Optical Modules — Timeline
106 milestones, source-traced.
Jan 10, 2026
Coherent is described as a multi-year datacom optics supplier to Cisco's switching platforms, with…
Coherent is described as a multi-year datacom optics supplier to Cisco's switching platforms, with the relationship predating the Lumentum split (as referenced January 10, 2026).
Verified fact →Feb 1, 2026
Marvell's Inphi DSP silicon is design-in across optics module vendors shipping into all major…
Marvell's Inphi DSP silicon is design-in across optics module vendors shipping into all major hyperscaler AI fabric platforms (as characterized February 1, 2026).
Verified fact →Feb 5, 2026
Coherent referenced a preliminary, non-binding agreement with the CHIPS Program announced January 14, 2025…
Coherent referenced a preliminary, non-binding agreement with the CHIPS Program announced January 14, 2025 (per signal dated February 5, 2026).
Verified fact →Feb 20, 2026
An Eoptolink-related disclosure (February 20, 2026) cites construction-in-progress primarily related to production equipment for…
An Eoptolink-related disclosure (February 20, 2026) cites construction-in-progress primarily related to production equipment for future capacity.
Verified fact →Feb 20, 2026
As of February 20, 2026, Eoptolink is characterized as one of two dominant suppliers…
As of February 20, 2026, Eoptolink is characterized as one of two dominant suppliers (with Innolight) of 800G SFP optics shipping into NVIDIA AI fabric deployments.
Verified fact →Mar 15, 2026
Innolight and Eoptolink together account for approximately 60% of NVIDIA's 800G SFP optical module…
Innolight and Eoptolink together account for approximately 60% of NVIDIA's 800G SFP optical module supply for H100/H200 GPU platforms (as characterized as of March 15, 2026).
Verified fact →Apr 5, 2026
Lumentum's $750M Cloud Light acquisition (closed November 2023) was specifically positioned to capture NVIDIA…
Lumentum's $750M Cloud Light acquisition (closed November 2023) was specifically positioned to capture NVIDIA AI fabric optics demand at scale (signal dated April 5, 2026).
Verified fact →Apr 14, 2026
Partnership: Broadcom announced an extended partnership with Meta to deploy technology supporting multi-gigawatts of Meta's…
Broadcom announced an extended partnership with Meta to deploy technology supporting multi-gigawatts of Meta's custom silicon (MTIA) accelerators.
funding-research →Apr 15, 2026
Marvell Technology completed a public offering of $1.0 billion aggregate principal of 5.300% Senior…
Marvell Technology completed a public offering of $1.0 billion aggregate principal of 5.300% Senior Notes on April 15, 2026.
Verified fact →Apr 15, 2026
Funding: Marvell Technology, Inc. completed a public offering of $1 billion aggregate principal amount of…
Marvell Technology, Inc. completed a public offering of $1 billion aggregate principal amount of 5.300% Senior Notes due 2036, with net proceeds of approximately $993.5 million for debt repayment and general corporate purposes.
sec_edgar →Apr 15, 2026
News Mention: Marvell Technology, Inc. (MRVL) filed SEC Form 8-K on 2026-04-15 (period 2026-04-15); items 1.01,8.01,9.01.
sec_edgar →Apr 21, 2026
Eight nominees were elected to serve as directors of Broadcom Inc. at the 2026…
Eight nominees were elected to serve as directors of Broadcom Inc. at the 2026 Annual Meeting of Stockholders on April 21, 2026.
Verified fact →Apr 21, 2026
News Mention: Broadcom Inc. (AVGO) filed SEC Form 8-K on 2026-04-21 (period 2026-04-20); items 5.07.
sec_edgar →Apr 23, 2026
Product Launch: Broadcom launched 'Cloud Network Insights' in collaboration with Google Cloud to enhance network observability.
funding-research →Apr 28, 2026
Giovanni Barbarossa transitioned from Chief Strategy Officer to Special Advisor to the CEO at…
Giovanni Barbarossa transitioned from Chief Strategy Officer to Special Advisor to the CEO at Coherent effective on or around April 28, 2026.
Verified fact →Apr 28, 2026
Leadership Change: Giovanni Barbarossa transitioned from his role as Chief Strategy Officer to Special Advisor to…
Giovanni Barbarossa transitioned from his role as Chief Strategy Officer to Special Advisor to the CEO, effective April 27, 2026, with a planned retirement in September 2026.
sec_edgar →Apr 28, 2026
News Mention: Coherent Corp. (COHR) filed SEC Form 8-K on 2026-04-28 (period 2026-04-27); items 5.02.
sec_edgar →May 5, 2026
Astera Labs reported Q1 2026 financial results (quarter ended March 31, 2026) via press…
Astera Labs reported Q1 2026 financial results (quarter ended March 31, 2026) via press release on May 5, 2026.
Verified fact →May 5, 2026
Lumentum Holdings reported fiscal Q3 2026 results for the period ended March 28, 2026,…
Lumentum Holdings reported fiscal Q3 2026 results for the period ended March 28, 2026, on May 5, 2026.
