A smaller Broadcom, specializing in chips for broadband, data centers, and wireless infrastructure.

The Qualcomm for fixed-line broadband and data center connectivity chips.

• Broadband Access ICs: Integrated circuits that enable high-speed internet connectivity for cable, fiber, and copper access networks.
• High-Speed Interconnect Solutions: Optical and electrical PAM4 DSPs and Ethernet products designed for data center and enterprise networking applications.
• Wireless Infrastructure RF/Mixed-Signal ICs: Radio frequency and mixed-signal integrated circuits used in 5G wireless base stations and other communication infrastructure.
• Connectivity ICs: Integrated circuits providing solutions for Wi-Fi, MoCA, and other local area networking technologies.
• Power Management ICs: Integrated circuits that efficiently regulate and manage power for diverse electronic systems.

• WPI (Hong Kong) Limited (part of WPG Holdings, TAIEX: 3702)
• Macnica, Inc. (TYO: 7613)

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Samsung Electronics Co., Ltd. (005930.KS)

Kishore Seendripu, Ph.D. CHAIRMAN, PRESIDENT AND CEO

Kishore Seendripu is a co-founder of MaxLinear in 2003 and has served as its Chairman, President, and Chief Executive Officer since its inception. Before co-founding MaxLinear, he held various technical and leadership roles, including Director of RF & Mixed-Signal IC Design at Silicon Wave, Inc. (which was acquired by Qualcomm), and technical staff positions at Broadcom Corporation and Rockwell Semiconductor Systems. He has been instrumental in guiding MaxLinear's growth and strategic acquisitions. Dr. Seendripu holds over 30 patents.

Steven Litchfield CHIEF FINANCIAL OFFICER & CHIEF CORPORATE STRATEGY OFFICER

Steven Litchfield joined MaxLinear in 2018 as Chief Financial Officer and Chief Corporate Strategy Officer. In this role, he leads the company's finance, IT, and investor relations organizations, and contributes to corporate strategy. Prior to MaxLinear, he served in various leadership roles at Microsemi Corporation, a provider of analog and mixed-signal semiconductor solutions. These roles included Executive Vice President and Chief Strategy Officer from 2009 until Microsemi's acquisition by Microchip Technology, Inc. in May 2018. He also held positions as Vice President of the Analog and Mixed Signal Group and Vice President of Corporate Marketing and Business Development at Microsemi. Earlier in his career, Mr. Litchfield was an equity research analyst at Banc of America Securities and a production engineer at Toyota Motor Corporation. He also served as President, CEO, Chief Financial Officer & Director at Symmetricom, Inc. Mr. Litchfield currently serves on the board of directors of several early-stage technology companies that are not publicly traded.

Curtis Ling, Ph.D. CHIEF TECHNICAL OFFICER

Curtis Ling is a co-founder of MaxLinear and has served as its Chief Technical Officer since 2006. He focuses on forward-thinking technological advancements and identifying market solutions. Dr. Ling has also held the roles of Chief Financial Officer and Vice President of Communications Systems at MaxLinear, leading the development of sophisticated semiconductor products. He has coauthored over 25 scientific journal or conference papers and holds over 30 patents in wireless and wireline communication systems.

Madhukar (Madhu) Reddy, Ph.D. VICE PRESIDENT, CENTRAL ENGINEERING

Madhukar Reddy joined MaxLinear in 2005 as Director of RF/Mixed-Signal IC Design. From 2006 to 2012, he served as Vice President of IC and RF Systems Engineering. Currently, Dr. Reddy leads the Central Engineering team at MaxLinear, overseeing the research and development of Systems-on-Chip (SOCs) across Wireless, Wireline, and Data Compression technologies.

Amit Bavisi, Ph.D. VICE PRESIDENT & GENERAL MANAGER, ANALOG & MIXED SIGNAL BUSINESS

Amit Bavisi joined MaxLinear in 2024 and leads the company's Industrial & Multimarket business unit. In this role, he is responsible for P&L management, strategic planning, design engineering, and go-to-market strategies for a broad portfolio of products. Dr. Bavisi brings almost 20 years of experience in the technology industry, having led global hardware and software engineering and product marketing teams for various solutions in industrial, infrastructure, consumer, and automotive markets.

The key risks to MaxLinear's business include persistent GAAP operating losses, geopolitical tensions and supply chain vulnerabilities, and an ongoing legal dispute with Silicon Motion.

1. Persistent GAAP Operating Losses and Profitability Concerns
   MaxLinear faces a significant challenge with its GAAP operating losses, which indicate structural financial weaknesses despite a return to non-GAAP profitability. For instance, in Q3 2025, MaxLinear reported a GAAP operating loss of 33% of net revenue, contrasting sharply with a non-GAAP operating income of 12% of net revenue. This persistent gap highlights that the company's profitability is often reliant on excluding significant costs like litigation, foreign exchange losses, and restructuring charges.
2. Geopolitical Tensions, Trade Policies, and Supply Chain Vulnerabilities
   As a fabless semiconductor company, MaxLinear is highly exposed to global supply chain and regulatory risks. Geopolitical tensions, particularly U.S.-China trade friction, tariffs, and export control amendments, can limit the company's ability to manufacture and distribute its products and technology. Furthermore, over 80% of MaxLinear's total revenue in Q2 2025 was accounted for by Asia, making the company vulnerable to geopolitical events and supply chain disruptions in the region.
3. Ongoing Legal Battle with Silicon Motion
   MaxLinear is involved in an ongoing arbitration with Silicon Motion regarding a terminated acquisition deal, which includes a $160 million claim. This legal uncertainty has contributed to stock price declines and represents a significant near-term financial risk for the company.

