MaxLinear, Inc. (Nasdaq: MXL) shares advanced in early trading after the company reported fourth-quarter and full-year 2025 financial results that showed strong revenue growth and margin expansion but continued net losses on a GAAP basis. The stock was last quoted near recent levels, up modestly on the session, with a 52-week range roughly between $8.35 and about $20.82.
Fourth-quarter results
MaxLinear said Q4 net revenue was $136.4 million, an 8% sequential increase and a 48% year-over-year rise driven by strength across broadband, infrastructure, and connectivity product lines.
On a GAAP basis, net revenue climbed and gross margin improved to about 57.6% from the prior quarter, while operating expenses of $93.4 million represented about 68% of net revenue, lower than in the prior quarter. The company reported a GAAP operating loss narrower than a year ago and a GAAP diluted loss per share of $0.17, compared with wider losses previously.
On a non-GAAP basis, MaxLinear delivered 16% operating income and earnings per share of about $0.19, turning non-GAAP profitability for the quarter and beating consensus expectations for roughly $0.18 a share.
Full-year performance
For the full fiscal year 2025, net revenue was reported at $467.6 million, up about 30% from fiscal 2024. Gross margins on a non-GAAP basis also improved, and the company delivered positive non-GAAP net income for the year compared with a loss in the prior year.
Cash flow and balance sheet
Operating cash flow remained positive in the quarter, near $10.4 million, consistent with the prior quarter, and MaxLinear repurchased approximately $20 million of common stock, reflecting liquidity management measures.
Stock performance and analyst context
MaxLinear’s share price moved higher after the release, reflecting investor focus on the earnings surprise, with a 52-week range from the mid-single digits to roughly $20-plus and recent trading near the upper end.
There were no widely reported analyst rating changes attributed directly to the earnings today, and available consensus data show a mix of Buy and Hold ratings with an average price target above current levels.
Trend and sector context
The quarterly figures follow a pattern of sequential revenue growth throughout 2025, with Q1 through Q3 showing progressive top-line increases. Investors have been watching for signs of sustained profitability and execution in infrastructure and data center segments, areas that have seen elevated demand in broader technology markets.
MaxLinear operates in the semiconductor and mixed-signal integrated circuit sector, which has faced macro pressures including supply chain normalization after pandemic demand surges and softness in consumer segments, alongside stronger demand in data centers and network infrastructure. These sector dynamics have affected growth and valuations across hardware and software technology stocks. This backdrop has pressured many SaaS and software names as well amid broader interest rate and macroeconomic concerns.
Strengths and weaknesses highlighted by results
Strengths in the results include robust year-over-year revenue growth, margin expansion, and a move to non-GAAP profitability. The company’s focus on infrastructure products and improvements in operating leverage was notable. Weaknesses persist in GAAP profitability, as the company continues to report net losses under standard accounting measures. Competitive pressures in the semiconductor space and the capital-intensive nature of product development may continue to weigh on expense ratios and cash deployment.