MaxLinear, Inc. (MXL) 2026 Q2 法說會逐字稿

Greetings, and welcome to the MaxLinear second quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 MaxLinear 2026 年第二季財報電話會議。(接線員指示)

As a reminder, this conference is being recorded. It is now my pleasure to introduce Leslie Green, Investor Relations. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹投資人關係部的 Leslie Green。請開始。

Thank you, Paul. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's second quarter 2026 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steven Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer.

謝謝你，Paul。各位下午好，感謝各位參加今天的電話會議，一同討論 MaxLinear 2026 年第二季財務結果。今天的會議由執行長 Kishore Seendripu 博士，以及財務長兼企業策略長 Steven Litchfield 主持。

After our prepared comments, we will take questions. Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the third quarter of 2026, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense, GAAP and non-GAAP income taxes, and GAAP and non-GAAP diluted share count.

在我們的準備發言之後，將開放提問。我們今天的發言包含依適用證券法所定義的前瞻性陳述，包括與我們對 2026 年第三季之財測相關的陳述，涵蓋營收、GAAP 與非 GAAP 毛利率、GAAP 與非 GAAP 營業費用、GAAP 與非 GAAP 利息及其他費用、GAAP 與非 GAAP 所得稅，以及 GAAP 與非 GAAP 稀釋後股數。

In addition, we will make forward-looking statements relating to trends, opportunities, execution of our business plan, and potential growth and uncertainties in various product and geographic markets, including, without limitation, statements concerning the future financial and operating results, opportunities for revenue and market share across target segments, new products, including the timing of production and launches of such products, demand for and adoption of certain technologies, and our total addressable market.

此外，我們也將就趨勢、機會、商業計畫的執行，以及在各產品與地理市場中的潛在成長與不確定性發表前瞻性陳述，包括但不限於：未來財務與營運結果、在目標區隔中的營收與市占機會、新產品（含其量產與上市時程）、特定技術的需求與採用，以及我們的可服務總市場（TAM）。

These forward-looking statements involve risks and uncertainties, including risks outlined in the risk factors section of our recent SEC filings, including our most recent annual report on Form 10-K and our Form 10-Q for the quarter ended June 30, 2026, which we filed today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements.

這些前瞻性陳述涉及風險與不確定性，包括我們近期向美國證券交易委員會（SEC）提交文件之風險因素章節所列風險，包含最新的 Form 10-K 年報，以及截至 2026 年 6 月 30 日止季度的 Form 10-Q（我們已於今日提交）。任何前瞻性陳述均以今日為準，MaxLinear 無義務更新或修訂任何前瞻性陳述。

The second quarter of 2026 earnings release is available in the Investor Relations section of our website at maxlinear.com. In addition, we report certain historical financial metrics, including, but not limited to, gross margin, income or loss from operations, operating expenses, interest and other expense, and income tax on both GAAP and non-GAAP basis.

2026 年第二季財報新聞稿可於 maxlinear.com 網站的投資人關係（Investor Relations）專區取得。此外，我們亦以 GAAP 與非 GAAP 口徑揭露若干歷史財務指標，包括但不限於毛利率、營業利益或損失、營業費用、利息及其他費用，以及所得稅。

We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations and the press release available on our website. We do not provide a reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future changes, including stock-based compensation and its related tax effects, as well as potential impairments.

我們鼓勵投資人查閱我們 GAAP 與非 GAAP 呈現方式的詳細調節表，以及網站上的新聞稿。由於我們難以預測某些未來變動（包括以股份為基礎之酬勞及其相關稅務影響，以及可能的減損），因此我們不提供未來期間非 GAAP 財測的調節表。

Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. We are providing this information because management believes it is useful to investors as it reflects how management measures our business. Lastly, this call is also being webcast, and the replay will be available on our website for two weeks.

今天討論的非 GAAP 財務衡量指標不應被單獨看待，也不應作為可比較 GAAP 財務衡量指標的替代。我們提供這些資訊，是因為管理階層認為其對投資人有用，並能反映管理階層衡量公司營運的方式。最後，本次電話會議亦同步網路直播，重播將於我們網站提供兩週。

And now, let me turn the call over to Dr. Kishore Seendripu, CEO of MaxLinear. Kishore?

接下來，我把電話交給 MaxLinear 執行長 Kishore Seendripu 博士。Kishore？

Thank you, Leslie, and good afternoon, everyone. Our Q2 financial results highlight the exciting inflection in our business trajectory and the beginning of a multiyear growth phase for MaxLinear. Overall revenue grew 55% year-on-year, reflecting strong execution, accelerating adoption of our newest data center products, improving visibility and gathering momentum in our infrastructure portfolio.

謝謝你，Leslie，各位下午好。我們第二季的財務結果凸顯了公司業務軌跡令人振奮的轉折點，以及 MaxLinear 多年成長階段的開端。整體營收年增 55%，反映出強勁的執行力、我們最新資料中心產品採用加速、能見度提升，以及基礎設施產品組合動能持續累積。

With the improvement in profitability in the quarter, we also returned to positive GAAP EPS of $0.02. In addition, with a favorable product mix shift towards our infrastructure business, we are now forecasting Q3 2026 non-GAAP gross margin to be 60% at the midpoint of our guidance range as well as a substantial increase in our non-GAAP profitability.

隨著本季獲利能力改善，我們也回到 GAAP 口徑的正向每股盈餘（EPS）0.02 美元。此外，受惠於產品組合朝向基礎設施業務的有利轉移，我們目前預估 2026 年第三季非 GAAP 毛利率在財測區間中點為 60%，同時非 GAAP 獲利能力將大幅提升。

Infrastructure is now our largest revenue category and grew 145% year-on-year, driven by robust production ramps and optical data center-oriented platforms. Based on robust customer orders and rising visibility of program ramps, we are once again raising our expectations for 2026 optical data center revenue to be between $210 million to $230 million, with continued growth as run rates expand into 2027.

基礎設施目前已成為我們最大的營收類別，年增 145%，主要由強勁的量產爬坡以及以光學資料中心為導向的平台所帶動。基於強勁的客戶訂單與專案爬坡能見度提升，我們再次上調對 2026 年光學資料中心營收的預期至 2.10 億至 2.30 億美元，並預期隨著運行率在 2027 年擴大而持續成長。

Keystone, our 100-gigabit per lane, 5-nanometer CMOS, PAM4, DSP, and CDs technology continues to ramp into high-volume production at major hyperscale customers. across US and Asia for 400 gig and 800 gig deployments, delivering almost 40% lower consumption in power than competition. Keystone success serves as the foundation for multigenerational customer engagements that extend to the adoption of next-generation 1.6 terabit and 3.2 terabit optical scale-up and scale-out architectures at 200 and 400 gigabit per read speed, respectively.

Keystone（我們的每通道 100Gb、5 奈米 CMOS、PAM4、DSP 與 CD 技術）持續在美國與亞洲的主要超大規模客戶端加速導入高量產，用於 400G 與 800G 部署，且其功耗較競品低近 40%。Keystone 的成功奠定了跨世代的客戶合作基礎，並延伸至採用下一代 1.6Tb 與 3.2Tb 光學 scale-up 與 scale-out 架構，分別對應每通道 200Gb 與 400Gb 的傳輸速率。

We expect Rushmore, our 1.6 terabit optical PAM-4 DSP at the gigabit per read speed to become an important optical connectivity growth driver beginning in 2027, which will layer on top of Keystone's successful ongoing ramp. Beyond our PAM4 service technology, we have comprehensively expanded our portfolio for optical and electrical scale-up and scale-out connectivity opportunities, including TIAs, drivers and onboard retimers.

我們預期 Rushmore（我們在每通道 1.6Tb 光學 PAM-4 DSP、對應每通道傳輸速率）將自 2027 年起成為重要的光學連接成長動能，並在 Keystone 持續成功爬坡之上疊加貢獻。除 PAM4 SerDes 技術之外，我們也全面擴充了產品組合，以掌握光學與電性 scale-up 與 scale-out 連接機會，包括 TIA、驅動器以及板上 retimer。

Together, these products support a broad range of data center architectures consisting of pluggable optics, LRO, LTO, NPO, CPO providing customers with greater flexibility in the deployment of next-generation AI and cloud infrastructure using MaxLinear solutions.

