# MAXLINEAR, INC (MXL)

Informational only - not investment advice.

CIK: 0001288469
SIC: 3674 Semiconductors & Related Devices
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3674 Semiconductors & Related Devices](/industry/3674/)
Latest 10-K filed: 2026-01-29
SEC page: https://www.sec.gov/edgar/browse/?CIK=1288469
Filing source: https://www.sec.gov/Archives/edgar/data/1288469/000128846926000011/mxl-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-01-29 · accession 0001288469-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001288469.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 467,641,000 USD | 2025 | verified |
| Net income | -136,681,000 USD | 2025 | verified |
| Assets | 796,396,000 USD | 2025 | verified |
| Free cash flow | 7,021,000 USD | 2025 | computed |
| Net margin | -29.23% | 2025 | computed |
| Operating margin | -27.13% | 2025 | computed |
| Revenue YoY | +29.71% | 2025 | computed |
| ROE | -30.25% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MXL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -29.2% | 4.9% | 14 | 59 |
| Operating margin | -27.1% | 3.7% | 11 | 58 |
| Revenue growth | 29.7% | 15.5% | 70 | 61 |
| FCF margin | 1.5% | 8.9% | 25 | 60 |
| ROE | -30.2% | 3.8% | 9 | 58 |
| ROA | -17.2% | 1.6% | 13 | 61 |
| Liabilities / equity | 0.76 | 0.51 | 66 | 59 |
| Current ratio | 1.34 | 2.70 | 5 | 61 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3674 Semiconductors & Related Devices, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 467641000 | USD | 2025 | 2026-01-29 |
| Net income | -136681000 | USD | 2025 | 2026-01-29 |
| Assets | 796396000 | USD | 2025 | 2026-01-29 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001288469.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 384,997,000 | 317,180,000 | 478,596,000 | 892,398,000 | 1,120,252,000 | 693,263,000 | 360,528,000 | 467,641,000 |
| Net income | 61,292,000 | -9,187,000 | -26,199,000 | -19,898,000 | -98,593,000 | 41,969,000 | 125,040,000 | -73,147,000 | -245,198,000 | -136,681,000 |
| Operating income | 63,059,000 | -21,671,000 | -19,097,000 | -22,057,000 | -101,139,000 | 65,245,000 | 180,243,000 | -38,221,000 | -223,352,000 | -126,890,000 |
| Gross profit | 229,990,000 | 207,963,000 | 208,774,000 | 167,685,000 | 212,798,000 | 495,832,000 | 649,769,000 | 385,663,000 | 194,782,000 | 265,814,000 |
| Diluted EPS | 0.91 | -0.14 | -0.38 | -0.28 | -1.35 | 0.53 | 1.55 | -0.91 | -2.93 | -1.58 |
| Operating cash flow | 117,317,000 | 75,064,000 | 102,689,000 | 78,348,000 | 73,593,000 | 168,233,000 | 388,726,000 | 43,372,000 | -45,295,000 | 19,619,000 |
| Capital expenditures | 8,512,000 | 7,468,000 | 7,825,000 | 6,887,000 | 12,487,000 | 39,176,000 | 41,253,000 | 13,454,000 | 17,680,000 | 12,598,000 |
| Share buybacks | 3,000 | 334,000 | 0.00 | 0.00 | 0.00 | 23,548,000 | 31,511,000 | 0.00 | 0.00 | 20,000,000 |
| Assets | 422,652,000 | 824,862,000 | 743,593,000 | 705,791,000 | 1,022,442,000 | 1,050,384,000 | 1,180,025,000 | 1,080,257,000 | 864,639,000 | 796,396,000 |
| Liabilities | 70,228,000 | 437,438,000 | 343,657,000 | 290,871,000 | 631,325,000 | 561,186,000 | 503,640,000 | 393,992,000 | 348,356,000 | 344,501,000 |
| Stockholders' equity | 352,424,000 | 387,424,000 | 399,936,000 | 414,920,000 | 391,117,000 | 489,198,000 | 676,385,000 | 686,265,000 | 516,283,000 | 451,895,000 |
| Cash and cash equivalents | 81,086,000 | 71,872,000 | 73,142,000 | 92,708,000 | 148,901,000 | 130,572,000 | 187,353,000 | 187,288,000 | 118,575,000 | 72,806,000 |
| Free cash flow | 108,805,000 | 67,596,000 | 94,864,000 | 71,461,000 | 61,106,000 | 129,057,000 | 347,473,000 | 29,918,000 | -62,975,000 | 7,021,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | -6.80% | -6.27% | -20.60% | 4.70% | 11.16% | -10.55% | -68.01% | -29.23% |
| Operating margin |  |  | -4.96% | -6.95% | -21.13% | 7.31% | 16.09% | -5.51% | -61.95% | -27.13% |
| Return on equity | 17.39% | -2.37% | -6.55% | -4.80% | -25.21% | 8.58% | 18.49% | -10.66% | -47.49% | -30.25% |
| Return on assets | 14.50% | -1.11% | -3.52% | -2.82% | -9.64% | 4.00% | 10.60% | -6.77% | -28.36% | -17.16% |
| Liabilities / equity | 0.20 | 1.13 | 0.86 | 0.70 | 1.61 | 1.15 | 0.74 | 0.57 | 0.67 | 0.76 |
| Current ratio | 3.90 | 2.64 | 2.46 | 2.73 | 1.55 | 1.95 | 1.65 | 2.20 | 1.77 | 1.34 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MXL/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001288469.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.35 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.12 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.05 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -4,351,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 135,530,000 |  | -0.49 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 125,353,000 | -38,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 95,269,000 | -72,309,000 | -0.88 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -72,309,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 91,990,000 |  | -0.47 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -39,266,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 81,102,000 |  | -0.90 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 92,167,000 | -57,838,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 95,933,000 | -49,713,000 | -0.58 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -49,713,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 108,813,000 |  | -0.31 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -26,586,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 126,459,000 |  | -0.52 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 136,436,000 | -14,897,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 137,188,000 | -45,137,000 | -0.52 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -45,137,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 168,847,000 |  | 0.02 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MXL's latest 10-K: [/company/MXL/business/](/company/MXL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MXL's latest 10-K: [/company/MXL/risk-factors/](/company/MXL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1288469/000128846926000051/mxl-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The following discussion and analysis of the financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements that involve a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (our “2025 Annual Report”) and Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 in the section titled “Risk Factors.”

