MaxLinear : Earnings Release Q2 2019

Published: 2025-07-11 05:34:13 ET MXL

Published on 07/11/2025 at 05:34

July 25, 2019

CARLSBAD, Calif.--(BUSINESS WIRE)-- MaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog and mixed-signal integrated circuits for the connected home, and industrial and multi-market applications, today announced financial results for the second quarter ended June 30, 2019.

GAAP basis:

$56.6 million in the year-ago quarter, or 56% of net revenue.

Non-GAAP basis:

$35.7 million or 42% of revenue in the prior quarter, and $37.1 million or 37% of revenue in the year-ago quarter.

"In the second quarter, revenue results were in line with our revised guidance, gross margin improved nicely in the quarter and operating expenses continued to trend lower due to disciplined execution. We remain focused on succeeding in the new emerging 5G wireless and fiber-optic datacenter high-speed interconnect infrastructure markets as we grow the company beyond the connected home market, which remains weak due to delayed investment from the service providers and uncertainty around tariffs and customer supply chains," commented Kishore Seendripu, Ph.D., Chairman and CEO.

"We continued to execute on our new 14nm CMOS 4x4 Quad RF transceiver system-on-chip solution for the 5G wireless infrastructure market. These efforts addressing the 5G market continue to be exciting due to the additional content that we are growing on a per-system basis and increasing confidence in realizing revenues in the coming year. Also, our 400 gigabit PAM4 DSP SoC with integrated laser drivers and companion quad-TIA system solution is progressing extremely well with continued traction in the hyperscale data center market," continued Dr. Seendripu.

The company expects revenue in the third quarter 2019 to be approximately $77 million to

$83 million. Due to continued restrictions and lack of clarity from the U.S. Government on the ability to ship product to Huawei, related revenues are excluded from our guidance until further direction is given. The Company also estimates the following:

MaxLinear will host its second quarter financial results conference call today, July 25, 2019 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-

877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://http://investors.maxlinear.com, and will be archived and available after the call at https://http://investors.maxlinear.com until August 8, 2019. A replay of the conference call will also be available until August 8, 2019 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13692485.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including specifically our current guidance for third quarter 2019 revenue, gross margins, and operating expenses) and statements concerning expectations of potential developments in our target markets, including management's views with respect to the prospects for and trends in our connected home and 5G wireless and fiber-optic high-speed interconnect infrastructure markets. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management's current, preliminary expectations and are subject to various risks and uncertainties. Risks and uncertainties affecting our business and future operating results include, without limitation, intense competition in our industry; our dependence on a limited number of customers for a substantial portion of our revenues; uncertainties concerning how end user markets for our products will develop, including in particular new markets we are entering such as the 5G wireless and fiber-optic data center high-speed interconnect infrastructure markets but also existing markets such as connected home; uncertainties concerning the outcome of global trade negotiations, export control limitations, and heightened geopolitical risks generally; potential uncertainties arising from continued consolidation among cable television and satellite operators in our target markets and continued consolidation among competitors within the semiconductor industry generally; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products, particularly as we seek to expand outside of our historic markets; potential decreases in average selling prices for our products; risks relating to intellectual property protection and the prevalence of intellectual property litigation in our industry; the impact on our financial condition of the indebtedness arising from the Exar transaction; our reliance on a limited number of third party manufacturers; and our lack of long-term supply contracts and dependence on limited sources of supply.

In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 5, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 filed with the SEC on May 1, 2019, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, which we expect to file shortly. All forward-looking statements are based on the estimates, projections and assumptions of management as of July 25, 2019, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking

statements whether as a result of new information, future events, or otherwise.

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, effective tax rate, net income and diluted earnings per share. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance based bonus plan for 2019, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance based bonus plan for 2018 which we settled in shares of common stock in 2019; (iv) amortization of purchased intangible assets; (v) depreciation of fixed assets step-up; (vi) professional fees and settlement costs related to our previously disclosed IP and commercial litigation matters; (vii) severance and other restructuring charges; and (viii) non-cash income tax benefits and expenses and effects of the 2017 Tax Cuts and Jobs Act, or Tax Act, as applicable. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management's incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.

The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear.

Bonuses under our executive and non-executive bonus programs have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2018 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2019. We currently expect that bonus awards under our fiscal 2019 program will be settled in common stock in the first quarter of fiscal 2020.

