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• MaxLinear is like a more specialized Broadcom, focusing on the chips that enable your home internet (modems, Wi-Fi) and 5G network infrastructure.
• Think of MaxLinear as Qualcomm for wired broadband and 5G base stations, providing the crucial communication chips for those systems.

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• Systems-on-Chip (SoCs): Integrated circuits combining multiple functions for high-speed communication systems.
• Broadband Radio Transceiver Front Ends: Specialized components for processing radio frequency signals in broadband applications.
• Data Converters: Electronic devices that convert analog signals to digital and digital signals to analog.
• Fiber-Optic Modules: Integrated units designed for high-speed optical data transmission in networking infrastructure.
• Power Management Products: Components that regulate and optimize power delivery within electronic devices.
• Interface Products: Devices facilitating communication between various electronic components or systems.
• Embedded Systems and Software Architecture: Provides integrated hardware and software designs for specific application solutions.
• Architecture and System Design: Offers professional services for the overall design and integration of complex communication platforms.

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Major Suppliers:

• Taiwan Semiconductor Manufacturing Company Limited (Symbol: TSM)
• Samsung Electronics Co., Ltd. (Symbol: KRX: 005930)
• ASE Technology Holding Co., Ltd. (Symbol: ASX)
• Siliconware Precision Industries Co., Ltd.

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Kishore Seendripu, Ph. D. Chairman, President and Chief Executive Officer

Kishore Seendripu is a co-founder of MaxLinear and has served as Chairman of the Board, President, and Chief Executive Officer since the company's inception in 2003. Prior to co-founding MaxLinear, he held engineering and leadership roles at Rockwell Semiconductor Systems, Broadcom Corporation, and Silicon Wave, Inc., where he focused on developing radio frequency systems-on-chip (SoC) wireless and broadband communications solutions. He has guided MaxLinear through significant growth and strategic acquisitions.

Steven Litchfield Chief Financial Officer & Chief Corporate Strategy Officer

Steven Litchfield joined MaxLinear in 2018 as Chief Financial Officer and Chief Corporate Strategy Officer. Before joining MaxLinear, he served as Executive Vice President and Chief Strategy Officer at Microsemi Corporation, a provider of analog and mixed-signal semiconductor solutions that was acquired by Microchip Technology, Inc. in May 2018. At Microsemi, he also held various leadership roles, including Vice President of the Analog and Mixed Signal Group and Vice President of Corporate Marketing and Business Development. 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 currently serves on the board of directors for 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 held the position of Chief Technical Officer since 2006. He previously served as Chief Financial Officer and Senior Vice President of Communications Systems for the company. Before his time at MaxLinear, Mr. Ling worked as a principal engineer at Silicon Wave, Inc. and was a professor at the Hong Kong University of Science and Technology.

Rajneesh Gaur Senior Vice President & General Manager, Data Center Connectivity

Rajneesh Gaur joined MaxLinear in 2025 and leads the company's Data Center Connectivity Business Unit. He possesses over 30 years of experience in the semiconductor industry. His career began at Intel, where he designed microprocessors and later managed product marketing for network processors. Following his tenure at Intel, Mr. Gaur joined Cavium during its startup phase, where he took on various leadership roles in security and networking businesses for Cloud and Enterprise market segments, and was instrumental in the first hyperscale cloud Smart NIC deployment at AWS. After Cavium's acquisition by Marvell, he continued to hold leadership positions.

Madhukar (Madhu) Reddy, Ph. D. Senior Vice President, Central Engineering

Madhukar (Madhu) Reddy joined MaxLinear in 2005 as Director of RF/Mixed-Signal IC Design. From 2006 to 2012, he served as Senior Vice President of IC and RF Systems Engineering. Currently, he leads MaxLinear's Central Engineering team, overseeing research and development for System Architecture, System Design, RF/MS IC Design, Communications System Design, Digital IC Design, Package Technology, and SOC Technology across wireless, wireline, and data compression technologies.