Overview

We are a provider of communications systems-on-chips, or SoCs, solutions used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. We are a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including radio frequency, or RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. Our ability to design analog and mixed-signal circuits in complementary metal-oxide-semiconductors, or CMOS, allows us to efficiently combine analog functionality and complex digital signal processing logic in the same integrated circuit. As a result, we believe our solutions have exceptional levels of functional integration and performance, low manufacturing cost, and reduced power consumption versus competition. These solutions also enable shorter design cycles, significant design flexibility and low system-level cost across a range of markets.

Our customers primarily include electronics distributors, module makers, original equipment manufacturers, or OEMs, and original design manufacturers, or ODMs, which incorporate our products in a wide range of electronic devices. Examples of such devices include radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; optical transceivers targeting hyperscale data centers; Wi-Fi and wireline routers for home networking; broadband modems compliant with Data Over Cable Service Interface Specifications, or DOCSIS, passive optical network, or PON, and digital subscriber line, or DSL; as well as power management and interface products used in these and many other markets. In addition, we generate revenue from certain intellectual property sale agreements.

In the six months ended June 30, 2026, net revenue was $306.0 million, which was derived in part from sales of high-speed optical interconnect solutions sold into optical modules for data-center, metro and long-haul networks, RF receivers and RF receiver SoC and connectivity solutions into broadband operator voice and data modems and gateways and connectivity adapters, global analog and digital RF receiver products, radio and modem solutions into wireless carrier access and backhaul infrastructure platforms, and high-performance interface and power management solutions into a broad range of communications, industrial, automotive and multi-market applications. We have experienced growth in sales demand across our infrastructure, connectivity, and industrial and multi-market end markets driven by new product wins and market growth. We continue to develop and innovate with new products for new solutions in advanced semiconductor process nodes such as 16nm and 5nm and beyond, while addressing opportunities capturing and processing high-speed optical interconnect signals and high quality broadband communications.

Products shipped to Asia accounted for 81% and 79% of net revenue during the six months ended June 30, 2026 and 2025, respectively, including 48% from products shipped to Hong Kong, 12% from products shipped to mainland China, and 10% from products shipped to Vietnam during the six months ended June 30, 2026 and 49% from products shipped to Hong Kong and 10% from products shipped to Vietnam during the six months ended June 30, 2025. Although a large percentage of our products is shipped to Asia, we believe that a significant number of the systems designed by these customers and incorporating our semiconductor products are then sold outside Asia. For example, revenue generated from sales of our products during the six months ended June 30, 2026 and 2025 related principally to sales to Asian ODMs and contract manufacturers delivering products into European and North American markets. To date, all of our sales have been denominated in United States dollars.

