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MaxLinear

No base rate yet — MXL has 2 graded prints on the record, and the bar is 3.Website
Ticker
MXL
Beat
hardware
Size
Public Company
Revenue
$169M
as of Jun 2026
Cash
$64.8M
as of Jun 2026
Researched · Fresh
10 days ago

A real AI-optical DSP ramp (Keystone/Rushmore) bolted onto a flat legacy-broadband body and an unreserved $160M+ arbitration — the stock at $89 already prices the pure-play outcome the income statement hasn't earned; the 80% post-Q1 spike has run past sell-side fair value ($68).

Orbit · who it trades with and competes with
12 on the rings · 5 trade · 10 rival
23 mentions across our dossiers
Focus · Hardware
MaxLinear
MXL · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 12 companies · 5 trade · 10 rival
“- Optical DSP: competes directly with Marvell, Broadcom, and Credo — all larger or more focused.”Broadcom · BOTH · from MaxLinear’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

MXL · weekly close
67.47 USD+6.3%
Friday 30 Oct 2026 · last 52 Fridays 13.60–105.93
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 4,460,007 sh · 1.38 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 90 days, Scheduled · 1 Feb 2027, scheduled
67.47USD+6.3%hardware -0.4%MXL · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
4,460,007 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
1.38
see the whole series
Financials

The reported figures

Revenue · quarterly
$169M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$169M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
MaxLinear, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$136M USD-13.1% share of revenue-$14.7M USD$1.9M USD$187M USD81.6M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$125M USD-33.3% share of revenue-$17.8M USD$1.3M USD$187M USD81.9M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$95.3M USD-78.3% share of revenue$7.6M USD$8.3M USD$192M USD83.1M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$92.0M USD-44.4% share of revenue-$5.7M USD$3.0M USD$185M USD83.9M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$81.1M USD-82.3% share of revenue-$34.9M USD$4.1M USD$148M USD84.4M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$92.2M USD-44.7% share of revenue-$30.0M USD$2.2M USD$119M USD84.6M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$95.9M USD-48.0% share of revenue-$13.4M USD$2.0M USD$103M USD86.4M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$109M USD-22.6% share of revenue$9.3M USD$1.2M USD$109M USD87.1M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$126M USD-32.7% share of revenue$4.4M USD$5.7M USD$112M USD87.4M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$136M USD-10.9% share of revenue$6.7M USD$3.7M USD$72.8M USD86.5M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$137M USD-12.5% share of revenue-$10.3M USD$1.4M USD$61.1M USD89.5M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$169M USD-2.5% share of revenue$2.5M USD$2.3M USD$64.8M USD90.7M sharesFiled · primarysec.gov

MaxLinear’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$169M+55% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $136M, as of Sep 2023Revenue Q4 ’23: $125M, as of Dec 2023Revenue Q1 ’24: $95.3M, as of Mar 2024Revenue Q2 ’24: $92.0M, as of Jun 2024Revenue Q3 ’24: $81.1M, as of Sep 2024Revenue Q4 ’24: $92.2M, as of Dec 2024Revenue Q1 ’25: $95.9M, as of Mar 2025Revenue Q2 ’25: $109M, as of Jun 2025Revenue Q3 ’25: $126M, as of Sep 2025Revenue Q4 ’25: $136M, as of Dec 2025Revenue Q1 ’26: $137M, as of Mar 2026Revenue Q2 ’26: $169M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-2.5%+20.1 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -13.1%, as of Sep 2023Operating margin Q4 ’23: -33.3%, as of Dec 2023Operating margin Q1 ’24: -78.3%, as of Mar 2024Operating margin Q2 ’24: -44.4%, as of Jun 2024Operating margin Q3 ’24: -82.3%, as of Sep 2024Operating margin Q4 ’24: -44.7%, as of Dec 2024Operating margin Q1 ’25: -48.0%, as of Mar 2025Operating margin Q2 ’25: -22.6%, as of Jun 2025Operating margin Q3 ’25: -32.7%, as of Sep 2025Operating margin Q4 ’25: -10.9%, as of Dec 2025Operating margin Q1 ’26: -12.5%, as of Mar 2026Operating margin Q2 ’26: -2.5%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$2.5M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$14.7M, as of Sep 2023Free cash flow Q4 ’23: -$17.8M, as of Dec 2023Free cash flow Q1 ’24: $7.6M, as of Mar 2024Free cash flow Q2 ’24: -$5.7M, as of Jun 2024Free cash flow Q3 ’24: -$34.9M, as of Sep 2024Free cash flow Q4 ’24: -$30.0M, as of Dec 2024Free cash flow Q1 ’25: -$13.4M, as of Mar 2025Free cash flow Q2 ’25: $9.3M, as of Jun 2025Free cash flow Q3 ’25: $4.4M, as of Sep 2025Free cash flow Q4 ’25: $6.7M, as of Dec 2025Free cash flow Q1 ’26: -$10.3M, as of Mar 2026Free cash flow Q2 ’26: $2.5M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$64.8Mdebt $124M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $187M, as of Sep 2023Cash Q4 ’23: $187M, as of Dec 2023Cash Q1 ’24: $192M, as of Mar 2024Cash Q2 ’24: $185M, as of Jun 2024Cash Q3 ’24: $148M, as of Sep 2024Cash Q4 ’24: $119M, as of Dec 2024Cash Q1 ’25: $103M, as of Mar 2025Cash Q2 ’25: $109M, as of Jun 2025Cash Q3 ’25: $112M, as of Sep 2025Cash Q4 ’25: $72.8M, as of Dec 2025Cash Q1 ’26: $61.1M, as of Mar 2026Cash Q2 ’26: $64.8M, as of Jun 2026Debt Q4 ’25: $124M, as of Dec 2025Debt Q2 ’26: $124M, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
90.7M+11% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 81.6M, as of Sep 2023Shares outstanding Q4 ’23: 81.9M, as of Dec 2023Shares outstanding Q1 ’24: 83.1M, as of Mar 2024Shares outstanding Q2 ’24: 83.9M, as of Jun 2024Shares outstanding Q3 ’24: 84.4M, as of Sep 2024Shares outstanding Q4 ’24: 84.6M, as of Dec 2024Shares outstanding Q1 ’25: 86.4M, as of Mar 2025Shares outstanding Q2 ’25: 87.1M, as of Jun 2025Shares outstanding Q3 ’25: 87.4M, as of Sep 2025Shares outstanding Q4 ’25: 86.5M, as of Dec 2025Shares outstanding Q1 ’26: 89.5M, as of Mar 2026Shares outstanding Q2 ’26: 90.7M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-24editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: 37% → $218.1MRevenue moved from 37% (deep-dive-2026-06-20.md) to $218.1M (deep-dive-2026-10-24.md).dossier
2026-10-22filing10-Q: quarter ended 30 Sep 2026, net revenue $218.1MQ3 2026 net revenue $218,057K (vs $126,459K); net income $28,902K, $0.30 diluted EPS. Nine months net revenue $524,092K, net loss $14,475K.agent:company-events · SEC EDGAR 10-Q
2026-10-22guidance8-K 2.02: Q3 2026 net revenue $218.1M; $70M revolver increaseQ3 2026 net revenue $218.1M; GAAP diluted EPS $0.30. Amendment No. 3 dated 16 Oct 2026 adds $70M incremental revolving commitments (total $200M) and lowers the liquidity covenant threshold from $80M to $60M.agent:company-events · SEC EDGAR 8-K
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 9 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 289 words, 6 filing mentions
  2. The dossier: What held, 72 words, 3 filing mentions
Research

