MaxLinear ve 2. čtvrtletí 2026 zvýšil tržby v infrastruktuře o 145 % na zhruba 85 mil. USD díky poptávce po AI optice. Zvedl také výhled tržeb z optických datacenter na 210–230 mil. USD.
Key Takeaways MaxLinear Infrastructure revenues surged 145% to about $85M in Q2 2026 on AI optical demand. MXL raised 2026 optical data-center revenue guidance to $210-$230M, led by Keystone.MaxLinear expects initial Rushmore, Washington and Annapurna ramps in the second half of 2027. MaxLinear (MXL - Free Report) is benefiting from the accelerating artificial intelligence (AI) data-center optical transition, which is strengthening its Infrastructure business and expanding its presence across hyperscale networks. Infrastructure revenues reached roughly $85 million in the second quarter of 2026, surging 145% year over year and representing about half of total revenues. The momentum in high-speed optical connectivity is improving MXL’s ability to compete with Broadcom (AVGO - Free Report) and Marvell Technology (MRVL - Free Report) in the rapidly expanding AI data-center market.
A key growth driver is Keystone, MXL’s 5-nanometer, 100G-per-lane PAM4 DSP and SerDes platform. Keystone is ramping into high-volume production at major hyperscale customers across the United States and Asia for 400G and 800G deployments. The platform delivers almost 40% lower power consumption than competing solutions, an important advantage as AI data centers seek greater bandwidth without proportionate increases in power usage. Management noted that recent optical growth is increasingly being driven by 800G, which is expected to remain an important contributor into 2027.
MXL’s expanding Keystone customer adoption provides a foundation for further growth, creating opportunities to transition customers toward 1.6T Rushmore. Strong orders and better visibility prompted MXL to raise its 2026 optical data-center revenue expectation to $210-$230 million. Management clarified that the more than $50-million increase in its 2026 optical revenue outlook was entirely attributable to Keystone, without assuming revenues from Washington or Annapurna.
MXL is preparing for the next generation of connectivity through Rushmore, its 1.6T PAM4 DSP operating at 200G per lane. Management believes Rushmore offers substantial performance and power advantages, along with differentiated supply-chain diversification and potential ASP upside as customers migrate to higher speeds. Rushmore, Washington TIAs and Annapurna Ethernet retimers are already sampling and undergoing customer qualification. Initial ramps at one or two opportunities are expected in the second half of 2027, followed by additional growth through 2028 and 2029. Washington can operate as a stand-alone TIA with other DSPs, expanding MXL’s opportunity in linear-drive pluggable optics and linear receive optics architectures.
The improving product mix should support profitability. MXL guided third-quarter 2026 non-GAAP gross margin to 58.5-61.5%, suggesting that the AI optical ramp could support revenue growth and profitability.
MXL Faces Tough CompetitionBroadcom remains a formidable challenger because of its broad AI networking portfolio. AVGO offers 200G/400G SerDes, Ethernet switches, PCIe products, DSPs, lasers and other connectivity solutions, while maintaining a strong position in co-packaged optics and 1.6T DSPs. AI semiconductor revenues reached $10.8 billion in second-quarter fiscal 2026, up 143% year over year, with networking contributing nearly 40%, giving Broadcom significant scale in AI connectivity.
Marvell expects interconnect revenues to grow more than 70% in fiscal 2027 as 800G demand strengthens and its 1.6T products ramp. MRVL’s TIA and driver business is expected to exceed a $1 billion annualized revenue run rate in the next few quarters, while Marvell already supplies DCI solutions to all five major U.S. hyperscalers. Its expanding coherent-light, silicon-photonics, NPO and CPO portfolio could therefore make capturing an additional 1.6T share increasingly challenging for MXL.
MXL’s Share Price Performance, Valuation & EstimatesShares of MaxLinear have appreciated 270.5% year to date, outperforming the broader Zacks Computer and Technology sector’s 28.3% growth.
MXL Stock’s Price Performance
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MXL stock is trading at a premium, with forward 12-month price/sales of 6.88X compared with the broader sector’s 6.32X. MaxLinear has a Value Score of F.
MXL’s Valuation
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The Zacks Consensus Estimate for MaxLinear’s earnings is currently pegged at 56 cents per share, up by 20 cents over the past 30 days, suggesting 300% year-over-year growth.
MaxLinear currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MaxLinear ve 2. čtvrtletí 2026 zvýšil výnosy o 55 % na 168,8 mil. USD a výnosy z infrastruktury vyskočily o 145 % na 85 mil. USD. Firma už má vysokosériovou výrobu u hyperscalerů a čeká další růst z projektů Rushmore, Washington a Annapurna od roku 2027.
Key Takeaways MaxLinear leads with meaningful AI revenues, hyperscaler deployments and a broad connectivity pipeline.MXL expects Rushmore, Washington and Annapurna to become growth drivers as deployments ramp from 2027.Vicor offers VPD upside and a stronger balance sheet, but its biggest AI catalyst remains earlier-stage. MaxLinear (MXL - Free Report) and Vicor (VICR - Free Report) both stand to benefit from accelerating AI infrastructure spending, but they address different bottlenecks inside the data center. MaxLinear is primarily exposed to the connectivity side of AI infrastructure through high-speed optical and electrical interconnects, while Vicor focuses on power delivery for increasingly power-dense AI processors.