A significant portion of our net revenue has historically been generated by a limited number of customers through sales of our products. Sales of products to customers comprise both direct sales to customers and indirect sales through distributors. In the six months ended June 30, 2026, one customer accounted for 11% of our net revenue, and our ten largest customers collectively accounted for 55% of our net revenue. For certain customers, we sell multiple products into disparate end user applications such as PON outdoor units, or PON ODUs, Wi-Fi routers, broadband gateways, and cable modems.

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Our business depends on winning competitive bid selection processes, known as design wins, to develop integrated circuits for use in our customers’ products. These selection processes are typically lengthy, and as a result, our sales cycles will vary based on the specific market served, whether the design win is with an existing or a new customer and whether our product being designed in our customer’s device is a first generation or subsequent generation product. Our customers’ products can be complex and, if our engagement results in a design win, can require significant time to move into volume production. Because the sales cycle for our products is long, we can incur significant design and development expenditures in circumstances where we do not ultimately recognize any revenue. We do not have any long-term purchase commitments with any of our customers, all of whom purchase our products on a purchase order basis. Once one of our products is incorporated into a customer’s design, however, we believe that our product is likely to remain a component of the customer’s product for its life cycle because of the time and expense associated with redesigning the product or substituting an alternative chip. Product life cycles in our target markets will vary by application. For example, in the broadband data modem and gateway sectors, a design-in can have a product life cycle of 24 to 60 months. In the industrial and wired and wireless infrastructure markets, a design-in can have a product life cycle of 24 to 84 months and beyond.

Terminated Silicon Motion Merger

On May 5, 2022, we entered into an agreement and plan of merger, or the Merger Agreement, with Silicon Motion Technology Corporation, or Silicon Motion, an exempted company with limited liability incorporated under the Law of the Cayman Islands, pursuant to which, subject to the terms and conditions thereof, we agreed to acquire Silicon Motion pursuant to a statutory merger of Shark Merger Sub, a wholly-owned subsidiary of MaxLinear, with and into Silicon Motion, with Silicon Motion surviving the merger as a wholly-owned subsidiary of MaxLinear. Silicon Motion is a provider of NAND flash controllers for solid state drives and other solid state storage devices.

On July 26, 2023, we terminated the Merger Agreement and notified Silicon Motion that we were relieved of our obligations to close because, among other reasons, (i) certain conditions to closing set forth in the Merger Agreement were not satisfied and were incapable of being satisfied, (ii) Silicon Motion had suffered a Material Adverse Effect that was continuing, (iii) Silicon Motion was in material breach of representations, warranties, covenants, and agreements in the Merger Agreement that gave rise to the right of the Company to terminate, and (iv) in any event, the First Extended Outside Date had passed and was not automatically extended because certain conditions in Article 6 of the Merger Agreement were not satisfied or waived as of May 5, 2023. Under the terms of the Merger Agreement, MaxLinear was not required to pay a break-up fee or other fee as a result of the termination of the Merger Agreement on these grounds. On August 16, 2023, Silicon Motion delivered a notice to us, which Silicon Motion publicly disclosed, that it was purporting to terminate the Merger Agreement and that Silicon Motion would be commencing an arbitration to seek damages from us arising from our alleged breaches of the Merger Agreement. Undefined capitalized terms in this paragraph have the same meaning as in the Merger Agreement.

On October 5, 2023, Silicon Motion filed a Notice of Arbitration with the Singapore International Arbitration Centre alleging that we breached the Merger Agreement. See Note 14, Commitments and Contingencies of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on legal proceedings related to the termination of the Merger Agreement.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements which are prepared in accordance with accounting principles that are generally accepted in the United States of America. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We continually evaluate our estimates and judgments, the most critical of which are those related to business combinations, revenue recognition, inventory valuation, production masks, goodwill and other intangible assets valuation, and income taxes. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known.

We believe that the accounting policies and estimates we have identified as critical involve a greater degree of judgment and complexity than our other accounting policies and estimates. Accordingly, those are the policies and estimates we believe are the most critical to understanding and evaluating our consolidated financial condition and results of operations.

For a summary of our critical accounting policies and estimates, refer to Management’s Discussion and Analysis section of our Annual Report on Form 10-K for the year ended December 31, 2025, which we filed with the Securities and Exchange

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Commission, or SEC, on January 29, 2026, or our Annual Report. There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026.

Recently Adopted Accounting Pronouncements

See Note 1 to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for recently adopted accounting pronouncements as of the date of this report, if any.

