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- **Revenue Surge**: Q3 2025 revenue up 56% YoY to $126.5M, driven by 75% YoY infrastructure growth. 
- **Infrastructure Dominance**: Optical (Keystone 400/800G) and wireless (Sierra 5G) set to exceed $300M in 2026. 
- **Broadband Shift**: PON growth offsets DOCSIS 4.0 delays, with 2026 cable upgrades expected. 
- **Financial Health**: Non-GAAP EPS up 60% YoY to $0.13, cash reserves at $113M. 
- **2026 Outlook**: Infrastructure to grow 2x+ industry average, with optical/wireless leading the charge.

**【CEO Summary Section】**
- Q3 2025 revenue of $126.5 million, up 16% sequentially and 56% year-over-year, driven by infrastructure growth (16% QoQ, 75% YoY). 
- Infrastructure investments in optical interconnects (Keystone PAM4 DSP for 400/800G deployment), wireless (Sierra 5G RAN), and storage accelerators (Panther 5) are key growth drivers. 
- Optical revenue expected to reach $60-70 million in 2025, with 200G/400G solutions ramping in 2026. 
- Broadband growth moderates to 50% YoY (from 80% in Q3) due to DOCSIS 4.0 delays, but PON and Wi-Fi 7 solutions remain strong. 
- 2026 outlook: infrastructure revenue to exceed $300 million, with optical and wireless growth outpacing overall company targets.

**【CFO Financial Commentary】**
- Q3 2025: GAAP net loss of $1.1 million, non-GAAP EPS of $0.13 (vs. $0.08 YoY). 
- Gross margin: 56.9% GAAP, 59.1% non-GAAP, driven by higher-margin infrastructure products. 
- Operating expenses: $113.2 million GAAP, $59.5 million non-GAAP (down 32% YoY). 
- Q4 2025 guidance: 
  - Revenue: $130-140 million (11-20% YoY). 
  - Non-GAAP gross margin: 58-61%. 
  - Non-GAAP EPS: $0.10-0.15. 
- Cash flow: $10.1 million in Q3, $113 million in cash reserves. 
- Inventory turns improve to 1.8x, DSO 39 days.

**【Q&A Highlights】**
- **2026 Growth**: CEO expects infrastructure to grow 2x+ industry average, with optical and wireless at similar rates. 
- **Optical Challenges**: Supply constraints (5nm silicon, EML lasers) may limit hyper-growth, but Keystone (5nm) in production gives competitive edge. 
- **Wireless Momentum**: Sierra 5G RAN wins at 2 major US carriers, with 200G/400G backhaul solutions ramping. 
- **Broadband Moderation**: DOCSIS 4.0 delays push cable upgrades to 2027, but PON growth (Tier 1 carrier adoption) offsets. 
- **Supply Chain**: Foundry pricing pressures, but diversification (Samsung vs. TSMC) mitigates risk. 
- **Arbitration Update**: Case expected to resolve in H1 2026.

MaxLinear, Inc. (MXL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Operating Income

Non-Operating Income (Loss)

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

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MXL

MXL fundamentals

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