MaxLinear shareholders vote on executive compensation

MaxLinear, Inc. (NYSE:MXL), a semiconductor company currently trading at $11.57, reported the results of its 2025 Annual Meeting of Stockholders held on Tuesday. The Carlsbad, California-based company, which InvestingPro analysis shows is currently undervalued, disclosed the outcomes of several key votes, including the election of a director, executive compensation, and the appointment of an independent auditor, based on an SEC filing.

Shareholders re-elected Daniel A. Artusi as a Class I director to serve until the 2028 annual meeting. The vote count was 42,083,978 for, 3,565,672 against, and 28,483 abstentions, with 10,421,705 broker non-votes.

In an advisory capacity, the stockholders did not approve the compensation of named executive officers for the year ended December 31, 2024, with 13,664,945 votes for, 31,897,699 against, 115,489 abstentions, and 10,421,705 broker non-votes. This vote comes as the company faces challenging market conditions, with InvestingPro data showing a 41.5% year-to-date decline in stock price and negative earnings over the last twelve months.

The appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with a substantial majority of 55,432,490 votes for, 371,044 against, and 296,304 abstentions.

However, the proposed amendment to the MaxLinear, Inc. Amended and Restated 2010 Equity Incentive Plan, which sought to increase the number of shares reserved under the plan by 3,657,565, did not pass. The vote was 12,374,976 for, 33,195,464 against, and 107,693 abstentions, with 10,421,705 broker non-votes.

The total number of shares present or represented by proxy at the meeting was 56,099,838, accounting for 64.95% of the voting power of the shares outstanding as of the record date, March 26, 2025.

The SEC filing serves as the source for the information reported.

In other recent news, MaxLinear reported its first-quarter 2025 earnings, surpassing revenue forecasts with a total of $95.9 million, while earnings per share met expectations at a loss of $0.05. The company anticipates achieving profitability and positive cash flow in the second quarter of 2025, driven by strong demand in the broadband and infrastructure markets. Benchmark analysts maintained a Buy rating with a $20 price target, highlighting MaxLinear’s solid performance and prospects for a multi-year growth cycle. Meanwhile, Loop Capital adjusted its price target for MaxLinear to $10 from $18, maintaining a Hold rating, reflecting a cautious but stable outlook. MaxLinear’s strategic focus remains on infrastructure and broadband, with plans to expand market share in non-NVIDIA markets. The company projects its optical business revenue to double year-over-year, reaching $60-$70 million in fiscal year 2025. Despite some softness in its industrial business in China, MaxLinear’s customer demand and order activity remain robust.

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