這些產品共同支援多種資料中心架構，包括可插拔光學（pluggable optics）、LRO、LTO、NPO、CPO，讓客戶在部署下一代 AI 與雲端基礎設施時，能以 MaxLinear 解決方案獲得更高的彈性。

Washington, our stand-alone 200 gigabit per lane TIA platform not only pair seamlessly with Rushmore, but it can also be deployed stand-alone in LPU and NPU implementations that do not require DSP. As the performance requirements for TIAs and drivers increased significantly at 200 and 400 gigabit per lane speed our deep SerDes expertise enables us to drive compelling performance advantages for such customer solutions.

Washington（我們的獨立式每通道 200Gb TIA 平台）不僅可與 Rushmore 無縫搭配，也可在不需要 DSP 的 LPU 與 NPU 實作中以獨立方案部署。隨著在每通道 200Gb 與 400Gb 速度下，對 TIA 與驅動器的效能需求顯著提升，我們深厚的 SerDes 專業能力使我們能為此類客戶解決方案帶來具吸引力的效能優勢。

Annapurna our 200-gigabits per lane Ethernet platform targets 1.6 active electrical cable and onboard retailer requirements for scale-up in AI systems requiring low latency short-reach electrical interconnects within server racks and switches. Annapurna onboard retimer applications expand our presence into another critical layer of infrastructure.

Annapurna（我們的每通道 200Gb 乙太網平台）鎖定 AI 系統 scale-up 所需的 1.6T 主動式電纜（AEC）與板上 retimer 需求，提供低延遲、短距離的電性互連，用於伺服器機櫃與交換器內部連接。Annapurna 的板上 retimer 應用也將我們的布局擴展至另一個關鍵的基礎設施層。

For both Annapurna and Washington, we expect initial revenue in 2027, followed by a more meaningful volume ramp in 2028. Outside of Optical, our first XGS-born hyperscaler design wing for dedicated data center control plane architectures has completed qualification for a 2027 ramp and beyond. Additionally, we have secure design wings for USB bridge controllers and two major hyperscalers for AI rack management, alongside a broader analog and power management portfolio.

對於 Annapurna 與 Washington，我們預期 2027 年將有初期營收，並在 2028 年迎來更具規模的出貨爬坡。在光學之外，我們首個針對超大規模客戶、用於專用資料中心控制平面架構的 XGS-PON 設計案已完成認證，預計自 2027 年起爬坡並延續。此外，我們也在 USB 橋接控制器方面取得設計案，並與兩家主要超大規模客戶合作，用於 AI 機櫃管理，同時搭配更廣泛的類比與電源管理產品組合。

These wings broaden our engagement across the data center platform and strengthen our strategic positioning with key customers. Our Panther family of storage accelerators addresses CPU, memory, and storage bottlenecks. We expect revenues from Panther to roughly double this year, with the potential to nearly double again in 2027.

這些設計案擴大了我們在資料中心平台的合作深度，並強化我們與關鍵客戶的策略定位。我們的 Panther 系列儲存加速器可解決 CPU、記憶體與儲存的瓶頸。我們預期 Panther 的營收今年約將倍增，並在 2027 年有機會再接近倍增。

Outside the cloud data center, we expect edge AI-driven upgrades to 5G wireless LAN access and transport infrastructure to increase demand for our single-chip Sierra 5G radio SoC and our millimeter and microwave wireless backbone RF and more information solutions in the mid-to-long term.

在雲端資料中心之外，我們預期由邊緣 AI 驅動的 5G 無線 LAN 存取與傳輸基礎設施升級，將在中長期提升對我們單晶片 Sierra 5G 無線電 SoC，以及我們的毫米波與微波無線骨幹 RF 與更多資訊解決方案的需求。

Moving to broadband connectivity, both categories deliver revenue growth in Q2, driven by large-scale deployments of our single-chip fiber phone and Wi-Fi 7 gateway platforms at major T1 service providers in North America and Europe. We're also in the early stages of ultra-adoptive 3.1 and 4.0 deployments, which will provide additional stability to growth as ramps progress throughout 2027 and 2028.

轉向寬頻連線，兩大類別在第二季皆帶來營收成長，主要受惠於我們單晶片光纖電話與 Wi‑Fi 7 閘道器平台在北美與歐洲主要 T1 服務供應商的大規模部署。我們也正處於 DOCSIS 3.1 與 4.0 部署的早期階段，隨著 2027 與 2028 年的放量推進，將為成長提供額外的穩定性。

In summary, we're pleased with our first app performance and the momentum we have in our data center business. Keystone has established MaxLinear as a proven, high-volume, high-quality supplier of 400-gigabit and 800-gigabit PAM4, DSPs, and service technology.

總結來說，我們對第一季的表現以及資料中心業務的動能感到滿意。Keystone 已使 MaxLinear 成為經驗證的高出貨量、高品質 400G 與 800G PAM4、DSP 與服務技術供應商。

At the same time, our Rushmore, Washington, and Annapurna active electrical cable and retimer platforms extend our reach into 1.6-terabit optical and next-generation AI infrastructure. With multiple revenue drivers layering on over the next two years, we believe MaxLinear is exceptionally well-positioned for sustained, transformative growth and increasing long-term shareholder value.

同時，我們的 Rushmore、Washington 與 Annapurna 主動式電纜（AEC）與重定時器（retimer）平台，將我們的觸角延伸至 1.6Tb 光學與下一代 AI 基礎設施。未來兩年多項營收驅動因素將層層疊加，我們相信 MaxLinear 具備極佳的條件，能實現持續且具變革性的成長，並提升長期股東價值。

With that, let me now turn the call over to Steve Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steve?

接下來，我把電話會議交給我們的財務長兼企業策略長 Steve Litchfield。Steve？

Thanks, Kishore. Total revenue for the second quarter was $168.8 million, up 23% from $137.2 million in the previous quarter and up 55% and the $108.8 million in the second quarter of 2025. Infrastructure revenue for the second quarter of '26 was approximately $85 million. Broadband revenue grew to approximately $45 million Connectivity revenue was approximately $24 million, and industrial and multimarket revenue was approximately $15 million.

謝謝你，Kishore。第二季總營收為 1.688 億美元，較前一季的 1.372 億美元成長 23%，也較 2025 年第二季的 1.088 億美元成長 55%。2026 年第二季基礎設施營收約為 8,500 萬美元。寬頻營收成長至約 4,500 萬美元；連線（Connectivity）營收約為 2,400 萬美元；工業與多市場營收約為 1,500 萬美元。

GAAP and non-GAAP gross margin for the second quarter were 57.8% and 59.5% of revenue. The delta between GAAP and non-GAAP gross margin in the second quarter was primarily driven by $2.5 million of acquisition-related intangible asset amortization.

第二季 GAAP 與非 GAAP 毛利率分別為營收的 57.8% 與 59.5%。第二季 GAAP 與非 GAAP 毛利率之間的差異，主要來自 250 萬美元的併購相關無形資產攤銷。

Second quarter GAAP operating expenses were $101.8 million and non-GAAP operating expenses were $62.8 million. The delta between GAAP and non-GAAP operating expenses was primarily due to stock-based compensation and performance-based equity accruals of $36.5 million combined and acquisition-related costs and other costs of $2.2 million.

第二季 GAAP 營業費用為 1.018 億美元，非 GAAP 營業費用為 6,280 萬美元。GAAP 與非 GAAP 營業費用之間的差異，主要來自合計 3,650 萬美元的股票基礎酬勞與績效型股權提列，以及 220 萬美元的併購相關成本與其他成本。

GAAP loss from operations for Q2 was 2% and non-GAAP income from operations in Q2 was 22% of net revenue. GAAP and non-GAAP interest and other expense during the quarter was $2.4 million and $2.3 million, respectively. GAAP EPS for Q2 2026 was $0.02 per share, marking a return to GAAP profitability. Non-GAAP EPS was $0.35 per share.

第二季 GAAP 營業損失為淨營收的 2%，而第二季非 GAAP 營業利益為淨營收的 22%。本季 GAAP 與非 GAAP 利息及其他費用分別為 240 萬美元與 230 萬美元。2026 年第二季 GAAP 每股盈餘（EPS）為每股 0.02 美元，標誌著回到 GAAP 獲利。非 GAAP 每股盈餘為每股 0.35 美元。

In Q2, net cash flow provided in operating activities was approximately $4.8 million. We exited Q2 of 2026 with approximately $93.7 million in cash, cash equivalents and restricted cash. This included a substantial prepayment of wafer supporting rising demand for our data center products for which we have increasing order backlog in the second half of the year and into 2027.

