MAXLINEAR, INC 10-Q

ITEM 1. FINANCIAL STATEMENTS MAXLINEAR, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value amounts) March 31, 2026 December 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 61,077 $ 72,806 Short-term restricted cash 1,426 1,419 Accounts receivable, net 40,855 46,122 Inventory 85,839 78,104 Prepaid expenses and other current assets 60,253 50,390 Total current assets 249,450 248,841 Long-term restricted cash 27,429 27,187 Property and equipment, net 44,362 48,873 Leased right-of-use assets 21,938 15,506 Intangible assets, net 46,412 48,892 Goodwill 318,588 318,588 Deferred tax assets 52,132 77,268 Other long-term assets 10,956 11,241 Total assets $ 771,267 $ 796,396 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 32,893 $ 37,916 Accrued price protection liability 27,532 26,493 Accrued expenses and other current liabilities 59,712 72,392 Accrued compensation 26,521 49,219 Total current liabilities 146,658 186,020 Long-term lease liabilities 17,987 12,313 Long-term debt 123,773 123,618 Other long-term liabilities 28,658 22,550 Total liabilities 317,076 344,501 Commitments and contingencies Stockholders’ equity: Preferred stock, $ 0.0001 par value; 25,000 shares authorized, no shares issued or outstanding — — Common stock, $ 0.0001 par value; 550,000 shares authorized; 89,529 shares issued and outstanding at March 31, 2026 and 86,451 shares issued and outstanding December 31, 2025 9 9 Additional paid-in capital 999,604 951,262 Accumulated other comprehensive income 121 1,030 Accumulated deficit ( 545,543 ) ( 500,406 ) Total stockholders’ equity 454,191 451,895 Total liabilities and stockholders’ equity $ 771,267 $ 796,396 See accompanying notes. 4 Table of Contents MAXLINEAR, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share data) Three Months Ended March 31, 2026 2025 Net revenue $ 137,188 $ 95,933 Cost of net revenue 58,304 42,102 Gross profit 78,884 53,831 Operating expenses: Research and development 53,162 55,457 Selling, general and administrative 42,457 36,589 Restructuring charges 474 7,879 Total operating expenses 96,093 99,925 Loss from operations ( 17,209 ) ( 46,094 ) Interest income 633 864 Interest expense ( 2,197 ) ( 2,504 ) Other income (expense), net 121 ( 1,268 ) Total other income (expense), net ( 1,443 ) ( 2,908 ) Loss before income taxes ( 18,652 ) ( 49,002 ) Income tax provision 26,485 711 Net loss $ ( 45,137 ) $ ( 49,713 ) Net loss per share: Basic $ ( 0.52 ) $ ( 0.58 ) Diluted $ ( 0.52 ) $ ( 0.58 ) Shares used to compute net loss per share: Basic 87,595 85,271 Diluted 87,595 85,271 See accompanying notes. 5 Table of Contents MAXLINEAR, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited; in thousands) Three Months Ended March 31, 2026 2025 Net loss $ ( 45,137 ) $ ( 49,713 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of tax benefit of $ 24 for the three months ended March 31, 2026, and net of tax benefit of $ 5 for the three months ended March 31, 2025 ( 909 ) 857 Total comprehensive loss $ ( 46,046 ) $ ( 48,856 ) See accompanying notes. 6 Table of Contents MAXLINEAR, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY FISCAL QUARTER ENDED MARCH 31, 2026 (unaudited; in thousands) Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Shares Amount Balance at December 31, 2025 86,451 $ 9 $ 951,262 $ 1,030 $ ( 500,406 ) $ 451,895 Common stock issued pursuant to equity awards, net 3,078 — 28,360 — — 28,360 Stock-based compensation — — 19,982 — — 19,982 Other comprehensive loss — — — ( 909 ) — ( 909 ) Net loss — — — — ( 45,137 ) ( 45,137 ) Balance at March 31, 2026 89,529 $ 9 $ 999,604 $ 121 $ ( 545,543 ) $ 454,191 7 Table of Contents MAXLINEAR, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY FISCAL QUARTER ENDED MARCH 31, 2025 (unaudited; in thousands) Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Shares Amount Balance at December 31, 2024 84,613 $ 8 $ 886,823 $ ( 6,823 ) $ ( 363,725 ) $ 516,283 Common stock issued pursuant to equity awards, net 1,761 1 2,876 — — 2,877 Stock-based compensation — — 22,871 — — 22,871 Other comprehensive income — — — 857 — 857 Net loss — — — — ( 49,713 ) ( 49,713 ) Balance at March 31, 2025 86,374 $ 9 $ 912,570 $ ( 5,966 ) $ ( 413,438 ) $ 493,175 See accompanying notes. 8 Table of Contents MAXLINEAR, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; in thousands) Three Months Ended March 31, 2026 2025 Operating Activities Net loss $ ( 45,137 ) $ ( 49,713 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Amortization and depreciation 10,939 11,149 Amortization of debt issuance costs and accretion of discounts 414 510 Stock-based compensation 20,027 22,911 Deferred income taxes 25,133 ( 678 ) Impairment of leased right-of-use assets 233 ( 22 ) (Gain) loss on foreign currency ( 219 ) 1,184 Excess tax deficiencies on stock-based awards 970 1,575 Changes in operating assets and liabilities: Accounts receivable 5,267 ( 13,461 ) Inventory ( 7,735 ) 4,338 Prepaid expenses and other assets ( 7,738 ) ( 3,724 ) Accounts payable, accrued expenses and other current liabilities ( 18,960 ) 4,189 Accrued compensation 9,521 8,717 Accrued price protection liability 1,039 4,282 Lease liabilities ( 2,737 ) ( 2,817 ) Other long-term liabilities 111 160 Net cash used in operating activities ( 8,872 ) ( 11,400 ) Investing Activities Purchases of property and equipment ( 1,384 ) ( 1,989 ) Purchases of intangible assets ( 855 ) — Proceeds under convertible notes receivable ( 2,000 ) — Net cash used in investing activities ( 4,239 ) ( 1,989 ) Financing Activities Proceeds from funding arrangement 6,000 — Net proceeds from issuance of common stock, net of costs — ( 10 ) Minimum tax withholding paid on behalf of employees for restricted stock units ( 3,722 ) ( 2,130 ) Net cash provided by (used in) financing activities 2,278 ( 2,140 ) Effect of exchange rate changes on cash and cash equivalents ( 647 ) ( 9 ) Decrease in cash, cash equivalents and restricted cash ( 11,480 ) ( 15,538 ) Cash, cash equivalents and restricted cash at beginning of period 101,412 119,603 Cash, cash equivalents and restricted cash at end of period $ 89,932 $ 104,065 Supplemental disclosures of cash flow information: Cash paid for interest $ 1,935 $ 2,145 Cash paid for income taxes $ 1,992 $ 1,228 Supplemental disclosures of non-cash activities: Issuance of shares for payment of bonuses $ 32,090 $ 5,017 See accompanying notes. 9 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Organization and Summary of Significant Accounting Policies Description of Business MaxLinear, Inc. was incorporated in Delaware in September 2003. MaxLinear, Inc., together with its directly and indirectly wholly-owned subsidiaries, collectively referred to as MaxLinear, or the Company, is a provider of communications systems-on-chips, or SoCs, solutions used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. MaxLinear is a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including radio frequency, or RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. MaxLinear’s customers primarily include electronics distributors, module makers, original equipment manufacturers, or OEMs, and original design manufacturers, or ODMs, which incorporate the Company’s products in a wide range of electronic devices. Examples of such devices include radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; optical transceivers targeting hyperscale data centers; Wi-Fi and wireline routers for home networking; broadband modems compliant with Data Over Cable Service Interface Specifications, or DOCSIS, passive optical fiber standards, or PON, and digital subscriber line, or DSL; as well as power management and interface products used in these and many other markets. Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of MaxLinear, Inc. and its directly and indirectly wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. All intercompany transactions and investments have been eliminated in consolidation. In the opinion of management, the Company’s unaudited consolidated interim financial statements contain adjustments, including normal recurring accruals necessary to present fairly the Company’s consolidated financial position, results of operations, comprehensive loss, stockholders’ equity, and cash flows. The consolidated balance sheet as of December 31, 2025 was derived from the Company’s audited consolidated financial statements at that date. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission, or the SEC, on January 29, 2026, or the Annual Report. Interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. The functional currency of certain foreign subsidiaries is the local currency. Accordingly, assets and liabilities of these foreign subsidiaries are translated at the current exchange rate at the balance sheet date and historical rates for equity. Revenue and expense components are translated at weighted average exchange rates in effect during the period. Gains and losses resulting from foreign currency translation are included as a component of stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations, and to date, have not been material. Use of Estimates and Significant Risks and Uncertainties The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes to the consolidated financial statements. Actual results could differ from those estimates. The Company is not aware of any specific event or circumstance that would require an update to its estimates or adjustments to the carrying value of its assets and liabilities as of April 23, 2026, the issuance date of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates. Summary of Significant Accounting Policies Refer to the Company’s Annual Report for a summary of significant accounting policies. There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2026. 10 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Recently Adopted Accounting Pronouncements In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)—Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contracts , or ASU No. 2025-07. The amendments in this update exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract and clarify the accounting for receipt of share-based noncash consideration from a customer for the transfer of goods or services. These amendments are effective for the Company for annual and interim periods in 2027 and may be applied prospectively to new contracts entered into on or after the date of adoption, or on a modified retrospective basis via a cumulative-effect adjustment to the opening balance of retained earnings for existing contracts, with early adoption permitted. The Company adopted the amendments in this update prospectively in 2026. The impact of the adoption of the amendments in this update was not material to the Company’s consolidated financial position and results of operations as of and for the three months ended March 31, 2026. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326), to allow entities to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. These amendments are effective for the Company for annual and interim periods in 2026 applied prospectively, with early adoption permitted. The Company adopted the amendments in this update prospectively in 2026. The impact of the adoption of the amendments in this update was not material to the Company’s consolidated financial position and results of operations. Recently Issued, Not Yet Adopted Accounting Pronouncements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to clarify and reorganize U.S. GAAP interim reporting guidance to improve navigability, applicability, and consistency without changing the fundamental nature or volume of required interim disclosures. This amendment clarifies when ASC 270 is applicable, establishes a disclosure principle requiring disclosure of material events or changes occurring since the most recent annual reporting period, and consolidates into ASC Topic 270 a comprehensive list of interim disclosures required by other Codification Topics. The amendment also clarifies the form and content of interim financial statements, including guidance for condensed interim reporting. The amendment is effective for the Company for interim periods in 2028, with early adoption permitted. The impact of the adoption of the amendments in this update is not expected to be material to the Company’s consolidated financial position and results of operations. In December 2025, the FASB issued ASU 2025‑10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, to establish specific guidance for the recognition, measurement, presentation, and disclosure of government grants received to reduce diversity and increase consistency amongst business entities in accounting for such grants. This amendment amends ASC Topic 832 to require that a government grant received by a business entity should not be recognized as income until it is probable that a business entity will comply with the conditions attached to the grant and the grant will be received, with any grant related to an asset to be purchased, constructed or acquired such as long-lived assets or inventory to be recognized on the balance sheet as either deferred income or as an adjustment to the cost basis of the related asset, or the cost accumulation approach, as such costs are incurred. Any grant income or deferred income shall be recognized in earnings on a systematic and rational basis over the periods in which a business entity recognizes as expenses the costs for which the grant is intended to compensate, whereas any grants accounted for using the cost accumulation approach will not have a direct subsequent recognition in earnings, but rather reduced depreciation or amortization in accounting for the related asset. Entities are also required to present grants recognized in earnings separately under other income or deducted from the related expense, and provide disclosures of the nature of the government grant received, the accounting policies used to account for the grant, and the significant terms and conditions of the grant. The amendment is effective for the Company for annual and interim periods in 2029, with early adoption and multiple transition methods permitted. The impact of the adoption of the amendments in this update is not expected to be material to the Company’s consolidated financial position and results of operations as it does not differ materially from the Company’s current practice in accounting for government grants. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to update the accounting for software developed for internal use to better align with software development as it has evolved from a sequential development method to incremental and iterative development methods. The amendments in this update require an entity to begin capitalizing internal-use software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. These amendments are effective for the Company for annual and interim periods in 2028, applied either prospectively, retrospectively, or by a modified approach, 11 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) with early adoption permitted. As the Company does not currently have a material amount of software developed for internal use, the impact of the adoption of the amendments in this update is not expected to be material to the Company’s consolidated financial position and results of operations. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization in commonly presented expense captions such as cost of sales, selling, general and administrative expense, and research and development. These amendments are effective for the Company for annual periods in 2027, applied prospectively, with early adoption permitted, and interim periods beginning in 2028. The Company intends to adopt the amendments in this update prospectively in 2027 for annual periods and in 2028 for interim periods. The impact of the adoption of the amendments in this update is not expected to be material to the Company’s consolidated financial position and results of operations, as the requirements only require more detailed disclosures in the footnotes to the Company’s consolidated financial statements. 2. Net Income (Loss) Per Share Basic earnings per share, or EPS, is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing net loss by the weighted-average number of common shares outstanding for the period and the weighted-average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options and restricted stock units are considered to be common stock equivalents and are only included in the calculation of diluted EPS when their effect is dilutive. In periods in which the Company has a net loss, dilutive common stock equivalents are excluded from the calculation of diluted EPS. The table below presents the computation of basic and diluted EPS: Three Months Ended March 31, 2026 2025 (in thousands, except per share amounts) Numerator: Net loss $ ( 45,137 ) $ ( 49,713 ) Denominator: Weighted average common shares outstanding—basic 87,595 85,271 Dilutive common stock equivalents — — Weighted average common shares outstanding—diluted 87,595 85,271 Net loss per share: Basic $ ( 0.52 ) $ ( 0.58 ) Diluted $ ( 0.52 ) $ ( 0.58 ) For the three months ended March 31, 2026 and 2025, the Company excluded common stock equivalents for outstanding stock-based awards, which represented potentially dilutive securities of 7.4 million and 5.0 million, respectively, from the calculation of diluted net loss per share due to their anti-dilutive nature. 3. Business Combinations Terminated Silicon Motion Merger On May 5, 2022, MaxLinear entered into an Agreement and Plan of Merger, or the Merger Agreement, with Silicon Motion Technology Corporation, or Silicon Motion, an exempted company with limited liability incorporated under the laws of the Cayman Islands, pursuant to which, among other things and subject to the terms and conditions thereof, MaxLinear agreed to acquire Silicon Motion pursuant to a statutory merger, under the laws of the Cayman Islands, of Shark Merger Sub, a wholly-owned subsidiary of MaxLinear, with and into Silicon Motion, with Silicon Motion surviving the merger as a wholly-owned subsidiary of MaxLinear. Silicon Motion is a provider of NAND flash controllers for solid state drives, or SSDs, and other solid state storage devices. On July 26, 2023, MaxLinear terminated the Merger Agreement and notified Silicon Motion that MaxLinear was relieved of its obligations to close because, among other reasons, (i) certain conditions to closing set forth in the Merger 12 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Agreement were not satisfied and were incapable of being satisfied, (ii) Silicon Motion had suffered a Material Adverse Effect that was continuing, (iii) Silicon Motion was in material breach of representations, warranties, covenants, and agreements in the Merger Agreement that gave rise to the right of the Company to terminate, and (iv) in any event, the First Extended Outside Date had passed and was not automatically extended because certain conditions in Article 6 of the Merger Agreement were not satisfied or waived as of May 5, 2023. For these same reasons, under the terms of the Merger Agreement, MaxLinear was not required to pay a break-up fee or other fee to Silicon Motion as a result of the termination of the Merger Agreement. Undefined capitalized terms in this paragraph have the same meaning as in the Merger Agreement. On August 16, 2023, Silicon Motion delivered to MaxLinear a notice, which Silicon Motion publicly disclosed, that it was purporting to terminate the Merger Agreement and that Silicon Motion would be commencing an arbitration to seek damages from MaxLinear arising from MaxLinear's alleged breaches of the Merger Agreement. On October 5, 2023, Silicon Motion filed a Notice of Arbitration with the Singapore International Arbitration Centre alleging that MaxLinear breached the Merger Agreement. See Note 15 for more information on legal matters related to the termination of the Merger Agreement. 4. Restructuring Activity From time to time, the Company approves and implements restructuring plans as a result of internal resource alignment and cost saving measures. Such restructuring plans may include terminating employees, vacating certain leased facilities, and cancellation of contracts. The following table presents the activity related to the restructuring plans, which is included in restructuring charges in the consolidated statements of operations: Three Months Ended March 31, 2026 2025 (in thousands) Employee separation expenses $ 105 $ 1,597 Lease related charges 358 2 Other 11 6,280 $ 474 $ 7,879 The following table presents a roll-forward of the Company’s restructuring liability for the three months ended March 31, 2026. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets. Employee Separation Expenses Lease Related Charges Other Total (in thousands) Liability as of December 31, 2025 $ 2,857 $ 858 $ 11,243 $ 14,958 Restructuring charges 105 358 11 474 Cash payments ( 2,338 ) ( 73 ) ( 4,404 ) ( 6,815 ) Non-cash charges and adjustments ( 94 ) ( 359 ) 88 ( 365 ) Liability as of March 31, 2026 530 784 6,938 8,252 Less: current portion as of March 31, 2026 ( 530 ) ( 784 ) ( 5,404 ) ( 6,718 ) Long-term portion as of March 31, 2026 $ — $ — $ 1,534 $ 1,534 13 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 5. Goodwill and Intangible Assets Goodwill Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. The fair values of net tangible assets and intangible assets acquired are based upon preliminary valuations and the Company’s estimates and assumptions are subject to change within the measurement period (potentially up to one year from the acquisition date). There were no changes in the carrying amount of goodwill for the three months ended March 31, 2026 and 2025. The Company performs an annual goodwill impairment assessment on October 31st each year, using a quantitative assessment comparing the fair value of each reporting unit, which the Company has determined to be the entity itself, with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recorded. As a result of the Company’s impairment assessment, no goodwill impairment was recognized as of October 31, 2025. In addition to its annual review, the Company performs a test of impairment when indicators of impairment are present. During the three months ended March 31, 2026 and 2025, there were no indications of impairment of the Company’s goodwill balances. Acquired Intangibles Finite-lived Intangible Assets The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which are amortized over their estimated useful lives: March 31, 2026 December 31, 2025 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Licensed technology 7.0 $ 32,713 $ ( 4,210 ) $ 28,503 $ 31,858 $ ( 3,663 ) $ 28,195 Developed technology 6.9 311,261 ( 296,343 ) 14,918 311,261 ( 293,761 ) 17,500 Trademarks and trade names 6.2 14,800 ( 14,598 ) 202 14,800 ( 14,562 ) 238 Patents 7.0 4,780 ( 1,991 ) 2,789 4,780 ( 1,821 ) 2,959 6.0 $ 363,554 $ ( 317,142 ) $ 46,412 $ 362,699 $ ( 313,807 ) $ 48,892 The following table sets forth amortization expense associated with finite-lived intangible assets, which is included in the consolidated statements of operations as follows: Three Months Ended March 31, 2026 2025 (in thousands) Cost of net revenue $ 3,129 $ 2,829 Selling, general and administrative 206 592 $ 3,335 $ 3,421 Amortization of finite-lived intangible assets in cost of net revenue in the consolidated statements of operations results primarily from acquired developed technology. 14 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) The following table sets forth the activity related to finite-lived intangible assets: Three Months Ended March 31, 2026 2025 (in thousands) Beginning balance $ 48,892 $ 55,008 Additions 855 — Amortization ( 3,335 ) ( 3,421 ) Ending balance $ 46,412 $ 51,587 The Company regularly reviews the carrying amount of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist that warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the three months ended March 31, 2026 and 2025, no impairment losses related to finite-lived intangible assets were recognized. The following table presents future amortization of the Company’s finite-lived intangible assets at March 31, 2026: Amount (in thousands) 2026 (9 months) $ 10,489 2027 11,692 2028 6,246 2029 5,155 2030 4,026 Thereafter 8,804 Total $ 46,412 6. Financial Instruments The composition of financial instruments is as follows: Fair Value March 31, 2026 December 31, 2025 (in thousands) Liabilities Contingent consideration $ 2,600 $ 2,600 The fair value of the Company’s financial instruments is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants and is recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The levels are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. 15 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) The Company classifies its financial instruments that are categorized within Level 1 or Level 2 of the fair value hierarchy on the basis of valuations using quoted market prices or alternate pricing sources and models utilizing market observable inputs, respectively. The contingent consideration liability of $ 2.6 million as of March 31, 2026 and December 31, 2025 is associated with an acquisition in January 2023. The contingent consideration liability is classified as a Level 3 (significant unobservable inputs) financial instrument. The contingent consideration as it relates to the acquisition was subject to the acquired business’s satisfaction of certain personnel objectives by June 17, 2024, but remains unpaid pending resolution of certain matters. The fair value of the contingent consideration was based on (1) applying the Monte Carlo simulation method, with underlying forecast mathematics based on Geometric Brownian motion in a risk-neutral framework, to forecast achievement of the acquired business’ financial objectives, if applicable, under various possible contingent consideration events and (2) a probability based methodology using management’s inputs and assumptions to forecast achievement of the acquired business’ personnel objectives which included an assumption of total payments up to $ 2.6 million to the acquiree. Key inputs in the valuation include forecasted revenue, revenue volatility, discount rate and discount term as it relates to the financial objectives and probability of achievement, discount term and discount rate as it relates to the personnel objectives. There was no activity in the Level 3 fair value hierarchy categories of financial instruments for the three months ended March 31, 2026 and 2025. There were no transfers between Level 1, Level 2, or Level 3 fair value hierarchy categories of financial instruments for the three months ended March 31, 2026 and 2025. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Some of the Company’s financial instruments are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis but is measured at fair value for disclosure purposes (Note 8). 7. Balance Sheet Details Cash, cash equivalents and restricted cash consist of the following: March 31, 2026 December 31, 2025 (in thousands) Cash and cash equivalents $ 61,077 $ 72,806 Short-term restricted cash 1,426 1,419 Long-term restricted cash 27,429 27,187 Total cash, cash equivalents and restricted cash $ 89,932 $ 101,412 As of March 31, 2026 and December 31, 2025, cash and cash equivalents included money market funds of approximately $ 2.0 million and $ 19.2 million, respectively. As of March 31, 2026 and December 31, 2025, the Company had restricted cash of approximately $ 28.9 million and $ 28.6 million, respectively. The cash is restricted in connection with guarantees for certain import duties, office leases and purchase obligations. Inventory consists of the following: March 31, 2026 December 31, 2025 (in thousands) Work-in-process $ 59,713 $ 47,598 Finished goods 26,126 30,506 $ 85,839 $ 78,104 16 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Property and equipment, net consists of the following: Useful Life (in Years) March 31, 2026 December 31, 2025 (in thousands) Furniture and fixtures 5 $ 4,023 $ 4,006 Machinery and equipment 3 - 5 87,875 87,043 Masks and production equipment 5 67,966 66,044 Software 3 11,447 11,498 Leasehold improvements 1 - 5 35,488 35,632 Construction in progress N/A 595 2,516 207,394 206,739 Less: accumulated depreciation and amortization ( 163,032 ) ( 157,866 ) $ 44,362 $ 48,873 Depreciation expense for the three months ended March 31, 2026 and 2025 was $ 5.8 million and $ 5.8 million, respectively. As of March 31, 2026, the Company has a note receivable from a supplier of $ 8.0 million with annual repayments of $ 2.0 million per year due annually by March 31, from 2027 through 2030, provided that certain production utilization targets are met. The long-term portion of the note receivable of $ 6.0 million is included in other long-term assets as of March 31, 2026 and December 31, 2025, respectively. On January 5, 2026, the Company entered into a convertible note receivable of $ 2.0 million with a privately-held entity. The convertible note receivable bears interest at an annual rate of 3.87 %, compounded annually. The note is due and payable at any time on or after the maturity date of January 5, 2029, unless earlier converted. The outstanding principal and any unpaid accrued interest are convertible into shares of the entity or repayable under certain conditions. Conversion occurs automatically upon the closing of the investee’s next equity financing of at least $ 10.0 million, provided the entity has achieved a specified milestone prior to such financing, or conversion may be elected by the Company under certain conditions. If the entity fails to achieve the milestone prior to the maturity date, the Company may, at any time on or after maturity, elect either repayment of the outstanding principal and accrued interest or conversion into shares of the entity. The convertible note receivable of $ 2.0 million is included in other long-term assets as of March 31, 2026. The following table sets forth activity related to the accrued price protection liability: Three Months Ended March 31, 2026 2025 (in thousands) Beginning balance $ 26,493 $ 43,401 Charged as a reduction of revenue 6,429 7,753 Revisions to accrued rebates ( 1,609 ) — Payments ( 3,781 ) ( 3,471 ) Ending balance $ 27,532 $ 47,683 17 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Accrued expenses and other current liabilities consist of the following: March 31, 2026 December 31, 2025 (in thousands) Accrued technology license payments $ 4,121 $ 3,687 Accrued professional fees 6,447 6,882 Accrued engineering and production costs 9,338 8,469 Accrued restructuring 6,718 13,390 Accrued royalty 549 658 Short-term lease liabilities 9,417 9,096 Accrued customer credits 5,658 6,398 Income tax liability 425 511 Customer contract liabilities 359 4,222 Accrued obligations to customers for price adjustments 8,134 11,922 Accrued obligations to customers for stock rotation rights 357 222 Contingent consideration - current portion 2,600 2,600 Other 5,589 4,335 $ 59,712 $ 72,392 The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component: Cumulative Translation Adjustments Pension and Other Defined Benefit Plan Obligation Total (in thousands) Balance at December 31, 2025 $ ( 327 ) $ 1,357 $ 1,030 Other comprehensive loss before reclassifications, net of tax ( 909 ) — ( 909 ) Balance at March 31, 2026 $ ( 1,236 ) $ 1,357 $ 121 8. Debt and Other Long-Term Liabilities Debt The carrying amount of the Company’s long-term debt consists of the following: March 31, 2026 December 31, 2025 (in thousands) Principal balance: Initial term loan under the June 23, 2021 credit agreement $ 125,000 $ 125,000 Total principal balance 125,000 125,000 Less: Unamortized debt discount ( 289 ) ( 320 ) Unamortized debt issuance costs ( 938 ) ( 1,062 ) Net carrying amount of long-term debt 123,773 123,618 Less: current portion of long-term debt — — Long-term debt, non-current portion $ 123,773 $ 123,618 As of March 31, 2026 and December 31, 2025, the weighted average effective interest rate on aggregate debt was approximately 6.3 % and 6.9 %, respectively. During the three months ended March 31, 2026 and 2025, the Company recognized total amortization of debt discount and debt issuance costs of $ 0.2 million and $ 0.2 million, respectively, to interest expense. 