While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Expenses incurred in relation to acquisitions include amortization of purchased intangible assets and depreciation of step-up of property and equipment to fair value.

Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to exiting certain facilities.

Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.

Income tax benefits and expense adjustments are those that do not affect cash income taxes payable. Effects of the Tax Act were excluded from Non-GAAP effective tax rate, as applicable.

Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, particularly related to stock-based compensation and its related tax effects as well as potential impairments, we have not provided a reconciliation for non-GAAP guidance provided for the third quarter 2019.

MaxLinear, Inc. (NYSE:MXL) is a leading provider of radio frequency (RF), analog and mixed-signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit https://www.maxlinear.com.

MXL is MaxLinear's registered trademark. Other trademarks appearing herein are the property of their respective owners.

Net revenue

$ 82,507

$ 84,635

$ 101,533

Cost of net revenue

38,427

39,558

45,203

Gross profit

44,080

45,077

56,330

Operating expenses:

Research and development

24,304

27,399

30,211

Selling, general and administrative

22,327

23,591

24,501

Restructuring charges

416

1,917

1,865

Total operating expenses

47,047

52,907

56,577

Loss from operations

(2,967)

(7,830)

(247)

Interest income

192

147

Interest expense

(2,853)

(2,975)

(3,694)

Other income (expense), net

(14)

(655)

725

Total interest and other expense, net

(2,675)

(3,483)

(2,950)

Loss before income taxes

(5,642)

(11,313)

(3,197)

Income tax provision (benefit)

(3,413)

(6,462)

11,225

Net loss

$ (2,229)

$ (4,851)

$ (14,422)

Net loss per share:

Basic

$ (0.03)

$ (0.07)

$ (0.21)

Diluted

$ (0.03)

$ (0.07)

$ (0.21)

Shares used to compute net loss per share:

Basic

70,917

69,968

68,335

Diluted

70,917

69,968

68,335

Net revenue

$ 167,142

$ 212,360

Cost of net revenue

77,985

93,362

Gross profit

89,157

118,998

Operating expenses:

Research and development

51,703

61,332

Selling, general and administrative

45,918

51,618

Restructuring charges

2,333

1,865

Total operating expenses

99,954

114,815

Income (loss) from operations

(10,797)

4,183

Interest income

339

Interest expense

(5,828)

(7,588)

Other income (expense), net

(669)

154

Total interest and other expense, net

(6,158)

(7,397)

Loss before income taxes

(16,955)

(3,214)

Income tax provision (benefit)

(9,875)

9,361

Net loss

Net loss per share:

$ (7,080)

$ (12,575)

Basic

$ (0.10)

$ (0.18)

Diluted

$ (0.10)

$ (0.18)

Shares used to compute net loss per share:

Basic

70,445

68,008

Diluted

70,445

68,008

Operating Activities

Net loss

$ (2,229)

$ (4,851)

$ (14,422)

Adjustments to reconcile net loss to net cash provided by operating activities:

Amortization and depreciation

16,646

16,863

20,051

Amortization of debt issuance costs and accretion of discount on debt and leases

391

402

287

Stock-based compensation

8,207

7,747

7,309

Deferred income taxes

(4,600)

(6,476)

(1,289)

Loss on disposal of property and equipment

Impairment of leasehold improvements

1,442

700

Impairment of long-lived assets

2,182

Gain on extinguishment of lease liabilities

(2,880)

(Gain) loss on foreign currency

(54)

567

(828)

Excess tax benefits on stock-based awards

(2,074)

(1,737)

(318)

Changes in operating assets and liabilities:

Accounts receivable

3,022

(142)

6,979

Inventory

(122)

(1,015)

1,420

Prepaid expenses and other assets

(648)

604

2,213

Leased right-of-use assets

981

645

Accounts payable, accrued expenses and other current liabilities

2,961

1,921

11,540

Accrued compensation

(209)

893

1,401

Accrued price protection liability

(7,649)

2,489

(132)

Lease liabilities

(2,179)

(2,125)

Other long-term liabilities

(11)

(519)

913

Net cash provided by operating activities

12,444

16,045

35,824

Investing Activities

Purchases of property and equipment

(524)

(2,155)

(2,423)

Net cash used in investing activities

(524)

(2,155)

(2,423)

Financing Activities

Repayment of debt

(15,000)

(18,000)

