Exhibit 99.1
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FOR IMMEDIATE RELEASE

MaxLinear, Inc. Announces Second Quarter 2025 Financial Results

•Q2 net revenue of $108.8 million, up 13% sequentially and up 18% year over year
•Returned to non-GAAP profitability and positive free cash flow
Carlsbad, Calif. – July 23, 2025 – MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2025.

Second Quarter Financial Highlights
GAAP basis:
•Net revenue was $108.8 million, up 13% sequentially and up 18% from the year-ago quarter.
•GAAP gross margin was 56.5%, compared to 56.1% in the prior quarter, and 54.6% in the year-ago quarter.
•GAAP operating expenses were $86.1 million in the second quarter, or 79% of net revenue, compared to $99.9 million in the prior quarter, or 104% of net revenue, and $91.0 million in the year-ago quarter, or 99% of net revenue.
•GAAP loss from operations was 23% of net revenue, compared to loss from operations of 48% of net revenue in the prior quarter, and loss from operations of 44% of net revenue in the year-ago quarter.
•Net cash flow provided by operating activities was $10.5 million, compared to net cash flow used in operating activities of $11.4 million in the prior quarter, and net cash flow used in operating activities of $2.7 million in the year-ago quarter.
•GAAP diluted loss per share was $0.31, compared to diluted loss per share of $0.58 in the prior quarter, and diluted loss per share of $0.47 in the year-ago quarter.
Non-GAAP basis:
•Non-GAAP gross margin was 59.1%, compared to 59.1% in the prior quarter, and 60.2% in the year-ago quarter.
•Non-GAAP operating expenses were $56.6 million, or 52% of net revenue, compared to $58.4 million or 61% of net revenue in the prior quarter, and $74.8 million or 81% of net revenue in the year-ago quarter.
•Non-GAAP income from operations was 7% of net revenue, compared to loss of 2% in the prior quarter, and loss of 21% in the year-ago quarter.
•Non-GAAP diluted earnings per share was $0.02, compared to loss of $0.05 in the prior quarter, and loss of $0.25 in the year-ago quarter.
Management Commentary

“Our second quarter results reflect strong sequential and year-over-year growth in our business,” said Kishore Seendripu, PhD, Chairman and CEO. “With solid execution, we exceeded the mid-point of our revenue guidance, returned to profitability on a non-GAAP basis, and generated positive free cash flow in Q2. We have continued to drive strong customer and product traction in high-speed interconnects for the data center, multi-gigabit PON access, Wi-Fi connectivity, ethernet, and wireless infrastructure. Our success in these strategic end markets, coupled with improved customer order rates, and strengthening product backlog, give us confidence in our growth for 2025 and 2026.”
Third Quarter 2025 Business Outlook

The company expects net revenue in the third quarter of 2025 to be approximately $115 million to $135 million. The Company also estimates the following:
•GAAP gross margin of approximately 55.0% to 58.0%;
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•Non-GAAP gross margin of approximately 57.5% to 60.5%;
•GAAP operating expenses of approximately $84 million to $90 million;
•Non-GAAP operating expenses of approximately $55 million to $61 million;
•GAAP and non-GAAP interest and other expense of approximately $3.5 million to $4.5 million, respectively;
•GAAP income tax benefit of $0.6 million and non-GAAP income tax provision of $1.3 million, respectively; and
•Basic and diluted share count of approximately 87.1 million and 87.5 million, respectively.