18 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) The approximate aggregate fair value of the term loans outstanding as of March 31, 2026 and December 31, 2025 was $ 123.0 million and $ 124.7 million, respectively, which was estimated on the basis of inputs that are observable in the market and which is considered a Level 2 measurement method in the fair value hierarchy (Note 6). As of March 31, 2026, the outstanding principal balance of $ 125.0 million is due in full on June 23, 2028, upon maturity of the loan. Initial Term Loan and Revolving Facility under the June 23, 2021 Credit Agreement On June 23, 2021, the Company entered into a Credit Agreement, or the June 23, 2021 Credit Agreement, by and among the Company, the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as administrative agent and collateral agent, or “Agent”, that provides for a senior secured term B loan facility, or the “Initial Term Loan under the June 23, 2021 Credit Agreement,” in an aggregate principal amount of $ 350.0 million and a senior secured revolving credit facility, or the “Revolving Facility,” in an aggregate principal amount of up to $ 100.0 million. The proceeds of the Initial Term Loan under the June 23, 2021 Credit Agreement were used (i) to repay in full all outstanding indebtedness under that certain Credit Agreement dated May 12, 2017, by and among the Company, MUFG Bank Ltd., as administrative agent and MUFG Union Bank, N.A., as collateral agent and the lenders from time to time party thereto (as amended by Amendment No. 1, dated July 31, 2020) and (ii) to pay fees and expenses incurred in connection therewith. The remaining proceeds of the Initial Term Loan under the June 23, 2021 Credit Agreement are available for general corporate purposes and the proceeds of the Revolving Facility may be used to finance the working capital needs and other general corporate purposes of the Company and its subsidiaries. As of March 31, 2026, the Revolving Facility was undrawn. Under the terminated amended and restated commitment letter with Wells Fargo Bank and other lenders entered into in connection with the previously pending (now terminated) merger with Silicon Motion (Note 3), the Company had expected to repay the remaining outstanding term loans under such agreement upon closing of the merger. The June 23, 2021 Credit Agreement permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of an amount equal to the greater of (x) $ 175.0 million and (y) 100 % of consolidated EBITDA, plus the amount of certain voluntary prepayments, plus an unlimited amount that is subject to pro forma compliance with certain first lien net leverage ratio, secured net leverage ratio and total net leverage ratio tests. Incremental loans are subject to certain additional conditions, including obtaining additional commitments from the lenders then party to the June 23, 2021 Credit Agreement or new lenders. Under the June 23, 2021 Credit Agreement, the Initial Term Loan bears interest, at the Company’s option, at a per annum rate equal to either (i) a base rate equal to the highest of (x) the federal funds rate, plus 0.50 %, (y) the prime rate then in effect and (z) an adjusted Term SOFR rate determined on the basis of a one-month interest period plus 1.00 %, in each case, plus an applicable margin of 1.25 % or (ii) an adjusted Term SOFR rate, subject to a floor of 0.50 %, plus an applicable margin of 2.25 %. Loans under the Revolving Facility initially bear interest, at a per annum rate equal to either (i) a base rate (as calculated above) plus an applicable margin of 0.00 %, or (ii) an adjusted Term SOFR rate (as calculated above) plus an applicable margin of 1.00 %. Following delivery of financial statements for the Company’s fiscal quarter ending June 30, 2021, the applicable margin for loans under the Revolving Facility will range from 0.00 % to 0.75 % in the case of base rate loans and 1.00 % to 1.75 % in the case of Term SOFR rate loans, in each case, depending on the Company’s secured net leverage ratio as of the most recently ended fiscal quarter. The Company is required to pay commitment fees ranging from 0.175 % to 0.25 % per annum on the daily undrawn commitments under the Revolving Facility, depending on the Company’s secured net leverage ratio as of the most recently ended fiscal quarter. The Initial Term Loan under the June 23, 2021 Credit Agreement was initially set to amortize in equal quarterly installments from September 30, 2021 equal to 0.25 % of the original principal amount of the Initial Term Loan under the June 23, 2021 Credit Agreement, with the balance payable on the maturity date. Due to prepayments of the principal made to date, the remaining principal balance of $ 125.0 million is payable on the June 23, 2028 maturity date. The June 23, 2021 Credit Agreement was amended on June 29, 2023 to implement a benchmark replacement. The Company is required to make mandatory prepayments of the outstanding principal amount of term loans under the June 23, 2021 Credit Agreement with the net cash proceeds from the disposition of certain assets and the receipt of insurance proceeds upon certain casualty and condemnation events, in each case, to the extent not reinvested within a specified time period, from excess cash flow beyond stated threshold amounts, and from the incurrence of certain indebtedness. The Company has the right to prepay its term loans under the June 23, 2021 Credit Agreement, in whole or in part, at any time without premium or penalty, subject to certain limitations and a 1.0 % soft call premium applicable during the first six months following the closing date of the June 23, 2021 Credit Agreement. The Initial Term Loan under the June 23, 2021 Credit Agreement will mature on June 23, 2028, at which time all outstanding principal and accrued and unpaid interest on the Initial Term Loan under the June 23, 2021 Credit Agreement must be repaid. The Revolving Facility will mature on June 23, 2026, at which time all 19 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) outstanding principal and accrued and unpaid interest under the Revolving Facility must be repaid. The Company is also obligated to pay fees customary for a credit facility of this size and type. The Company’s obligations under the June 23, 2021 Credit Agreement are required to be guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the June 23, 2021 Credit Agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the subsidiary guarantors pursuant to a Security Agreement, dated as of June 23, 2021, by and among the Company, the subsidiary guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as collateral agent. The June 23, 2021 Credit Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and its restricted subsidiaries to, among other things, incur debt, grant liens, undergo certain fundamental changes, make investments, make certain restricted payments, and sell assets, in each case, subject to limitations and exceptions set forth in the June 23, 2021 Credit Agreement. The Revolving Facility also prohibits the Company from having a secured net leverage ratio in excess of 3.50 :1.00 (subject to a temporary increase to 3.75 :1.00 following the consummation of certain material permitted acquisitions) as of the last day of any fiscal quarter of the Company (commencing with the fiscal quarter ending September 30, 2021) if the aggregate borrowings under the Revolving Facility exceed 1 % of the aggregate commitments thereunder (subject to certain exceptions set forth in the June 23, 2021 Credit Agreement) as of such date. As of March 31, 2026, the Company was in compliance with such covenants. The June 23, 2021 Credit Agreement also contains customary events of default that include, among other things, certain payment defaults, cross defaults to other indebtedness, covenant defaults, change in control defaults, judgment defaults, and bankruptcy and insolvency defaults. If an event of default exists, the lenders may require immediate payment of all obligations under the June 23, 2021 Credit Agreement and may exercise certain other rights and remedies provided for under the June 23, 2021 Credit Agreement , the other loan documents and applicable law. The debt is carried at its principal amount, net of unamortized debt discount and issuance costs, and is not adjusted to fair value each period. The issuance date fair value of the liability component of the debt in the amount of $ 350.2 million was determined using a discounted cash flow analysis, in which the projected interest and principal payments were discounted back to the issuance date of the term loan at a market interest rate for nonconvertible debt of 3.4 %, which represents a Level 2 fair value measurement. The debt discount of $ 0.9 million and debt issuance costs of $ 2.9 million associated with the Initial Term Loan under the June 23, 2021 Credit Agreement are being amortized to interest expense using the effective interest method over its seven-year term through June 23, 2028. Debt issuance costs of $ 0.4 million associated with the Revolving Facility are being amortized to interest expense over its five-year term through June 23, 2026. Sale Arrangement In March 2026, the Company entered into an agreement to sell an interest in certain claims for an amount not to exceed $ 10.0 million. The proceeds of this sale of $ 6.0 million were used to pay certain costs and expenses in connection with such claims, and are reflected as a long-term liability as of March 31, 2026. This liability is expected to be derecognized upon settlement or other resolution of the specified claims. Management does not believe that any additional potential payments that are contingent on the outcome of the claims are estimable as of March 31, 2026. 9. Stock-Based Compensation Common Stock Each share of common stock is entitled to one vote per share and holders of the common stock vote as a single class of stock on any matter that is submitted to a vote of stockholders. Employee Stock-Based Compensation Plans At March 31, 2026, the Company had stock-based compensation awards outstanding under the following plans: the 2010 Equity Incentive Plan, as amended, or 2010 Plan, the 2010 Employee Stock Purchase Plan, or ESPP, and the 2024 Inducement Equity Incentive Plan, or the Inducement Plan. Refer to the Company’s Annual Report for a summary of these plans. As of March 31, 2026, the number of shares of common stock available for future issuance under the 2010 Plan was 14,784,328 shares, including stock options and restricted stock unit awards outstanding at March 31, 2026 of 12,985,504 shares. As of March 31, 2026, the number of shares of common stock available for future issuance under the ESPP was 7,941,382 shares. 