So, MXL or VICR, which is a better buy under the current scenario?
The Case for MaxLinearMaxLinear currently has the more visible AI revenue ramp. In the second quarter of 2026, revenues jumped 55% year over year to $168.8 million, while Infrastructure revenues surged 145% to $85 million and represented roughly half of total revenues. The year-over-year growth was driven primarily by higher shipments of optical, high-performance analog and wireless-backhaul products. Infrastructure has become MXL’s largest revenue category, led by high-speed optical interconnect demand.
The company’s AI opportunity is already moving beyond a single product. Keystone, MaxLinear’s 100G-per-lane PAM4 (Pulse Amplitude Modulation 4-Level) DSP (Digital Signal Processor), is in high-volume production at major U.S. and Asian hyperscalers for 400G and 800G deployments. MaxLinear expects the 1.6T Rushmore PAM4 DSP to become an important growth driver beginning in 2027. Washington expands MaxLinear into 200G-per-lane TIAs, while Annapurna targets 1.6T active electrical cables and onboard retimers used for low-latency AI scale-up connectivity. Washington and Annapurna are expected to begin generating revenues in 2027, followed by a more meaningful ramp in 2028.
MaxLinear is also gaining AI content beyond optical connectivity. The company has completed qualification of an XGS-PON hyperscaler design for data-center control-plane applications and secured USB bridge-controller wins at two major hyperscalers for AI rack management. MXL’s Panther storage accelerators address CPU, memory and storage bottlenecks, with revenues expected to roughly double in 2026 and potentially nearly double again in 2027. This combination of optics, electrical interconnects, storage, rack management and power-management products gives MXL several ways to increase content per AI rack.
The Case for VicorVicor's AI opportunity centers on solving another critical constraint, supplying large amounts of power to increasingly dense GPUs, TPUs and other accelerators. Advanced Products generated $94.2 million in the second quarter of 2026, up 45% sequentially, and accounted for 65.7% of revenues. Advanced Products sales are currently concentrated in data-center and hyperscaler applications, including power delivery on server motherboards, inside racks and across data-center infrastructure. The company also identifies AI processor acceleration as an important market for its power technology.
Vicor is leveraging second-generation Vertical Power Delivery (VPD) architecture to drive growth. The company targets current gain above 40 and current density of as much as 5 amps per square millimeter, addressing the rising power-density requirements of AI systems. However, the technology remains earlier in its commercialization curve than MaxLinear’s Keystone platform. Vicor has completed an initial chipset for its lead customer at roughly 3 amps per square millimeter and is completing demonstration systems, while targeting more than 4 amps per square millimeter around late 2026 or early 2027. Broader hyperscaler and OEM design wins therefore represent substantial upside, but their timing is still less certain.
Vicor nevertheless has strong demand indicators and a considerably stronger balance sheet. Backlog reached approximately $380 million in the second quarter of 2026, rising 26% sequentially and 145% year over year. Cash stood at $453.6 million, while operating cash flow totaled $34 million in the reported quarter. Rising high-performance computing and AI-related demand is bringing the first ChiP fabrication facility toward full utilization, prompting Vicor to prepare for additional manufacturing capacity.
MXL & VICR’s Earnings Estimate Revisions SteadyThe Zacks Consensus Estimate for MaxLinear’s 2026 earnings is pegged at $1.74 per share, unchanged over the past 30 days. MXL reported earnings of 31 cents per share in 2025.
The consensus mark for VICR’s 2026 earnings has been steady at $3.12 per share over the past 30 days and suggests 19.54% growth from the figure reported in 2025.
Stock Price Performance and ValuationMXL shares have returned 263.9% year to date, outperforming Vicor’s appreciation of 85.8%.
Price Performance: MXL vs. VICR
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Valuation-wise, shares of both MXL and VICR are overvalued. In terms of trailing 12-month EV/sales, MaxLinear shares are trading at 10.21X, lower than Vicor’s 18.85X.
Both MaxLinear and Vicor have a Value Score of F.
MXL and VICR Valuation
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Conclusion: MXL Has the EdgeMaxLinear appears better positioned to capture the AI infrastructure boom in the near to medium term. Vicor offers compelling long-term upside from second-generation VPD and has the stronger balance sheet, but its biggest AI catalyst is still moving through development, customer evaluation and eventual production ramps. MXL already has meaningful AI-driven revenues, high-volume hyperscaler deployments and a broader pipeline spanning 800G, 1.6T, electrical scale-up, rack management and storage. The combination of stronger current AI revenue growth and multiple identifiable product ramps through 2027-2028 gives MXL the edge over VICR, albeit with higher customer concentration and balance-sheet risk.
MaxLinear and Vicor currently carry Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akcie MaxLinear za měsíc klesly o 22,8 % kvůli obavám z růstu, koncentrace zákazníků a právních sporů. Tržby z infrastruktury ve 2. čtvrtletí 2026 meziročně vyskočily o 145 %.
