MaxLinear, Inc

Greetings and welcome to the MaxLinear fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance during this conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to our host, Leslie Green, Investor Relations. Thank you. You may begin.

Thank you, Diego. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's fourth quarter 2025 financial results. Today's call is being hosted by Dr. Kishore Sindhipu, CEO, and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take your questions. Our comments today include forward-looking statements within the meaning of applicable securities laws including statements relating to our guidance for the first quarter of 2026, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest in other expense, GAAP and non-GAAP income taxes, and basic and diluted share count. In addition, we will make forward-looking statements relating to trends, opportunities, execution of our business plan, and potential growth and uncertainties, in various product and geographic markets, including without limitation, statements concerning future financial and operating results, opportunities for revenue and market share across our target markets, new products, including the timing of production and launches of such products, demand for and adoption of certain technologies, and our total addressable market. These forward-looking statements involve substantial risks and uncertainties, including risks outlined in our risk factor section of our recent SEC filings, including our Form 10-K for the year-ended December 31, 2025, which we filed today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements. The fourth quarter 2025 earnings release is available in the investor relations section of our website at maxlinear.com. In addition, we report certain historical financial metrics, including but not limited to gross margin, income or loss from operations, operating expenses, interest in other expense, and income tax on both a GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in the press release available on our website. We do not provide a reconciliation of non-GAAP guidance for future periods, because of the inherent uncertainty associated with our ability to project certain future changes, including stock-based compensation and its related tax effects, as well as potential impairments. Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. We are providing this information because management believes it is useful to investors as it reflects how management measures our business. Lastly, this call is also being webcast, and the replay will be available on our website for two weeks. And now let me turn the call over to Dr. Kishore Sindripu, CEO of MaxLinear. Kishore?

Thank you, Leslie, and wishing you all a very happy new year and good afternoon. For MaxLinear, 2025 marked a clear inflection year with resurgent growth. We delivered 30% revenue growth year over year, driven by strong execution and accelerating adoption of our newest products across multiple high-growth end markets. We delivered profitability and positive cash flow ahead of plan. During the fourth quarter, we repurchased $20 million worth of our common stock, reflecting our confidence in our sustained growth expectations and market momentum. Bookings remain robust, visibility continues to improve, and we are entering 26 with strong momentum across our portfolio. We are executing against a focus strategy that is working and will drive sustained strong growth in 26 and 27, investing in high-value multiyear growth markets with performance, power efficiency, and integration matter most. These include data center connectivity, wireless infrastructure, storage acceleration, on broadband access, Wi-Fi 7, and Ethernet in markets. Our infrastructure business is scaling rapidly. Revenue grew 30% for the full year and 76% in Q4 year-on-year, driven by strong growth in data center optical interconnects, wireless infrastructure, and early but meaningful contributions from storage accelerators. Importantly, multiple new design wins are now entering production, positioning us to grow faster in 26 than we did in 25. In 2026, we expect to achieve a significant and exciting milestone. Our infrastructure category should emerge as the single largest contributor to our overall revenues. In high-speed data center optical interconnects, our keystone PAM4 DSP family is now ramping at major hyperscale data centers in both the U.S. and Asia. supporting 400 gig and 800 gig deployments, both for scale-up and scale-out applications. Additional customer ramps are expected throughout the year. Based on this improved visibility, we expect Keystore to generate about $130 million in revenue in 26, with potential upside along with a further step function increase in run rate as we move into 2027. Power efficiency has been a defining competitive advantage for MaxLinear. And we are extending that leadership with Rushmore, our next generation family of BAM4 TIAs and 200 gig per lane DSPs targeting 1.6 terabits interconnects. Rushmore is foundational for next wave of data center optical architectures, including LRO, electrical retimers, AECs, LPOs, and co-packaged optics. With Keystone validating our execution performance leadership, customer engagement for Rushmore is accelerating faster than expected. We expect Rushmore production revenue ramp starting at the end of 2026. We expect a strong showing at OFC in March this year. Also, cloud data centers are now deploying 10-gigabit XGS PON as a robust, dedicated fail-proof control plane conduit for managing high-speed data traffic between data centers. In Q4, we secured our first PON data center design win, addressing this application at a major tier one US OEM provider to tier one data centers in this next generation design. Recently, we also won analog serial transceiver and bridge interface designs for rack management in AI servers at two major US data centers. This is further evidence of how Maximia's broad and deep technology portfolio comprising optical interconnect storage accelerators, spawn, and analog offerings is growing inside the AI data center. Within infrastructure, our Panther hardware storage accelerator SOC family continues to gain design traction with Tier 1 network appliance and cloud service providers. Ongoing storage and high-bit memory constraints for AI scale-up and compute are reinforcing the value of Panther's hardware-based compression high throughput, and ultra-low latency memory data access. In Q3-Q4, we started sampling Panther 5 to leading customers and our partners, including advanced micro-devices or AMD. Panther 5 delivers unprecedented ultra-low latency at 450 gigabits per second throughput and PCIe Gen 5 connectivity. Based on our engagements, we expect strong accelerator revenue to at least double in 2026 versus 2025 and potentially again in 2027. In wireless infrastructure, increasing spending is expected to drive sustained demand through 2026 and beyond as the need for cloud and edge AI functionality continues to grow. Additionally, our wireless access single-chip radio SOC and our millimeter wave and microwave backhaul transceivers and modems are seeing robust OEM customer design and activity, and deployments and multiple tier one carriers are going as per plan. Moving to broadband and connectivity, we delivered another strong revenue quarter across fiber form, cable docks, and Wi-Fi, driven by the early increases in service provider cap expense and continued booking strength and incremental demand. In Q4, we began the large-scale deployment of our single-chip fiber-pawn and 10-gigabit processor gateway SOC plus tri-band Wi-Fi 7 solution with the second major Tier 1 North American carrier. This was a significant competitive win that expands content per box fiber-pawn revenue and market share in 2026. In cable broadband, after a strong 2025, we expect a seasonally soft first half and cable revenue to be down in 26 as the industry transitions and pending a multi-year DOCSIS 4 upgrade cycle starting at the end of 2026. Additionally, in the standalone Ethernet market, we expect 2026 to be strong as a 2.5 gigabit Ethernet switch and PHY portfolio expands into commercial, enterprise, and industrial applications. In summary, we entered 2026 with multiple growth engines ramping simultaneously driven by expanding customer adoption and secular market trends moving in our favor. Our investments over the past several years have uniquely positioned MaxLinear to deliver sustained growth, operating leverage, and long-term shareholder value. We are excited about the opportunities ahead and confident in our ability to execute. With that, let me now turn the call over to Steve Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steve?