MXL🌎 MaxLinear as a compelling turnaround story with strong momentum in key growth markets. The company is a supplier of chips for networks and data centers, showing accelerating financial performance. Key drivers included:
Exceptional Q3 2025 Results: Revenue reached $126.5 million, marking a significant +56% growth YoY and +16% QoQ. The company also returned to non-GAAP profitability with EPS of $0.14, exceeding guidance.
Explosive Growth in Infrastructure: The infrastructure segment (data centers, 5G) delivered revenue of $40 million, surging +75% YoY, highlighting exposure to high-demand areas.
Strong Outlook & Multi-Year Potential: Management provided an optimistic Q4 2025 guide (revenue: $130-140 million) and stated the infrastructure segment revenue could grow to $300-500 million within 2-3 years.
Key Product Momentum: The Keystone PAM4 DSP product for 800G optics (critical for AI infrastructure) has been qualified in major US and Asian data centers, with 2025 revenue expected at $60–70 million.
Improving Profitability & Cash Flow: This was the third consecutive quarter of double-digit revenue growth and the second quarter of non-GAAP profitability. The company generated positive operating cash flow of $10.1 million, and margins are expanding (non-GAAP operating margin improved to 12% from 7% in Q2), indicating that further growth will be highly profitable.