Key Takeaways MaxLinear shares fell 22.8% in a month amid growth, customer concentration and legal concerns.Infrastructure revenues jumped 145% in Q2 2026 as optical demand and Keystone deployments accelerated.MXL's 2026 EPS estimate rose 33.8% in 30 days, while new AI products are set to add revenue from 2027. MaxLinear (MXL - Free Report) shares have dropped 22.8% in the past month, underperforming the broader Zacks Computer and Technology sector’s return of 1.6%. The sharp decline can be attributed to investor concerns over growth prospects, concentrated clientele, and legal disputes related to termination of the Silicon Motion deal. MaxLinear’s outlook now significantly depends on the successful ramp of AI and data-center optical products, which depend on a clientele that is concentrated among a limited number of hyperscale customers and AI-platform programs. Top 10 customers represented 55% of MXL’s first-half of 2026 revenues, while one customer represented 11%.
Rapid AI-driven growth is keeping MaxLinear’s balance sheet under pressure as the need for working capital accelerates significantly. Inventory increased to $105.5 million as of June 30 from $85.8 million at the end of the first quarter of 2026. First-half 2026 operating cash flow was negative $4.1 million. Inventory-purchase and other contractual obligations rose to $305.9 million as of June 30 compared with $209.6 million as of Dec. 31, 2025, as MaxLinear placed incremental orders to support higher demand. The company made wafer prepayments to secure supply against backlog, and also acknowledged tight supply and higher wafer, packaging and test costs. This clearly raises MaxLinear’s risk profile for investors. So, what should they do with MXL stock? Let’s find out.
MXL’s One-Month Price Performance
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MXL Shares Trading at a PremiumMaxLinear shares are overvalued, as suggested by a Value Score of F.
The MXL stock is trading at a forward 12-month price/sales (P/S) of 6.91X compared with the broader sector’s 6.37X. However, the stock is trading at a discount compared with peers including Broadcom’s (AVGO - Free Report) 10.67X, Credo Technology’s (CRDO - Free Report) 16.29X, and Marvell Technology’s (MRVL - Free Report) 14.47X.
MXL Stock’s Valuation
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Strong AI Infrastructure Demand Aids MXL’s ProspectsThe sharp pullback reflects some profit-taking following the stock’s massive year-to-date (YTD) surge, while investors assess whether MaxLinear can sustain its AI-driven growth trajectory. MXL shares have jumped 281.1% YTD, outperforming the broader sector’s return of 16.4%. The company has also outperformed peers including the likes of Marvell, Broadcom and Credo. YTD, shares of Marvell, Broadcom and Credo have returned 181.2%, 5.2% and 63.2%, respectively.
MaxLinear has emerged as one of the fastest-growing beneficiaries of AI networking infrastructure, with investors increasingly pricing in a multi-year optical data center growth cycle. Infrastructure revenues jumped 145% year over year in the second quarter of 2026 and became MXL’s largest revenue category, led by optical interconnect demand. Keystone, MaxLinear’s 100G-per-lane PAM4 DSP, is ramping into high-volume 400G and 800G deployments at major hyperscale customers in the United States and Asia. Keystone consumes almost 40% less power than competing solutions, and MXL believes the product establishes the foundation for multigenerational engagements extending into 1.6T and eventually 3.2T architectures.
MaxLinear’s strong portfolio that includes Rushmore, its 1.6T/200G-per-lane PAM4 DSP, Washington, its 200G-per-lane TIA, and Annapurna, its 200G-per-lane Ethernet retimer for AI scale-up networks, is a key catalyst. Rushmore is already undergoing customer qualification and is expected to begin contributing in 2027. Both Washington and Annapurna are expected to generate initial revenues in 2027, followed by more meaningful contributions in 2028.
MaxLinear has additionally qualified an XGS-PON design for a hyperscale data-center control-network application and has secured USB-controller wins at two major hyperscalers. The company expects its Panther storage-accelerator revenues to roughly double in 2026 with the potential to nearly double again in 2027. These products increase MaxLinear’s content opportunity per AI system and reduce its dependence over time on a single optical DSP generation.
The company's more established broadband and connectivity franchises provide another layer of growth and diversification. MaxLinear reported large-scale deployments of single-chip fiber PON and Wi-Fi 7 gateway platforms at major Tier 1 service providers in North America and Europe, while Ultra DOCSIS 3.1 and DOCSIS 4.0 deployments remain in their early stages and are expected to ramp through 2027 and 2028.
MXL’s Earnings Estimate Revision Shows Rising TrendThe Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at 56 cents per share, up 55.6% over the past 30 days. MXL reported earnings of 14 cents per share in the year-ago quarter.
The consensus mark for 2026 earnings is pegged at $1.74 per share, up 33.8% over the past 30 days. MXL reported earnings of 31 cents per share in 2025.
Here’s Why MaxLinear Stock is a Buy NowDespite the recent pullback and risks tied to customer concentration, working-capital requirements and legal uncertainties, MaxLinear’s growth story remains compelling. Strong demand for AI-driven optical connectivity, the expanding Keystone ramp and upcoming contributions from Rushmore, Washington and Annapurna provide multiple avenues for sustained revenue growth. Rising earnings estimates further reflect improving business momentum, while broadband, Wi-Fi 7 and DOCSIS opportunities add diversification beyond AI infrastructure. Investors willing to withstand near-term volatility may consider the recent weakness an opportunity to gain exposure to MaxLinear’s multi-year AI infrastructure growth cycle.