Verified fact →May 5, 2026
Earnings: Lumentum Holdings Inc. reported its fiscal third quarter 2026 financial results for the period…
Lumentum Holdings Inc. reported its fiscal third quarter 2026 financial results for the period ended March 28, 2026.
sec_edgar →May 5, 2026
Earnings: Astera Labs, Inc. issued a press release on May 5, 2026, regarding its financial…
Astera Labs, Inc. issued a press release on May 5, 2026, regarding its financial results for the quarter ended March 31, 2026.
sec_edgar →May 5, 2026
News Mention: Lumentum Holdings Inc. (LITE) filed SEC Form 8-K on 2026-05-05 (period 2026-05-05); items 2.02,9.01.
sec_edgar →May 6, 2026
Coherent's published fiscal Q3 2026 covers the period ended March 31, 2026 (per 10-Q-style…
Coherent's published fiscal Q3 2026 covers the period ended March 31, 2026 (per 10-Q-style filing iivi-20260331).
Verified fact →May 6, 2026
Lumentum's fiscal Q3 2026 filing (lite-20260328) covers the period ended March 28, 2026.
Verified fact →May 6, 2026
Astera Labs' Q1 2026 filing (alab-20260331) covers fiscal Q1 2026 ending March 31, 2026.
Verified fact →May 6, 2026
Coherent Corp. reported fiscal Q3 2026 results (quarter ended March 31, 2026) via press…
Coherent Corp. reported fiscal Q3 2026 results (quarter ended March 31, 2026) via press release on May 6, 2026.
Verified fact →May 6, 2026
Coherent characterized its equity investments in Silicon Carbide as enabling increased available free cash…
Coherent characterized its equity investments in Silicon Carbide as enabling increased available free cash flow (signals dated February 4, 2026 and May 6, 2026).
Verified fact →May 6, 2026
Earnings: Coherent Corp. issued a press release reporting its financial results for the third quarter…
Coherent Corp. issued a press release reporting its financial results for the third quarter of fiscal year 2026 ended March 31, 2026.
sec_edgar →May 6, 2026
Earnings: iivi-20260331 FALSE 2026 Q3 0000820318 06-30 xbrli:shares iso4217:USD xbrli:pure iso4217:USD xbrli:shares iivi:segment iivi:entity iivi:loan…
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WASHINGTON, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2026 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission File Number: 001-39375 ________________________________________________________________ COHERENT CORP. (Exact name of registrant as specified in its charter) ________________________________________________________________ Pennsylvania 25-1214948 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 375 Saxonburg Boulevard 16056 Saxonburg, PA (Zip Code) (Address of principal executive offices) Registrant s telephone number, including area code: 724 - 352-4455 N/A (Former name, former address and former fiscal year, if changed since last report) ________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value COHR New York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of each of the issuer s classes of common stock, as of the latest practicable date: At May 4, 2026, 195,639,321 shares of Common Stock, no par value, of the registrant were outstanding. Table of Contents COHERENT CORP. INDEX Page No. PART I - FINANCIAL INFORMATION Item 1. Financial Statements: Condensed Consolidated Balance Sheets March 31, 2026 and June 30, 2025 (Unaudited) 3 Condensed Consolidated Statements of Earnings (Loss) Three and Nine Months Ended March 31, 2026 and 2025 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) Three and Nine Months Ended March 31, 2026 and 2025 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended March 31, 2026 and 2025 (Unaudited) 7 Condensed Consolidated Statements of Equity and Mezzanine Equity Three and Nine Months Ended March 31, 2026 and 2025 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 36 PART II - OTHER INFORMATION Item 1. Legal Proceedings 37 Item 1A. Risk Factors 37 Item 5. Other Information 37 Item 6. Exhibits 38 2 Table of Contents PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS Coherent Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ($000) March 31, 2026 June 30, 2025 Assets Current Assets Cash and cash equivalents $ 1,592,730 $ 909,200 Restricted cash, current 42,033 8,897 Short-term investments 825,000 Accounts receivable - less allowance for doubtful accounts of $ 13,066 at March 31, 2026 and $ 12,189 at June 30, 2025 1,187,860 964,051 Inventories 2,126,823 1,437,636 Prepaid and refundable income taxes 45,495 55,773 Prepaid and other current assets 625,262 551,597 Total Current Assets 6,445,203 3,927,154 Property, plant equipment, net 2,420,081 1,877,507 Goodwill 4,402,403 4,471,084 Other intangible assets, net 2,958,194 3,204,747 Deferred income taxes 72,111 53,407 Restricted cash, non-current 591,015 714,816 Other assets 397,694 662,221 Total Assets $ 17,286,701 $ 14,910,936 Liabilities, Mezzanine Equity and Shareholders' Equity Current Liabilities Current portion of long-term debt $ 9,011 $ 188,306 Accounts payable 1,343,375 846,984 Accrued compensation and benefits 276,580 258,650 Operating lease current liabilities 52,444 41,575 Accrued income taxes payable 99,249 123,762 Other accrued liabilities 332,785 335,564 Total Current Liabilities 2,113,444 1,794,841 Long-term debt 3,184,770 3,498,615 Deferred income taxes 605,750 711,717 Operating lease liabilities 178,890 165,162 Other liabilities 188,161 259,318 Total Liabilities 6,271,015 6,429,653 Mezzanine Equity Series B redeemable convertible preferred stock, no par value, 5 % cumulative; issued - 0 and 215,000 shares at March 31, 2026 and June 30, 2025, respectively; redemption value - $ 0 and $ 2,540,110 , respectively 2,483,261 Shareholders' Equity Common stock, no par value; authorized - 300,000,000 shares; issued - 212,340,736 shares at March 31, 2026; 171,849,325 shares at June 30, 2025 9,741,284 5,056,168 Accumulated other comprehensive income (AOCI) 241,604 372,037 Retained earnings 1,113,740 584,374 11,096,628 6,012,579 Treasury stock, at cost; 16,794,638 shares at March 31, 2026 and 16,294,119 shares at June 30, 2025 ( 419,645 ) ( 368,065 ) Total Coherent Corp. Shareholders' Equity 10,676,983 5,644,514 Noncontrolling interests (NCI) 338,703 353,508 Total Equity 11,015,686 5,998,022 Total Liabilities, Mezzanine Equity and Shareholders' Equity $ 17,286,701 $ 14,910,936 See Notes to Condensed Consolidated Financial Statements . 