MaxLinear, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Balance Sheet Details

Balance Sheet Details

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Cash, cash equivalents and restricted cash consist of the following:


	December 31, 2025		December 31, 2024
	(in thousands)
Cash and cash equivalents	$	72,806	$	118,575
Short-term restricted cash	1,419		1,003
Long-term restricted cash	27,187		25
Total cash, cash equivalents and restricted cash	$	101,412	$	119,603

As of December 31, 2025 and December 31, 2024, cash and cash equivalents included money market funds of approximately $19.2 million and $59.1 million, respectively. As of December 31, 2025 and December 31, 2024, the Company had restricted cash of approximately $28.6 million and $1.0 million, respectively. The cash is restricted in connection with guarantees for certain import duties, office leases and purchase obligations. The increase in restricted cash from $1.0 million to $28.6 million is due to a guarantee in connection with a purchase obligation.

Inventory consists of the following:


	December 31, 2025		December 31, 2024
	(in thousands)

Work-in-process	$	47,598	$	53,979
Finished goods	30,506		36,364


	$	78,104	$	90,343

Inventory decreased $12.2 million from $90.3 million as of December 31, 2024 to $78.1 million as of December 31, 2025, as the Company’s management lowered inventory levels.

Property and equipment, net consists of the following:


	Useful Life (in Years)	December 31, 2025		December 31, 2024
		(in thousands)
Furniture and fixtures	5	$	4,006	$	3,937
Machinery and equipment	3-5	87,043		80,804
Masks and production equipment	5	66,044		63,803
Software	3	11,498		11,178
Leasehold improvements	1-5	35,632		34,981
Construction in progress	N/A	2,516		898
		206,739		195,601
Less: accumulated depreciation and amortization		(157,866)		(136,301)
		$	48,873	$	59,300

Depreciation expense for the years ended December 31, 2025, 2024, and 2023 was $23.2 million, $23.0 million and $23.8 million, respectively.

In March 2022, the Company entered into a note receivable with a supplier for $10.0 million under which repayments are due by March 31 of each year through 2030 provided that certain production utilization targets for the prior year are met. As of December 31, 2025, the balance of the note receivable was $8.8 million, of which $0.8 million is due by March 31, 2026, and annual repayments of $2.0 million per year are due annually thereafter by March 31, from 2027 to 2030 upon meeting the production utilization targets.

During the years ended December 31, 2025 and 2024, a portion of the note receivable, or $0.7 million and $0.5 million, respectively, was written off to other expense in the consolidated statement of operations. The amount written off represents the portion of the payment associated with production utilization that is anticipated to be less than target. The balance of the note receivable has been classified as a long-term asset based on expected timing of receipt of repayment. The long-term portion of the note receivable is included in other long-term assets as of December 31, 2025 and December 31, 2024, respectively.

The following table sets forth activity related to the accrued price protection liability:


	Year Ended December 31,
	2025		2024
	(in thousands)
Beginning balance	$	43,401	$	71,684

Charged as a reduction of revenue	28,245		34,070
Revisions to accrued rebates	(27,086)		(17,736)
Payments	(18,067)		(44,617)
Ending balance	$	26,493	$	43,401

The decrease in price protection liability from approximately $43.4 million as of December 31, 2024 to approximately $26.5 million as of December 31, 2025, was due to revision of accrued rebates to amounts currently expected to be claimed and payment of rebates, partially offset by sales subject to rebates.

Accrued expenses and other current liabilities consist of the following:


	December 31, 2025		December 31, 2024
	(in thousands)


Accrued technology license payments	$	3,687	$	4,336
Accrued professional fees	6,882		7,103
Accrued engineering and production costs	8,469		3,080
Accrued restructuring	13,390		11,022
Accrued royalty	658		438
Short-term lease liabilities	9,096		9,413
Accrued customer credits	6,398		1,011
Income tax liability	511		745
Customer contract liabilities	4,222		114
Accrued obligations to customers for price adjustments	11,922		42,954
Accrued obligations to customers for stock rotation rights	222		252
Contingent consideration – current portion	2,600		2,600
Other	4,335		4,340
	$	72,392	$	87,408

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, 2023		$	(5,059)	$	1,268	$	(3,791)
Other comprehensive loss before reclassifications, net of tax		(3,030)		(19)		(3,049)
Reclassification adjustments of unrealized gain on pension and other defined benefit plans		—		17		17

Net current period other comprehensive loss		(3,030)		(2)		(3,032)

Balance at December 31, 2024		(8,089)		1,266		(6,823)
Other comprehensive income before reclassifications, net of tax		7,762		—		7,762
Net actuarial gain (loss) on pension and other defined benefit plans, net of tax		—		91		91
Net current period other comprehensive income		7,762		91		7,853
Balance at December 31, 2025		$	(327)	$	1,357	$	1,030