MXL currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Everspin Technologies a MaxLinear podepsaly memorandum o porozumění na vyhodnocení paměťových architektur pro AI servery. Cílem je zlepšit efektivitu, výkon a trvanlivost dat pomocí MRAM.
Work will focus on persistent MRAM for metadata management, log data, write buffering and cache functions
CHANDLER, Ariz. & CARLSBAD, Calif.--(BUSINESS WIRE)--Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of MRAM solutions, and MaxLinear, Inc., a leading provider of high-performance connectivity and storage acceleration solutions, today announced the signing of a memorandum of understanding (MOU) to evaluate next-generation memory architectures designed to improve efficiency and performance in AI servers.
AI models and inference workloads continue to grow while server architectures are under pressure to support larger data sets, expanding key-value (KV) caches and increased data movement across systems. These demands are driving interest in new approaches that combine persistent memory, acceleration and compression to improve performance, power efficiency and infrastructure utilization.
The MOU establishes a framework for the companies to evaluate the use of Everspin's persistent, low-latency MRAM technology with MaxLinear's storage compression, encryption and hardware acceleration platform. The work will focus on metadata management, log data, write buffering and cache functions, as well as other data-intensive workloads, with the goal of improving responsiveness, reliability and data persistence in next-generation server architectures.
"AI is forcing system architects to rethink where persistent memory fits in the server memory hierarchy," said Sanjeev Aggarwal, president and CEO of Everspin Technologies. "At Everspin, we continue to advance MRAM for applications where speed, persistence and endurance need to work together. We look forward to collaborating with MaxLinear to bring that innovation into AI server architectures that need persistent memory closer to critical data, creating a path for next-generation MRAM-based solutions.”
"The rapid growth of AI is driving the need for smarter ways to manage, move and access data across servers," said Vikas Choudhary, senior vice president, connectivity and storage at MaxLinear. "Combining acceleration, compression, and persistent memory creates an opportunity to improve resource utilization, reduce data movement and deliver more predictable performance for demanding AI workloads. Our collaboration with Everspin is focused on evaluating innovative architectures that can help customers scale efficiently as AI deployments continue to expand."
MOU Terms
Under the terms of the MOU, the companies will evaluate:
Technical validation of Everspin MRAM with MaxLinear’s acceleration, compression and encryption platform for AI and data-intensive server workloadsMarket development initiatives targeting hyperscale cloud, AI infrastructure and enterprise server customersLong-term manufacturing, supply and commercialization opportunitiesFor more information on Everspin Technologies, visit https://www.everspin.com
About Everspin Technologies
Everspin Technologies, Inc. (NASDAQ: MRAM) is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest-performance non-volatile memory for industrial, data center, automotive, aerospace and other mission-critical applications where data persistence is essential. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq: MXL) is a leading provider of radio frequency (RF), analog, digital, and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multimarket applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit https://www.maxlinear.com/.
MaxLinear, the MaxLinear logo, any other MaxLinear trademarks are all property of MaxLinear, Inc. or one of MaxLinear's subsidiaries in the U.S.A. and other countries. All rights reserved.
All third-party marks and logos are trademarks or registered trademarks of their respective holders/owners.
This press release contains forward-looking statements regarding future events or results. Forward-looking statements are identified by words such as “will,” “expects” or similar expressions and include, but are not limited to, statements regarding Everspin’s anticipated business plans and business strategy. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 5, 2026, as well as in Everspin’s subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made, and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.
MaxLinear zvýšil výhled tržeb z optických řešení pro datacentra pro rok 2026 na 210–230 milionů USD díky silným objednávkám a rozjezdu výroby transceiverů 400G a 800G. Tržby z infrastruktury ve 2. čtvrtletí 2026 meziročně vyskočily o 145 %.
Key Takeaways MaxLinear's infrastructure revenues jumped 145% as hyperscalers ramped optical data center deployments.Keystone is entering volume production for 400G and 800G transceivers with lower power use.MXL raised its 2026 optical data center revenue outlook to $210-$230 million amid strong orders. MaxLinear’s (MXL - Free Report) infrastructure business has emerged as the company’s primary growth engine, driven by accelerating demand for AI networking and optical interconnect solutions. In the second quarter of 2026, infrastructure became MaxLinear’s largest revenue category, surging 145% year over year as hyperscale customers ramped deployments of its optical data center platforms. Revenues surged 55% year over year, reflecting the rapid adoption of AI-focused infrastructure products. Management believes the company has entered a multi-year growth phase supported by improving visibility, stronger customer orders and a favorable shift toward higher-margin infrastructure products.
A major contributor to this momentum is MaxLinear’s Keystone 5-nanometer PAM4 DSP and SerDes platform, which is ramping into volume production for 400G and 800G optical transceivers at leading hyperscale customers across the United States and Asia. MXL highlighted Keystone’s significantly lower power consumption compared with competing solutions, making it attractive as AI clusters scale. The success of Keystone is also creating a pathway for future generations of optical connectivity, including 1.6T and 3.2T architectures built on 200G and 400G per-lane technologies, extending MaxLinear’s opportunities beyond the current upgrade cycle.
The company is also expanding its infrastructure portfolio beyond Keystone with products such as the Rushmore PAM4 DSP platform, reinforcing its position across AI scale-up and scale-out networking. Supported by robust customer orders and increasing production visibility, MaxLinear raised its 2026 optical data center revenue outlook to $210-$230 million and expects continued expansion into 2027 as hyperscale deployments accelerate. The company also expects the richer infrastructure mix to support higher gross margins and improved profitability, highlighting the operating leverage of its AI-focused portfolio.