3 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Earnings (Loss) (Unaudited) ($000, except per share data) Three Months Ended March 31, 2026 2025 Revenues $ 1,805,641 $ 1,497,879 Costs, Expenses, and Other Expense (Income) Cost of goods sold 1,125,696 970,189 Research and development 185,985 150,731 Selling, general and administrative 267,639 231,439 Restructuring charges 34,406 73,769 Gain on sale of business ( 8,922 ) Interest expense 44,558 57,284 Other expense (income), net ( 28,068 ) 4,577 Total Costs, Expenses, Other Expense 1,621,294 1,487,989 Earnings Before Income Taxes 184,347 9,890 Income Tax Expense 2,674 8,125 Net Earnings 181,673 1,765 Net Loss Attributable to Noncontrolling Interests ( 9,729 ) ( 13,946 ) Net Earnings Attributable to Coherent Corp. 191,402 15,711 Less: Dividends on Preferred Stock 32,693 Net Earnings (Loss) Available to the Common Shareholders $ 191,402 $ ( 16,982 ) Basic Earnings (Loss) Per Share $ 1.01 $ ( 0.11 ) Diluted Earnings (Loss) Per Share $ 0.97 $ ( 0.11 ) See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Earnings (Loss) (Unaudited) ($000, except per share data) Nine Months Ended March 31, 2026 2025 Revenues $ 5,072,648 $ 4,280,679 Costs, Expenses, and Other Expense (Income) Cost of goods sold 3,190,683 2,783,506 Research and development 506,570 426,185 Selling, general and administrative 778,211 681,019 Restructuring charges 57,291 106,154 Impairment of assets held-for-sale 20,112 Gain on sale of business ( 124,133 ) Interest expense 149,216 188,206 Other income, net ( 74,523 ) ( 61,988 ) Total Costs, Expenses, Other Expense 4,503,427 4,123,082 Earnings Before Income Taxes 569,221 157,597 Income Tax Expense 18,538 29,429 Net Earnings 550,683 128,168 Net Loss Attributable to Noncontrolling Interests ( 13,785 ) ( 16,815 ) Net Earnings Attributable to Coherent Corp. 564,468 144,983 Less: Dividends on Preferred Stock 35,102 96,788 Net Earnings Available to the Common Shareholders $ 529,366 $ 48,195 Basic Earnings Per Share $ 3.09 $ 0.31 Diluted Earnings Per Share $ 2.92 $ 0.30 See Notes to Condensed Consolidated Financial Statements. 5 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) ($000) Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Net earnings $ 181,673 $ 1,765 $ 550,683 $ 128,168 Other Comprehensive Income (Loss): Foreign currency translation adjustments ( 114,799 ) 155,553 ( 123,222 ) 13,563 Change in fair value of interest rate instruments, net of taxes of $( 324 ) and $( 2,481 ) for the three and nine months ended March 31, 2026, respectively; and $( 2,047 ) and $( 4,245 ) for the three and nine months ended March 31, 2025, respectively ( 1,182 ) ( 7,476 ) ( 9,057 ) ( 27,657 ) Pension adjustment, net of taxes of $ 0 for the three and nine months ended March 31, 2026 and March 31, 2025 1,681 795 826 211 Other Comprehensive Income (Loss) ( 114,300 ) 148,872 ( 131,453 ) ( 13,883 ) Comprehensive Income 67,373 150,637 419,230 114,285 Comprehensive Loss Attributable to Noncontrolling Interests ( 9,729 ) ( 13,946 ) ( 13,785 ) ( 16,815 ) Foreign Currency Translation Adjustments Attributable to Noncontrolling Interests ( 556 ) 429 ( 1,020 ) 30 Comprehensive Income Attributable to Coherent Corp. $ 77,658 $ 164,154 $ 434,035 $ 131,070 See Notes to Condensed Consolidated Financial Statements. 6 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) ($000) Nine Months Ended March 31, 2026 2025 Cash Flows from Operating Activities Net earnings $ 550,683 $ 128,168 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 170,903 188,034 Amortization 210,423 230,741 Share-based compensation expense 136,049 116,649 Non-cash restructuring and impairment charges 41,464 43,002 Amortization of debt issuance costs 15,138 15,661 Loss on disposals of property, plant equipment 925 112 Unrealized losses (gains) on foreign currency remeasurements and transactions ( 10,218 ) 6,841 Earnings from equity investments ( 294 ) ( 626 ) Deferred income taxes ( 138,035 ) ( 88,101 ) Gain on sale of business ( 124,133 ) Gain on sale of equity investment ( 35,632 ) Loss on debt extinguishment 3,056 Increase (decrease) in cash from changes in (net of effects of acquisitions): Accounts receivable ( 225,268 ) ( 166,115 ) Inventories ( 699,420 ) ( 97,301 ) Accounts payable 349,666 128,263 Contract liabilities ( 2,838 ) 4,619 Income taxes ( 21,095 ) ( 2,174 ) Accrued compensation and benefits 17,930 29,874 Other operating net assets (liabilities) ( 229,246 ) ( 34,331 ) Net cash provided by operating activities 10,058 503,316 Cash Flows from Investing Activities Additions to property, plant equipment ( 547,228 ) ( 309,486 ) Proceeds from sale of equity investment 48,827 Proceeds from the sale of business, net of fees 437,286 27,000 Purchases of short-term investments ( 825,000 ) Other investing activities ( 5,019 ) ( 1,038 ) Net cash used in investing activities ( 891,134 ) ( 283,524 ) Cash Flows from Financing Activities Proceeds from borrowings of Term A Facility 1,250,000 Proceeds from borrowings of Term B Facility 3,267 Proceeds from borrowings of revolving credit facilities 628,811 35,862 Proceeds from issuance of common shares 2,000,000 Payments on existing debt ( 1,761,740 ) ( 386,006 ) Payments on borrowings under revolving credit facilities ( 624,852 ) ( 34,148 ) Debt issuance costs ( 9,101 ) Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan 51,782 47,462 Payments in satisfaction of employees minimum tax obligations ( 51,580 ) ( 48,939 ) Cash dividends paid ( 11,438 ) Other financing activities 765 ( 719 ) Net cash provided by (used in) financing activities 1,475,914 ( 386,488 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash ( 1,973 ) 3,040 Net increase (decrease) in cash, cash equivalents, and restricted cash 592,865 ( 163,656 ) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 1,632,913 1,789,686 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 2,225,778 $ 1,626,030 Supplemental Information 7 Table of Contents Cash paid for interest $ 135,372 $ 187,799 Cash paid for income taxes $ 167,849 $ 107,784 Non-Cash Investing and Financing Activities: Additions to property, plant equipment included in accounts payable $ 201,935 $ 77,751 Conversion of Series B preferred stock to common stock $ 2,506,885 $ See Notes to Condensed Consolidated Financial Statements. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows. March 31, 2026 2025 Cash and cash equivalents $ 1,592,730 $ 890,258 Restricted cash, current 42,033 19,064 Restricted cash, non-current 591,015 716,708 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 2,225,778 $ 1,626,030 8 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Equity and Mezzanine Equity (Unaudited) ($000, including share amounts) Common Stock AOCI Retained Earnings Treasury Stock NCI Total Mezzanine Equity Shares Amount Shares Amount Pref Shares Amount Balance - June 30, 2025 171,849 $ 5,056,168 $ 372,037 $ 584,374 ( 16,294 ) $ ( 368,065 ) $ 353,508 $ 5,998,022 215 $ 2,483,261 Share-based and deferred compensation 1,810 62,558 ( 412 ) ( 37,443 ) 25,115 $ Net earnings (loss) 226,349 ( 1,153 ) 225,196 Foreign currency translation adjustments ( 27,156 ) ( 441 ) ( 27,597 ) Change in fair value of interest rate instruments, net of taxes of $( 1,188 ) ( 4,388 ) ( 4,388 ) Pension adjustment, net of taxes of $ 0 ( 756 ) ( 756 ) Dividends $ $ ( 33,479 ) $ ( 33,479 ) $ 22,041 Balance - September 30, 2025 173,659 $ 5,118,726 $ 339,737 $ 777,244 ( 16,706 ) $ ( 405,508 ) $ 351,914 $ 6,182,113 215 $ 2,505,302 Share-based and deferred compensation 405 48,679 $ $ ( 57 ) ( 7,172 ) 41,507 Conversion of Series B preferred stock 30,122 2,506,885 2,506,885 ( 215 ) ( 2,506,885 ) Net earnings (loss) 146,717 ( 2,903 ) 143,814 Foreign currency translation adjustments 19,197 ( 23 ) 19,174 Change in fair value of interest rate instruments, net of taxes of $( 969 ) ( 3,487 ) ( 3,487 ) Pension adjustment, net of taxes of $ 0 ( 99 ) ( 99 ) Dividends ( 1,623 ) ( 1,623 ) 1,583 Balance - December 31, 2025 204,186 $ 7,674,290 $ 355,348 $ 922,338 ( 16,763 ) $ ( 412,680 ) $ 348,988 $ 8,888,284 $ Share-based and deferred compensation 367 68
sec_edgar →May 6, 2026
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TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36861 Lumentum Holdings Inc. (Exact name of Registrant as specified in its charter) Delaware 47-3108385 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1001 Ridder Park Drive , San Jose , California 95131 (Address of principal executive offices including Zip code) ( 408 ) 546-5483 (Registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which regist
sec_edgar →May 6, 2026
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us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-03-31 0001736297 2025-01-01 2025-12-31 0001736297 us-gaap:EmployeeStockOptionMember 2026-03-31 0001736297 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-03-31 0001736297 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001736297 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001736297 us-gaap:RestrictedStockUnitsRSUMember 2026-03-31 0001736297 us-gaap:PerformanceSharesMember 2025-12-31 0001736297 us-gaap:PerformanceSharesMember 2026-01-01 2026-03-31 0001736297 us-gaap:PerformanceSharesMember 2026-03-31 0001736297 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001736297 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission file number 001-41979 Astera Labs, Inc. (Exact name of registrant as specified in its charter) Delaware 82-3437062 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2345 North First Street , San Jose , CA 95131 (Address of Principal Executive Offices) (Zip code) (408) 766-3806 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share ALAB Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x As of April 30, 2026, there were 171,407,939 shares of the Registrant s Common Stock, $0.0001 par value, outstanding. Table of Contents Table of Contents Page Part I - Financial Information Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2026 and 2025 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2026 and 2025 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3. Quantitative and Qualitative Disclosure About Market Risk 24 Item 4. Controls and Procedures 24 Part II - Other Information Item 1. Legal Proceedings 25 Item 1A Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26 Signatures 27 Table of Contents Special Note about Forward-Looking Statements This Quarterly Report on Form 10 Q contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. All statements other than statements of historical fact included in this Quarterly Report on Form 10 Q, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as aims, anticipated, believes, budget, can, certain, committed, continue, could, designed, estimates, expect, future, growing, indicative, intended, may, mission, opportunities, plan, position, potential, predict, probable, projections, scheduled, should, to be, will, or would, or the negative of these words or other similar terms or expressions. Forward-looking statements include, but are not limited to, statements relating to our business plans, strategies, market or investment opportunities, platform, products and services, including future investments therein and anticipated benefits therefrom; demand; our future financial or operating performance and growth (such as revenue, gross profit and margins, expenses, income (losses) and other operating results); our future cash flows, expenditures, requirements, uses, sufficiency and funding sources; our accounting practices and policies (including the impacts associated with them and accounting pronouncements, estimates, accruals, amortizations, commitments/contingencies, warrant vesting, the period over which expenses are