Webcast and Conference Call
MaxLinear will host its second quarter financial results conference call today, July 23, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com and will be archived and available after the call at https://investors.maxlinear.com until August 6, 2025. A replay of the conference call will also be available until August 6, 2025 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13754626.
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Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for third quarter 2025, including net revenue and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, income tax provision, and diluted share counts); our potential growth, our ability to continue and grow our revenues and profitability, generate positive cash flows, and achieve market share expansion; revenue and profitability opportunities; our ability to strengthen our backlog; market trends; continued customer and product traction; recognition of proceeds from joint research and development efforts; settlement of bonus awards for our 2025 performance period; and statements by our Chairman and CEO. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to: our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; increased tariffs, export controls or imposition of other trade barriers; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has previously declined, and/or manage future growth effectively, and the impact of excess inventory in the channel on our customers’ expected demand for certain of our products and on our revenue; escalating trade wars, military conflicts and other geopolitical and economic tensions among the countries in which we conduct business; international geopolitical and military conflicts; our ability to obtain or retain government authorization to export certain of our products or technology; the loss of, or a significant reduction in orders from major customers; legal proceedings or potential violations of regulations; information technology failures; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial and productive research and development investments; delays or expenses caused by undetected defects or bugs in our products; substantial quarterly and annual fluctuations in our revenue and operating results; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties and differences between our estimates of customer demand and product mix and our actual results; failure to accurately predict our future revenue and appropriately budget expenses; lengthy and expensive customer qualification processes; customer product plan cancellations; failure to maintain compliance with government regulations; failure to attract and retain qualified personnel; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; risks related to compliance with privacy, data protection and cybersecurity laws and regulations; risks related to conforming our products to industry standards; risks related to business acquisitions and investments; claims of intellectual property infringement; our ability to protect our intellectual property; security vulnerabilities of our products; use of open source software in our products; and failure to manage our relationships with, or negative impacts from, third parties.
In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. All forward-looking statements are based on the estimates, projections and assumptions of management as of July 23, 2025, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including, but not limited to, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income (loss) from operations, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP interest and other income (expense), non-GAAP income tax provision, non-GAAP basic and diluted earnings (loss) per share, and non-GAAP diluted share count. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2025, which we intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2024, which we settled in shares of common stock in February 2025; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, if any, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) severance and other restructuring charges; (viii) other non-recurring interest and other income (expenses), net, attributable to acquisitions; and (ix) non-cash income tax benefits and expenses. Non-GAAP financial measures are not
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meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income or loss.
Performance-based equity consists of accruals related to our executive and non-executive bonus programs and have been excluded from our non-GAAP net income or loss for all periods reported. Bonus payments for the 2024 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2025. We currently expect that a substantial portion of bonus awards under our fiscal 2025 program will be settled in common stock in the first quarter of fiscal 2026.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets and acquisition and integration costs primarily consisting of professional and consulting fees, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities and cancellation of contracts.
Other expense includes accretion of discounts on obligations recorded as a result of abandoned leased facilities for which continue to be obligated to pay but from which we will receive no future benefit.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the third quarter 2025.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
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MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
MaxLinear, Inc. Investor Relations Contact:
Leslie Green
lgreen@maxlinear.com

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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

Three Months Ended
June 30, 2025March 31, 2025June 30, 2024
Net revenue$108,813 $95,933 $91,990 
Cost of net revenue47,288 42,102 41,804 
Gross profit61,525 53,831 50,186 
Operating expenses:
Research and development47,199 55,457 56,541 
Selling, general and administrative33,361 36,589 33,600 
Restructuring charges5,580 7,879 865 
Total operating expenses86,140 99,925 91,006 
Loss from operations(24,615)(46,094)(40,820)
Interest income812 864 1,871 
Interest expense(2,512)(2,504)(2,706)
Other income (expense), net(4,386)(1,268)329 
Total other income (expense), net(6,086)(2,908)(506)
Loss before income taxes(30,701)(49,002)(41,326)
Income tax provision (benefit)(4,115)711 (2,060)
Net loss$(26,586)$(49,713)$(39,266)
Net loss per share:
Basic$(0.31)$(0.58)$(0.47)
Diluted$(0.31)$(0.58)$(0.47)
Shares used to compute net loss per share:
Basic86,626 85,271 83,477 
Diluted86,626 85,271 83,477 
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