第二季營運活動提供的淨現金流約為 480 萬美元。我們在 2026 年第二季結束時，持有約 9,370 萬美元的現金、約當現金及受限制現金。其中包含一筆可觀的晶圓預付款，用以支援資料中心產品需求上升；我們在今年下半年及延伸至 2027 年的訂單積壓持續增加。

Our days sales outstanding in Q2 was approximately 28 days versus 27 days in the previous quarter, and our days of inventory was down in the quarter from 128 days to 123 days. This concludes the discussion of our Q2 financial results. With that, let's turn to the guidance for Q3 of 2026.

第二季應收帳款週轉天數約為 28 天，前一季為 27 天；存貨天數則由 128 天降至 123 天。以上為我們第二季財務結果的說明。接下來我們來看 2026 年第三季的財測指引。

We currently expect revenue in the third quarter of '26 to be between $210 million and $220 million. Looking at Q3 by end market, we expect to see growth from all four of our business segments with particular strength in infrastructure driven by data center optical interconnects. We expect third quarter GAAP gross margin to be approximately 57% to 60%, and non-GAAP gross margin to be in the range of 58.5% and 61.5% of revenue.

我們目前預期 2026 年第三季營收介於 2.10 億至 2.20 億美元之間。以終端市場來看，我們預期四大業務部門皆將成長，其中以基礎設施最為強勁，主要由資料中心光學互連所帶動。我們預期第三季 GAAP 毛利率約為 57% 至 60%，非 GAAP 毛利率約為營收的 58.5% 至 61.5%。

We expect Q3 2026 GAAP operating expenses to be in the range of $98 million to $104 million. We expect Q3 non-GAAP operating expenses to be in the range of $66 million to $71 million. We expect our Q3 GAAP and interest and other expenses to be in the range of approximately $3.8 million to $4.2 million. We expect our Q3 non-GAAP and interest and other expenses to be in the range of approximately $3.7 million to $4.1 million. We expect a $1.5 million tax provision on a GAAP basis and a non-GAAP tax provision of approximately $1 million. We expect our Q3 GAAP and non-GAAP diluted share count to be approximately $99 million each.

我們預期 2026 年第三季 GAAP 營業費用介於 9,800 萬至 1.04 億美元。我們預期第三季非 GAAP 營業費用介於 6,600 萬至 7,100 萬美元。我們預期第三季 GAAP 利息及其他費用約介於 380 萬至 420 萬美元。我們預期第三季非 GAAP 利息及其他費用約介於 370 萬至 410 萬美元。我們預期 GAAP 基礎下的所得稅費用提列為 150 萬美元，非 GAAP 所得稅費用提列約為 100 萬美元。我們預期第三季 GAAP 與非 GAAP 稀釋後股數約各為 9,900 萬股。

In summary, our results this quarter reflect the continued strength of our optical products and the momentum we are seeing across multiple growth vectors within our infrastructure business. Our growth and innovation in this area has been transformational, and we believe we are in the early stages of a multi-year cycle characterized by revenue growth and expanding operating leverage. We're excited about the opportunities ahead and confident in our ability to create long-term shareholder value.

總結而言，本季結果反映我們光學產品的持續強勁，以及我們在基礎設施業務中多個成長向量所展現的動能。我們在此領域的成長與創新具有變革性，我們相信目前正處於一個以營收成長與營運槓桿擴張為特徵的多年週期早期階段。我們對未來機會感到振奮，並對創造長期股東價值的能力充滿信心。

With that, we'd like to open up the call for questions. Paul?

接下來，我們開放提問。Paul？

(Operator Instructions)

（接線員指示）

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes, thank you, and congratulations on the strong results. Kishore or Steve, you raised the optical transceiver revenue by more than $50 million for this year. Could you talk a little bit about what's driving that? Maybe talk a little bit about the regional nature of that, and also if you could give us a sense for the mix between 400 gig and 800 gig. Thank you.

是的，謝謝，並恭喜你們交出強勁的結果。Kishore 或 Steve，你們把今年的光學收發器營收上調了超過 5,000 萬美元。能否談談背後的驅動因素？也許也談談其區域性的特徵，另外若可以的話，請給我們一些 400G 與 800G 之間組合占比的概念。謝謝。

Okay. Kishore, would you like to maybe take that one?

好的。Kishore，你要不要來回答這題？

Yes. Sorry. Thank you. We're obviously very excited about the growing infrastructure business, and especially about our success with our ramps for 400 gig and 800 gigabit optical PAM4 business. So as we entered the year, we were more concentrated 400 gigabit revenues, but all the revenue growth we are seeing now is driven by 800 gigabit PAM4 success for us, and this will continue in 2027. And as we move later in 2027, our 1.6 terabit Rushmore will start to generate revenue and will drive growth beyond 2027 to 2028 and 2029.

好的。抱歉。謝謝。我們顯然對基礎設施業務的成長感到非常振奮，尤其是我們在 400G 與 800Gb 光學 PAM4 業務放量上的成功。因此在今年初，我們的營收較集中在 400Gb，但我們目前看到的所有營收成長，都是由 800Gb PAM4 的成功所驅動，而且這種趨勢將延續到 2027 年。而當我們進入 2027 年後期，我們的 1.6Tb Rushmore 將開始貢獻營收，並推動 2027 年以後、延伸至 2028 與 2029 年的成長。

So, yes 800 gigabit is now substantially going to be a bigger portion of our run rate revenues moving forward. With regard to our end customers we do not share our particular customer needs. We have not done that. However, our customers span both US and Asia of hyperscalers and Tier 1 data center customers and OEMs. And at this point in time, we are beginning to see more and more traction and revenue growth that will -- span both the regions, including the United States.

所以，是的，800G 接下來將在我們的經常性營收（run rate revenues）中占比顯著提高。關於我們的終端客戶，我們不會分享特定客戶的需求。我們一直都沒有這麼做。不過，我們的客戶涵蓋美國與亞洲的超大規模客戶（hyperscalers）、一級資料中心客戶以及 OEM。而在目前這個時間點，我們開始看到越來越多的動能與營收成長，將——涵蓋兩個地區，包括美國。

Very good. And as my follow-up, just thinking about some of the, extension of products that you're now sampling -- whether it's, Washington and Annapurna, you talked about 27 contribution, but I'm just curious, should the ramp be mainly in 2028, or could you potentially start to see some ramps with TIAs and recoveries already in 2027?

非常好。那作為追問，我在想你們現在正在送樣的一些產品延伸——不論是 Washington 還是 Annapurna，你提到 27 年會有貢獻，但我只是好奇，爬坡主要會在 2028 年嗎？還是你們可能在 2027 年就已經能看到一些 TIAs 與回收（recoveries）的爬坡？

So we, our Rushmore product line, our -- or Annapurna and even our TIAs for the 1.6 terabit or 200 gigabit per lane speed has been sampling now. It's customer -- it's in the customer call phases and designing process. So, we expect revenue to start generating in 2027.

所以我們的 Rushmore 產品線——我們的——Annapurna，甚至我們用於 1.6Tbps 或每通道 200G 速度的 TIAs，目前都已在送樣。它正處於客戶端——客戶評估階段與設計流程中。因此，我們預期 2027 年開始產生營收。

So, we expect the ramps at some -- at one or two opportunities to start somewhere in the second half of the year, and then layer on top of that through 2028 or 2029. So, yes, we do have some expectations of 1.6 terabit revenues, and for the TIAs as a companion, and for Annapurna active electrical cables in 2027.

所以，我們預期在某些——一到兩個機會上，爬坡會在下半年某個時間點開始，然後在 2028 或 2029 年持續疊加成長。所以，是的，我們確實預期 2027 年會有一些 1.6Tbps 的營收，以及作為配套的 TIAs，還有 Annapurna 主動式電纜（active electrical cables）的營收。

Sounds good. I'll go back in line. Thank you.

聽起來不錯。我回到隊列裡。謝謝。

Cody Acree, Benchmark Company.

Benchmark Company 的 Cody Acree。

Hey, guys. Thanks for taking my questions, and congrats on the strong results and guidance. Maybe if I just get one point of clarification, the increase in the optical outlook, the $50 million increase, that is all just Keystone. Is that correct? That's not counting any Washington or Annapurna revenue in 2026?

嗨，各位。謝謝回答我的問題，也恭喜你們有強勁的業績與指引。我想先確認一點：光學業務展望上調的那 5,000 萬美元增量，全部都只是 Keystone 帶來的。對嗎？這不包含 2026 年任何 Washington 或 Annapurna 的營收？

That's correct, Cody. That's very correct. It's all driven by Keystone product family.

沒錯，Cody。完全正確。全部都是由 Keystone 產品家族所驅動。

And can you just talk about the visibility you have to that, the order visibility, the backlog builds that's looking into the second half? Can you just give us some color on the extension of your order trends?

