The following is a summary of the MaxLinear, Inc. (MXL) Q1 2024 Earnings Call Transcript:
Financial Performance:
MaxLinear Inc's Q1 revenue was $95.3 million with a non-GAAP gross margin of 60.6%.
The non-GAAP loss for Q1 operations stood at 18% of net revenue. The expected Q2 revenue is between $90 million and $110 million, projecting a GAAP gross margin between 52.5% and 56.5%.
The company had approximately $193 million in cash, cash equivalents, and restricted cash at the end of Q1, with operating expenses standing at $123.9 million (GAAP) and $74.8 million (non-GAAP).
Cash flow for Q1 was $16 million.
Business Progress:
Revenue growth in '24 is expected due to product launches in emerging markets like optical data center interconnects, 5G wireless, Ethernet enterprise storage, multi-gigabit PON broadband access, and WiFi connectivity.
MaxLinear expects the Ethernet business to reach $100 million over the next 18 to 24 months, and executives predict an increase in revenues to achieve a run rate of approximately $100 million by 2025 or 2026, due to robust growth in the wireless infrastructure, optical data center market, infrastructure and Ethernet, and storage accelerators.
One of the first companies to introduce a functional Long Range Optical (LRO) to the market, MaxLinear expects WiFi 7 to drive growth over the next few years.
The company is also working on an 800 gig Ethernet project due to see significant progress this year and expects a double in wireless infrastructure revenue by 2025 based on the product roadmap.
More details: MaxLinear IR
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