20 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) As of March 31, 2026, the number of shares of common stock available for future issuance under the Inducement Plan was 3,920,174 shares, including 792,278 shares subject to restricted stock unit awards outstanding as of March 31, 2026. Employee Incentive Bonus The Company’s Executive Incentive Bonus Plan permits the settlement of awards under the plan in any combination of cash or shares of its common stock. The Company settles a majority of bonus awards for its employees, including executives, in shares of common stock under the 2010 Equity Incentive Plan. When bonus awards are settled in common stock issued under the 2010 Equity Incentive Plan, the number of shares issuable to plan participants is determined based on the closing price of the Company’s common stock as determined in trading on the applicable stock exchange, on a date approved by the Board of Directors. In connection with the Company’s bonus programs, in February 2026, the Company issued 1.5 million freely-tradable (subject to certain restrictions for affiliates) shares of the Company’s common stock in settlement of bonus awards to employees, including executives, for the 2025 performance period. At March 31, 2026, the Company has an accrual of $ 6.0 million for bonus awards for employees for year-to-date achievement in the 2026 performance period, which the Company intends to settle primarily in shares of its common stock, unless otherwise required to be settled in cash due to local laws or agreements. The Company’s compensation committee retains discretion to effect payment of employee bonus awards in cash, stock, or a combination of cash and stock. Stock-Based Compensation The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows: Three Months Ended March 31, 2026 2025 (in thousands) Cost of net revenue $ 150 $ 282 Research and development 9,675 14,656 Selling, general and administrative 10,202 7,973 $ 20,027 $ 22,911 The total unrecognized compensation cost related to unvested restricted stock units as of March 31, 2026 was $ 103.8 million, and the weighted average period over which these equity awards are expected to vest is 2.33 years. The total unrecognized compensation cost related to unvested performance-based restricted stock units as of March 31, 2026 was $ 8.0 million, and the weighted average period over which these equity awards are expected to vest is 1.59 years. Actual levels of future performance under performance-based restricted stock units for the unvested periods may differ from the Company’s current estimates. The total unrecognized compensation cost related to unvested stock options as of March 31, 2026 was $ 15.5 million, and the weighted average period over which these equity awards are expected to vest is 1.89 years. 21 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Restricted Stock Units A summary of the Company’s restricted stock unit activity for all equity plans is as follows: Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value per Share Outstanding at December 31, 2025 7,649 $ 19.89 Granted 1 3,950 18.55 Vested 2 ( 3,201 ) 21.30 Canceled 3 ( 199 ) 19.23 Outstanding at March 31, 2026 8,199 $ 18.71 ____________ (1) Includes approximately 148 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $ 18.47 . (2) Includes approximately 5 thousand shares vested under the Inducement Plan at a weighted-average grant-date fair value per share of $ 14.50 . (3) Includes approximately 24 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $ 15.30 . Performance-Based Restricted Stock Units Performance-based restricted stock units are eligible to vest at the end of each year-long performance period in a three-year performance period based on certain financial metrics as defined in the underlying agreement. 2025 and Subsequent Performance-Based Restricted Stock Units For performance-based restricted stock units granted in 2025 and 2026, the award is divided into four approximately equal tranches each representing 25 % of the target number of performance-based restricted stock units subject to the award. Each tranche has one or more performance goals that must be achieved in order for any restricted stock units subject to the tranche to become eligible to vest. For the first tranche, which covers one fiscal year in a three-year period, restricted stock units are eligible to vest based upon the achievement of certain net revenue and non-GAAP operating income targets. For two of the four tranches, each of which cover one fiscal year in a three-year period, restricted stock units are eligible to vest when the Company’s annual growth rate in net revenue and non-GAAP operating income over baseline results equal or exceed target growth rates, as defined in the underlying agreement. For each of these three tranches, 50 % of each performance-based award is subject to the net revenue metric for the performance period and 50 % is subject to the non-GAAP operating income metric for the respective performance period. If the Company ’ s baseline results, or growth rate in each of these metrics relative to the baseline results, are below a determined threshold for a performance period for a particular performance metric and tranche, no shares in the performance metric and tranche will vest. The number of shares vesting is based on meeting minimum threshold, target, or maximum pre-determined baseline for the first year, and growth rate relative to the baseline thereafter, up to a maximum 200 % of target; however, any shares above target ( 100 %) will only become eligible to vest with continued service through the end of year three. The fourth tranche of performance-based restricted stock units is measured over a three-year performance period, and shares are eligible to vest for this tranche based on the Company’s relative percentile rank in growth rate in net revenue for the third year over baseline results relative to the growth rates for companies in the Russell 3000 index for the same metric and periods. The Company ’ s relative percentile rank in net revenue is determined by ranking the individual companies in the Russell 3000 (including MaxLinear) in order of largest to smallest according to their revenue growth for the third year over baseline results, then calculating the percentile ranking of MaxLinear relative to other Russell 3000 companies. If the Company’s relative percentile rank for revenue growth at the end of the third year versus baseline is less than the predetermined threshold, as defined in the underlying agreement, no shares will vest. The target number of shares are eligible to vest when the Company’s relative percentile rank equals or exceeds the 50th percentile. The maximum shares that may be achieved is 200 % of target shares for performance at or above the 75th percentile. 22 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 2024 and Prior Performance-Based Restricted Stock Units For previous performance-based restricted stock units granted prior to 2025, the target number of units ( 100 %) are eligible to vest when the annual growth rate in net revenue and non-GAAP diluted earnings per share (subject to certain adjustments) over baseline results relative to the growth rates for a peer group of companies for the same metrics and periods, equals or exceeds the 50th percentile. The Company’s relative percentile rank in net revenue and non-GAAP diluted earnings per share is determined by ranking the designated peer group companies (including MaxLinear) from the highest to the lowest according to their annual growth rate in each metric for the performance year, then calculating the percentile ranking of MaxLinear relative to other companies in the designated peer group. If the Company’s relative percentile rank for each metric at year-end is less than the 25th percentile, no shares will vest. If the Company’s relative percentile rank for these metrics is greater or equal to the 25th percentile, vesting may range from 50 % up to a maximum 250 % of target; such maximum may only vest at the end of year three for performance achieved at or above the 75th percentile. For the performance-based restricted stock units granted prior to 2025, 60 % of each performance-based award is subject to the net revenue metric for the performance period and 40 % is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is 250 % of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30 % and 100 %, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period. The number of shares granted is based on the maximum percentage achievable ( 250 %) in the performance-based restricted stock unit award, in order to reserve an adequate number of shares for any potential future vesting. As of March 31, 2026, achievement to date under the performance metrics specified in the respective award agreements are based on its expected metric results over the performance periods and calculated growth rates relative to baseline based on data available, as defined in the respective award agreements. To the extent any prior achievement levels are no longer probable, any compensation expense recorded is adjusted to the revised achievement levels. A summary of the Company’s performance-based restricted stock unit activity is as follows: Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value per Share Outstanding at December 31, 2025 3,333 $ 19.58 Granted 623 18.47 Released ( 83 ) 15.19 Canceled 1 ( 995 ) 25.66 Outstanding at March 31, 2026 2,878 $ 17.36 ________________ (1) Includes shares canceled due to achievement below threshold amounts from shares granted which were previously reserved at the maximum achievable ( 250 %). No shares were eligible to vest for the 2025 performance period under the 2023 and 2024 performance-based restricted stock unit grants due to achievement below the 25th percentile. Employee Stock Purchase Rights and Stock Options Employee Stock Purchase Rights During the three months ended March 31, 2026 and 2025, there were no shares of common stock purchased under the ESPP. 23 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions: Three Months Ended March 31, 2026 2025 Weighted-average grant date fair value per share $ 4.22 $ 6.00 Risk-free interest rate 3.81 % 4.44 % Dividend yield — % — % Expected life (in years) 0.49 0.50 Volatility 59.07 % 95.74 % The risk-free interest rate assumption was based on rates for United States (U.S.) Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The expected term is the duration of the offering period for each grant date. In addition, the estimated volatility incorporates the historical volatility over the expected term based on the Company’s daily closing stock prices. Stock Options A summary of the Company’s stock options activity is as follows: Number of Options (in thousands) Weighted-Average Exercise Price Weighted-Average Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2025 2,718 $ 19.39 Canceled ( 142 ) $ 18.76 Outstanding at March 31, 2026 2,576 $ 19.43 7.0 $ — Vested and expected to vest at March 31, 2026 2,518 $ 19.43 7.0 $ — Exercisable at March 31, 2026 1,050 $ 19.18 5.7 $ — No options were granted during the three months ended March 31, 2026 and 2025. The intrinsic value of stock options exercised was $ 0 and $ 0 in the three months ended March 31, 2026 and 2025, respectively. Cash received from exercise of stock options was negligible during each of the three months ended March 31, 2026 and 2025. The tax benefit from stock options exercised was $ 0 and $ 0 during the three months ended March 31, 2026 and 2025, respectively. 