那你能談談你們對此的能見度嗎——訂單能見度、積壓訂單（backlog）在下半年累積的情況？能否就你們訂單趨勢的延續性給我們一些說明？

Yeah, Cody, I can answer that one. Look, I mean, I think this probably goes without saying, but kind of across most of our businesses right now, I mean, the visibility is very good. I mean, kind of given some of the tight supply and just the continued increasing demand, visibility is good. It's going out on about six months anyway. So, naturally, that gives us the confidence to go and raise these numbers.

可以，Cody，我來回答。你看，我想這大概不言自明，但就我們目前大多數業務而言，能見度非常好。在供應偏緊、需求持續增加的情況下，能見度確實不錯。至少可以看到大約六個月之後。所以，自然地，這也讓我們有信心去上調這些數字。

Thanks for that, Steve. And then just lastly, can you talk about wafer prepayments, maybe the amount that you did in Q2 and any expectation for Q3? And I guess if you can just walk through some of the puts and takes for your gross margin improvement, things like your mix and your incremental supply constraints and any kind of expedite fees that you may be paying.

謝謝你，Steve。最後一個問題，你能談談晶圓預付款（wafer prepayments）嗎？例如你們在第二季做了多少，以及對第三季有沒有任何預期？另外，如果可以的話，也請你帶我們走一遍毛利率改善的各項拉動與抵銷因素，例如產品組合（mix）、額外的供應限制，以及你們可能支付的任何加急費（expedite fees）。

Sure. Yeah, not a problem at all, Cody. Maybe just hit the prepayment real quick. Certainly, with this increased demand and making sure that we're securing wafers and products for our customers going out, we've certainly started to prepay in a lot of cases.

當然。沒問題，Cody。我先快速談一下預付款。確實，隨著需求增加，為了確保我們能為客戶鎖定未來的晶圓與產品供應，我們在很多情況下已開始預付。

So, that was up a little bit in the quarter. We expect that to continue next quarter as well. But that's all against a product that has a backlog out a couple of quarters, right? So, comfortable with that. Your question with regard to gross margins, so a little ahead of schedule here. We're excited about hitting the 60% level in our guidance for Q3.

所以，本季這部分略有增加。我們預期下季也會持續。但這些預付都是對應到已經有未來幾季積壓訂單的產品，對吧？所以我們對此感到安心。至於你關於毛利率的問題，我們這裡稍微提前一點回答。我們很高興在第三季指引中達到 60% 的水準。

As you're probably aware, the mix of our infrastructure products historically has been well above the corporate average. That continues to be the case today. I do see that continue to expand over the next year or two as our infrastructure business grows, as our 800 -- 1.6T products start to contribute further. We've been a little bit cautious. We've shared this with investors that just the input cost, the wafer cost increases, the packaging test increases that we're seeing out there. We're certainly, kind of careful as we're seeing this across the board.

如你可能知道的，我們的基礎設施產品組合在歷史上毛利率一直明顯高於公司平均。今天仍然如此。我也預期在未來一到兩年，隨著基礎設施業務成長、以及我們的 800G——1.6T 產品開始進一步貢獻，這個趨勢會持續擴大。我們一直稍微保守一些。我們也向投資人分享過，我們看到的投入成本——晶圓成本上升、封裝測試成本上升——確實在發生。因此，當我們看到這些全面性的變化時，我們會非常謹慎。

Some cases, you can pass this along to customers. And so, we've just been a little bit cautious on this front. But certainly, we see improvements from here.

在某些情況下，你可以把這些成本轉嫁給客戶。所以，我們在這方面一直稍微保守。但我們確實看到從這裡開始會有改善。

Thank you. Thank you, guys.

謝謝。謝謝各位。

Steve, I just want to add, if you look at the revenue ramp we've had throughout 2026 and raised expectations, especially with the advanced nodes in 5-nanometer, Keystone is the only 5-nanometer, SoC shipping in volume for the 100 gig per lane speeds. At least, we were the first one.

Steve，我想補充一下：如果你看我們在 2026 年的營收爬坡，以及我們上調的預期，特別是在 5 奈米先進製程節點方面，Keystone 是唯一一款以 5 奈米製程、針對每通道 100G 速度、且正在大量出貨的 SoC。至少，我們是第一個。

We have gotten our forecast when it kept going up. And I must say that our Foundry and OSAT partners have been incredibly supportive in making sure that we can meet the surging demand as our calls went through. And we have started laying more and more customer product ramps on our optical products.

我們的預測一直在上調。我必須說，我們的晶圓代工（Foundry）與 OSAT 合作夥伴在確保我們能滿足需求激增方面，給了極大的支持，隨著我們的需求訊號一路上來。而且我們已開始在光學產品上，逐步疊加越來越多的客戶產品爬坡。

So, yes, it's supply-side. But I think having strong relationship and constant communications with our Foundry partners and OSAT has been incredibly helpful. And that goes a long way in meeting our demand.

所以，是的，這是供應端的問題。但我認為，與我們的晶圓代工夥伴與 OSAT 維持強健的關係與持續溝通，確實非常有幫助。而這對於滿足我們的需求有很大的助益。

Excellent. Thank you, guys.

很好。謝謝各位。

Joe Quatrochi, Wells Fargo.

Wells Fargo 的 Joe Quatrochi。

Yeah, thanks for taking the question. Maybe on the optical side of the revenue guide up, how should we think about the revenue run rate of that in the second half as we're just thinking about the trajectory into 2027?

是的，謝謝讓我提問。關於光學業務營收指引上調這部分，當我們思考 2027 年的走勢時，下半年該如何看待其營收經常性水準（run rate）？

Sure, Joe. Look, I mean, we -- as new calls kind of come through production ramps start, I mean, we started out with a great run rate going into the year. I think that's just continued to improve -- obviously, raising this number here kind of set expectations for '27 as well. So you would expect that there's not a stair step. I mean, we continue to see as more customers qualifications get completed, move into production volumes you're seeing those numbers go up, and I would expect that to continue into next year.

當然，Joe。你看，我的意思是——隨著新的需求訊號逐步進來、量產爬坡開始，我們在年初就已經有很好的經常性水準。我認為這之後只是不斷改善——顯然，我們在這裡上調這個數字，也某種程度上為 2027 年設定了預期。所以你會預期不會出現階梯式跳升。我的意思是，隨著更多客戶的認證完成、進入量產規模，你會看到這些數字上升，而我預期這個趨勢會延續到明年。

And then maybe on the broadband side, maybe just any update there in terms of what you're seeing from a demand perspective and just kind of some of the timing for some of these transitions. Has anything changed there?

然後可能在寬頻那一端，想請問從需求面的角度，你們看到的情況有沒有任何更新？以及這些轉換在時程上大概是怎麼走。那邊有任何變化嗎？

Yeah. Not a whole lot of changes. I mean as you know, we've been gaining share on some of our PON programs. That's gone exceptionally well this year. I think as we look out at the back half of this year and next year, telco CapEx spend continued to be good. Our customers continue to be rolling out in a lot of cases, new programs. If you recall, we've got kind of content increases and a couple of other things. So yes, I would say everything is on track on that front.

是的。沒有太多變化。我的意思是，如你所知，我們在一些 PON 專案上一直在提升市佔。今年進展非常順利。我想，展望今年下半年和明年，電信業者的資本支出（CapEx）仍然維持不錯。我們的客戶在很多情況下也持續在推出新的專案。如果你還記得，我們有一些內容量的提升以及其他幾件事。所以是的，我會說在這方面一切都按計畫進行。

Thank you.

謝謝。

Suji Desilva, ROTH Capital Partners.

Suji Desilva，ROTH Capital Partners。

Hi, Kishore. Hi, Steve. Congratulations on the strong progress here. I know you're growing very strong in optical in '27, but I'm trying to understand '27 a little bit. Just what's the share opportunity to Kishore much more grade happen from Keystone. Do you guys haven't advantage that perhaps even grow your share? Or should we expect that it holds from the success you have in Keystone?

嗨，Kishore。嗨，Steve。恭喜你們在這裡取得強勁進展。我知道你們在光學領域到 '27 的成長非常強，但我想更理解一下 '27。就市佔機會而言，對 Kishore 來說，更多的升級會從 Keystone 發生嗎？你們是否有優勢，甚至可以進一步提升市佔？或者我們應該預期市佔會維持在你們在 Keystone 上的成功水準？

So, Suji, obviously, the kind of growth we are seeing comes from two factors, right? The market itself is going very, very strongly. And the fact that we have raised our expectation by '26 revenue, which means a higher run rate expectations get towards second half of '26, which has implications for '27 as well.