Investments in high-speed SerDes technology, advanced optical interconnects and successive PAM4 platforms position MaxLinear for the next generation of AI networking. The company believes MXL’s broad infrastructure portfolio, decades of mixed-signal expertise and expanding engagements with hyperscale customers provide a foundation for sustained participation in the transition toward 1.6T, 3.2T and future optical networking architectures.
MXL Faces Tough CompetitionMaxLinear faces competition from Marvell Technology (MRVL - Free Report) and Broadcom (AVGO - Free Report) in the AI infrastructure space, particularly in AI networking and optical connectivity.
Marvell is strengthening its competitive position across optical interconnect, PAM DSPs, silicon photonics, switching and custom AI silicon. MRVL expects its interconnect business to grow more than 70% in fiscal 2027, supported by rapid adoption of 1.6T products, while maintaining leadership across successive PAM4 generations. Marvell is also investing aggressively in scale-up and scale-across networking, coherent optics and silicon photonics, supported by expanding partnerships with NVIDIA and hyperscale customers.
Broadcom continues to expand its AI semiconductor leadership through custom AI accelerators and networking silicon, with AI semiconductor revenue reaching $10.8 billion in fiscal second-quarter 2026 and expected to climb to $56 billion for fiscal 2026. Broadcom also reported bookings well above shipments and expects AI networking demand to remain exceptionally strong, underscoring its scale and customer reach.
MXL’s Share Price Performance, Valuation & EstimatesMaxLinear’s shares have returned 310.7% year to date (YTD), outperforming the broader Zacks Computer and Technology sector’s return of 9.6%.
MXL Stock’s Price Performance
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MXL stock is trading at a premium, with a forward 12-month price/sales of 8.48X compared with the broader sector’s 6.18X. MaxLinear has a Value Score of F.
MXL Stock’s Valuation
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The Zacks Consensus Estimate for 2026 earnings is pegged at $1.30 per share, down 2.3% over the past 30 days. MXL reported earnings of 31 cents per share in 2025.
MaxLinear currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MaxLinear ve 2. čtvrtletí zvýšil tržby o 55 % na 168,8 milionu USD a vrátil se k ziskovosti podle GAAP s EPS 0,02 USD. Firma zároveň zvýšila výhled tržeb z optiky pro datová centra v roce 2026 na 210 až 230 milionů USD.
MarketBeat Week in Review – 04/27 - 05/01MaxLinear NASDAQ: MXL reported a sharp increase in second-quarter 2026 revenue and returned to GAAP profitability, as executives said demand for the company’s data center optical products is driving a new growth phase.
On the company’s earnings call, Chief Executive Officer Kishore Seendripu said MaxLinear’s overall revenue grew 55% year over year, reflecting “strong execution” and accelerating adoption of its newest data center products. He said infrastructure has become MaxLinear’s largest revenue category, with revenue in that segment rising 145% year over year, driven by production ramps in optical platforms for data centers.
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MaxLinear’s Explosive 200% Rally Looks Impressive—But Can It Last?“Our Q2 financial results highlight the exciting inflection in our business trajectory and the beginning of a multiyear growth phase for MaxLinear,” Seendripu said.
Revenue rises 55%, infrastructure becomes largest category Chief Financial Officer and Chief Corporate Strategy Officer Steve Litchfield said total revenue for the second quarter was $168.8 million, up 23% from $137.2 million in the prior quarter and up 55% from $108.8 million in the second quarter of 2025.
Silicon Motion: The Market's Best Merger Arbitrage OpportunityBy end market, Litchfield said second-quarter revenue was approximately:
Infrastructure: $85 million Broadband: $45 million Connectivity: $24 million Industrial and multi-market: $15 million GAAP gross margin was 57.8%, while non-GAAP gross margin was 59.5%. Litchfield said the difference between GAAP and non-GAAP gross margin was primarily due to $2.5 million of acquisition-related intangible asset amortization.
GAAP operating expenses were $101.8 million, compared with non-GAAP operating expenses of $62.8 million. The difference was primarily tied to stock-based compensation and performance-based equity accruals totaling $36.5 million, along with $2.2 million in acquisition-related and other costs.
MaxLinear reported GAAP earnings per share of $0.02 for the quarter, which Litchfield said marked a return to GAAP profitability. Non-GAAP earnings per share were $0.35. Operating cash flow was approximately $4.8 million, and the company ended the quarter with about $93.7 million in cash equivalents and restricted cash.
Optical data center outlook raised again Seendripu said MaxLinear is raising its expectations for 2026 optical data center revenue to a range of $210 million to $230 million, citing customer orders and stronger visibility into program ramps. He said run rates are expected to expand into 2027.
The company’s Keystone product, a 100 gigabit-per-lane, five-nanometer CMOS PAM4 DSP and SerDes technology, is ramping into high-volume production at major hyperscale customers in the U.S. and Asia for 400G and 800G deployments, Seendripu said. He said Keystone delivers “almost 40% lower consumption in power than competition” and is serving as the foundation for future customer engagements involving 1.6 terabit and 3.2 terabit architectures.