10. Income Taxes The provision for income taxes primarily relates to projected federal, state, and foreign income taxes. To determine the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is generally based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. In addition, the tax effects of certain significant or unusual items are recognized discretely in the quarter during which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The Company utilizes the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the temporary differences reverse. The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. Based upon the Company’s review of all positive and negative evidence, the Company continues to have a 24 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) valuation allowance on its state deferred tax assets, certain of its federal deferred tax assets, and certain foreign deferred tax assets in jurisdictions where the Company has cumulative losses or otherwise is not expected to utilize certain tax attributes. The Company does not incur expense or benefit in certain tax-free jurisdictions in which it operates. The Company recorded an income tax provision of $ 26.5 million in the three months ended March 31, 2026 and an income tax provision of $ 0.7 million in the three months ended March 31, 2025. The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three months ended March 31, 2026 primarily related to the mix of pre-tax income among jurisdictions, permanent tax items including a tax on net controlled foreign corporation tested income, or NCTI, stock-based compensation, and the impact of the valuation allowance against the Company’s Singapore deferred tax assets. The difference between the Company’s effective tax rate and the 21.0% U.S. federal statutory rate for the three months ended March 31, 2025 primarily related to the mix of pre-tax income among jurisdictions, permanent tax items, and stock based compensation. Income tax positions must meet a more-likely-than-not threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are de-recognized in the first financial reporting period in which that threshold is no longer met. The Company records potential penalties and interest accrued related to unrecognized tax benefits within the consolidated statements of operations as income tax expense. During the three months ended March 31, 2026, the Company’s unrecognized tax benefits increased by $ 0.2 million. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. Accrued interest and penalties associated with uncertain tax positions as of March 31, 2026 were approximately $ 0 and $ 0 , respectively. The Company is subject to federal and state income tax in the United States and is also subject to income tax in certain other foreign tax jurisdictions. At March 31, 2026, the statutes of limitations for the assessment of federal, state, and foreign income taxes are closed for the years before 2022, 2021, and 2018, respectively. The Company’s subsidiary in Singapore operates under certain tax incentives in Singapore, which are generally effective through March 2027, and are conditional upon meeting certain employment and investment thresholds in Singapore. Under the incentives, qualifying income derived from certain sales of the Company’s integrated circuits is taxed at a concessionary rate over the incentive period, and there are reduced Singapore withholding taxes on certain intercompany royalties during the incentive period. During the quarter ended December 31, 2024, the Company recorded a full valuation allowance against its Singapore deferred tax assets. Due to this Singapore valuation allowance, no income tax provision was recorded in Singapore for the three months ended March 31, 2026 and 2025. 11. Concentration of Credit Risk, Significant Customers and Geographic Information Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents and accounts receivable. Collateral is generally not required for customer receivables. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Significant Customers The Company markets its products and services to manufacturers of a wide range of electronic devices (Note 1). The Company sells its products both directly to end-customers and through third-party distributors, both of which are referred to as the Company’s customers (Note 12). Revenue is also generated from sales of intellectual property, and the recipients of such intellectual property are also referred to as the Company’s customers. The Company makes periodic evaluations of the credit worthiness of its customers. 25 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Customers comprising 10% or greater of net revenues for each of the periods presented are as follows: Three Months Ended March 31, 2026 2025 Percentage of total net revenue Customer A 13 % 17 % Customer B * 11 % ____________________________ * Represents less than 10% of the net revenue for the respective period. The following table presents balances that are 10% or greater of gross accounts receivable, based on the Company’s billings to its customers. March 31, 2026 December 31, 2025 Percentage of gross accounts receivable Customer C 10 % 26 % Customer D * 14 % Customer E * 10 % Customer F * 10 % Customer G 26 % * ____________________________ * Represents less than 10% of the gross accounts receivable for the respective period. Significant Suppliers Suppliers comprising greater than 10% or greater of total inventory purchases are as follows: Three Months Ended March 31, 2026 2025 Vendor A 50 % 36 % Vendor B 17 % 20 % Vendor C * 13 % ____________________________ * Represents less than 10% of the total inventory purchases for the respective period. Geographic Information The Company’s consolidated net revenues by geographic area based on ship-to location are as follows (in thousands): Three Months Ended March 31, 2026 2025 Amount % of total net revenue Amount % of total net revenue Asia $ 105,385 77 % $ 75,261 78 % Europe 16,289 12 % 14,954 16 % United States 13,991 10 % 5,529 6 % Rest of world 1,523 1 % 189 — % Total $ 137,188 100 % $ 95,933 100 % 26 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) The products shipped to individual countries or territories representing greater than 10% of total net revenue for each of the periods presented are as follows: Three Months Ended March 31, 2026 2025 Percentage of total net revenue Hong Kong 48 % 49 % Mainland China 10 % * Vietnam * 11 % ____________________________ * Represents less than 10% of total net revenue for the respective period. The determination of which country a particular sale is allocated to is based on the destination of the product shipment. No other individual country accounted for more than 10% of net revenue during these periods. Although a large percentage of the Company’s products is shipped to Asia, and in particular, Hong Kong and mainland China, the Company believes that a significant number of the systems designed by customers and incorporating the Company’s semiconductor products are subsequently sold outside Asia to Europe, Middle East, and Africa markets and North American markets. Long-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill by geographic area are as follows (in thousands): March 31, 2026 December 31, 2025 Amount % of total Amount % of total United States $ 322,902 75 % $ 319,478 74 % Singapore 87,730 20 % 92,519 21 % Rest of world 20,668 5 % 19,862 5 % Total $ 431,300 100 % $ 431,859 100 % 12. Revenue from Contracts with Customers Revenue by Market The table below presents disaggregated net revenues by market (in thousands): Three Months Ended March 31, 2026 2025 Infrastructure $ 62,814 $ 26,561 % of net revenue 46 % 28 % Broadband 43,626 40,883 % of net revenue 32 % 43 % Connectivity 18,595 20,235 % of net revenue 14 % 21 % Industrial and multi-market 12,153 8,254 % of net revenue 9 % 9 % Total net revenue $ 137,188 $ 95,933 Revenues from sales through the Company’s distributors accounted for 46 % and 37 % of net revenue for the three months ended March 31, 2026 and 2025, respectively. Contract Liabilities As of March 31, 2026 and December 31, 2025, customer contract liabilities were approximately $ 0.4 million and $ 4.2 million, respectively, and consisted primarily of advanced payments received for which performance obligations have not been completed. The decrease in customer contract liabilities was due to recognition of revenue in the three months ended March 31, 2026, which was previously in the contract liability balance as of the beginning of the period. 27 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Obligations to Customers for Price Adjustments and Returns and Assets for Right-of-Returns As of March 31, 2026 and December 31, 2025, obligations to customers consisting of estimates of price protection rights offered to the Company’s end customers totaled $ 27.5 million and $ 26.5 million, respectively, and are included in accrued price protection liability in the consolidated balance sheets. For activity in this account, including amounts included in net revenue, refer to Note 7. Other obligations to customers representing estimates of price adjustments to be claimed by distributors upon sell-through of their inventory to their end customer and estimates of stock rotation returns to be claimed by distributors on products sold as of March 31, 2026 were $ 8.1 million and $ 0.4 million, respectively, and as of December 31, 2025 were $ 11.9 million and $ 0.2 million, respectively, and are included in accrued expenses and other current liabilities in the consolidated balance sheets (Note 7). The reason for the decrease in accrued obligations to customers for price adjustments from approximately $ 11.9 million as of December 31, 2025 to approximately $ 8.1 million as of March 31, 2026, was due to lower sales subject to the price adjustments and timing of issuing credits to customers. As of March 31, 2026 and December 31, 2025, right of return assets under customer contracts representing the estimates of product inventory the Company expects to receive from customers in stock rotation returns were approximately $ 0.1 million and $ 0.1 million, respectively. Right of return assets are included in inventory in the consolidated balance sheets. As of March 31, 2026 and December 31, 2025, there were no credit losses recorded on customer accounts receivable. 