The MaxLinear dossier

The verdict

A real AI-optical DSP ramp (Keystone/Rushmore) bolted onto a flat legacy-broadband body and an unreserved $160M+ arbitration — the stock at $89 already prices the pure-play outcome the income statement hasn't earned; the 80% post-Q1 spike has run past sell-side fair value ($68).

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q3 results. Net revenue $218.1M, up 29% from $168.8M in Q2 2026 and up 72% from $126.5M in Q3 2025; the infrastructure business was up 210% year on year on optical AI data-centre products. GAAP gross margin 58.7% (Q2: 57.8%; Q3 2025: 56.9%); GAAP operating expenses $97.8M; GAAP operating margin 13.9% (Q2: (2.5)%; Q3 2025: (32.7)%); GAAP diluted EPS $0.30 (Q2: $0.02; Q3 2025: $(0.52)). Non-GAAP gross margin 60.0%, non-GAAP operating margin 29.5%, non-GAAP diluted EPS $0.62 (Q2: $0.35; Q3 2025: $0.14). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-10-22, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1288469/000128846926000060/a09302026exhibit991.htm; quarter ended 2026-09-30]
  2. Q4 2026 outlook. Revenue $240M to $260M; GAAP gross margin 58.0% to 61.0% (non-GAAP 59.0% to 62.0%); GAAP operating expenses $96M to $101M (non-GAAP $65M to $70M); fully diluted share count 99.7M. [sec.gov: 8-K filed 2026-10-22, exhibit 99.1, same URL]
  3. Credit agreement. On 2026-10-16 MaxLinear signed Amendment No. 3 to its 2021 credit agreement with Wells Fargo as agent, adding $70M of incremental revolving commitments to bring the revolving facility to $200M. [sec.gov: 8-K filed 2026-10-22, https://www.sec.gov/Archives/edgar/data/1288469/000128846926000060/mxl-20261022.htm; 8-K exhibit 99.1, same URL as item 1]
  4. Shares. 91,000,008 common shares outstanding at 2026-10-15. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-10-22, https://www.sec.gov/Archives/edgar/data/1288469/000128846926000061/mxl-20260930.htm]
  5. Where the new filings meet the carried view (stated as fact, no line changed). The carried verdict calls the optical ramp a "real AI-optical DSP ramp... bolted onto a flat legacy-broadband body": the release reports infrastructure revenue up 210% and total revenue up 72% year on year (item 1). The carried open item uses "~89.5M" GAAP shares from the Q1 2026 equity statement; the 10-Q cover now shows 91,000,008 (item 4) and the Q4 outlook assumes 99.7M diluted shares (item 2). The carried seed's price figures rest on market data this delta does not refresh.

What held

  • The company still reports GAAP and non-GAAP results with a wide gap between them (GAAP operating margin 13.9% against non-GAAP 29.5%). [sec.gov: 8-K filed 2026-10-22, exhibit 99.1]
  • Gross margin stayed in the high 50s on a GAAP basis. [sec.gov: 8-K filed 2026-10-22, exhibit 99.1]
  • The Keystone PAM4 DSP platform remains the named growth driver, with Rushmore and Annapurna cited as the next products. [sec.gov: 8-K filed 2026-10-22, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on MaxLinear, newest first.

  1. current

    A real AI-optical DSP ramp (Keystone/Rushmore) bolted onto a flat legacy-broadband body and an unreserved $160M+ arbitration

  2. A real AI-optical DSP ramp (Keystone/Rushmore) bolted onto a flat legacy-broadband body and an unreserved $160M+ arbitration

Research trail

The research around MaxLinear

Covered in the Knowledge Base

Hardware — Memory & Compute Architecture

Company details

IndustrySemiconductors
SizePublic Company
WebsiteVisit MaxLinear

Others in hardware

5 names

Where MaxLinear sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.