所以，Suji，很明顯，我們看到的這種成長來自兩個因素，對吧？市場本身正在非常、非常強勁地成長。以及我們提高了對 '26 年營收的預期，這代表到 '26 年下半年會有更高的 run rate 預期，而這也會對 '27 產生影響。

It's a matter of as and when we learn about the ramps and how strong the ramps are, we're upgrading our revenue expectations. So, it's happening in both ways, right? One is through the TAM growth, and the other one is through market share growth.

這取決於我們何時、以及在多大程度上了解這些爬坡（ramp）以及爬坡有多強，我們就會上調我們的營收預期。所以，這是兩方面同時在發生，對吧？一個是透過 TAM 成長，另一個是透過市佔成長。

So, yes, on both fronts, our performance differentiation and increasing traction with successful rollout of our products and various other customers is having a knock-on effect of more, what I call, more acceleration in the ramps that we are seeing.

所以是的，在這兩個面向上，我們在效能差異化的表現，以及我們的產品成功導入、並在各種其他客戶那裡取得更多進展，正在產生連鎖效應，帶來我所說的、我們看到的爬坡更進一步加速。

With regards to Rushmore, obviously, Keystone is a foundational product for MaxLinear. This was the first major one that went to mass rollout from MaxLinear's point of view, even though it represents our third generation of technology. But Rushmore, at 1.6 terabit, is now sampling, has got performance and power advantages that are very, very substantial.

至於 Rushmore，很明顯，Keystone 是 MaxLinear 的基礎性產品。從 MaxLinear 的角度來看，這是第一個進入大規模部署的主要產品，儘管它其實代表我們第三代技術。但 Rushmore（1.6 terabit）目前正在送樣，並且在效能與功耗上具有非常、非常顯著的優勢。

And at the same time, it has also got supply chain diversification that is very unique with MaxLinear versus our competition. So, if you're rolling all these factors, we feel very optimistic and actually, frankly, very excited about Rushmore and the upside potential of ASP increases with the enhanced speeds.

同時，相較於競爭對手，它也具備非常獨特的供應鏈多元化優勢，這是 MaxLinear 的特色。所以，把這些因素綜合起來，我們感到非常樂觀，而且坦白說，對 Rushmore 以及因速度提升而帶來 ASP 上升的潛在上行空間感到非常興奮。

So, I think that the same customers that are using Keystone are eagerly working towards deploying our 1.6 terabit. And obviously, the call interrupt cycle is a bit longer and natural at higher speeds. But we feel we're very well-positioned to be successful with 1.6 terabit Rushmore as well as a successor to Keystone offering.

所以，我認為目前使用 Keystone 的同一批客戶，也正積極推進部署我們的 1.6 terabit。而且很明顯，在更高速度下，導入週期自然會更長一些。但我們認為，我們在 1.6 terabit 的 Rushmore（作為 Keystone 方案的後繼產品）上也處於非常有利的位置，能夠取得成功。

The important thing is my own forecast for the industry is both 800 gigabit and 1.6 terabit will be one of the workhorse speed nodes for a long time to come. So, even as Rushmore ramps, Rushmore comes online, Keystone will still be having a lot of growth engine and capacity moving forward.

重點是，我對產業的預測是：800 gigabit 和 1.6 terabit 都會在未來很長一段時間內成為主力速度節點之一。所以，即使 Rushmore 開始爬坡、Rushmore 上線，Keystone 仍然會在未來持續具備很強的成長動能與產能推進。

Okay. So, we're on. Thanks. And then my other question is on the TIA driver market, the Washington product and so forth. In the 1.6T platforms, are you seeing more kind of creative set of CPO, LPO architectures that drive higher attach rate and make better use of your products as they break out some of the components there?

好的。所以，我們了解了。謝謝。那我另一個問題是關於 TIA 驅動器市場、Washington 產品等等。在 1.6T 平台上，你們是否看到更多比較有創意的 CPO、LPO 架構，進而帶來更高的搭載率（attach rate），並且在把一些元件拆分出來時，能更好地運用你們的產品？

No, I think you have to look at that. For the first time, we are actually positioning and marketing Washington as both a standalone TIA and paired with Rushmore. Obviously, the first success we'll have is a paired offering with our own SerDes and PAM4 DSP in Rushmore.

不，我認為你得這樣看。我們第一次把 Washington 同時定位並行銷為獨立的 TIA，以及可與 Rushmore 搭配的產品。很明顯，我們最先取得的成功會是與 Rushmore 中我們自家的 SerDes 與 PAM4 DSP 搭配的組合方案。

Having said that, as we go to higher speeds, our deep RFx expertise is very, very valuable and differentiated. And it's got a lot of potential to be used as a standalone product working with other DSPs and at the same time being designed into LPOs and LRO type of applications. So, at this stage, I would say preliminary, we expect our first traction to come from our own pairing with our own device.

話雖如此，當我們走向更高速度時，我們深厚的 RFx 專業能力非常有價值且具差異化。它也有很大的潛力可作為獨立產品，與其他 DSP 搭配，同時也能被設計導入到 LPO 與 LRO 類型的應用中。所以在這個階段，我會說還算初步，我們預期第一波的進展會來自我們與自家裝置的搭配。

Very helpful color, Kishore. Thanks.

這些說明很有幫助，Kishore。謝謝。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Hey, Stephen, Kishore. I'll offer my congratulations as well. I wanted to follow up on Suji's question just on Rushmore. As you look at the qualification programs you're engaged in now, is that a sort of expanding set or expanding opportunity? Do you think you are sort of going after more 1.6T modules at your customers than, say, you were originally looking at on 800 gig? I'm just kind of wondering, can you tell from the qualification activity whether you think your share continues to increase with Rushmore?

嘿，Stephen、Kishore。我也要表示恭喜。我想延續 Suji 關於 Rushmore 的問題。當你們看目前正在參與的認證（qualification）專案時，這是否是一個正在擴大的集合或擴大的機會？你們是否認為，相較於你們原先在 800 gig 時所看的範圍，你們現在在客戶那裡正爭取更多的 1.6T 模組？我想了解的是，從認證活動來看，你們能否判斷在 Rushmore 上你們的市佔是否會持續提升？

So, wow. Very, very good question. And I'm actually very pleased with where we are. From where we started in Keystone today, I can safely say that we are now comprehensively designed across the board of all of the optical module layers, on the 800-gigabit solution across the board.

所以，哇。非常、非常好的問題。而且我對我們目前的進展其實非常滿意。從我們在 Keystone 起步到今天，我可以很有把握地說，在 800-gigabit 解決方案上，我們已經在所有光模組的各個層面全面被設計導入（designed in），涵蓋整個版圖。

So, in a sense, 1.6T now has to systematically get designed to each of those customers where we have laid the foundation with Keystone and then developing their modules, calling them, and then interrupting them. So, if anything, Keystone has created the footprint for us to roll out 1.6 terabits.

所以某種意義上，1.6T 現在必須系統性地在每一個客戶那裡完成設計導入：我們已經用 Keystone 打下基礎，接著協助他們開發模組、與他們進行技術互動，並推進導入。所以如果說有什麼影響的話，Keystone 已經為我們推出 1.6 terabit 建立了足跡與基盤。

Obviously, it's a very multifaceted play in terms of calling 1.6 terabits Rushmore, and it's just being designed in with the module makers. Then it leads to the next phase of calls with the data center operators, and that's when the revenue ranks will start. So, we expect this to happen towards the second half of next year, and with the initial revenue rank starting in '27.

很明顯，在推進 1.6 terabit Rushmore 的過程中，這是一個非常多面向的布局，而目前它正與模組製造商一起被設計導入。接著會進入下一階段，與資料中心營運商進行洽談，而那時營收的爬坡才會開始。所以，我們預期這會在明年下半年發生，並在 '27 年開始出現初期的營收爬坡。

Got it. And then, Kishore, as you look at the broadband, sort of the CPE gateway business, and you talk to your customers, do those CPE boxes tend to use a fair amount of memory? Is the rising cost of memory, causing any sort of delays and rollouts, or perhaps lower units, or do you think that the CPE business is able to absorb the memory cost increases?

了解。接著，Kishore，當你看寬頻這塊、也就是 CPE 閘道器業務，並與客戶交流時，這些 CPE 盒子通常會用到相當多的記憶體嗎？記憶體成本上升是否造成任何延遲與部署，或可能導致出貨量下降？還是你認為 CPE 業務能夠吸收記憶體成本的上漲？

So, at this point in time, we do not, we have not seen on our solution platforms, effects of memory as being a major driver in their decisions on using a product. If anything, we have been able to share gains because our solution actually integrates a lot -- different implementations, different solutions use, competition uses a lot more external memory than we do. So, we actually save our customers a lot more money due to the integrated solution with on-chip memory and incorporated.