13. Leases Operating Leases Operating lease arrangements primarily consist of office leases expiring in various years through 2033. These leases have original terms of approximately 2 to 8 years and some contain options to extend the lease up to 5 years or terminate the lease, which are included in right-of-use assets and lease liabilities when the Company is reasonably certain it will renew the underlying leases. Since the implicit rate of such leases is unknown and the Company is not reasonably certain to renew its leases, the Company has elected to apply a collateralized incremental borrowing rate to facility leases on the original lease term in calculating the present value of future lease payments. As of March 31, 2026 and December 31, 2025, the weighted average discount rate for operating leases was 3.6 % and 4.6 %, respectively, and the weighted average remaining lease term for operating leases was 3.7 years and 2.7 years, respectively, as of the end of each of these periods. The table below presents aggregate future minimum payments due under leases, reconciled to total lease liabilities included in the consolidated balance sheet as of March 31, 2026: Operating Leases (in thousands) 2026 (9 months) $ 7,819 2027 8,996 2028 4,827 2029 3,659 2030 1,938 Thereafter 2,649 Total minimum payments 29,888 Less: imputed interest ( 2,483 ) Less: unrealized translation loss ( 1 ) Total lease liabilities 27,404 Less: short-term lease liabilities ( 9,417 ) Long-term lease liabilities $ 17,987 Operating lease cost was $ 2.2 million and $ 2.3 million for the three months ended March 31, 2026 and 2025, respectively. Short-term lease costs for the three months ended March 31, 2026 and 2025 were not material. 28 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) There were $ 8.7 million and $ 1.7 million of right-of-use assets obtained in exchange for new lease liabilities for the three months ended March 31, 2026 and 2025, respectively. 14. Employee Retirement Plans Defined Contribution Plan The Company has a 401(k) defined contribution retirement plan (the 401(k) Plan) covering all eligible employees. Participants may voluntarily contribute on a pre-tax basis an amount not to exceed a maximum contribution amount pursuant to Section 401(k) of the Internal Revenue Code. The Company is not required to contribute, nor has it contributed, to the 401(k) Plan for any of the periods presented. Pension and Other Defined Benefit Retirement Obligations The Company maintains defined benefit retirement plans, including a pension plan, in certain foreign jurisdictions. As of March 31, 2026, the net defined benefit obligation, primarily related to other defined benefit plans, was $ 0.3 million. As of December 31, 2025, the net defined benefit obligation was $ 0.3 million. The benefit is based on a formula applied to eligible employee earnings. Net periodic benefit costs were $ 19 thousand and $ 40 thousand for the three months ended March 31, 2026 and 2025, respectively, and were recorded to research and development expenses in the consolidated statements of operations. 15. Commitments and Contingencies Inventory Purchase and Other Contractual Obligations As of March 31, 2026, future minimum payments under inventory purchase and other obligations are as follows (in thousands): Inventory Purchase Obligations Other Obligations Total 2026 (9 months) $ 129,556 $ 23,224 $ 152,780 2027 50,715 8,972 59,687 2028 — 2,645 2,645 2029 — 629 629 2030 — 647 647 Thereafter — 2,789 2,789 Total minimum payments $ 180,271 $ 38,906 $ 219,177 Other obligations consist primarily of contractual payments due for software licenses. Total inventory purchase and other contractual obligations increased from $ 209.6 million as of December 31, 2025 to $ 219.2 million as of March 31, 2026 driven by increased sales demand, which resulted in incremental purchase orders. Jointly Funded Research and Development From time to time, the Company enters into contracts for jointly funded research and development projects to develop technology that may be commercialized into a product in the future and receives payments as milestones under the contracts are met. If the Company is required to repay all or a portion of the funds provided by the other parties under certain conditions, the Company defers such funds in other-long term liabilities. As of March 31, 2026, funds of $ 15.0 million received from the other parties have been deferred in other long-term liabilities. The Company de-recognizes the liabilities when the contingencies associated with the repayment conditions have been resolved. Dispute with Silicon Motion As previously disclosed, on July 26, 2023, MaxLinear terminated the Merger Agreement on multiple grounds (Note 3). On August 16, 2023, Silicon Motion delivered to MaxLinear a notice, which Silicon Motion publicly disclosed, that it was purporting to terminate the Merger Agreement and that Silicon Motion would be commencing an arbitration before the Singapore International Arbitration Centre to seek damages from MaxLinear arising from MaxLinear’s alleged breaches of the Merger Agreement. Silicon Motion’s position is that MaxLinear’s Willful and Material Breaches (as such term is defined in the 29 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Merger Agreement) of the Merger Agreement prevented the Merger from being completed by August 7, 2023, and that MaxLinear is consequently liable for substantial monetary damages in excess of the termination fee as provided in the Merger Agreement. On October 5, 2023, Silicon Motion filed a Notice of Arbitration with the Singapore International Arbitration Centre alleging that MaxLinear breached the Merger Agreement. Silicon Motion seeks payment of the termination fee, additional damages, fees, and costs. The arbitration is confidential. MaxLinear believes that it properly terminated the Merger Agreement. MaxLinear remains confident in its decision and will vigorously defend its right to terminate the Silicon Motion transaction without penalty. Silicon Motion Stockholder Litigation MaxLinear and certain of its officers have been named as defendants in two lawsuits brought by stockholders of Silicon Motion. On August 31, 2023, a Silicon Motion stockholder filed a putative class action complaint in the United States District Court for the Southern District of California captioned Water Island Event-Driven Fund v. MaxLinear, Inc., No. 23-cv-01607 (S.D. Cal.), against MaxLinear and certain of its current officers. The complaint included two claims: (1) an alleged violation of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder; and (2) an alleged violation of Section 20(a) of the Exchange Act. On December 20, 2023, the court appointed the lead plaintiffs, who filed the Consolidated Complaint on February 15, 2024. The Consolidated Complaint alleged that the defendants made false and misleading statements and/or omitted material facts that MaxLinear had a duty to disclose, concerning the Company’s intention to close the merger with Silicon Motion. On August 28, 2024, the court granted the defendants a motion to dismiss, holding that the plaintiffs lacked standing to sue MaxLinear and its officers. The case was dismissed without prejudice. On September 18, 2024, the plaintiffs filed an Amended Consolidated Complaint, or the Amended Complaint. The Amended Complaint includes the same two claims as alleged in the Consolidated Complaint and makes similar factual allegations against the MaxLinear defendants, but added Silicon Motion and certain of its officers as additional defendants. On July 15, 2025, the court dismissed the Amended Complaint, “with prejudice”. The plaintiffs cannot amend the Amended Complaint. On August 8, 2025, the plaintiffs filed a Notice of Appeal to the United States Court of Appeals for the Ninth Circuit. On November 6, 2025, the plaintiffs filed their opening brief with the Court of Appeals, and on January 22, 2026, the MaxLinear defendants filed their answering brief with the Court of Appeals. On June 13, 2024, HBK Master Fund L.P. and HBK Merger Strategies Master Fund L.P., stockholders of Silicon Motion, or collectively, the HBK Plaintiffs, filed an additional complaint in the United States District Court for the Southern District of California captioned HBK Master Fund L.P. v. MaxLinear, Inc., No. 24-cv-01033 (S.D. Cal.), against MaxLinear and certain of its current officers, which also alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act, and other violations. The complaint alleges that the defendants concealed their intention to terminate the merger with Silicon Motion from Silicon Motion’s shareholders. The complaint seeks compensatory damages, including interest, costs and expenses, punitive damages, and such other equitable or injunctive relief that the court deems appropriate. On January 2, 2025, the court granted the defendants a motion to dismiss holding that the plaintiffs lacked standing to sue MaxLinear and its officers. The case was dismissed without prejudice. On January 17, 2025, the HBK Plaintiffs filed an amended complaint, including the same two claims as alleged previously with similar factual allegations. The amended complaint seeks compensatory damages, including interest, costs and expenses, punitive damages, and such other relief that the court deems appropriate. On February 18, 2025, the MaxLinear defendants filed a motion to dismiss this amended complaint. On September 17, 2025, the court dismissed all but one claim under the plaintiffs' amended complaint. MaxLinear intends to continue to vigorously defend its position. MaxLinear Stockholder Litigation On February 12, 2025, the plaintiff, Joshua M. Steffens, brought a shareholder derivative action on behalf of MaxLinear in the United States District Court for the Southern District of California, against current and former members of MaxLinear’s Board of Directors and certain of its executive officers. The complaint alleges breach of fiduciary duties and violation of federal securities laws. This is a follow-on derivative lawsuit alleging that the defendants concealed their intention to terminate the merger with Silicon Motion, leading to the filing of the Silicon Motion stockholder lawsuits referenced above, thereby causing harm to MaxLinear. The complaint seeks money damages, directing the individual defendants to account for all damages caused by them and all profits, special benefits and unjust enrichment they have obtained as a result of their unlawful conduct, 30 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) including all salaries, bonuses, fees, stock award, options and common stock sale proceeds, and imposing a constructive trust thereon, punitive damages, costs and expenses, and such other relief that the court deems appropriate. This matter is stayed pending resolution of the Silicon Motion stockholder lawsuits referenced above. Comcast Litigation On December 1, 2023, MaxLinear filed claims against Comcast