Maxlinear, Inc 8-K, filed Jan 29, 2025

Maxlinear, Inc (MXL)

8-K 2025-01-29 For: 2025-01-29

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Added on April 10, 2026

About this 8-K

Maxlinear, Inc filed this 8-K on January 29, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-34666	14-1896129
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	MXL	The Nasdaq Stock Market LLC


Exhibit			Description
99.1			Press Release, dated January 29, 2025
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)


	Three Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023
Net revenue	$	92,167	$	81,102	$	125,353
Cost of net revenue	40,919		37,022		56,814
Gross profit	51,248		44,080		68,539
Operating expenses:
Research and development	51,278		52,604		65,250
Selling, general and administrative	38,087		30,154		34,384
Impairment losses	—		1,237		—
Restructuring charges	3,056		26,828		10,648
Total operating expenses	92,421		110,823		110,282
Loss from operations	(41,173)		(66,743)		(41,743)
Interest income	1,040		1,653		1,781
Interest expense	(2,802)		(2,655)		(2,909)

Other income (expense), net	2,113		(14,753)		240
Total other income (expense), net	351		(15,755)		(888)
Loss before income taxes	(40,822)		(82,498)		(42,631)
Income tax provision (benefit)	17,016		(6,713)		(4,131)
Net loss	$	(57,838)	$	(75,785)	$	(38,500)
Net loss per share:
Basic	$	(0.68)	$	(0.90)	$	(0.47)
Diluted	$	(0.68)	$	(0.90)	$	(0.47)
Shares used to compute net loss per share:
Basic	84,485		84,074		81,681
Diluted	84,485		84,074		81,681


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



	Twelve Months Ended
		December 31, 2024		December 31, 2023
Net revenue		$	360,528	$	693,263
Cost of net revenue		165,746		307,600
Gross profit		194,782		385,663
Operating expenses:
Research and development		225,189		269,504
Selling, general and administrative		138,329		132,156
Impairment losses		1,237		2,438
Restructuring charges		53,379		19,786
Total operating expenses		418,134		423,884
Loss from operations		(223,352)		(38,221)
Interest income		6,386		6,053
Interest expense		(10,874)		(10,702)

Other income (expense), net		(10,877)		(20,940)
Total other income (expense), net		(15,365)		(25,589)
Loss before income taxes		(238,717)		(63,810)
Income tax provision		6,481		9,337
Net loss		$	(245,198)	$	(73,147)
Net loss per share:
Basic		$	(2.93)	$	(0.91)
Diluted		$	(2.93)	$	(0.91)
Shares used to compute net loss per share:
Basic		83,600		80,719
Diluted		83,600		80,719



	Year Ended
		December 31, 2024		December 31, 2023
Operating Activities
Net loss		$	(245,198)	$	(73,147)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation		54,140		71,516
Impairment of intangible assets		1,237		2,438


Impairment of investments and other assets		14,000		—

Amortization of debt issuance costs and accretion of discount on debt and leases		2,538		2,561
Stock-based compensation		66,021		55,176
Deferred income taxes		826		(4,452)
Loss on disposal of property and equipment		1,068		2,057
Gain on sale of investments		—		(434)
Unrealized holding loss on investments		—		1,765


Impairment of leased right-of-use assets		5,555		—

Gain on settlement of pension		—		(1,008)
Gain on extinguishment of lease liabilities		(555)		—
(Gain) loss on foreign currency		(1,253)		2,475
Excess tax (benefits) deficiencies on stock based awards		3,250		(253)

Changes in operating assets and liabilities:
Accounts receivable, net		85,155		1,406
Inventory		9,565		60,636
Prepaid expenses and other assets		(1,873)		(9,328)

Accounts payable, accrued expenses and other current liabilities		(4,569)		(29,431)
Accrued compensation		919		9,708

Accrued price protection liability		(28,283)		(41,562)
Lease liabilities		(10,695)		(11,671)
Other long-term liabilities		2,857		4,920
Net cash provided by (used in) operating activities		(45,295)		43,372
Investing Activities
Purchases of property and equipment		(17,680)		(13,454)

Purchases of intangible assets		(5,766)		(6,355)
Cash used in acquisitions, net of cash acquired		—		(13,324)



