Maxlinear (MXL) Q3 2026 Earnings Report

The call was strongly optimistic, supported by 72% year-over-year revenue growth, 210% infrastructure growth, a raised optical data center outlook of $250 million to $270 million, strong backlog visibility through 2027, expanding 1.6-terabit product activity, and improving operating margins. The company also cited seasonal Q4 softness in broadband and connectivity, negative operating cash flow, foundry capacity constraints, qualification bottlenecks, and delayed CPO timing, but these challenges were outweighed by the stated growth momentum and product pipeline.

MaxLinear expects fourth-quarter 26 revenue to be between $240 million and $260 million, with strong growth in infrastructure, broadband and connectivity end markets down seasonally, and industrial multimarket end market up; fourth quarter GAAP gross margin is expected to be approximately 58% to 61% and non GAAP gross margin in the range of 59% to 62% of revenue, GAAP operating expenses in the range of $96 million to $101 million, non GAAP operating expenses in the range of $65 million to $70 million, both GAAP and non GAAP interest and other expense in the range of approximately $3.5 million to $4.3 million, a $1.5 million tax benefit on a GAAP basis and non GAAP tax provision of approximately $1.5 million, and Q4 GAAP and non GAAP diluted share count of approximately 99.7 million each. The company raised its 26 optical data server revenue outlook to $250 million to $270 million, expects another significant step up in revenue next year, expects initial Washington and Anapurna revenues in 2027 followed by a stronger volume ramp in 2028, expects Panther revenue to roughly double this year with potential for another meaningful increase in 2027, expects edge AI driven upgrades to drive growth in 2027 and 2028, expects Rushmore initial revenue in early 27 and a stronger ramp in the second half, expects 1.6T to have a much bigger growth year in 2028, and said 800 can sustain as well and up until probably 2029.