Management, LLC and Comcast Cable Communications, LLC, or together, Comcast, in the United States District Court for the Southern District of New York. MaxLinear alleges that in 2020, MaxLinear shared its proprietary design and know-how for a full-duplex, or FDX, amplifier with Comcast in the hope of securing future business with Comcast. MaxLinear shared its design and know-how on several occasions, all pursuant to a non-disclosure agreement between MaxLinear and Comcast, with the expectation that Comcast would keep the information confidential. MaxLinear alleges that Comcast needed this technology in order to effectively compete with fiber-optic internet providers. Instead of engaging MaxLinear to develop the FDX amplifier, Comcast allegedly shared MaxLinear’s proprietary designs with MaxLinear’s direct competitor. Comcast allegedly then worked with MaxLinear’s competitor to develop the FDX-amplifier technology. MaxLinear brought claims for trade secret misappropriation, unfair competition, and breach of the parties’ non-disclosure agreement, and it sought an unspecified amount of compensatory damages, punitive damages, pre-judgment and post-judgment interest, costs, expenses, and attorney fees as well as an injunction against Comcast’s use or disclosure of MaxLinear’s trade secrets. On March 19, 2024, Comcast amended its claims for declaratory judgments, indemnification, and breach of the implied covenant of good faith and fair dealing, and on April 3, 2024, MaxLinear moved to dismiss all claims against it. On September 19, 2024, the court granted the motion to dismiss with respect to certain claims for declaratory judgment claim and denied the motion to dismiss with respect to the remaining claims. On September 23, 2024, Comcast filed amended claims for declaratory judgment, indemnification, and breach of the implied covenant of good faith and fair dealing, and on October 14, 2024, MaxLinear amended and refiled its trade secret and related claims. MaxLinear intends to continue to vigorously prosecute its claims and defend its position. Dish Litigation On February 10, 2023, Entropic Communications, LLC, or Entropic, filed claims for patent infringement against Dish Network Corporation, Dish Network LLC, Dish Network Service, LLC, and Dish Network California Service Corporation in the United States District Court for the Central District of California. At that time, MaxLinear was not a party to the action. On September 21, 2023, Dish Network California Service Corporation, or Dish California, filed four counterclaims against MaxLinear. The four claims are declaratory judgment, breach of contract, fraud and negligent misrepresentation, and civil conspiracy. On January 31, 2024, the Dish defendants, together with DISH Technologies L.L.C., or collectively, Dish, filed eight counterclaims (amended counterclaims for Dish California) against MaxLinear. The eight counterclaims were (1) breach of contract, (2) fraud and negligent misrepresentation, (3) fraud arising from a civil conspiracy, (4) quasi-contract for restitution/unjust enrichment, (5) combination in restraint of trade, (6) violation of the Cartwright Act (by Dish California only), (7) patent misuse, and (8) violation of Cal. Bus. & Prof. Code § 17200 et seq. Dish’s eight counterclaims revolve around a core allegation that MaxLinear is a member of the Multimedia over Coax Alliance (MoCA) and that MaxLinear violated its obligation under MoCA’s Intellectual Property Rights Policy, or IPR Policy, by acting with Entropic to rid the asserted patents of the RAND encumbrances. Dish seeks an unspecified amount of compensatory damages, disgorgement, attorneys’ fees, experts’ fees, and costs. On February 14, 2025, the court dismissed with prejudice six of the eight counterclaims against MaxLinear, as follows: (1) fraud arising from a civil conspiracy, (2) quasi-contract for restitution/unjust enrichment, (3) combination in restraint of trade, (4) violation of the Cartwright Act (by Dish California only), (5) patent misuse, and (6) violation of Cal. Bus. & Prof. Code § 17200 et seq. MaxLinear intends to continue to vigorously defend its position against Dish’s remaining two counterclaims. Cox Litigations On February 10, 2023, Entropic sued Cox Communications, Inc., CoxCom, LLC, and Cox Communications California, LLC, or together, Cox, in two separate actions in the United States District Court for the Central District of California. On October 6, 2023, Cox filed counterclaims against MaxLinear in each of the two actions. In the first action, Cox alleges that when MaxLinear assigned certain patents to Entropic, MaxLinear violated its obligations under MoCA’s IPR Policy by assigning these patents and by allegedly failing to ensure that Cox would be offered a 31 Table of Contents MAXLINEAR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) FRAND license for these patents. Cox amended its counterclaims on January 9, 2024 and asserted claims of breach of contract, unjust enrichment, and declaratory judgment against MaxLinear. Cox seeks an unspecified amount of compensatory damages, equitable relief, attorneys’ fees, expenses, and costs. MaxLinear moved to dismiss Cox’s amended counterclaims on February 6, 2024. On February 14, 2025, the court dismissed with prejudice the unjust enrichment counterclaim against MaxLinear. In the second action, in response to Entropic suing Cox for patent infringement, Cox filed counterclaims against MaxLinear. Cox alleges that MaxLinear granted CableLabs a non-exclusive, royalty-free license to all patents essential for compliance with DOCSIS specifications. It further alleges that MaxLinear breached this agreement when MaxLinear assigned certain patents to Entropic. Cox amended its counterclaims on January 9, 2024 and asserted claims for breach of contract, unjust enrichment, and declaratory judgment. Cox seeks an unspecified amount of compensatory damages, equitable relief, attorneys’ fees, expenses, and costs. MaxLinear moved to dismiss Cox’s amended counterclaims on February 6, 2024. On February 14, 2025, the court dismissed with prejudice all the counterclaims against MaxLinear in this matter. MaxLinear intends to continue to vigorously defend its position against Cox’s remaining two counterclaims. DIRECTV Litigation On November 7, 2023, Entropic filed an amended complaint against DIRECTV, LLC, AT&T, Inc., AT&T Services, Inc., and AT&T Communications, LLC, in the Central District of California, for infringement of twelve patents. DIRECTV, LLC, or DIRECTV, filed its answer to the amended complaint on March 28, 2025. DIRECTV’s answer asserted five counterclaims against MaxLinear. The counterclaims against MaxLinear include two separate breach of contract claims, failure to negotiate in good faith, and declaratory judgment that MaxLinear’s transfer of patents to Entropic was void. MaxLinear intends to vigorously defend its position against these counterclaims. * * * The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of March 31, 2026, no material loss contingencies have been accrued for litigation and other legal claims in the consolidated financial statements, since the Company’s management currently does not believe that the ultimate outcome of any of the matters described above is probable. An unfavorable outcome of these matters may be reasonably possible in excess of recorded amounts; however, a reasonable estimate of the amount or range of such loss cannot be made at this time. Other Matters From time to time, the Company is subject to threats of litigation or actual litigation in the ordinary course of business as described above and in “ Part II. — Other Information, Item 1. — Legal Proceedings ,” some of which may be material. Results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation and claims can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. 32 16. Segment Reporting The following table presents segment revenue, gross profit, and net income (loss) for the periods presented in thousands: Three Months Ended March 31, 2026 2025 Net revenue $ 137,188 $ 95,933 Cost of net revenue 58,304 42,102 Gross profit 78,884 53,831 Less: Employee related 67,169 67,103 Depreciation and amortization 4,016 4,463 Design and prototype expenses 11,834 9,671 Professional fees 8,490 6,511 Occupancy expenses 4,110 4,298 Restructuring expenses 474 7,879 Interest and other (income) expense, net 1,443 2,908 Income tax expense 26,485 711 Segment net loss $ ( 45,137 ) $ ( 49,713 ) 17. Stock Repurchases On November 20, 2025, the Company’s board of directors authorized a plan to repurchase up to $ 75.0 million of the Company’s common stock over a period ending November 20, 2028. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements. Any purchases have been and will be funded from available working capital and may be effected through open market purchases, block transactions, and privately negotiated transactions. The share repurchase program does not obligate the Company to make any repurchases and may be modified, suspended, or terminated by the Company at any time without prior notice. During the year ended December 31, 2025, the Company repurchased and retired 1,143,891 shares of its common stock at a weighted average price of $ 17.46 per share at an aggregate value of approximately $ 20.0 million under the repurchase program. During the three months ended March 31, 2026, the Company did not repurchase any of its common stock under the repurchase program. As of March 31, 2026, approximately $ 55.0 million remained available for repurchase under the program. 18. Subsequent Events On April 22, 2026, the Company entered into an amendment with the lenders party thereto and the Agent, or the Second Amendment. The Second Amendment amended the June 23, 2021 Credit Agreement (Note 8) to, among other things, (i) extend the maturity date applicable to the Revolving Facility from June 23, 2026 to March 23, 2028, (ii) provide for $ 30 million in incremental revolving commitments under the Revolving Facility, (iii) increase the applicable margin for loans under the Revolving Facility to (x) 2.25 % per annum for Term SOFR loans, and (y) 1.25 % per annum for base rate loans, and (iv) increase the applicable commitment fee rate to 0.25 % per annum. Further, the financial covenant was modified to require that the Company maintain (a) a total net leverage ratio of not greater than 3.50 :1:00 and (b) unrestricted cash plus available and undrawn commitments under the Revolving Facility in an amount of no less than $ 80 million, in each case, tested as of the last day of any fiscal quarter of the Company. The proceeds of the Revolving Facility may be used to finance the working capital needs and other general corporate purposes of the Company and its subsidiaries. As of the closing of the Second Amendment, the Revolving Facility was undrawn. 33 Table of Contents