MXL · 10-K filed 29 Jan 2026 · year to 31 Dec 2025

MaxLinear

28 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top ten customers

concentrated in · 65% of our net revenuenamed as a risk

In the year ended December 31, 2025, two customers accounted for 28% of our net revenue, and our ten largest customers collectively accounted for 65% of our net revenue.Risk factors (Item 1A)

Also named by BGC, CBOE, CVLG, ENTG, FBIN, HUBB, LPX, MEDP and 9 more

Distributors

earns from · approximately 37%named as a risk

Sales to distributors accounted for approximately 37%, 44% and 50% of our net revenue in the year ended December 31, 2025, 2024, and 2023, respectively.Risk factors (Item 1A)

Also named by AVGO, DXCM, MCHP, MSA, MTSI, ON, RMBS, ROK and 1 more

Huawei Technologies Co., Ltd.

named as a risk

Beginning in May 2019, we ceased normal business operations with entities affiliated with Huawei Technologies Co., Ltd., and certain other entities following an amendment to the EAR which added these entities to the Entity List for acting contrary to the national security or foreign policy of the United States.Risk factors (Item 1A)

Also named by CSCO, ENPH, EXTR, LITE, ONTO

Vantiva SA

earns fromnamed as a risk

The North American and European Pay-TV market is dominated by a few OEMs, including Vantiva SA, Hitron Technologies Inc., Compal Broadband Networks, Inc., Humax Co., Ltd., and Samsung Electronics Co., Ltd.Risk factors (Item 1A)

Suppliers

Taiwan Semiconductor Manufacturing Co. (TSMC)

depends onnamed as a risk

Currently, a large portion of our products are manufactured by TSMC, and UMC, at foundries located in Taiwan, Singapore, and China.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, AVGO, CRWV, ENTG, FTNT, INTC and 6 more

United Microelectronics Corporation (UMC)

depends onnamed as a risk

Currently we do not have long-term supply contracts with most of our other third-party vendors, including but, not limited to TSMC, and United Microelectronics Corporation, or UMC.Risk factors (Item 1A)

Also named by AMD

Advanced Semiconductor Engineering (ASE)

depends on

The majority of our assembly/packaging and test requirements are supported by the following independent subcontractors: Advanced Semiconductor Engineering, or ASE, Greatek Electronics, Inc., Signetics Corporation, SIGURD Microelectronics Corp., and Silicon Precision Industries.Business (Item 1)

Also named by ALAB, QCOM

Intel Corporation

depends on

Additionally, certain products are supplied to us by Intel Corporation, or Intel, on a turnkey basis.Business (Item 1)

Also named by HPQ

Other companies

Broadband market

earns from · approximately 44%named as a risk

For the year ended December 31, 2025 and 2024, revenue directly attributable to broadband applications accounted for approximately 44% and 32% of our net revenue, respectively.Risk factors (Item 1A)

Comcast Corporation

named as a risk

For example, as described in Part I, Item 3 — Legal Proceedings – Comcast Litigation, Comcast shared our proprietary designs with our direct competitor.Risk factors (Item 1A)

Also named by TMUS, VZ

Silicon Motion

named as a risk

On October 5, 2023, Silicon Motion filed a Notice of Arbitration with the Singapore International Arbitration Centre alleging that we breached the Merger Agreement.Risk factors (Item 1A)

Competitors

Broadcom Inc.

competes withnamed as a risk

Our primary merchant semiconductor competitors include Broadcom Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd., MACOM Technology Solutions Holdings, Inc., Texas Instruments Incorporated, Analog Devices, Inc., Renesas Electronics Corporation, Microchip Risk factors (Item 1A)

Also named by DELL, EXTR, MRVL, MTSI

Places

China

earns from · less than 10% of our net revenuenamed as a risk

Products shipped to mainland China accounted for less than 10% of our net revenue during the years ended December 31, 2025 and 2024.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Asia

concentrated in · 82% of our net revenuenamed as a risk

Products shipped to Asia accounted for 82% of our net revenue in the year ended December 31, 2025.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