Recently Issued Accounting Pronouncements

See Note 1 to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for recently issued accounting pronouncements not yet adopted as of the date of this report, if any

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1288469/000128846926000011/mxl-20251231.htm
Complete FY 2025 MD&A: /company/MXL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-01-29
Report date: 2025-12-31

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The following discussion and analysis of the financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements that involve a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the sections titled “Business” and “Risk Factors” included elsewhere in this report.

Overview

We are a provider of communications SoCs used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. We are a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. Importantly, our ability to design analog and mixed-signal circuits in CMOS allows us to efficiently combine analog functionality and complex digital signal processing logic in the same integrated circuit. As a result, we believe our solutions have exceptional levels of functional integration and performance, low manufacturing cost, and reduced power consumption versus competition. These solutions also enable shorter design cycles, significant design flexibility and low system-level cost across a range of markets.

Our customers primarily include electronics distributors, module makers, OEMs and ODMs, which incorporate our products in a wide range of electronic devices. Examples of such devices include radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; optical transceivers targeting hyperscale data centers; Wi-Fi and wireline routers for home networking; broadband modems compliant with DOCSIS, PON, and DSL; as well as power management and interface products used in these and many other markets. In addition, we generate revenue from certain intellectual property sale agreements.

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In the year ended December 31, 2025, net revenue was $467.6 million, which was derived in part from sales of RF receivers and RF receiver SoC and connectivity solutions into broadband operator voice and data modems and gateways and connectivity adapters, global analog and digital RF receiver products, radio and modem solutions into wireless carrier access and backhaul infrastructure platforms, high-speed optical interconnect solutions sold into optical modules for data-center, metro and long-haul networks, and high-performance interface and power management solutions into a broad range of communications, industrial, automotive and multi-market applications. We are currently experiencing growth in sales demand across our broadband, connectivity and infrastructure end markets driven by new product wins and market growth along with a recovery from excess inventory in the channels. Geopolitical tensions and changing trade policies, including escalating tariffs between the United States and China, and other countries, continue to influence the semiconductor industry as well as the global economy. We continue to develop and innovate with new products for new solutions in advanced semiconductor process nodes such as 16nm and 5nm and beyond, while addressing opportunities capturing and processing high quality broadband communications and high-speed optical interconnect signals.

Products shipped to Asia accounted for 82%, 75% and 75% of net revenue during the years ended 2025, 2024 and 2023, respectively, including 49%, 41% and 37%, respectively, from products shipped to Hong Kong, 12% from products shipped to Vietnam in 2025, and 11% from products shipped to mainland China in 2023. Although a large percentage of our products is shipped to Asia, we believe that a significant number of the systems designed by these customers and incorporating our semiconductor products are then sold outside Asia. For example, revenue generated from sales of our products during the years ended December 31, 2025, 2024 and 2023 related principally to sales to Asian ODMs and contract manufacturers delivering products into European and North American markets. To date, all of our sales have been denominated in United States dollars.

A significant portion of our net revenue has historically been generated by a limited number of customers through sales of our products. Sales of products to customers comprise both direct sales to customers and indirect sales through distributors. In the year ended December 31, 2025, two customers accounted for 28% of our net revenue, and our ten largest customers collectively accounted for 65% of our net revenue, of which distributor customers accounted for less than 10% of our net revenue. In the year ended December 31, 2024, one customer accounted for 12% of our net revenue, and our ten largest customers collectively accounted for 60% of our net revenue, of which distributor customers comprised 30% of our net revenue. In the year ended December 31, 2023, one customer accounted for 10% of our net revenue, and our ten largest customers collectively accounted for 54% of our net revenue, of which distributor customers comprised 18% of our net revenue. For certain customers, we sell multiple products into disparate end user applications such as PON ODUs, Wi-Fi routers, broadband gateways and cable modems.

Our business depends on winning competitive bid selection processes, known as design wins, to develop integrated circuits for use in our customers’ products. These selection processes are typically lengthy, and as a result, our sales cycles will vary based on the specific market served, whether the design win is with an existing or a new customer and whether our product being designed in our customer’s device is a first generation or subsequent generation product. Our customers’ products can be complex and, if our engagement results in a design win, can require significant time to move into volume production. Because the sales cycle for our products is long, we can incur significant design and development expenditures in circumstances where we do not ultimately recognize any revenue. We do not have any long-term purchase commitments with any of our customers, all of whom purchase our products on a purchase order basis. Once one of our products is incorporated into a customer’s design, however, we believe that our product is likely to remain a component of the customer’s product for its life cycle because of the time and expense associated with redesigning the product or substituting an alternative chip. Product life cycles in our target markets will vary by application. For example, in the broadband data modem and gateway sectors, a design can have a product life cycle of 24 to 60 months. In the industrial and wired and wireless infrastructure markets, a design can have a product life cycle of 24 to 84 months and beyond.