Sales of trading securities		—		17,198
Net cash used in investing activities		(23,446)		(15,935)
Financing Activities


Payment of debt commitment fees		—		(18,325)

Net proceeds from issuance of common stock		4,091		4,559
Minimum tax withholding paid on behalf of employees for restricted stock units		(2,805)		(12,590)

Net cash provided by (used in) financing activities		1,286		(26,356)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(1,298)		(1,082)
Decrease in cash, cash equivalents and restricted cash		(68,753)		(1)
Cash, cash equivalents and restricted cash at beginning of period		188,356		188,357
Cash, cash equivalents and restricted cash at end of period		$	119,603	$	188,356


	December 31, 2024		September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	118,575	$	148,476	$	187,288
Short-term restricted cash	1,003		993		1,051

Accounts receivable, net	85,464		47,930		170,619
Inventory	90,343		96,063		99,908
Prepaid expenses and other current assets	28,057		34,798		29,159
Total current assets	323,442		328,260		488,025
Long-term restricted cash	25		23		17

Property and equipment, net	59,300		63,493		66,431
Leased right-of-use assets	18,184		22,549		31,264
Intangible assets, net	55,008		58,031		73,630
Goodwill	318,588		318,588		318,588
Deferred tax assets	68,662		82,552		69,493
Other long-term assets	21,430		21,807		32,809
Total assets	$	864,639	$	895,303	$	1,080,257

Liabilities and stockholders’ equity
Current liabilities	$	182,284	$	168,597	$	222,129
Long-term lease liabilities	16,952		19,433		26,243
Long-term debt	122,996		122,840		122,375
Other long-term liabilities	26,124		27,561		23,245
Stockholders’ equity	516,283		556,872		686,265
Total liabilities and stockholders’ equity	$	864,639	$	895,303	$	1,080,257


	Three Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023









GAAP gross margin	55.6	%	54.4	%	54.7	%
Stock-based compensation	0.2	%	0.1	%	0.1	%
Performance based equity	—	%	—	%	—	%

Amortization of purchased intangible assets	3.2	%	4.3	%	6.7	%



Non-GAAP gross margin	59.1	%	58.7	%	61.4	%

GAAP R&D expenses	55.6	%	64.9	%	52.1	%
Stock-based compensation	(11.8)	%	(9.2)	%	(8.8)	%

Performance based equity	(0.8)	%	1.0	%	(1.5)	%


Research and development funded by others	—	%	3.7	%	(1.6)	%

Non-GAAP R&D expenses	43.0	%	60.4	%	40.1	%

GAAP SG&A expenses	41.3	%	37.2	%	27.4	%
Stock-based compensation	(8.4)	%	(6.5)	%	(4.2)	%

Performance based equity	(0.9)	%	0.5	%	(1.1)	%
Amortization of purchased intangible assets	(0.6)	%	(0.7)	%	(0.5)	%

Acquisition and integration costs	(7.9)	%	(1.0)	%	(1.4)	%



	Year ended
	December 31, 2024		December 31, 2023
GAAP gross margin	54.0	%	55.6	%
Stock-based compensation	0.2	%	0.1	%
Performance based equity	—	%	—	%

Amortization of purchased intangible assets	5.5	%	5.1	%



Non-GAAP gross margin	59.7	%	60.8	%

GAAP R&D expenses	62.5	%	38.9	%
Stock-based compensation	(10.8)	%	(6.4)	%

Performance based equity	(0.9)	%	(1.1)	%


Research and development funded by others	0.6	%	(1.4)	%

Non-GAAP R&D expenses	51.4	%	30.0	%

GAAP SG&A expenses	38.4	%	19.1	%
Stock-based compensation	(7.4)	%	(1.5)	%

Performance based equity	(0.6)	%	(0.6)	%
Amortization of purchased intangible assets	(0.7)	%	(0.4)	%

Acquisition and integration costs	(2.5)	%	(1.3)	%




Non-GAAP SG&A expenses	27.3	%	15.3	%

GAAP impairment losses	0.3	%	0.4	%
Impairment losses	(0.3)	%	(0.4)	%
Non-GAAP impairment losses	—	%	—	%