所以，就目前這個時間點而言，我們沒有——我們在我們的解決方案平台上，尚未看到記憶體因素成為他們在決定是否採用某項產品時的主要驅動因素。如果說有什麼影響的話，我們反而能夠分享一些優勢，因為我們的解決方案實際上整合了很多——不同的實作、不同的解決方案，競爭對手的方案使用的外部記憶體比我們多得多。因此，透過具備晶片內記憶體並加以整合的方案，我們其實為客戶省下了更多成本。

So, we have not seen much impact with our customers. Obviously, they're absorbing the cost of the memory, and they're able to pass it on to their operator customers. So, there is some juggling going on, but at our own level, we have not seen any, what I call, real tangible impact on the volumes that we were expecting and forecasting for this year and looking into next year. You have to keep in mind that the lead times are pretty long these days, so you get fairly strong visibility based on backlog and bookings.

所以，我們沒有看到對客戶造成太大影響。顯然，他們正在吸收記憶體的成本，並且能夠把成本轉嫁給他們的營運商客戶。因此確實有一些調整在進行，但就我們自身層面而言，我們沒有看到任何——我所謂的——對我們今年預期與預測的出貨量，以及展望到明年的出貨量，造成真正具體的影響。你必須記得，現在的交期相當長，所以基於積壓訂單與接單情況，你會有相當強的能見度。

Understood. Thank you, Kishore.

了解。謝謝你，Kishore。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Hey, good afternoon, and congrats as well, especially on the guide -- and my first question is kind of about that, which is in terms of what you're seeing here, can you -- we try to be more granular between -- overall market growth uptick in unit volumes, broadly speaking, being a driver here versus share gain on MaxLinear's part maybe at the expense of capacity-constrained competitors. But I don't know if there would be another factor, but I'd love to have you weight those two in terms of what you're seeing in the step function here these couple of quarters. Follow-up from there.

嗨，下午好，也恭喜你們，特別是對於指引——我的第一個問題也正是關於這點：就你們目前看到的情況，你們能否——我們想更細緻地拆分——這裡的驅動因素究竟是整體市場成長、帶動出貨量上升，還是 MaxLinear 這邊的市佔提升，可能是以產能受限的競爭對手為代價。我不確定是否還有其他因素，但我很希望你們能就這兩者在你們看到的這幾季「跳升」中各自的比重做個權衡。之後再追問。

So look -- sorry, go ahead, Steve.

所以你看——抱歉，你先說，Steve。

Yes. No, I was just going to say, I don't know that we can -- it's hard to break out. I guess -- from our perspective, I mean, what we're confident and I think what we are seeing is that we are seeing more market share gains. Certainly, the market is growing nicely. But we're seeing our share go up.

是的。不，我只是想說，我不確定我們能——這很難拆分。我想——從我們的角度來看，我們有信心、而且我認為我們看到的是，我們確實看到更多的市佔提升。當然，市場本身也在不錯地成長。但我們看到的是我們的份額在上升。

I think part of the rationale from seeing our guidance go up is that we've been able to take additional market share. And so we're seeing that in the short term, and we think you'll also see that throughout next year as newer programs start to ramp.

我認為你們看到我們指引上調的部分原因，是因為我們能夠取得額外的市佔。所以短期內我們看得到這點，而且我們也認為，隨著較新的專案開始放量，你們在明年全年也會看到這種情況。

Got it. And kind of following up on the guidance I guess, would it be -- I think it's about $45 million. Would it be fair or perhaps conservative to say the majority of that sequential growth is coming from optical In Q3?

了解。那就指引再追問一下，我想大概是 4,500 萬美元。如果說這個季度對季度的成長中，多數是來自第三季的光學業務，這樣說是否合理、或甚至偏保守？

Yeah. I guess I would just say that the majority of it is coming out of infrastructure, certainly, I mean, we're seeing growth across that end market, call it, much more so than some of the others. The others are going up as we guided, but a lot of that growth is coming from infrastructure. And certainly, we upped our optical guide. So that number goes up as well.

是的。我想我會說，多數成長是來自基礎設施，當然，我是說，我們在那個終端市場看到的成長——姑且這麼稱呼——比其他一些市場要多得多。其他市場也如我們指引所說在上升，但相當一部分的成長來自基礎設施。而且我們確實上調了光學的指引。所以那個數字也會上升。

Got it. And when you talk about growth across the rest of the segments, I assume you're referring to sequential growth there, not year-over-year?

了解。當你談到其餘各個區隔的成長時，我假設你指的是季度對季度的成長，而不是年對年？

I was. Yeah, it's reflecting the guidance. Yeah, that's correct, Tim.

我是指季度對季度。是的，這反映在指引裡。對，Tim，你說得沒錯。

Great. And last question for me, looks like no 10% customers here. And I imagine the old broadband guys are kind of falling off the list. But as we move forward and you continue to ramp in optical, do you have the prospect of having one or more of these module guys as a 10% customer in the near future or in the future in general?

很好。我最後一個問題：看起來這裡沒有任何 10% 客戶。我想以前那些寬頻客戶可能已經從名單上掉下來了。但往前看，隨著你們在光學持續放量，近期或更長期來看，你們是否有機會讓一個或多個模組廠成為 10% 客戶？

Yeah. So, I think we've mentioned this before, Tim. Look, I think we've talked about being in a lot of customers. Kishore just mentioned that again as well. We've got a number of module guys, a number of data centers that we're supplying product into today. But over time, yeah, I do think you'll expect to see more concentration. I think that's well understood as we go into next year. I don't think that'd be surprising at all.

是的。Tim，我想我們之前提過這點。你看，我想我們談過我們在很多客戶那裡都有布局。Kishore 剛剛也再次提到。我們目前供貨給多家模組廠、也供貨給多個資料中心。但隨著時間推進，是的，我確實認為你會預期看到更高的集中度。我想當我們進入明年時，這點大家也都能理解。我不認為那會讓人意外。

Thanks very much.

非常感謝。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Hi guys, congrats on the results. And I apologize if this has been asked as I joined late. But in terms of the composition, customer composition, particularly moving forward for DSP. Is there any movement in terms of the balance between hyperscalers versus module makers and then also North America versus like Eastern guys -- or is it still incredibly broad-based.

嗨，各位，恭喜這次的結果。如果我因為晚加入而重複提問，先說聲抱歉。但就組成來看、也就是客戶組成，特別是往前看 DSP 這塊。在超大規模客戶（hyperscalers）與模組製造商之間的平衡，以及北美相對於例如東方客戶——這些方面是否有任何變化？還是仍然非常分散、涵蓋面很廣？

Yes, you might have just missed this question because it was just before you. But -- we continue to see growth. I mean, Kishore mentioned in the prepared remarks that we're seeing growth out of both regions. So from a geography standpoint, we're certainly seeing growth on both sides. .

是的，你可能剛好錯過了這個問題，因為就在你之前有人問過。不過——我們仍持續看到成長。我的意思是，Kishore 在準備好的發言中提到，我們看到兩個地區都有成長。所以從地理分布來看，我們確實在兩邊都看到成長。.

As far as concentration itself, as mentioned previously, there's not a 10% customer, but I do expect, as we've talked in the past, I think you'll see a little more concentration as we move forward. I mean there's not tons of these customers. So I think it's -- it will be understandable that you'll see some more growth -- more concentration as we move forward.

至於集中度本身，如先前所提，目前沒有任何 10% 客戶，但我確實預期——如我們過去談過的——隨著我們往前走，你會看到集中度稍微提高。畢竟這類客戶的數量並不多。所以我認為——隨著我們往前走，你會看到一些更多的成長——也就是更高的集中度，這是可以理解的。

Okay. But just to be clear, you don't have one marquee customer pushing. Is that correct.

好的。但我想確認一下，你們並沒有某一個旗艦級（marquee）客戶在推動。是這樣沒錯吧。

So again, we don't have a 10% customer. It's a little broader base. But I mean, you should expect -- there's a handful of customers that are going to drive the most volumes over the next, call it, six quarters?

所以再說一次，我們沒有 10% 客戶。基礎稍微更分散一些。但我的意思是，你應該預期——接下來大概六個季度左右，會有少數幾個客戶驅動大部分的出貨量？

Okay. Perfect. And then as a follow-up, I think it's been some time since you've given some long-term metrics for the model more broadly. I think at one point in time, we talked about 65% gross margins -- do you have any sort of an update for your longer-term model, including what a path might look like to 65%? Does that still hold for you guys?

