Marvell Technology, Inc.

First-quarter revenue was a record $2.418 billion, up 28% year over year and 9% sequentially, and non-GAAP EPS was $0.80, which exceeded the midpoint of guidance by $0.01. Data center revenue hit a record $1.83 billion, up 27% year over year, and communications and other revenue was $585 million, up 29% year over year. Gross margin was 52.1% GAAP and 58.9% non-GAAP; for Q2, Marvell guided revenue to $2.7 billion, plus or minus 5%, with GAAP EPS of $0.32 to $0.42 and non-GAAP EPS of $0.88 to $0.98.

Matt Murphy said demand is “strong” and bookings are “exceptional,” especially across the data center portfolio, and he framed Marvell as being in a “strong multiyear growth cycle.” He emphasized that the company is seeing accelerating AI-related demand in interconnect, switching, custom silicon, optics, and scale-up networking, and repeatedly noted that the business is winning more designs and seeing larger-than-expected program size. His tone was upbeat and confident, while still grounding the message in supply execution, customer collaboration, and capacity investments.

Willem Meintjes said GAAP operating margin was 14% and non-GAAP operating margin was 35%, with GAAP operating expenses of $921 million and non-GAAP operating expenses of $577 million. He highlighted record cash from operations of $639 million, inventory of $1.4 billion that was “almost flat” sequentially, $200 million of share repurchases, and $54 million of dividends, alongside total debt of $4.96 billion and net debt-to-EBITDA of 0.32x. For Q2, he guided GAAP gross margin to 52.1% to 53.1% and non-GAAP gross margin to 58.25% to 59.25%, and said Marvell expects roughly $1 billion in supplier prepayments this fiscal year funded by the balance sheet and operating cash flow.

Analysts pressed management on how realistic the $10 billion-plus fiscal 2029 custom target is, the breadth of the XPU/customer pipeline, and whether a new compute-TAM opportunity is included; Murphy said the target is still tracking and is based on programs already won, not incremental assumptions. They also asked about SRAM-based offload opportunities, with Murphy saying Marvell’s SRAM IP remains an important differentiator in winning XPU attach designs, but it is only one part of a broader platform spanning high-speed I/O, packaging, and manufacturing. On the supply side, Chris Koopmans said AI-related capacity has been constrained for years and Marvell manages it through long-term forecasts, tight supplier relationships, and prepayments; on interconnect and scale-up, Murphy said growth is still seeing “upward bias,” but current guidance already reflects the business Marvell can see today.