(6,207)
Proceeds from convertible notes receivable	(2,000)	0
Net cash used in investing activities	(7,387)	(9,368)
Financing Activities
Proceeds from borrowings under revolving credit facility	20,000	0
Repayment of borrowings under revolving credit facility	(20,000)	0
Payment of debt issuance costs	(479)	0
Proceeds from funding arrangement	8,000	0
Net proceeds from issuance of common stock, net of costs	3,804	2,140
Minimum tax withholding paid on behalf of employees for restricted stock units	(7,438)	(2,201)
Net cash provided by (used in) financing activities	3,887	(61)
Effect of exchange rate changes on cash and cash equivalents	(117)	990
Decrease in cash, cash equivalents and restricted cash	(7,680)	(9,350)
Cash, cash equivalents and restricted cash at beginning of period	101,412	119,603
Cash, cash equivalents and restricted cash at end of period	93,732	110,253
Supplemental disclosures of cash flow information:
Cash paid for interest	3,984	4,322
Cash paid for income taxes, net of refunds	(2,116)	2,994
Supplemental disclosures of non-cash activities:
Issuance of shares for payment of bonuses	$ 32,205	$ 5,163

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 64,814	$ 72,806
Short-term restricted cash	1,492	1,419
Accounts receivable, net	51,037	46,122
Inventory	105,490	78,104
Prepaid expenses and other current assets	75,829	50,390
Total current assets	298,662	248,841
Long-term restricted cash	27,426	27,187
Property and equipment, net	41,207	48,873
Leased right-of-use assets	19,724	15,506
Intangible assets, net	43,780	48,892
Goodwill	318,588	318,588
Deferred tax assets	62,361	77,268
Other long-term assets	10,823	11,241
Total assets	822,571	796,396
Current liabilities:
Accounts payable	40,401	37,916
Accrued price protection liability	31,192	26,493
Accrued expenses and other current liabilities	58,244	72,392
Accrued compensation	38,287	49,219
Total current liabilities	168,124	186,020
Long-term lease liabilities	15,465	12,313
Long-term debt	123,926	123,618
Other long-term liabilities	30,216	22,550
Total liabilities	337,731	344,501
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 25,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.0001 par value; 550,000 shares authorized; 90,692 shares issued and outstanding at June 30, 2026 and 86,451 shares issued and outstanding at December 31, 2025	9	9
Additional paid-in capital	1,027,265	951,262
Accumulated other comprehensive income	1,349	1,030
Accumulated deficit	(543,783)	(500,406)
Total stockholders’ equity	484,840	451,895
Total liabilities and stockholders’ equity	$ 822,571	$ 796,396