MaxLinear, Inc.

Total Q2 2026 revenue was $168.8 million, up from $137.2 million in Q1 2026 and up from $108.8 million in Q2 2025. GAAP gross margin was 57.8% and non-GAAP gross margin was 59.5%; GAAP operating expenses were $101.8 million and non-GAAP operating expenses were $62.8 million; GAAP EPS was $0.02 and non-GAAP EPS was $0.35. Segment revenue was approximately $85 million for infrastructure, about $45 million for broadband, about $24 million for connectivity, and about $15 million for industrial and multimarket. For Q3 2026, MaxLinear guided to revenue of $210 million to $220 million, GAAP gross margin of approximately 57% to 60%, non-GAAP gross margin of 58.5% to 61.5%, GAAP operating expenses of $98 million to $104 million, and non-GAAP operating expenses of $66 million to $71 million. The company also guided to GAAP and non-GAAP diluted share count of approximately 99 million and said Q3 tax provisions should be about $1.5 million GAAP and about $1 million non-GAAP.

Kishore Seendripu framed the quarter as evidence of an "exciting inflection" and the start of a multiyear growth phase, with revenue growth driven by accelerating adoption of data-center products and a favorable mix shift toward infrastructure. He emphasized Keystone’s ramp at hyperscale customers, said 800-gigabit demand is now the main growth engine, and highlighted upcoming products like Rushmore, Washington, and Annapurna as layered growth drivers in 2027 and beyond. His tone was notably optimistic and confident, repeatedly describing the business as well positioned for sustained transformative growth.

Steven Litchfield highlighted the hard numbers: Q2 revenue of $168.8 million, GAAP gross margin of 57.8%, non-GAAP gross margin of 59.5%, GAAP operating expenses of $101.8 million, non-GAAP operating expenses of $62.8 million, GAAP EPS of $0.02, non-GAAP EPS of $0.35, and operating cash flow of about $4.8 million. He said cash, cash equivalents and restricted cash ended at about $93.7 million, with DSO at about 28 days and inventory days down to 123 from 128. On capital needs, he pointed to a substantial wafer prepayment tied to rising data-center demand and said prepayments should continue next quarter; he also noted Q3 margin improvement should benefit from infrastructure mix, though wafer, packaging and test cost inflation remains a headwind.

Analysts focused heavily on what is driving the raised optical outlook, whether the increase is all Keystone, and how much of the growth is from share gains versus broader market expansion. Management said the added 2026 optical revenue is all Keystone, and that the stronger second-half run rate should carry into 2027, with more share gains as additional customer qualifications convert to production. Questions also covered the timing of Rushmore, Washington and Annapurna, with management saying initial revenue from those programs should begin in 2027 and meaningfully ramp later, while broadband and industrial were described as improving but not yet as large as the optical opportunity.