MaxLinear (MXL) addresses several key markets with its main products and services:

• High-Speed Optical Interconnects (for Data Centers): MaxLinear's Keystone and Rushmore product families target the market for 800Gbps and 1.6Tbps data center interconnects. MaxLinear aims to capture approximately 20% of this market over three to four years, targeting $200-$300 million in revenue, implying a global addressable market of $1 billion to $1.5 billion for these specific speeds within the next 3-4 years.
• 5G Wireless Infrastructure: MaxLinear's Sierra product is designed for 5G Open Radio Access Network (RAN) systems. MaxLinear anticipates its infrastructure revenue, driven by 5G spending cycles, AI data flows, and edge cloud deployments, could reach $300 to $500 million within the next two to three years globally.
• Fiber Passive Optical Network (PON): MaxLinear's products for fiber PON gateways target a global market. The company reported approximately $50 million in PON revenue in 2023 and expects to more than double this revenue over the next two years.
• Wi-Fi Connectivity (Wi-Fi 7): MaxLinear's Wav700 is a Wi-Fi 7 standard compliant product. Global Wi-Fi revenues for MaxLinear approached $200 million in 2022. The company is positioned for sustained growth in the global connectivity market due to the adoption of Wi-Fi 7 and broadband upgrades.
• Storage Accelerators: The Panther storage accelerator, used for enterprise and hyperscale data centers, is projected to generate over $40 million in revenue globally by 2026. MaxLinear expects its Panther-3 revenues to grow to approximately $50-$75 million over the next three years.
• Broadband Access (General, excluding PON and Wi-Fi specifics above): null
• Industrial and Multi-Market (including Power Management, Interface, G.hn networking, Automotive Infotainment, Electronic Point of Sale, Industrial PC, IoT Gateway and SBC): null

MaxLinear (MXL) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Optical Data Center Interconnects: MaxLinear anticipates significant growth from its new product launches, such as the 5-nanometer Keystone 800-gigabit PAM4 DSP and the Rushmore family of 200-gigabit per lane PAM4 SERDES and DSPs. These products are gaining strong design win traction in hyperscale and large enterprise markets, with new production ramps expected to drive meaningful revenue growth in 2025. The increasing adoption of AI in the cloud is a significant catalyst for the transition to 800 gigabit and beyond speeds.
2. 5G Wireless Infrastructure: The ongoing global rollout and upgrades of 5G networks are fueling demand for MaxLinear's millimeter wave, microwave, and hybrid backhaul technologies. The company's Sierra 5G wireless access single-chip radio SoC and backhaul transceivers and modems are experiencing increased design activity and customer traction. Furthermore, an expected improvement in service provider capital expenditure (CapEx) spending in 2025 is projected to further boost this segment.
3. Fiber Broadband Access (Multi-gigabit PON): MaxLinear continues to expand its presence in the fiber Passive Optical Network (PON) market, securing new design wins. The company's integrated fiber PON plus 10-gigabit processor gateway System-on-Chip (SoC) and connectivity solutions are key drivers for growth in this sector.
4. Wi-Fi Connectivity (especially Wi-Fi 7) and Ethernet/Storage Accelerators: MaxLinear is focusing on high-growth markets, including Wi-Fi connectivity (with a particular emphasis on Wi-Fi 7) and Ethernet and storage accelerators. The company has launched new products and is seeing considerable design win activity and customer success in these areas.
5. Recovery in Broadband Markets: After experiencing weakness due to prolonged inventory buildup, MaxLinear anticipates a recovery in the broader broadband markets. The company expects these market headwinds to transform into tailwinds as customer inventory rationalization concludes and new incentive programs stimulate the market, leading to a recovery of its core broadband business.

Share Repurchases

• MaxLinear's board of directors authorized a share buyback plan of up to $100 million on February 23, 2021, which expired on February 16, 2024.
• The company repurchased approximately $23.5 million of common stock in 2021 and $31.5 million in 2022 under this program.
• Approximately $45.0 million remained available for repurchase under the program as of December 31, 2022, though the program was temporarily suspended in July 2022 due to the pending merger with Silicon Motion.

Share Issuance

• Bonus awards for the 2024 performance periods were settled through the issuance of shares of common stock under the company's equity incentive plans in February 2025.
• A substantial portion of bonus awards under the fiscal 2025 program is expected to be settled in common stock in the first quarter of fiscal 2026.
• As of December 31, 2024, 6,334,688 shares were available for future issuance under the Employee Stock Purchase Plan (ESPP), and 4,000,000 shares were reserved for issuance under the 2024 Inducement Equity Incentive Plan adopted on May 22, 2024.

Outbound Investments

• In August 2020, MaxLinear completed the acquisition of Intel's Home Gateway Platform Division assets for $150 million in an all-cash transaction, funded by a $175 million term loan.
• MaxLinear acquired NanoSemi, Inc. for $96.8 million in September 2020, comprising $10 million in cash, 0.8 million shares of common stock, and up to an additional $70 million in deferred cash payments and potential earnout considerations.
• MaxLinear entered into a $3.8 billion agreement to acquire Silicon Motion in May 2022, but the deal was terminated in 2023, leading to arbitration.

Capital Expenditures

• MaxLinear's capital expenditures were $12 million in 2020, $39 million in 2021, $41 million in 2022, $13 million in 2023, and $18 million in 2024.
• In the last 12 months, capital expenditures were -$11.08 million.
• The company's strategic investments are focused on high-growth areas such as data center optical interconnects, 5G wireless infrastructure, multi-gigabit PON access, Wi-Fi connectivity, Ethernet storage accelerators, and advanced broadband solutions, which are expected to accelerate revenue in 2026.