Six Months Ended
June 30, 2025June 30, 2024
Net revenue$204,746 $187,259 
Cost of net revenue89,390 87,805 
Gross profit115,356 99,454 
Operating expenses:
Research and development102,656 121,307 
Selling, general and administrative69,950 70,088 
Restructuring charges13,459 23,495 
Total operating expenses186,065 214,890 
Loss from operations(70,709)(115,436)
Interest income1,676 3,693 
Interest expense(5,016)(5,417)
Other income (expense), net(5,654)1,763 
Total other income (expense), net(8,994)39 
Loss before income taxes(79,703)(115,397)
Income tax benefit(3,404)(3,822)
Net loss$(76,299)$(111,575)
Net loss per share:
Basic$(0.89)$(1.35)
Diluted$(0.89)$(1.35)
Shares used to compute net loss per share:
Basic85,952 82,913 
Diluted85,952 82,913 



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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended
June 30, 2025March 31, 2025June 30, 2024
Operating Activities
Net loss$(26,586)$(49,713)$(39,266)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation11,217 11,149 13,600 
Amortization of debt issuance costs and accretion of discount on debt and leases491 510 665 
Stock-based compensation13,113 22,911 17,359 
Deferred income taxes(5,677)(678)(2,053)
Loss on disposal of property and equipment900 — 55 
Impairment of leased right-of-use assets449 (22)700 
Loss on extinguishment of lease liabilities— — 16 
(Gain) loss on foreign currency and other4,277 1,184 (398)
Excess tax (benefits) deficiencies on stock-based awards(3,849)1,575 (152)
Changes in operating assets and liabilities:
Accounts receivable, net(6,893)(13,461)41,290 
Inventory(26)4,338 1,387 
Prepaid expenses and other assets8,204 (3,724)1,281 
Accounts payable, accrued expenses and other current liabilities24,952 4,189 (24,280)
Accrued compensation3,132 8,717 (5,855)
Accrued price protection liability(8,163)4,282 (3,603)
Lease liabilities(2,960)(2,817)(2,540)
Other long-term liabilities(2,092)160 (902)
Net cash provided by (used in) operating activities10,489 (11,400)

(2,696)
Investing Activities
Purchases of property and equipment(1,172)(1,989)(3,013)
Purchases of intangible assets(6,207)— (2,775)
Net cash used in investing activities(7,379)(1,989)(5,788)
Financing Activities
Net proceeds from issuance of common stock2,150 (10)1,579 
Minimum tax withholding paid on behalf of employees for restricted stock units(71)(2,130)447 
Net cash provided by (used in) financing activities2,079 (2,140)2,026 
Effect of exchange rate changes on cash, cash equivalents and restricted cash999 (9)(335)
Increase (decrease) in cash, cash equivalents and restricted cash6,188 (15,538)(6,793)
Cash, cash equivalents and restricted cash at beginning of period104,065 119,603 192,930 
Cash, cash equivalents and restricted cash at end of period$110,253 $104,065 $186,137 
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Six Months Ended
June 30, 2025June 30, 2024
Operating Activities
Net loss$(76,299)$(111,575)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation22,366 30,284 
Amortization of debt issuance costs and accretion of discount on debt and leases1,001 1,353 
Stock-based compensation36,024 34,420 
Deferred income taxes(6,355)(4,738)
Loss on disposal of property and equipment900 445 
Impairment of leased right-of-use assets427 2,738 
Gain on extinguishment of lease liabilities— (553)
Gain (loss) on foreign currency and other5,461 (1,366)
Excess tax benefits on stock-based awards(2,274)(1,519)
Changes in operating assets and liabilities:
Accounts receivable, net(20,354)85,679 
Inventory4,312 5,170 
Prepaid expenses and other assets4,480 (763)
Accounts payable, accrued expenses and other current liabilities29,141 (12,271)
Accrued compensation11,849 2,852 
Accrued price protection liability(3,881)(10,054)
Lease liabilities(5,777)(5,045)
Other long-term liabilities(1,932)(1,783)
Net cash provided by (used in) operating activities(911)13,274 
Investing Activities
Purchases of property and equipment(3,161)(11,355)
Purchases of intangible assets(6,207)(3,143)
Net cash used in investing activities(9,368)(14,498)
Financing Activities
Net proceeds from issuance of common stock2,140 1,579 
Minimum tax withholding paid on behalf of employees for restricted stock units
(2,201)(1,656)
Net cash used in financing activities(61)(77)
Effect of exchange rate changes on cash, cash equivalents and restricted cash990 (918)
Decrease in cash, cash equivalents and restricted cash(9,350)(2,219)
Cash, cash equivalents and restricted cash at beginning of period119,603 188,356 
Cash, cash equivalents and restricted cash at end of period$110,253 $186,137 
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MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