Net proceeds from issuance of common stock

3,305

2,628

3,036

Minimum tax withholding paid on behalf of employees for restricted stock units

(5,408)

(4,419)

(1,448)

Net cash used in financing activities

(17,103)

(16,791)

(16,412)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

354

577

793

Increase (decrease) in cash, cash equivalents and restricted cash

(4,829)

(2,324)

17,782

Cash, cash equivalents and restricted cash at beginning of period

71,867

74,191

57,333

Cash, cash equivalents and restricted cash at end of period

$ 67,038

$ 71,867

$ 75,115

June 30, 2019

June 30, 2018

Operating Activities

Net loss

$ (7,080)

$ (12,575)

Adjustments to reconcile net loss to cash provided by operating activities:

Amortization and depreciation

33,509

40,135

Amortization of debt issuance costs and accretion of discount on debt and leases

793

574

Stock-based compensation

15,954

15,782

Deferred income taxes

(11,076)

(3,621)

Loss on disposal of property and equipment

Impairment of leasehold improvements

1,442

700

Impairment of long-lived assets

2,182

Gain on extinguishment of lease liabilities

(2,880)

(Gain) loss on foreign currency

513

(357)

Excess tax benefits on stock-based awards

(3,811)

(1,115)

Changes in operating assets and liabilities:

Accounts receivable

2,880

(17,554)

Inventory

(1,137)

9,096

Prepaid expenses and other assets

(44)

3,216

Leased right-of-use assets

1,626

Accounts payable, accrued expenses and other current liabilities

4,882

11,119

Accrued compensation

684

3,903

Deferred revenue and deferred profit

(138)

Accrued price protection liability

(5,160)

(1,491)

Lease liabilities

(4,304)

Other long-term liabilities

(530)

121

Net cash provided by operating activities

28,489

47,795

Investing Activities

Purchases of property and equipment

(2,679)

(4,804)

Net cash used in investing activities

(2,679)

(4,804)

Financing Activities

Repayment of debt

(30,000)

(43,000)

Net proceeds from issuance of common stock

5,933

4,016

Minimum tax withholding paid on behalf of employees for restricted stock units

(9,827)

(3,839)

Net cash used in financing activities

(33,894)

(42,823)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

931

535

Increase (decrease) in cash, cash equivalents and restricted cash

(7,153)

703

Cash, cash equivalents and restricted cash at beginning of period

74,191

74,412

Cash, cash equivalents and restricted cash at end of period

$ 67,038

$ 75,115

June 30, 2019

March 31, 2019

June 30, 2018 (1)

Assets

Current assets:

Cash and cash equivalents

$ 66,629

$ 71,102

$ 74,059

Short-term restricted cash

344

347

345

Accounts receivable, net

56,618

59,639

83,648

Inventory

42,875

42,753

44,338

Prepaid expenses and other current assets

6,184

5,479

7,305

Total current assets

172,650

179,320

209,695

Long-term restricted cash

418

711

Property and equipment, net

15,738

16,987

20,886

Leased right-of-use assets

20,624

21,543

Intangible assets, net

216,342

230,634

281,017

Goodwill

238,330

Deferred tax assets

62,667

58,067

42,995

Other long-term assets

2,744

3,583

4,732

Total assets

$ 729,160

$ 748,882

$ 798,366

Liabilities and stockholders' equity

Current liabilities

$ 66,918

$ 73,483

$ 80,160

Long-term lease liabilities

16,515

18,132

4,538

Long-term debt

226,335

241,044

305,183

Other long-term liabilities

8,016

8,019

8,564

Stockholders' equity

411,376

408,204

399,921

Total liabilities and stockholders' equity

$ 729,160

$ 748,882

$ 798,366

(1) Long-term lease liabilities have been reclassified from other long-term liabilities to conform to current period presentation.