expected to be realized and non-GAAP financial measures); our taxes; our personnel and operations; our disclosure and internal controls, procedures and remediation efforts; our lease terms, including any renewal and future payments; our risk factors; our merger and acquisition activities; and our legal and compliance matters such as legal proceedings and 10b5-1 trading arrangements. We may not actually achieve the plans, intentions, expectations or events disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors described under the heading Risk Factors included in this Quarterly Report on Form 10 Q and those included within our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ( SEC ) on February 20, 2026. The following include some, but not all, of the factors that could cause the outcome of the events described in our forward-looking statements to differ from those anticipated: our ability to sustain and manage our growth effectively; our ability to maintain future profitability; our ability to accurately predict future revenue for appropriate budgeting and expense adjustment; our ability to anticipate and respond to new and evolving market trends or industry standards, develop and sell new products, or penetrate new markets; our customer concentration, with a limited number of end customers driving our revenue; our ability to achieve product design wins and opportunities for customer sales and investment recoupment; our ability to demonstrate the value of new products or newer product generations to customers; our AI technology adoption, use, and commercialization; our reliance on, and relationship management of, a limited number of third-party manufacturing and supply chain services partners; our ability to successfully qualify our products with customers without significant delays; our product pricings often decrease over time; product supply disruptions, unforeseen product delays, expenses or undetected defects, bugs, or security vulnerabilities; adverse changes in the political, regulatory, and economic policies of governments, including in connection with trade restrictions and export controls with respect to China and Chinese customers; our ability to hire and retain skilled personnel and senior management team members; cybersecurity risks; warranty claims or product liability claims; litigation and other legal proceedings, including related to patents or other intellectual property; our ability to successfully integrate and to realize anticipated benefits or synergies, on a timely basis or at all, in connection with our past, current, or any future acquisitions, divestitures, significant investments, joint ventures or strategic transactions; global operational risks, including exposure to numerous legal and regulatory requirements and unexpected changes and compliance failures; Table of Contents regulatory risks of authorities in jurisdictions into or from which we ship our products or import supplies levying fines, restricting or delaying our product exports or supply imports, or increasing product manufacturing or transfer costs; changes in tax laws, rules or practices; our competitive markets and ability to compete effectively, including as a result of industry consolidation; our ability to adequately protect our intellectual property rights; our reliance on third-party technologies for product development and future ability to use such technologies; and global financial and economic conditions and geopolitical events, including fluctuating interest, inflation, foreign currency and unemployment rates, economic slowdowns or recessions, or financial market volatility, including as a result of, among other factors, the ongoing Russia and Ukraine war, the Middle East conflict, announced or future tariff increases and export controls between the U.S. and China, international tensions or instability, significant changes in governmental policies or similar events. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10 Q. You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on management s current beliefs and our current expectations and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10 Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10 Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10 Q to reflect events or circumstances after the date of this Quarterly Report on Form 10 Q or to reflect new information or the occurrence of unanticipated events, except as required by law. In this document, unless otherwise indicated or unless the context requires otherwise, all references in this document to Astera Labs , the Company , we , us , our , or similar references are to Astera Labs, Inc. and its consolidated subsidiaries. Table of Contents Part I - Financial Information ITEM 1. Financial Statements (Unaudited) ASTERA LABS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par values) (unaudited) As of March 31, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 148,285 $ 167,611 Marketable securities 1,036,189 1,021,205 Accounts receivable, net 134,797 83,202 Inventory 60,156 58,979 Prepaid expenses and other current assets 33,509 31,033 Total current assets 1,412,936 1,362,030 Property and equipment, net 97,172 92,038 Goodwill 87,725 19,015 Other assets 61,382 58,740 Total assets $ 1,659,215 $ 1,531,823 Liabilities and Stockholders Equity Current liabilities Accounts payable $ 55,818 $ 42,362 Accrued expenses and other current liabilities 69,226 90,680 Total current liabilities 125,044 133,042 Other liabilities 40,223 35,147 Total liabilities 165,267 168,189 Commitments and contingencies (Note 8) Stockholders equity Common stock, $ 0.0001 par value; 1,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 171,277 and 170,186 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 17 17 Additional paid-in capital 1,404,063 1,348,969 Accumulated other comprehensive (loss) income ( 780 ) 4,310 Retained earnings 90,648 10,338 Total stockholders equity 1,493,948 1,363,634 Total liabilities and stockholders equity $ 1,659,215 $ 1,531,823 