During the question-and-answer session, Seendripu said the company began the year with revenue more concentrated in 400G, but the current growth is being driven by 800G PAM4 products. He said 800G is expected to become a substantially larger portion of run-rate revenue going forward.
Asked whether the increase in the 2026 optical outlook was tied entirely to Keystone, Seendripu told Cody Acree of The Benchmark Company that it was “all driven by Keystone product family” and did not include 2026 revenue from Washington or Annapurna.
Next-generation products expected to contribute in 2027 Seendripu highlighted several products intended to extend MaxLinear’s data center portfolio. Rushmore, the company’s 1.6 terabit optical PAM4 DSP at 200 gigabit-per-lane speeds, is expected to become an important optical connectivity growth driver beginning in 2027, he said.
Washington, a standalone 200 gigabit-per-lane TIA platform, can be paired with Rushmore or deployed in LPO and NPO implementations that do not require a DSP. Annapurna, a 200 gigabit-per-lane Ethernet retimer platform, is aimed at 1.6 terabit active electrical cable and onboard retimer requirements for AI systems.
Seendripu said Rushmore, Washington and Annapurna are sampling and in customer qualification and design processes. He said the company expects revenue to begin in 2027, with one or two opportunities potentially starting in the second half of that year and layering into 2028 and 2029.
Beyond optical, Seendripu said MaxLinear’s first XGS-PON hyperscaler design win for dedicated data center control plane architectures has completed qualification for a 2027 ramp. He also said the company has secured USB bridge controller design wins at two major hyperscalers for AI rack management.
Broadband and connectivity grow; industrial recovery continues Seendripu said broadband and connectivity revenue both increased in the second quarter, supported by large-scale deployments of single-chip fiber PON and Wi-Fi 7 gateway platforms at major Tier 1 service providers in North America and Europe. He said MaxLinear is also in the early stages of Ultra DOCSIS 3.1 and 4.0 deployments, which are expected to provide additional stability as ramps progress through 2027 and 2028.
In response to a question from Wells Fargo analyst Joe Quattrocchi, Litchfield said there had not been significant changes in broadband demand trends. He said MaxLinear has been gaining share in PON programs and that telco capital spending remains “good.”
On the industrial and multi-market business, Litchfield told Karl Ackerman of BNP Paribas that the segment has been recovering after a weak prior year. He said the company is seeing year-over-year improvement and expects pricing, including in China, as well as new products to contribute to growth.
Third-quarter guidance points to further growth For the third quarter of 2026, MaxLinear expects revenue of $210 million to $220 million. Litchfield said the company expects growth across all four business segments, with particular strength in infrastructure from data center optical interconnects.
The company guided for GAAP gross margin of approximately 57% to 60% and non-GAAP gross margin of 58.5% to 61.5%. GAAP operating expenses are expected to be $98 million to $104 million, while non-GAAP operating expenses are expected to be $66 million to $71 million.
Litchfield said infrastructure products historically have carried gross margins above the corporate average, helping support the outlook. He also noted cost increases in wafers, packaging and testing, saying the company is being cautious but sees continued margin improvement potential.
Asked about longer-term profitability, Litchfield said MaxLinear’s target has not changed and that the company’s long-term goal is to reach operating margins of 30% to 35%. He said the business is “headed in that direction,” though he declined to guide beyond the current quarter.
Litchfield said visibility is strong across most of MaxLinear’s businesses, extending to about six months, supported by backlog and demand. The company has also made wafer prepayments to secure supply for rising data center product demand, which executives said is backed by customer orders extending into the second half of 2026 and 2027.
About MaxLinear (NASDAQ:MXL)MaxLinear, Inc is a provider of radio-frequency (RF), analog, and mixed-signal integrated circuits for broadband communications, data center connectivity, and video infrastructure applications. The company's product portfolio includes high-performance RF front-end modules, broadband power amplifiers, optical and Ethernet transceivers, and network processors designed to support demanding signal processing requirements.
MaxLinear's semiconductor solutions are used by cable and satellite television operators, fiber-to-the-home service providers, network equipment manufacturers, and data center operators.
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MaxLinear zvýšil výhled tržeb z optického datového centra pro rok 2026 na 150–170 milionů USD. Tržby z infrastruktury v 1. čtvrtletí 2026 vzrostly meziročně o 136 %.
Key Takeaways MaxLinear's infrastructure revenue surged 136% in first-quarter 2026, led by optical data center products.MaxLinear raised its 2026 optical data center revenue outlook to $150 million-$170 million.MaxLinear used $8.9 million in operating cash flow as inventory and wafer capacity needs increased. MaxLinear (MXL - Free Report) has a clearer growth story than it had a year ago, but not a simpler one. Optical data center products are moving from promise to production, giving investors a visible AI-linked revenue driver.
The offset is timing. Broadband, connectivity and industrial demand remain uneven, while the optics ramp is pulling cash into inventory and wafer capacity before revenue fully converts into operating cash flow.
MaxLinear’s Business Mix is ChangingMaxLinear is a fabless semiconductor company serving broadband, wired and wireless infrastructure, data centers and industrial applications. Its products combine radio frequency, analog, mixed-signal, digital signal processing, networking, compression, security and power management technologies.