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1. Geopolitical Tensions and Trade Barriers: MaxLinear is significantly exposed to geopolitical tensions, particularly those between the U.S. and China. These tensions have led to trade barriers and export controls, which could limit the company's ability to sell its products and increase supply chain costs. Such developments can adversely affect MaxLinear's operations and financial results by disrupting manufacturing and distribution.
2. Legal Uncertainty from Terminated Silicon Motion Merger: The company faces ongoing arbitration stemming from its terminated merger with Silicon Motion Technology Corporation. There is a risk of potential payment of substantial damages, with liabilities that could exceed MaxLinear's current cash reserves. This legal and financial uncertainty poses a significant immediate risk to the company's financial stability.
3. Intense Competition in High-Growth Markets: As MaxLinear strategically pivots towards high-growth infrastructure and data center markets, it encounters direct and intense competition from larger, established industry giants such as Broadcom and Marvell. This competitive landscape can lead to significant pricing pressure, potentially impacting MaxLinear's market share, revenue, and profitability in these crucial growth segments.

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The increasing vertical integration by major cloud service providers (hyperscalers) and large telecom operators, who are designing their own specialized silicon for data center infrastructure and advanced 5G networks, poses an emerging threat. This trend could reduce the overall market for MaxLinear's fiber-optic modules and wireless infrastructure SoCs, as these large customers increasingly opt for in-house solutions or work directly with larger, vertically integrated semiconductor partners.

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1. Strong Growth in Infrastructure Segment, particularly Data Center Connectivity and Wireless Infrastructure: MaxLinear anticipates over 60% growth in its infrastructure business in 2026, driven by demand for optical interconnects, wireless infrastructure, and storage accelerators. The Keystone PAM4 DSP family is expected to generate between $100 million and $130 million in revenue in 2026 as it ramps up at major hyperscale data centers. MaxLinear is also focusing on gaining market share in the 800G data center market through power efficiency and plans for significant revenue growth in 2027 from its next-generation 1.6T Rushmore product line, with anticipated revenue starting in late 2026. The Annapurna 224G Scale-Up Retimer is another key product enabling extended copper connectivity in AI data centers.
2. Broadband Upgrades to DOCSIS 4.0 and Wi-Fi 7: Upgrades to DOCSIS 4.0 and Wi-Fi 7 technologies are expected to drive growth in the broadband sector, likely leading to higher average selling prices. Despite an anticipated softer first half for the broadband business in 2026 due to industry transitions, these upgrades are crucial for future expansion.
3. Expansion into PON Broadband Access and Storage Acceleration: MaxLinear has secured its initial design win in the Passive Optical Network (PON) market, which represents a potential billion-dollar market opportunity. Additionally, revenue from storage accelerator SoCs is projected to nearly double from $10-$20 million in 2025 to $40 million in 2026.
4. Recovery and Growth in Analog and Industrial/Multi-Market Segments: The company expects its analog business to continue its recovery in 2026, partly through average selling price uplifts. Growth in industrial applications has also been identified as a contributing factor.

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Share Repurchases

• In November 2025, MaxLinear's board of directors authorized a share buyback plan for the repurchase of up to $75 million of the company's common stock, with the authorization expiring on November 20, 2028.
• As of March 2026, $20 million of the $75 million share repurchase program has already been executed.
• In February 2021, MaxLinear's board of directors authorized a share buyback plan for the repurchase of up to $100 million of the company's common stock, which was set to expire on February 16, 2024.

Share Issuance

• In February 2026, Kris Sennesael, upon his appointment to the Board of Directors, was granted restricted stock with an estimated fair value of $380,000.

Capital Expenditures

• MaxLinear reported capital expenditures of $39 million in 2021, $41 million in 2022, $13 million in 2023, $18 million in 2024, and $13 million in 2025.
• The company is making strategic investments in high-growth areas such as data center interconnects, 5G wireless infrastructure, and advanced broadband solutions, expecting these to drive revenue growth in 2025 and 2026.