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Content ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2026 2025 Revenue $ 308,361 $ 159,442 Cost of revenue 73,220 40,031 Gross profit 235,141 119,411 Operating expenses Research and development 125,634 64,554 Sales and marketing 21,899 21,702 General and administrative 25,775 21,870 Total operating expenses 173,308 108,126 Operating income 61,833 11,285 Interest income 11,581 10,432 Income before income taxes 73,414 21,717 Income tax benefit ( 6,896 ) ( 10,102 ) Net income $ 80,310 $ 31,819 Net income per share attributable to common stockholders: Basic $ 0.47 $ 0.19 Diluted $ 0.44 $ 0.18 Weighted-average shares used in calculating net income per share attributable to common stockholders: Basic 170,726 163,194 Diluted 181,157 178,116 Other comprehensive income Unrealized (loss) gain on marketable securities, net of taxes $ ( 5,090 ) $ 1,602 Total other comprehensive (loss) gain ( 5,090 ) 1,602 Total comprehensive income $ 75,220 $ 33,421 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (In thousands) (unaudited) Three Months Ended March 31, 2026 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Stockholders Equity Shares Amount Balances as of December 31, 2025 170,186 $ 17 $ 1,348,969 $ 4,310 $ 10,338 $ 1,363,634 Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 98 114 114 Issuance of common stock upon vesting of restricted stock units 993 Stock-based compensation 52,883 52,883 Warrants contra revenue 2,097 2,097 Unrealized loss on marketable securities ( 5,090 ) ( 5,090 ) Net income 80,310 80,310 Balances as of March 31, 2026 171,277 $ 17 $ 1,404,063 $ ( 780 ) $ 90,648 $ 1,493,948 Three Months Ended March 31, 2025 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders Equity Shares Amount Balances as of December 31, 2024 162,018 $ 16 $ 1,173,153 $ 426 $ ( 208,796 ) $ 964,799 Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 575 522 522 Issuance of common stock upon vesting of restricted stock units 2,314 Stock-based compensation 42,446 42,446 Warrants contra revenue 374 374 Unrealized gains on marketable securities 1,602 1,602 Net income 31,819 31,819 Balances as of March 31, 2025 164,907 $ 16 $ 1,216,495 $ 2,028 $ ( 176,977 ) $ 1,041,562 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income $ 80,310 $ 31,819 Adjustments to reconcile net income to net cash provided by operating activities Stock-based compensation 48,913 42,446 Depreciation and amortization 3,710 1,125 Non-cash operating lease expense 1,177 696 Warrants contra revenue 2,097 374 Accretion of discounts on marketable securities ( 1,202 ) ( 2,542 ) Other, net ( 1,313 ) ( 1,025 ) Changes in operating assets and liabilities: Accounts receivable, net ( 51,789 ) ( 30,968 ) Inventory 346 ( 6,787 ) Prepaid expenses and other assets 13,889 ( 14,495 ) Accounts payable ( 699 ) 2,226 Accrued expenses and other liabilities ( 20,841 ) ( 12,365 ) Net cash provided by operating activities 74,598 10,504 Cash flows from investing activities Purchases of property and equipment ( 7,586 ) ( 4,539 ) Purchases of marketable securities ( 156,628 ) ( 190,821 ) Sales and maturities of marketable securities 137,756 191,420 Payments for business combinations, net of cash acquired ( 65,049 ) Other investing activities ( 2,500 ) Net cash used in investing activities ( 94,007 ) ( 3,940 ) Cash flows from financing activities Proceeds from exercises of stock options 82 386 Net cash provided by financing activities 82 386 Net (decrease) increase in cash, cash equivalents, and restricted cash ( 19,327 ) 6,950 Cash, cash equivalents, and restricted cash (1) Beginning of the period 167,684 80,044 End of the period $ 148,357 $ 86,994 (1) Restricted cash was not material and is included in Prepaid expenses and other current assets. The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents ASTERA LABS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Nature of Business and Summary of Significant Accounting Policies Description of Business Astera Labs, Inc. (the Company ) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company s software suite, which is embedded in its connectivity products and integrated into its customers systems. The Company s patented software-defined platform approach delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach aims to efficiently address the data, network, and memory bottlenecks, scalability, and other unique infrastructure requirements of its hyperscalers and system original equipment manufacturers ( OEMs ) customers. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America ( GAAP ) and applicable rules and regulations of the SEC regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2025, included in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. In the opinion of management, all adjustments, including normal recurring adjustments, that are considered necessary for a fair presentation of results of operations and financial position, have been included. Operating results for the periods presented herein are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no material changes in the Company s significant accounting policies during the three months ended March 31, 2026 compared with the significant accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company s significant estimates include, but are not limited to, revenue recognition, the valuation of acquired intangible assets, the valuation and realizability of deferred tax assets, reserves for uncertain tax positions, useful life of production equipment, the valuation of warrants, and the valuation and assumptions underlying stock-based compensation. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company s consolidated financial statements in future periods, and actual results could differ from these estimates. 5 Table of Contents Reclassifications Certain prior period balances were reclassified to conform to the current period s presentation. None of these reclassifications had an impact on reported net income, balance sheets, or cash flows for any of the periods presented. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure ( ASU 2024-03 ), and in January 2025, the FASB issued Accounting Standard Update No. 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 2020-40): Clarifying the Effective Date ( ASU 2025-01 ). ASU 2024-03 requires additional disclosures of the nature of expenses included in the income statement and disclosures about specific expense categories included in the expense captions presented in the statements of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these new standards will have on its consolidated financial statements and related disclosures. In May 2025, the FASB issued Accounting Standards Update No. 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer ( ASU 2025-04 ). ASU 2025-04 reduces diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for annual reporting periods beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements and related disclosures. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles - Goodwill and Other -Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ( ASU 2025-06 ). ASU 2025-06 removes all references to project stages throughout Subtopic 350-40 and clarifies the threshold that the entities must meet to begin capitalizing costs. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements and related disclosures. 2. Segment and Geographical Information The Company s chief operating decision maker ( CODM ) is its Chief Executive Officer ( CEO ), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income to monitor budget versus actual results. The Company manages its operations and allocates resources as a single operating segment . 6 Table of Contents The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands): Three Months Ended March 31, 2026 2025 Revenue $ 308,361 $ 159,442 Less: Cost of revenue 73,220 40,031 Stock-based compensation (1) 48,414 42,484 Personnel-related expenses (1) 63,305 42,439 Other segment items (2) 43,112 2,669 Consolidated net income $ 80,310 $ 31,819 (1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue. (2) Other segment items included are primarily related to interest income, income tax benefit, engineering design related costs, and professional and consulting services fees. Revenue by location is determined by the billing address of the Company s customers, which includes the Company s end customers manufacturing partners and the Company s distributors. The following table sets forth revenue by geographic area (in thousands): Three Months Ended March 31, 2026 2025 Taiwan $ 93,155 $ 76,818 Singapore 91,138 31,421 China 89,571 44,638 United States 14,967 3,301 Other 19,530 3,264 Total $ 308,361 $ 159,442 The Company had the following customers that individually comprised 10% or more of its revenue: Three Months Ended March 31, 2026 2025 Customer A 29 % 12 % Customer B 21 % 26 % Customer C 16 % * Customer D 12 % 23 % Customer E 12 % * Customer F * 19 % *Less than 10% of total revenue Certain of the customers listed above are manufacturing partners that purchase the Company's products on behalf of the Company s end customers. As end customers may shift production volumes among their manufacturing partners from period to period, the revenue concentration percentages attributable to individual direct customers may fluctuate in a manner that is not necessarily representative of changes in underlying end-customer demand. 7 Table of Contents The Company had the following customers that individually comprised 10% or more of its accounts receivable, net: As of March 31, 2026 December 31, 2025 Customer A 25 % * Customer B 20 % 27 % Customer C 16 % 14 % Customer D 17 % * Customer E 13 % 28 % *Less than 10% of total accounts receivable, net The Company did not recognize any material allowance for credit losses as of March 31, 2026 and December 31, 2025. Property and equipment, net by geographic location is based on the location of the asset. As of March 31, 2026, 23 % and 69 % of the Company s property and equipment, net was located in the United States and Taiwan, respectively. As of December 31, 2025, 20 % and 73 % of the Company s property and equipment, net was located in the United States and Taiwan, respectively. 3. Marketable Securities The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands): As of March 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents Money market funds $ 130,361 $ - $ - $ 130,361 Total cash equivalents $ 130,361 $ - $ - $ 130,361 Marketable securities U.S. treasury and agency securities $ 202,999 $ 235 $ ( 434 ) $ 202,800 Commercial paper 9,619 1 ( 7 ) 9,613 Corporate debt securities 824,351 1,307 ( 1,882 ) 823,776 Total marketable securities $ 1,036,969 $ 1,543 $ ( 2,323 ) $ 1,036,189 As of December 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents Money market funds $ 142,772 $ - $ - $ 142,772 Commercial paper 5,496 - ( 1 ) 5,495 Total cash equivalents $ 148,268 $ - $ ( 1 ) $ 148,267 Marketable securities U.S. treasury and agency securities $ 203,175 $ 630 $ ( 11 ) $ 203,794 Commercial paper 11,459 4 ( 1 ) 11,462 Corporate debt securities 802,261 3,800 ( 112 ) 805,949 Total marketable securities $ 1,016,895 $ 4,434 $ ( 124 ) $ 1,021,205 8 Table of Contents As of March 31, 2026 and December 31, 2025, the Company s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material. Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands): As of March 31, 2026 As of December 31, 2025 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 441,213 $ 441,573 $ 463,417 $ 464,282 Due after one year through five years 726,117 724,977 701,746 705,190 Total available-for-sale securities $ 1,167,330 $ 1,166,550 $ 1,165,163 $ 1,169,472 Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company did not recognize any material allowance for credit losses as of March 31, 2026 and December 31, 2025 or impairment charges for the three months ended March 31, 2026 and 2025. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2026 and 2025. 