The mix is shifting. In 2025, Broadband represented 44% of revenues, Infrastructure accounted for 32%, Connectivity made up 17% and Industrial and Multi-Market contributed 8%. Customers include original equipment manufacturers, original design manufacturers, module makers and distributors, with the top 10 customers accounting for about 65% of 2025 revenues.
MXL Optics Ramp is Driving the ThesisInfrastructure has become the clearest growth engine. The segment grew 136% year over year in the first quarter of 2026 and became MaxLinear’s largest revenue category, driven by optical data center-oriented platforms.
Keystone, the company’s PAM4 digital signal processor platform, is ramping at multiple major hyperscale customers across the United States and Asia. Management raised its 2026 optical data center revenue outlook to $150-$170 million and expects a step-function increase beginning in the second quarter.
MaxLinear expects production ramps for Rushmore, its 200 gigabit per lane PAM4 digital signal processor for 1.6 terabit platforms, to begin in late 2026, with growth continuing into 2027.
MaxLinear Has More Than One Growth LeverOptics is not the only route to growth. Panther storage accelerators are gaining design-win activity, and management expects storage accelerator revenues to at least double in 2026 from 2025 levels.
MaxLinear has also won USB bridge controller designs with two major hyperscalers for rack-level artificial intelligence system management. Its first XGS-PON design win at a U.S. hyperscale data center through a Tier 1 OEM partner adds another data center adjacency.
MaxLinear is executing fiber passive optical network and Wi-Fi 7 gateway deployments with a second major North American Tier 1 service provider, with additional European ramps expected later in 2026. DOCSIS 4.0 certifications are complete.
MXL Risks Still Limit a Bullish CallThe issue is not whether MaxLinear has growth avenues. The issue is whether the company can fund and time them without creating new earnings and cash-flow volatility.
Data center ramps require wafer prepayments and inventory builds. At March 31, 2026, inventory rose to $85.8 million from $78.1 million at year-end 2025, while cash and cash equivalents declined to $61.1 million from $72.8 million.
Operating cash flow remains a watch item. MaxLinear used $8.9 million of cash in operating activities in the first quarter of 2026, reflecting the working-capital demands that come with preparing for larger optics programs.
Customer timing is another constraint. Broadband is still digesting prior growth, DOCSIS deployment depends on operator readiness and early hyperscaler programs can be concentrated. The terminated Silicon Motion deal also remains a legal overhang.
MXL Faces Stiff CompetitionMaxLinear faces stiff competition from the likes of Broadcom (AVGO - Free Report) , Marvell (MRVL - Free Report) and MACOM Technology (MTSI - Free Report) .
Broadcom is MaxLinear's strongest competitor in high-speed networking and AI infrastructure, backed by a far broader portfolio spanning custom AI accelerators, Ethernet switching, optical interconnects, broadband chips and enterprise software. Broadcom's leadership in hyperscale networking and custom silicon gives it significantly greater scale and customer reach.
Marvell competes directly with MaxLinear in optical DSPs, networking silicon and data center connectivity. Marvell already has an established position in electro-optics through its PAM4 DSPs, optical networking processors and custom silicon business, making it one of the primary beneficiaries of AI-driven data center spending.
MACOM competes with MaxLinear across optical networking, RF, analog and high-speed semiconductor solutions serving data centers, telecom and defense markets. MACOM has built a strong franchise in optical components, including lasers, drivers, TIAs and RF technologies, giving it deep exposure to AI networking infrastructure.
ConclusionThe bottom line is that MaxLinear has visible upside drivers, but the proof point is still conversion. Optics must translate from orders and ramps into durable revenues, earnings leverage and cash generation. Stiff competition remains a headwind.
MaxLinear currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MaxLinear čeká, že růst infrastruktury řízený AI zvýší výnosy ve 2. čtvrtletí, hlavně díky datovým centrům. Tahounem mají být také platformy Keystone a Panther u hyperscale a Tier 1 zákazníků.
Key Takeaways MaxLinear expects AI-driven infrastructure growth to lift Q2 as data center revenues rise.MXL is expanding Keystone and Panther platform adoption with hyperscale and Tier 1 customers.MXL likely saw strength from increased shipments in its Industrial and multi-market segment. MaxLinear, Inc. (MXL - Free Report) is expected to post its second-quarter 2026 earnings report next month, with four of its end markets likely to contribute favorably. Infrastructure, now the company’s largest revenue category, is likely to remain the primary growth driver as hyperscale customers rapidly scale AI-centric architectures.
Management expects a step-up in data center revenue beginning in the second quarter, with additional upside as run rates continue to expand into 2027. Driving that momentum is the Keystone PAM4 DSP optical transceiver platform, which has been ramping up at multiple major hyperscale customers across both the United States and Asia, supporting both 400G and 800G PAM4 deployments for scale-up and scale-out applications.
The Panther hardware storage accelerator SoC family is also gaining traction, with rising design win activity among Tier 1 network appliance and cloud service providers, setting up for higher storage accelerator revenues. At the same time, wireless infrastructure momentum is improving as carriers increase investments in 5G RAN access and backhaul to support cloud connected and edge AI functionality.
In Broadband and Connectivity, Maxlinear is advancing large-scale deployments of single-chip fiber PON and Wi-Fi 7 gateway platforms with a second major Tier 1 service provider in North America, with acceleration expected in Europe later this year. Management believes these long-cycle deployments create a stable foundation, building on the integration and power efficiency advantages that support the company’s data center portfolio.