Terminated Silicon Motion Merger

On May 5, 2022, we entered into an agreement and plan of merger, or the Merger Agreement, with Silicon Motion Technology Corporation, or Silicon Motion, an exempted company with limited liability incorporated under the Law of the Cayman Islands, pursuant to which, subject to the terms and conditions thereof, we agreed to acquire Silicon Motion pursuant to a statutory merger of Shark Merger Sub, a wholly-owned subsidiary of MaxLinear, with and into Silicon Motion, with Silicon Motion surviving the merger as a wholly-owned subsidiary of MaxLinear. Silicon Motion is a provider of NAND flash controllers for solid state drives and other solid state storage devices.

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On July 26, 2023, we terminated the Merger Agreement and notified Silicon Motion that we were relieved of our obligations to close because, among other reasons, (i) certain conditions to closing set forth in the Merger Agreement were not satisfied and were incapable of being satisfied, (ii) Silicon Motion had suffered a Material Adverse Effect that was continuing, (iii) Silicon Motion was in material breach of representations, warranties, covenants, and agreements in the Merger Agreement that gave rise to the right of the Company to terminate, and (iv) in any event, the First Extended Outside Date had passed and was not automatically extended because certain conditions in Article 6 of the Merger Agreement were not satisfied or waived as of May 5, 2023. Under the terms of the Merger Agreement, MaxLinear was not required to pay a break-up fee or other fee as a result of the termination of the Merger Agreement on these grounds. On August 16, 2023, Silicon Motion delivered a notice to us, which Silicon Motion publicly disclosed, that it was purporting to terminate the Merger Agreement and that Silicon Motion would be commencing an arbitration to seek damages from us arising from our alleged breaches of the Merger Agreement. Undefined capitalized terms in this paragraph have the same meaning as in the Merger Agreement.

On October 5, 2023, Silicon Motion filed a Notice of Arbitration with the Singapore International Arbitration Centre alleging that we breached the Merger Agreement. See Part I, Item 3 (Legal Proceedings) of this report for more information on legal proceedings related to the termination of the Merger Agreement.

The second amended and restated commitment letter dated October 24, 2022 with Wells Fargo Bank, N.A., or Wells Fargo Bank, and other lenders, and related financing commitments for the previously pending (now terminated) merger were also terminated upon termination of the Merger Agreement. As a result of the termination of the financing, in August 2023, the Company was required to pay to Wells Fargo Bank a ticking fee of $18.3 million, which is included in other income (expense), net in the year ended December 31, 2023.

Restructuring

During the year ended December 31, 2025, we incurred $24.5 million in restructuring costs which included $17.1 million in charges under contracts associated with computer-aided design, or CAD, software licenses, which we ceased using during the period, and $6.9 million in severance costs and related expenses and $0.4 million from exiting facilities in connection with a workforce reduction.

We may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, our restructuring plans.

Critical Accounting Estimates

Management’s discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements which are prepared in accordance with accounting principles that are generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We continually evaluate our estimates and judgments, the most critical of which are those related to business combinations, revenue recognition, inventory valuation, production masks, goodwill and other intangible assets valuation, and income taxes. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known.

We believe that the following accounting estimates we have identified as critical invo

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MXL/mda/fy2025/
All MD&A years: /company/MXL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MXL/mda/fy2024/): filed 2025-01-29; accession 0001288469-25-000008 (https://www.sec.gov/Archives/edgar/data/1288469/000128846925000008/mxl-20241231.htm)
- [FY 2023 MD&A](/company/MXL/mda/fy2023/): filed 2024-01-31; accession 0001288469-24-000015 (https://www.sec.gov/Archives/edgar/data/1288469/000128846924000015/mxl-20231231.htm)
- [FY 2022 MD&A](/company/MXL/mda/fy2022/): filed 2023-02-01; accession 0001288469-23-000009 (https://www.sec.gov/Archives/edgar/data/1288469/000128846923000009/mxl-20221231.htm)
- [FY 2021 MD&A](/company/MXL/mda/fy2021/): filed 2022-02-02; accession 0001288469-22-000029 (https://www.sec.gov/Archives/edgar/data/1288469/000128846922000029/mxl-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3674 Semiconductors & Related Devices) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MXL.md · JSON record: /company/MXL.json · verified financials: /company/MXL/financials.json / /company/MXL/financials.csv · machine TOC for the whole site: /llms.txt