June 30, 2025March 31, 2025June 30, 2024
Assets
Current assets:
Cash and cash equivalents$108,618 $102,773 $185,108 
Short-term restricted cash— 1,267 1,006 
Accounts receivable, net105,818 98,925 84,940 
Inventory86,031 86,005 94,738 
Prepaid expenses and other current assets29,682 31,436 31,789 
Total current assets330,149 320,406 397,581 
Long-term restricted cash1,635 25 23 
Property and equipment, net51,125 55,546 65,422 
Leased right-of-use assets16,528 17,939 24,883 
Intangible assets, net54,359 51,587 61,786 
Goodwill318,588 318,588 318,588 
Deferred tax assets75,037 69,345 74,228 
Other long-term assets16,316 21,845 30,686 
Total assets$863,737 $855,281 $973,197 
Liabilities and stockholders’ equity
Current liabilities$213,492 $196,893 $190,277 
Long-term lease liabilities14,397 15,774 21,522 
Long-term debt123,305 123,150 122,684 
Other long-term liabilities24,212 26,289 21,459 
Stockholders’ equity488,331 493,175 617,255 
Total liabilities and stockholders’ equity$863,737 $855,281 $973,197 

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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
June 30, 2025March 31, 2025June 30, 2024
GAAP gross profit$61,525 $53,831 $50,186 
Stock-based compensation156 281 173 
Performance based equity73 38 (37)
Amortization of purchased intangible assets2,582 2,582 5,089 
Non-GAAP gross profit64,336 56,732 55,411 
GAAP R&D expenses47,199 55,457 56,541 
Stock-based compensation(7,625)(14,656)(10,088)
Performance based equity(4,145)(4,179)1,789 
Research and development funded by others— (1,000)— 
Non-GAAP R&D expenses35,429 35,622 48,242 
GAAP SG&A expenses33,361 36,589 33,600 
Stock-based compensation(5,333)(7,973)(7,097)
Performance based equity(2,231)(2,053)722 
Amortization of purchased intangible assets(592)(591)(592)
Acquisition and integration costs(4,079)(3,209)(102)
Non-GAAP SG&A expenses21,126 22,763 26,531 
GAAP restructuring expenses5,580 7,879 865 
Restructuring charges(5,580)(7,879)(865)
Non-GAAP restructuring expenses— — — 
GAAP loss from operations(24,615)(46,094)(40,820)
Total non-GAAP adjustments32,396 44,441 21,458 
Non-GAAP income (loss) from operations7,781 (1,653)(19,362)
GAAP interest and other income (expense), net(6,086)(2,908)(506)
Non-recurring interest and other income (expense), net201 190 65 
Non-GAAP interest and other income (expense), net(5,885)(2,718)(441)
GAAP loss before income taxes(30,701)(49,002)(41,326)
Total non-GAAP adjustments32,597 44,631 21,523 
Non-GAAP income (loss) before income taxes1,896 (4,371)(19,803)
GAAP income tax provision (benefit)(4,115)711 (2,060)
Adjustment for non-cash tax benefits/expenses4,255 (711)3,205 
Non-GAAP income tax provision (benefit)140 — 1,145 
GAAP net loss(26,586)(49,713)(39,266)
Total non-GAAP adjustments before income taxes32,597 44,631 21,523 
Less: total tax adjustments4,255 (711)3,205 
Non-GAAP net income (loss)$1,756 $(4,371)$(20,948)
Shares used in computing GAAP and non-GAAP basic net income (loss) per share86,626 85,271 83,477 
Shares used in computing GAAP diluted net loss per share86,626 85,271 83,477 
Dilutive common stock equivalents163 — — 
Shares used in computing non-GAAP diluted net income (loss) per share86,789 85,271 83,477 
Non-GAAP basic net income (loss) per share$0.02 $(0.05)$(0.25)
Non-GAAP diluted net income (loss) per share$0.02 $(0.05)$(0.25)
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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