GAAP gross profit

$ 44,080

$ 45,077

$ 56,330

Stock-based compensation

147

130

120

Performance based equity

Amortization of purchased intangible assets

8,478

8,424

8,968

Depreciation of fixed asset step-up

Non-GAAP gross profit

52,705

53,704

65,561

GAAP R&D expenses

24,304

27,399

30,211

Stock-based compensation

(4,222)

(4,213)

(4,454)

Performance based equity

(925)

(1,297)

Depreciation of fixed asset step-up

(6)

(324)

Non-GAAP R&D expenses

20,082

22,255

24,136

GAAP SG&A expenses

22,327

23,591

24,501

Stock-based compensation

(3,823)

(3,404)

(2,735)

Performance based equity

(939)

(730)

Amortization of purchased intangible assets

(5,792)

(5,798)

(7,994)

Depreciation of fixed asset step-up

(12)

IP litigation costs, net

(13)

(19)

Non-GAAP SG&A expenses

12,699

13,450

13,011

GAAP restructuring expenses

416

1,917

1,865

Restructuring charges

(416)

(1,917)

(1,865)

Non-GAAP restructuring expenses

GAAP loss from operations

(2,967)

(7,830)

(247)

Total non-GAAP adjustments

22,891

25,829

28,661

Non-GAAP income from operations

19,924

17,999

28,414

GAAP and non-GAAP interest and other income (expense), net

(2,675)

(3,483)

(2,950)

GAAP loss before income taxes

(5,642)

(11,313)

(3,197)

Total non-GAAP adjustments

22,891

25,829

28,661

Non-GAAP income before income taxes

17,249

14,516

25,464

GAAP income tax provision (benefit)

(3,413)

(6,462)

11,225

Adjustment for non-cash tax benefits/expenses and effects of the Tax Act

4,621

7,478

(9,443)

Non-GAAP income tax provision

1,208

1,016

1,782

GAAP net loss

(2,229)

(4,851)

(14,422)

Total non-GAAP adjustments before income taxes

22,891

25,829

28,661

Less: total tax adjustments

4,621

7,478

(9,443)

Non-GAAP net income

$ 16,041

$ 13,500

$ 23,682

Shares used in computing non-GAAP basic net income per share

70,917

69,968

68,335

Shares used in computing non-GAAP diluted net income per share

72,389

71,900

70,473

Non-GAAP basic net income per share

$ 0.23

$ 0.19

$ 0.35

Non-GAAP diluted net income per share

$ 0.22

$ 0.19

$ 0.34

GAAP gross profit

$ 89,157

$ 118,998

Stock-based compensation

277

226

Performance based equity

125

Amortization of purchased intangible assets

16,902

17,937

Depreciation of fixed asset step-up

208

Non-GAAP gross profit

106,409

137,494

GAAP R&D expenses

51,703

61,332

Stock-based compensation

(8,435)

(8,828)

Performance based equity

(925)

(2,437)

Depreciation of fixed asset step-up

(6)

(653)

Non-GAAP R&D expenses

42,337

49,414

GAAP SG&A expenses

45,918

51,617

Stock-based compensation

(7,227)

(6,728)

Performance based equity

(939)

(1,779)

Amortization of purchased intangible assets

(11,590)

(15,988)

Depreciation of fixed asset step-up

(22)

IP litigation costs, net

(13)

(61)

Non-GAAP SG&A expenses

26,149

27,039

GAAP restructuring expenses

2,333

1,865

Restructuring charges

(2,333)

(1,865)

Non-GAAP restructuring expenses

GAAP income (loss) from operations

(10,797)

4,183

Total non-GAAP adjustments

48,720

56,857

Non-GAAP income from operations

37,923

61,041

GAAP and non-GAAP interest and other income (expense), net

(6,158)

(7,397)

GAAP loss before income taxes Total non-GAAP adjustments

(16,955)

48,720

(3,214)

56,857

Non-GAAP income before income taxes

31,765

53,643

GAAP income tax provision (benefit)

(9,875)

9,361

Adjustment for non-cash tax benefits/expenses and effects of the Tax Act

12,099

(5,606)

Non-GAAP income tax provision

2,224

3,755

GAAP net loss

(7,080)

(12,575)

Total non-GAAP adjustments before income taxes

48,720

56,857

Less: total tax adjustments

12,099

(5,606)

