MaxLinear, Inc

Greetings and welcome to the Max Linear Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Leslie Green, Investor Relations. Please go ahead.

Thank you, Paul. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss Max Linear's second quarter 2026 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO, and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take questions. Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the third quarter of 2026, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense, GAAP and non-GAAP income taxes, and GAAP and non-GAAP 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 the future financial and operating results, opportunities for revenue and market share across target segments, 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 risks and uncertainties, including risks outlined in the risk factors section of our recent SEC filings, including our most recent annual report on Form 10-K and our Form 10-Q for the quarter ended June 30, 2026, which we filed today. Any forward-looking statements are made as of today, and Max Linear has no obligation to update or revise any forward-looking statements. The second quarter of 2026 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 and other expense, and income tax on both GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations and 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 Seendripu, CEO of MaxLinear. Kishore?

Thank you, Leslie, and good afternoon, everyone. Our Q2 financial results highlight the exciting inflection in our business trajectory and the beginning of a multi-year growth phase for MaxLinear. Overall revenue grew 55% year on year, reflecting strong execution, accelerating adoption of our newest data center products, improving visibility, and gathering momentum in our infrastructure portfolio. With the improvement in profitability in the quarter, we also returned the positive GAAP EPS of $0.02. In addition, with the favorable product mix shift towards our infrastructure business, we are now forecasting Q3 2026 non-GAAP gross margin to be 60% at the midpoint of our guidance range, as well as a substantial increase in our non-GAAP profitability. Infrastructure is now our largest revenue category and grew 145% year on year, driven by robust production ramps and optical data center-oriented platforms. Based on robust customer orders and rising visibility of program grants, we are once again raising our expectations for 2026 optical data center revenue to be between $210 million to $230 million with continued growth as run rates expand into 2027. Keystone, our 100 gigabit per lane, 5 nanometer CMOS, PAMFORD, DSP, and SIRTIS technology continue to ramp into high-volume production at major hyperscale customers across U.S. and Asia for 400-gig and 800-gig deployments. Delivering almost 40% lower consumption in power than competition, Keystone's success serves as the foundation for multigenerational customer engagement that extend to the adoption of next-generation 1.6 terabit and 3.2 terabit optical scale-up and scale-out architectures at 200 gigabit and 400 gigabit per lane speeds, respectively. We expect Rushmold, our 1.6 terabit optical PAM4 DSP at 200 gigabit per lane speeds to become an important optical connectivity growth driver beginning in 2027 which will layer on top of Keystone's successful ongoing grant. Beyond our PAM430 technology, we have comprehensively expanded our portfolio for optical and electrical scale-up and scale-out connectivity opportunities, including GIAs, drivers, and onboard retimers. Together, these products support a broad range of data center architectures consisting of pluggable optics, LRO, LPO, NPO, and CPO, providing customers with greater flexibility in their deployment of next-generation AI and cloud infrastructure using Max Video solutions. Washington, our standalone 200-gigabit-per-lane TIA platform, not only pairs seamlessly with Rush Mode, but it can also be deployed standalone in LPO and NPO implementations that do not require a DSP. As the performance requirements for TIAs and drivers increase significantly at 200 and 400 gigabit per lane speeds, our deep service expertise enables us to drive compelling performance advantages for such customer solutions. Annapurna, a 200-gigabit-per-lane Ethernet retimer platform targets 1.6-terabit active electrical cable and onboard retimer requirements for scale-up in AI systems requiring low-latency, short-reach electrical interconnects within server racks and switches. Annapurna's onboard retimer applications expand our presence into another critical layer of AI infrastructure. For both Annapurna and Washington, we expect initial revenue in 2027, followed by a more meaningful volume ramp in 2028. Outside of optical, our first XGS-born hyperscaler design win for dedicated data center control plane architectures has completed qualification for a 2027 ramp and beyond. Additionally, we have secure design links for USB bridge controllers and two major hyperscalers for AI rack management alongside our broader analog and power management portfolio. These will broaden our engagement across the data center platform and strengthen our strategic positioning with key customers. Our Panther family of storage accelerators addresses CPU, memory and storage bottlenecks. We expect revenues from Panther to roughly double this year with the potential to nearly double again in 27. Outside the cloud data center, we expect edge AI-driven upgrades to 5G wireless RAM access and transport infrastructure to increase demand for our single-chip Sierra 5G radio SOC and our millimeter and microwave wireless backwall RF and morning solutions in the mid to long term. Moving to broadband and connectivity, both categories deliver revenue growth in Q2, driven by large-scale deployments of our single-chip fiberpond and Wi-Fi 7 gateway platforms at major tier-one service providers in North America and Europe. We're also in the early stages of UltraDocs in 3.1 and 4.0 deployments, which will provide additional stability to growth as ramps progress throughout 27 and 28. In summary, we are pleased with our first-half performance and the momentum we have in our data center business. Keystone has established MaxCinia as a proven high-volume, high-quality supplier of 400-gigabit and 800-gigabit BAMFORCE BSPs and service technology. At the same time, our Rushmore, Washington, and Annapurna active electrical cable and re-timer platforms extend our reach into 1.6 terabit optical and next-generation AI infrastructure. With multiple revenue drivers layering on over the next two years, we believe Maxvenia is exceptionally well positioned for sustained, transformative growth and increasing long-term shareholder value. With that, let me now turn the call over to Steve Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steve?