好的。完美。接著追問一下，我想你們已經有一段時間沒有提供更廣泛的長期模型指標。我記得某個時間點我們談過 65% 的毛利率——你們是否能更新一下你們的長期模型，包括達到 65% 的路徑可能會是什麼樣子？這個目標對你們來說仍然成立嗎？

Yes. So I don't think the target has changed. We certainly feel like with the product mix, the end markets that we participate in that that's still the right goal. And I think there's a path to certainly get there, raise the number for our Q3 guide goes up a little bit ahead of schedule. So that's good.

是的。所以我不認為目標有改變。我們確實覺得，以我們參與的產品組合與終端市場來看，那仍然是正確的目標。而且我認為確實有一條路徑可以達成；我們把第三季指引的數字上調了一點，且比原先時程略為提前。所以這是好事。

I think that reflects just our infrastructure business in general, growing at a faster rate than some of the other end markets, and they do have gross margins that run ahead of the corporate average. Right now, we're seeing lots of increases of cost, right? I mean whether it be on the wafer side or just test assembly packaging. So doing our best to pass some of those costs along, but where you're paying premiums in some cases, meeting customer demand. So we're paying a little bit more right now. But I certainly think that there's a strong path to see continued growth out of our gross margins.

我認為這反映了我們的基礎設施業務整體而言，成長速度快於其他一些終端市場，而且其毛利率高於公司平均。目前我們看到成本大幅上升，對吧？不論是晶圓端，或是測試、組裝與封裝。所以我們盡力把部分成本轉嫁出去，但在某些情況下為了滿足客戶需求，我們得支付溢價。因此我們現在的成本確實高了一些。但我確實認為，我們的毛利率仍有很強的路徑可以持續成長。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop Capital Markets。

Hey, guys. Thanks for taking the question. I really appreciate it. same for me, I apologize, this has been asked, I jumped on late as well. But I guess in the DSP question, sort of as you look out the next couple of years, guys, and you think about what the drivers of growth are?

嗨，各位。謝謝讓我提問。我非常感謝。也一樣先跟我這邊說聲抱歉，這可能已經有人問過了，我也比較晚才加入。不過我想就DSP的問題，當你們展望未來幾年，並思考成長驅動因素時？

Any way to help us think about order of magnitude, bigger -- sort of the growth comes from your customer participation, i.e, hyperscalers versus price lift from going to 1.60 and 3.2 million versus just broader growth in the marketplace? Any help there would be useful.

能否幫我們用量級的角度來理解：成長更大部分來自你們的客戶參與度（也就是超大規模雲端業者 hyperscalers）相較於因升級到1.60與3.2M而帶來的價格提升，或是更廣泛的市場成長？若能提供一些說明會很有幫助。

Kishore, do you want to take that?

Kishore，你要回答這題嗎？

Hey, Yes. Ananda, that's a -- we answered that question too, as best we could. It's going to take all of those factors to play in our growth expectation plans. It's going to be share growth. There is going to be TAM growth. There is going to be TAM unit growth, and there's going to be ASP growth as you go to higher and higher speeds.

嗨，是的。Ananda，這個——我們也已經盡我們所能回答過這個問題。我們的成長預期與規劃需要所有這些因素共同作用。會有市占成長。會有TAM成長。會有TAM的出貨量（unit）成長，而且隨著速度越來越高，也會有ASP成長。

At the same time, we are also -- our footprint inside the data center is increasing. Now we are also offering a broad comprehensive product portfolio of TIAs, drivers. And at the same time, for active electrical cables, we have our Annapurna offering and also for onboard retimers, right?

同時，我們在資料中心內的佈局也在擴大。現在我們也提供更廣泛且完整的產品組合，包括TIA、驅動器。同時，針對主動式電纜（active electrical cables），我們有Annapurna方案；另外也有板上retimer，對吧？

So that product portfolio expands and broadens. It can address a number of architectures that include CPOs, NPOs, LPOs, LROs and other implementations both for optical and electrical scale-up and scale-out implementations.

因此產品組合在擴充與拓寬。它可以對應多種架構，包括CPO、NPO、LPO、LRO以及其他實作，涵蓋光與電的scale-up與scale-out部署。

So it's going to take all of those. And the good news is that the offering has become more comprehensive, and we continue to work towards that to expand that SAM, if you will, of the larger footprint. And we feel we are really making excellent progress getting these into the pipeline and then eventually they will result in multiyear revenue growth and expansion for MaxLinear.

所以會需要所有這些因素。好消息是，我們的產品供應已變得更全面，而我們也持續朝這個方向努力，以擴大（如果你願意這麼說）更大佈局所對應的SAM。我們覺得在把這些導入pipeline方面進展非常好，最終它們將帶來MaxLinear多年期的營收成長與擴張。

Yes. That's really helpful, Kishore. That's really helpful. I guess a quick follow-up is, and maybe this also was taught to earlier on the call, so I apologize if it was. But anything notable either on the technical side of things or on the relationship side of things of note that sort of is helping you move the ball forward over the last 90 days that we should be aware of. Those will be useful context for us to be aware of. And that's it for me. Thank -- on the DSP business.

是的。這真的很有幫助，Kishore。真的很有幫助。我想快速追問一下——也許這在電話會議前面也談過，如果是的話我先道歉。但在過去90天裡，不論是技術面或合作關係面，有沒有什麼值得注意、能幫助你們推進進展的事項，是我們應該知道的？這些都會是對我們很有用的背景脈絡。我就問到這裡。謝——關於DSP業務。

Look, everybody matters, right? We are really building on the successful penetration ramp that is happening on Keystone and that itself is a self-reinforcing driver and force actually. So if you really look at the larger picture in the larger landscape today, with the track record of the millions of units of shipments and optical transceiver DSPs. There are only three players right now of -- and we are one of them. So I think that track record is really, really important.

你看，每個人都很重要，對吧？我們正在建立在Keystone成功滲透與放量的基礎上，而這本身其實就是一個自我強化的驅動因素與力量。所以如果你從更大的圖像與當前更大的產業版圖來看，憑藉我們在光收發器DSP出貨數百萬顆的實績。目前只有三個玩家——而我們是其中之一。所以我認為這個實績非常、非常重要。

And I think -- and then having the next-generation offering with Rushmore and expanding the product portfolio, all of this play a role into how they move around, how we build relationships -- you also have to keep in mind that we are now not just talking about electrical and PAM4 optical offerings at GI a drivers active electrical cables and onboard re diverse.

而且我想——再加上我們以Rushmore為代表的下一代產品，以及擴充產品組合，這些都會影響客戶如何選擇、以及我們如何建立關係——你也必須記住，我們現在談的不只是電與PAM4光的方案，還包括GI的驅動器、主動式電纜，以及板上retimer等。

We also have storage accelerators now in our portfolio that will get more and more important. -- as this agency AI becomes very important, and the story is bottlenecks that prevents increasing the number of agents, right? That's very important, how we expand that.

我們的產品組合裡現在也有儲存加速器，未來會越來越重要——隨著代理式AI（agentic AI）變得非常重要，而其中的故事是：存在一些瓶頸阻止代理數量的提升，對吧？這非常重要，也關係到我們如何擴大那一塊。

Hardware acceleration and compression is going to be very, very important -- to expand the agents and at the same time, reduce the time to first token, which all involves lower latency and improving power consumption. So I think we are also showing other parts to the portfolio. including XGS spawn for control plane for the data centers. It's going to take a lot of stuff to put together to continue to expand our relationship with the end customers.

硬體加速與壓縮將會非常、非常重要——用來擴大代理數量，同時縮短首次token時間（time to first token），而這一切都涉及更低延遲與改善功耗。所以我認為我們也在展示產品組合的其他部分，包括用於資料中心控制平面的XGS等。要持續擴大我們與終端客戶的關係，需要把很多東西整合在一起。

If you look at our two big competitors, right, they're very large companies, and they have a lot to offer to our end customers as well. So it's going to take working away, chipping away with more offerings that we could be a full-blown comprehensive player in the data center infrastructure.

如果你看我們兩個主要競爭對手，對吧，他們是非常大的公司，也能為我們的終端客戶提供很多東西。所以我們必須持續努力、一步一步地用更多產品供應來推進，讓我們能成為資料中心基礎設施中一個完整且全面的玩家。

Great. Very helpful context. Really appreciate it. Thanks, guys. Thanks, Kishore.t.

