MaxLinear, Inc.

What the company does

• Fabless semiconductor design company providing communications systems-on-chip (SoCs) for:
  • Connected home devices
  • Wired and wireless infrastructure
  • Data centers
  • Industrial and multi-market applications
• Core product capabilities:
  • Proprietary broadband/RF, analog and mixed-signal front ends
  • High-performance digital signal processing (DSP) and embedded processing
  • Security engines, data compression, and networking software stacks
  • Power management and interface technologies
• Differentiators:
  • High level of integration of analog/RF with digital processing on CMOS
  • Lower cost, reduced power consumption, and flexible designs for multiple markets
• Platform focus:
  • End-to-end communication platforms combining RF transceivers, data converters, DSPs, embedded processors, and software stacks
  • Targets applications that require high performance, power efficiency, and scalable integration

Markets and applications

• Data center infrastructure (interconnects inside hyperscale data centers)
• 5G wireless infrastructure (MMIMO, base stations, backhaul)
• Broadband access (gateways, DOCSIS/PON/DSL)
• Industrial and multi-market (industrial automation, networking, automotive-adjacent)
• Connected home, Wi‑Fi, Ethernet, and broadband gateway solutions
• Targets high bandwidth, low latency, and energy-efficient applications

Business model and manufacturing

• Fabless model: designs semiconductors and outsources fabrication and assembly
• Wafer fabrication partners: primarily TSMC (Taiwan) and UMC (Taiwan/Singapore)
• Turnkey supply from Intel for certain products
• Outsourced assembly and test providers include Advanced Semiconductor Engineering (ASE), Greatek Electronics, Signetics, SIGURD, and Silicon Precision Industries
• Maintains in-house capabilities in RF/mixed-signal front ends, DSP, embedded processing, and software
• ISO 9001:2015 quality certification

Customers and revenue concentration

• Customer types: electronics distributors, module makers, OEMs, and ODMs
• Revenue concentration (2025):
  • Ten customers accounted for about 65% of net revenue
  • Two customers accounted for 28% of net revenue
  • Revenue is dependent on a relatively small number of customers
• Geographic revenue mix:
  • 82% of net revenue in 2025 came from Asia
  • 49% of 2025 revenue from Hong Kong; 12% from Vietnam
  • Historical context:
    • 2024: 75% of net revenue from Asia; 41% from Hong Kong
    • 2023: 75% of net revenue from Asia; 37% from Hong Kong; 11% from mainland China

Financial snapshot (selected figures)

• Revenue:
  • 2025 net revenue: $467.6 million
  • 2024 net revenue: $360.5 million
• Research and development (R&D) expenses:
  • 2025: $208.6 million
  • 2024: $225.2 million
  • 2023: $269.5 million
• Employees (as of December 31, 2025):
  • Total: 1,115
  • R&D: 786
  • Sales and marketing: 200
  • Operations and semiconductor technology: 27
  • Administration: 102
  • Geographic distribution: 53% Asia; 25% Americas; 12% Europe; 10% Middle East
• Indebtedness and liquidity (as of December 31, 2025):
  • Aggregate indebtedness: $125.0 million (Initial Term Loan)
  • Revolving credit facility: up to $100.0 million; undrawn as of 12/31/2025
  • Term loan maturity: June 2028; interest tied to SOFR or base rate plus margins
  • Financial covenants applicable to the revolving facility

Intellectual property and branding

• Over 1,000 issued patents, plus numerous foreign patents and pending applications
• Owns trademarks worldwide; “MAXLINEAR” brand has been allowed for use/registering in recent settlements
• Protection through patents, trade secrets, copyrights, and trademarks
• Uses third‑party open-source and proprietary licenses and monitors related risks
• Exposed to typical semiconductor IP risks, including infringement claims and licensing needs

Key facilities and locations

• Corporate headquarters: Carlsbad, California (approximately 68,000 sq ft; lease through December 2029)
• Other facilities: Irvine, CA; San Jose, CA; Bangalore, India; Singapore; Taipei and Hsinchu, Taiwan; Shenzhen and Shanghai, China; Seoul, South Korea; Tokyo, Japan; Paterna, Spain; Munich, Germany; Petah Tikva, Israel

Governance, risk, and sustainability (high level)

• Governance and risk management with board-level oversight and periodic risk assessments
• Cybersecurity program with incident response planning and third-party testing
• Sustainability and supply chain practices:
  • Uses 100% renewable energy where available
  • Focus on responsible supply chain practices, conflict minerals, and RoHS/REACH compliance
  • Ongoing emissions reporting and sustainability disclosures
• Subject to export controls and sanctions regimes; maintains monitoring of regulatory changes and international customer and supplier relationships