Lastly, MaxLinear’s Industrial and multi-market segment is also likely to benefit from increased volume of shipments of high-performance analog products.
What Are MXL Peers Up To?MACOM Technology Solutions Inc. (MTSI - Free Report) introduced a chip scale hot via process built on its AlGaAs diode technology. As an alternative to conventional chip and wire bonding and copper pillar-based surface mount technologies, MACOM’s hot via process simplifies surface mount assembly while delivering low insertion loss and high isolation. The first product using the AlGaAs hot via process technology is the MASW-011261, a broadband SP2T switch operating from 60 to 110 GHz.
Skyworks Solutions, Inc. (SWKS - Free Report) recently unveiled its new Si829x isolated safety gate driver for electric vehicle (EV) traction inverters and other electrified systems, including eTrucking, industrial motor drives and emerging mobility platforms. Introduced at the PCIM Expo, the Si829x uses ProVCD, Skyworks’ second-generation variable current drive, with high-resolution gate waveform shaping and cycle-by-cycle control through a digital interface.
The Zacks Rundown for MXL StockYear to date, MaxLinear shares have surged 523.5% compared with the industry’s 48.8% growth.
Image Source: Zacks Investment Research
In terms of valuation, MXL trades at a forward, two-year Price/Sales (P/S) of 13.59X compared with its 2.76X median and the industry average of 9.52X.
Image Source: Zacks Investment Research
Here’s how estimates for MaxLinear’s 2026 and 2027 earnings are trending right now.
Image Source: Zacks Investment Research
MaxLinear currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MaxLinear v 1. čtvrtletí zvýšil tržby segmentu Infrastructure o 136 % meziročně díky rozjezdu optických platforem pro datová centra. Zároveň zvýšil výhled na rok 2026 pro optické tržby z datových center na 150–170 mil. USD.
Key Takeaways MaxLinear's Infrastructure revenues surged 136% year over year in Q1 2026 on optical platform ramp-up.MXL raised the 2026 optical data center revenue outlook to $150M-$170M on strong customer orders.MaxLinear expects storage accelerator revenues to at least double in 2026 versus the 2025 levels. MaxLinear, Inc.’s (MXL - Free Report) transformation into an infrastructure-focused company is being driven by strong growth in its data center optical business and several high-value products that remain early in their market ramp-up. The Infrastructure segment became the largest revenue category in first-quarter 2026, with sales rising 136% year over year, led by production ramp-up in optical data center platforms.
Management sees more growth ahead as hyperscale customers continue building out AI-focused architectures. Strong customer orders and growing visibility of the program ramp-up led the company to increase its 2026 optical data center revenue expectations to the $150-$170 million range.
MaxLinear also expects data center revenues to move higher from the second quarter, with additional upsides as run rates expand into 2027. The majority of this momentum is being driven by the Keystone PAM4 DSP family, which is ramping up at several major data centers in the United States and Asia for 400-gig and 800-gig deployments for scale-up and scale-out applications.
With Keystone validating the company’s ability to execute at scale, customer engagement around the Rushmore family of PAM4 TIAs and 200 gigabit per lane DSPs is gaining traction faster than expected. Production ramp-up is anticipated to begin in late 2026, with revenue growth continuing through 2027.
MaxLinear is also broadening its presence within hyperscale data centers beyond PAM4-based optical and electrical interconnects. Within Infrastructure, the Panther family of hardware storage accelerators SoCs continues to see strong design wins and success across Tier-1 network appliance and cloud service providers. Based on current engagement, the company expects storage accelerator revenues to at least double in 2026 from the 2025 levels. MaxLinear’s Sierra single-chip radio SoCs are now deployed with multiple North American operators, with expanding opportunities as 5G networks continue to evolve.
Updates From MXL PeersQualcomm Technologies (QCOM - Free Report) recently launched Snapdragon Scalable Turnkey AI-Ready Toolkit (“START”), a program designed to help brands bring their own personal AI devices to market faster and with greater flexibility, starting with smart glasses. Announced at the Augmented World Expo, Snapdragon START combines modules with an AI-agnostic full software stack and a network of manufacturing partners to let brands, enterprise-focused organizations and emerging innovators focus on design and experience.
Global eyewear company, Inspecs, is the first to exclusively collaborate with Qualcomm under the Snapdragon START program.
Qorvo (QRVO - Free Report) has introduced QPF5012, an X-band radar front-end solution that allows defense system designers to achieve higher performance without increasing size, weight or prime power. Designed for modern phased array and multifunction sensors, the solution combines transmit power, efficiency and receive sensitivity in a single compact module, addressing key challenges in next-generation radar design.
The Zacks Rundown for MXL StockOver the past year, MaxLinear shares have surged 609.2% compared with the industry’s 85.9% growth.
Image Source: Zacks Investment Research
In terms of valuation, MXL trades at a forward, three-year Price/Sales (P/S) of 12.11X compared with its 2.80X median and the industry average of 10.88X.
Image Source: Zacks Investment Research
Take a look at how estimates for MaxLinear’s 2026 and 2027 earnings are shaping up.
Image Source: Zacks Investment Research
MaxLinear currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