很好。這些背景非常有幫助。真的很感謝。謝謝各位。謝謝，Kishore.t。

Karl Ackerman, BNP Paribas.

Karl Ackerman，BNP Paribas。

Yes, thank you, gentlemen. Two if I may, I'm going to pivot a bit from the questions with respect to Optical, which is well covered, and you've certainly done very well this quarter on that. Could you discuss some of the key drivers for your industrial and multi-market business into the second half of next year?

是的，謝謝各位先生。如果可以我有兩個問題：我想稍微從光通訊相關、已經被充分涵蓋的問題轉個方向——而且你們本季在那方面確實表現很好。能否談談你們工業與多元市場（industrial and multi-market）業務在明年下半年的一些關鍵驅動因素？

I know you've mentioned it was going to grow sequentially into September, but I ask because while this area has improved, you're still halfway from a run rate business to achieve in 2023, and that appears to be margin of creative for you. And so, if we could just talk about the drivers of that, that could also drive revenue into the second half of 2027. It would be very helpful.

我知道你們提到該業務會在9月季度呈現季增，但我之所以問，是因為雖然這個領域已有改善，你們距離2023年要達到的常態化營收水準（run rate）仍只有一半左右，而那看起來對你們而言是具備毛利率增益（margin accretive）的。因此，如果我們能談談其驅動因素——也可能推動2027年下半年營收的因素——將會非常有幫助。

Yes. Sure, Carl. I can take that. The industrial business has definitely been recovering last year. It was very weak. We started to see -- you're seeing nice year-over-year improvements this year. I think I would expect that to continue next year. I mean, you're starting to hear more of the industry itself starting to recover. So that's good.

是的。當然，Carl。我可以回答。工業業務去年確實一直在復甦。之前非常疲弱。我們開始看到——你也看到今年同比有不錯的改善。我認為我預期這個趨勢明年會延續。我的意思是，你開始聽到整個產業本身也在復甦。所以這是好事。

And I think we've talked about this a little bit before. Some of this has driven some of the China business. We're actually seeing good pricing improvements in that region. So I would expect pricing as well as new products to contribute to that growth.

而且我想我們之前也稍微談過這個。其中一部分帶動了中國業務。我們實際上看到該地區的定價有不錯的改善。所以我預期定價以及新產品都會對那個成長有所貢獻。

Got it. If I may have a follow-up. Within broadband, could you discuss the mix of revenue on fiber today and whether you see that crossing over from cable, broadband? Is that something that can occur in 2027? Can you just talk about the growth process between fiber and cable within that would be helpful. Thank you.

了解。如果可以我再追問一下。在寬頻方面，能否談談目前光纖的營收占比，以及你是否看到它從有線寬頻那邊交叉過來？這種情況有可能在2027年發生嗎？能否談談在該領域中光纖與有線之間的成長過程，這會很有幫助。謝謝。

Yes. Good question, Karl. Yes, you're right. We've been talking about this. I mean this is an area that still relatively new. We're a relatively new player, but we've now won the top 2 guys in North America. So the second guy is ramping this year on track, as we had talked about.

是的。好問題，Karl。是的，你說得對。我們一直在談這個。我的意思是，這仍然是一個相對較新的領域。我們是相對新的參與者，但我們現在已經拿下北美前兩大客戶。所以第二大客戶今年正在按計畫放量，如同我們之前談到的。

So it's definitely growing nicely the PON business specifically. And as we -- I would expect that to continue next year. It's hard to say when the crossover will be. I mean I would guess 27%, but it may push out into 28, frankly, because some of the upgrades that are happening in the DOCSIS world are also growing. So -- we're seeing decent growth on both sides, and it's good to see the telcos kind of with some spending there.

所以特別是PON業務確實成長得很不錯。而且就我們來看——我預期明年會持續。很難說交叉點會在什麼時候出現。我的意思是，我猜是27%，但坦白說也可能延後到28，因為DOCSIS領域正在進行的一些升級也在成長。所以——我們看到兩邊都有不錯的成長，也很高興看到電信業者在那方面有一些支出。

Yeah, great. Thank you.

好的，很棒。謝謝。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Thank you. I just had a follow-up, and I'll ask a question that has not been asked. So looking at the filing, it looks like your purchase obligations went up about $40 million. But then you also have another obligation item that I think went up even more than that $45 million.

謝謝。我有一個追問，另外我也會問一個之前沒被問到的問題。所以看你們的申報文件，你們的採購義務似乎增加了約4,000萬美元。但你們還有另一個義務項目，我認為增加幅度甚至超過4,500萬美元。

Could you just explain a little bit the difference between those two? I mean you talked about, obviously, the wafer prepays and so on and so forth. I'm sure there's stuff you can do on the back end as well. But any more color on the difference in those two? Because obviously, it's pretty important increase in both items.

你能否稍微解釋一下這兩者之間的差異？我的意思是，你談到很明顯的晶圓預付款等等。我確定在後端你們也能做一些事情。但能否再多提供一些關於這兩者差異的說明？因為很明顯，這兩個項目的增加都相當重要。

Yeah. I mean, so obviously, the purchase obligations are probably the bigger takeaway. We did have some prepayments. I mean, with the stock price increase that we saw in the quarter, there were a handful of payroll accruals that had to be done as well, and so that's a portion of it.

是的。我的意思是，很明顯採購義務可能是更重要的重點。我們確實做了一些預付款。我的意思是，隨著我們在本季看到股價上漲，也有少數薪資相關的應計需要入帳，所以這也是其中一部分。

With around stock comp, but again, the majority is the prepayments, and as we had kind of talked about a little bit earlier, that portion obviously supporting growth in Q4 and into Q1 as those lead times, like we're starting to place orders now for Q1, and that's the majority of those numbers and those commitments.

與股票薪酬相關，但再說一次，大部分是預付款；而且如同我們稍早提到的，那部分顯然是為了支援第四季以及延伸到第一季的成長，因為交期的關係——例如我們現在就開始為第一季下單——而這就是那些數字與承諾的大宗。

Got it. And then the last question, so there was a little bit of discussion about the long-term model. I mean, you're going to be at 30% operating margin this quarter, or at least close to it. I know you've been here before, but how should we think about that sort of number now sort of being more the baseline going forward, especially in relation to your OpEx guidance?

了解。那最後一個問題，剛才有稍微討論到長期模型。我的意思是，你們本季的營業利益率將達到30%，或至少接近。我知道你們以前也到過這個水準，但我們現在應該如何看待這個數字在未來更像是一個基準，特別是相對於你們的營運費用（OpEx）指引？

Yeah, I mean, look, I don't want to guide beyond the quarter that we're in, but I think you well -- our long-term goal is to be between 30% and 35% operating margins. You're absolutely right. Kind of headed in that direction, you can kind of see the model starting to move there pretty quickly.

是的，我的意思是，你看，我不想對超出當前季度的情況提供指引，但我想你很清楚——我們的長期目標是營業利益率介於30%到35%。你說得完全正確。我們正朝那個方向前進，你也可以看到這個模型開始相當快地往那裡移動。

I mean, profitability is good, we're seeing good growth next year on the top line. Gross margins are favorable from an OpEx standpoint. Yeah, we'll see some increases in OpEx, definitely supporting, the growth in these areas. But as we've talked about, the operating leverage I think is compelling. It's exciting to kind of see. You're right, we've been here before, but we want to continue to show this kind of long-term sustainability of these profit margins.

我的意思是，獲利能力不錯，我們看到明年營收端（top line）有良好的成長。從OpEx角度來看，毛利率也有利。是的，我們會看到OpEx有一些增加，確實是為了支援這些領域的成長。但如同我們談過的，我認為營運槓桿相當有吸引力。看到這點令人振奮。你說得對，我們以前也到過這裡，但我們希望持續展現這些利潤率的長期可持續性。

Great. Thank you very much.

很好。非常感謝。

There are no further questions at this time. I'd like to hand the floor back over to Leslie Green for any closing remarks.

目前沒有其他問題。我想把時間交回給Leslie Green，請她做結語。

Thank you, Paul, and thank you for joining us on today's conference call. This quarter, we will be presenting at a number of financial conferences and virtual events. The details will be posted on the Investor Relations page of our website, and we look forward to speaking with you again soon. Thank you.

謝謝你，Paul，也謝謝各位參加今天的電話會議。本季我們將在多場金融研討會與線上活動中進行簡報。相關細節將公布在我們網站的投資人關係頁面，我們也期待不久後再次與各位交流。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

今天的會議到此結束。您現在可以掛斷電話。再次感謝您的參與。