Non-GAAP net income

$ 29,541

$ 49,888

Shares used in computing non-GAAP basic net income per share

70,445

68,008

Shares used in computing non-GAAP diluted net income per share

72,147

70,460

Non-GAAP basic net income per share

$ 0.42

$ 0.73

Non-GAAP diluted net income per share

$ 0.41

$ 0.71

GAAP gross profit

53.4%

53.3%

55.5%

Stock-based compensation

0.2%

0.1%

Performance based equity

0.1%

- %

Amortization of purchased intangible assets

10.3%

10.0%

8.8%

Depreciation of fixed asset step-up

- %

0.1%

Non-GAAP gross profit

63.9%

63.5%

64.6%

GAAP R&D expenses

29.5%

32.4%

29.8%

Stock-based compensation

(5.1)%

(5.0)%

(4.4)%

Performance based equity

- %

(1.1)%

(1.3)%

Depreciation of fixed asset step-up

- %

(0.4)%

Non-GAAP R&D expenses

24.3%

26.3%

23.8%

GAAP SG&A expenses

27.1%

27.9%

24.1%

Stock-based compensation

(4.6)%

(4.0)%

(2.7)%

Performance based equity

- %

(1.1)%

(0.7)%

Amortization of purchased intangible assets

(7.0)%

(6.9)%

(7.9)%

Depreciation of fixed asset step-up

- %

IP litigation costs, net

- %

Non-GAAP SG&A expenses

15.4%

15.9%

12.8%

GAAP restructuring expenses

0.5%

2.3%

1.8%

Restructuring charges

(0.5)%

(2.3)%

(1.8)%

Non-GAAP restructuring expenses

- %

GAAP loss from operations

(3.6)%

(9.3)%

(0.2)%

Total non-GAAP adjustments

27.7%

30.5%

28.2%

Non-GAAP income from operations

24.1%

21.3%

28.0%

GAAP and non-GAAP interest and other income (expense), net

(3.2)%

(4.1)%

(2.9)%

(6.8)%

(13.4)%

(3.1)%

GAAP loss before income taxes

Total non-GAAP adjustments before income taxes

27.7%

30.5%

28.2%

Non-GAAP income before income taxes

20.9%

17.2%

25.1%

GAAP income tax provision (benefit)

(4.1)%

(7.6)%

11.1%

Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act

5.6%

8.8%

(9.3)%

Non-GAAP income tax provision

1.5%

1.2%

1.8%

GAAP net loss

(2.7)%

(5.7)%

(14.2)%

Total non-GAAP adjustments before income taxes

27.7%

30.5%

28.2%

Less: total tax adjustments

5.6%

8.8%

(9.3)%

Non-GAAP net income

19.4%

16.0%

23.3%

GAAP gross profit

53.3%

56.0%

Stock-based compensation

0.2%

0.1%

Performance based equity

- %

0.1%

Amortization of purchased intangible assets

10.1%

8.4%

Depreciation of fixed asset step-up

- %

0.1%

Non-GAAP gross profit

63.7%

64.7%

GAAP R&D expenses

30.9%

28.9%

Stock-based compensation

(5.0)%

(4.2)%

Performance based equity

(0.6)%

(1.1)%

Depreciation of fixed asset step-up

- %

(0.3)%

Non-GAAP R&D expenses

25.3%

23.3%

GAAP SG&A expenses

27.5%

24.3%

Stock-based compensation

(4.3)%

(3.2)%

Performance based equity

(0.6)%

(0.8)%

Amortization of purchased intangible assets

(6.9)%

(7.5)%

Depreciation of fixed asset step-up

- %

IP litigation costs, net

- %

Non-GAAP SG&A expenses

15.6%

12.7%

GAAP restructuring expenses

1.4%

0.9%

Restructuring charges

(1.4)%

(0.9)%

Non-GAAP restructuring expenses

- %

GAAP income (loss) from operations

(6.5)%

2.0%

Total non-GAAP adjustments

29.1%

26.8%

Non-GAAP income from operations

22.7%

28.7%

GAAP and non-GAAP interest and other income (expense), net

(3.7)%

(3.5)%

GAAP loss before income taxes

(10.1)%

(1.5)%

Total non-GAAP adjustments before income taxes

29.1%

26.8%

Non-GAAP income before income taxes

19.0%

25.3%

GAAP income tax provision (benefit)

(5.9)%

4.4%

Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act

7.2%

(2.6)%

Non-GAAP income tax provision

1.3%

1.8%

GAAP net loss

(4.2)%

(5.9)%

Total non-GAAP adjustments before income taxes

29.1%

26.8%

Less: total tax adjustments

7.2%

(2.6)%

Non-GAAP net income

17.7%

23.5%

View source version on businesswire.com: https://www.businesswire.com/news/home/20190725005797/en/

Steven Litchfield Tel: 949-333-0080

[email protected]

Source: MaxLinear, Inc.

Disclaimer

MaxLinear Inc. published this content on July 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 11, 2025 at 09:33 UTC.