Hong Kong

earns from · 49% from products shipped to Hong Kongnamed as a risk

Products shipped to Asia accounted for 82%, 75% and 75% of our net revenue in the years ended December 31, 2025, 2024 and 2023, respectively, including 49% from products shipped to Hong Kong and 12% from products shipped to Vietnam during the year ended December 31, 2025, 41% from products shipped to Hong Kong during the year ended December 31, 2024, and 37% from products shipped to Hong Kong and 11% from products shipped to mainland China in the year ended December 31, 2023.Risk factors (Item 1A)

Also named by CG, DECK, EWBC, EXPD, LZB, MCO, MPWR, NVDA and 1 more

Vietnam

earns from · 12% from products shipped to Vietnam

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Taiwan

concentrated innamed as a risk

Additionally, the geopolitical developments in relations between Taiwan and China could affect the supply of our products from Taiwan, including from Taiwan Semiconductor Manufacturing Company, Limited, or TSMC.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Israel

operates innamed as a risk

The military conflict in Israel and Gaza, and Israel’s conflicts with Iran and Lebanon, resulted in our employees located in Israel having to perform military service and/or being negatively impacted by violence or political instability, which could interrupt business and increase costs associated with relocating employees, engaging with alternative third-party contractors or hiring additional employees outside of Israel.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

Hazards

Earthquakes

operates innamed as a risk

The risk of earthquakes in these geographies is significant due to the proximity of major earthquake fault lines, and Taiwan in particular is also subject to typhoons and other Pacific storms, and more recently, a drought impacting the water supply which chip manufacturers rely upon to fabricate chip products.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Commodities and inputs

SOFR

exposed to its pricenamed as a risk

The Initial Term Loan under the June 23, 2021 Credit Agreement has a seven-year term expiring in June 2028 and bears interest at either an Adjusted Term SOFR plus a fixed applicable margin of 2.25% or an Adjusted Base Rate plus a fixed applicable margin of 1.25%, at our option.Risk factors (Item 1A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Palladium

exposed to its pricenamed as a risk

We believe we have experienced impacts of the U.S. and European economic sanctions against Russia and the military conflict in Ukraine, including volatility in the prices of metals used by our outsourced semiconductor assembly and test, or OSAT, supply chain, in particular around the supply of palladium, for which Russia is the top producer in the world, as well as increased fuel costs, which has global impact on transportation costs, including the shipping and delivery of our products.Risk factors (Item 1A)

Also named by JBL, LKQ, TTMI, VSH

Regulators

U.S. Bureau of Industry and Security (BIS)

subject tonamed as a risk

Since October 2022, we have restricted or curtailed business with certain customers and partners in China as a result of BIS restrictions.Business (Item 1)

Also named by AAOI, AMD, APH, CRWV, EXTR, GLW, GTLB, LITE and 5 more

Laws and programs

EU Artificial Intelligence Act

subject to · fines of up to €35 million or 7% of annual global turnovernamed as a risk

Noncompliance with the AI Act could result in fines of up to €35 million or 7% of annual global turnover for the previous year, whichever is higher.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more

Singapore tax incentives

subject to · 17% statutory tax ratenamed as a risk

We operate under certain favorable tax incentives in Singapore which are effective through March 2027, and generally are dependent on our meeting certain headcount and investment thresholds.Risk factors (Item 1A)

June 23, 2021 Credit Agreement

$125.0 millionnamed as a risk

As of December 31, 2025, our aggregate indebtedness was $125.0 million from an initial secured term B loan facility, or the Initial Term Loan under the June 23, 2021 Credit Agreement.Risk factors (Item 1A)

U.S. Export Administration Regulations (EAR)

subject tonamed as a risk

Certain of our products and technologies are subject to the EAR, which may require a license authorization from BIS prior to the shipment or sharing of certain products and technologies with certain end users or destinations.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more

U.S.-China tariffs

subject tonamed as a risk

We have experienced and are continuing to experience weakened demand in China, and continuing changes in U.S. and foreign government trade policies and a heightened risk of further increased tariffs that impose barriers to international trade could further decrease international demand.Risk factors (Item 1A)

Also named by ALB, AXGN, LLY, QXO, UCTT, WAT

BIS Entity List

subject tonamed as a risk

We currently have licenses from BIS that permit certain of our transactions with two restricted parties, but those licenses may be revoked at any time or denied for renewal when the license expires.Risk factors (Item 1A)

Also named by CDNS, SNPS