Six Months Ended
June 30, 2025June 30, 2024
GAAP gross profit$115,356 $99,454 
Stock-based compensation437 354 
Performance based equity111 35 
Amortization of purchased intangible assets5,164 13,310 
Non-GAAP gross profit121,068 113,153 
GAAP R&D expenses102,656 121,307 
Stock-based compensation(22,281)(20,529)
Performance based equity(8,324)(3,140)
Research and development funded by others(1,000)(1,000)
Non-GAAP R&D expenses71,051 96,638 
GAAP SG&A expenses69,950 70,088 
Stock-based compensation(13,306)(13,536)
Performance based equity(4,284)(1,705)
Amortization of purchased intangible assets(1,183)(1,183)
Acquisition and integration costs(7,288)(766)
Non-GAAP SG&A expenses43,889 52,898 
GAAP restructuring expenses13,459 23,495 
Restructuring charges(13,459)(23,495)
Non-GAAP restructuring expenses— — 
GAAP loss from operations(70,709)(115,436)
Total non-GAAP adjustments76,837 79,053 
Non-GAAP income (loss) from operations6,128 (36,383)
GAAP interest and other income (expense), net(8,994)39 
Non-recurring interest and other income (expense), net391 138 
Non-GAAP interest and other income (expense), net(8,603)177 
GAAP loss before income taxes(79,703)(115,397)
Total non-GAAP adjustments77,228 79,191 
Non-GAAP loss before income taxes(2,475)(36,206)
GAAP income tax benefit(3,404)(3,822)
Adjustment for non-cash tax benefits/expenses3,544 5,967 
Non-GAAP income tax provision140 2,145 
GAAP net loss(76,299)(111,575)
Total non-GAAP adjustments before income taxes77,228 79,191 
Less: total tax adjustments3,544 5,967 
Non-GAAP net loss$(2,615)$(38,351)
Shares used in computing GAAP and non-GAAP basic net loss per share85,952 82,913 
Shares used in computing GAAP diluted net loss per share85,952 82,913 
Shares used in computing non-GAAP diluted net loss per share85,952 82,913 
Non-GAAP basic net loss per share$(0.03)$(0.46)
Non-GAAP diluted net loss per share$(0.03)$(0.46)

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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE

Three Months Ended
June 30, 2025March 31, 2025June 30, 2024
GAAP gross margin56.5 %56.1 %54.6 %
Stock-based compensation0.1 %0.3 %0.2 %
Performance based equity0.1 %— %— %
Amortization of purchased intangible assets2.4 %2.7 %5.5 %
Non-GAAP gross margin59.1 %59.1 %60.2 %
GAAP R&D expenses43.4 %57.8 %61.5 %
Stock-based compensation(7.0)%(15.3)%(11.0)%
Performance based equity(3.8)%(4.4)%1.9 %
Research and development funded by others— %(1.0)%— %
Non-GAAP R&D expenses32.6 %37.1 %52.4 %
GAAP SG&A expenses30.7 %38.1 %36.5 %
Stock-based compensation(4.9)%(8.3)%(7.7)%
Performance based equity(2.1)%(2.1)%0.8 %
Amortization of purchased intangible assets(0.5)%(0.6)%(0.6)%
Acquisition and integration costs(3.8)%(3.4)%(0.1)%
Non-GAAP SG&A expenses19.4 %23.7 %28.8 %
GAAP restructuring expenses5.1 %8.2 %0.9 %
Restructuring charges(5.1)%(8.2)%(0.9)%
Non-GAAP restructuring expenses— %— %— %
GAAP loss from operations(22.6)%(48.1)%(44.4)%
Total non-GAAP adjustments29.8 %46.3 %23.3 %
Non-GAAP income (loss) from operations7.2 %(1.7)%(21.1)%
GAAP interest and other income (expense), net(5.6)%(3.0)%(0.6)%
Non-recurring interest and other income (expense), net0.2 %0.2 %0.1 %
Non-GAAP interest and other income (expense), net(5.4)%(2.8)%(0.5)%
GAAP loss before income taxes(28.2)%(51.1)%(44.9)%
Total non-GAAP adjustments before income taxes30.0 %46.5 %23.4 %
Non-GAAP income (loss) before income taxes1.7 %(4.6)%(21.5)%
GAAP income tax provision (benefit)(3.8)%0.7 %(2.2)%
Record valuation allowance due to net deferred liability acquired3.9 %(0.7)%3.5 %
Non-GAAP income tax provision0.1 %— %1.2 %
GAAP net loss(24.4)%(51.8)%(42.7)%
Total non-GAAP adjustments before income taxes30.0 %46.5 %23.4 %
Less: total tax adjustments3.9 %(0.7)%3.5 %
Non-GAAP net income (loss)1.6 %(4.6)%(22.8)%
13

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE

Six Months Ended
June 30, 2025June 30, 2024
GAAP gross margin56.3 %53.1 %
Stock-based compensation0.2 %0.2 %
Performance based equity0.1 %— %
Amortization of purchased intangible assets2.5 %7.1 %
Non-GAAP gross margin59.1 %60.4 %
GAAP R&D expenses50.1 %64.8 %
Stock-based compensation(10.9)%(11.0)%
Performance based equity(4.1)%(1.7)%
Research and development funded by others(0.5)%(0.5)%
Non-GAAP R&D expenses34.7 %51.6 %
GAAP SG&A expenses34.2 %37.4 %
Stock-based compensation(6.5)%(7.2)%
Performance based equity(2.1)%(0.9)%
Amortization of purchased intangible assets(0.6)%(0.6)%
Acquisition and integration costs(3.6)%(0.4)%
Non-GAAP SG&A expenses21.4 %28.3 %
GAAP restructuring expenses6.6 %12.6 %
Restructuring charges(6.6)%(12.6)%
Non-GAAP restructuring expenses— %— %
GAAP loss from operations(34.5)%(61.7)%
Total non-GAAP adjustments37.5 %42.2 %
Non-GAAP income (loss) from operations3.0 %(19.4)%
GAAP interest and other income (expense), net(4.4)%— %
Non-recurring interest and other income (expense), net0.2 %0.1 %
Non-GAAP interest and other income (expense), net(4.2)%0.1 %
GAAP loss before income taxes(38.9)%(61.6)%
Total non-GAAP adjustments37.7 %42.3 %
Non-GAAP loss before income taxes(1.2)%(19.3)%
GAAP income tax benefit(1.7)%(2.0)%
Acquisition tax benefit1.7 %3.2 %
Non-GAAP income tax provision0.1 %1.2 %
GAAP net loss(37.3)%(59.6)%
Total non-GAAP adjustments before income taxes37.7 %42.3 %
Less: total tax adjustments1.7 %3.2 %
Non-GAAP net loss(1.3)%(20.5)%
14