4. Fair Value Measurements Fair Value of Assets and Liabilities The Company considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data. Level 3 Unobservable inputs reflecting the Company s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The following table presents information about the Company s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands): As of March 31, 2026 Level 1 Level 2 Total Fair Value Cash equivalents Money market funds $ 130,361 $ $ 130,361 Total cash equivalents $ 130,361 $ $ 130,361 Marketable securities U.S. treasury and agency securities $ $ 202,800 $ 202,800 Commercial paper 9,613 9,613 Corporate debt securities 823,776 823,776 Total marketable securities $ $ 1,036,189 $ 1,036,189 9 Table of Contents As of December 31, 2025 Level 1 Level 2 Total Fair Value Cash equivalents Money market funds $ 142,772 $ - $ 142,772 Commercial paper - 5,495 5,495 Total cash equivalents $ 142,772 $ 5,495 $ 148,267 Marketable securities U.S. treasury and agency securities $ - $ 203,794 $ 203,794 Commercial paper - 11,462 11,462 Corporate debt securities - 805,949 805,949 Total marketable securities $ - $ 1,021,205 $ 1,021,205 As of March 31, 2026 and December 31, 2025, there were no marketable securities with Level 3 fair value hierarchy measurement. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Goodwill, intangible assets, property, plant and equipment, and certain equity investments without readily determinable fair values are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate these assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, these assets are measured at fair value during such period. There was no impairment on these assets during the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, the Company had no liabilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities N ot Measured at Fair Value The carryi ng amount of the Company s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities. 5. Condensed Consolidated Balance Sheet Components Inventory Inventory consists of the following (in thousands): As of March 31, 2026 December 31, 2025 Raw materials $ 298 $ 84 Work-in-progress 46,572 35,752 Finished goods 13,286 23,143 Total inventory $ 60,156 $ 58,979 10 Table of Contents Property and Equipment, Net Property and equipment, net consists of the following (in thousands): As of March 31, 2026 December 31, 2025 Construction in progress $ 40,921 $ 40,510 Laboratory equipment 28,303 21,603 Production equipment 28,171 28,171 Leasehold improvements 12,373 11,439 Other 2,836 2,037 Property and equipment, gross 112,604 103,760 Less: accumulated depreciation ( 15,432 ) ( 11,722 ) Total property and equipment, net $ 97,172 $ 92,038 Depreciation and amortization expense for the three months ended March 31, 2026 and 2025 was $ 3.7 million and $ 1.1 million, respectively. Construction in progress primarily includes production equipment costs capitalized relating to the Company s future products and will be placed in service and begin to depreciate when related manufacturing commences. Production equipment has been placed into service for the manufacturing of released products. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of March 31, 2026 December 31, 2025 Accrued compensation and benefits $ 22,764 $ 46,510 Accrued software license costs 8,792 7,632 Holdback in connection with acquisitions 6,559 1,559 Accrued production equipment 412 13,500 Other current liabilities 30,699 21,479 Total accrued expenses and other current liabilities $ 69,226 $ 90,680 Supplemental Cash Flow Information The following table provides supplemental non-cash investing and financing activities (in thousands): Three Months Ended March 31, 2026 2025 ROU assets obtained in exchange for lease obligations $ 12,215 $ 250 Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities $ 16,194 $ 582 6. Business Combinations On February 9, 2026, the Company acquired certain assets of a privately held company that develops data center acceleration solutions designed to make data storage and processing faster, more efficient, and more cost-effective. In connection with the acquisition, the Company added highly skilled workforce and technology to enable development of its products and solutions. The total purchase consideration was $ 74.0 million, which consisted of $ 65.0 million in cash, $ 5.0 million in holdback for general indemnities, and $ 4.0 million in share-based consideration. The transaction has been accounted for as a business combination. The purchase price was allocated on a preliminary basis to goodwill of $ 68.4 million and an immaterial amount to intangible assets and net identifiable assets acquired. Goodwill primarily relates to expected synergies and assembled workforce and is not deductible for U.S. federal income tax purposes. 11 Table of Contents Additional information related to the acquisition, such as that related to income tax and other contingencies, existing as of the acquisition date may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded. During the three months ended March 31, 2026, the Company had immaterial measurement period adjustments to goodwill. 7. Leases The Company has entered into operating leases primarily for office real estate in the United States and internationally. From time to time, the Company entered into a new leases and renewed existing leases in the ordinary course of business to support its ongoing operations and growth. The Company s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms for all leases. Supplemental balance sheet information related to the Company s operating leases is as follows (in thousands): As of March 31, 2026 December 31, 2025 Assets Operating lease ROU assets, net $ 33,874 $ 22,810 Liabilities Operating lease liabilities, current $ 5,695 $ 4,146 Operating lease liabilities, noncurrent 36,155 26,828 Total lease liabilities $ 41,850 $ 30,974 Operating lease ROU assets, net are included in other assets; operating lease liabilities, current are included in accrued expenses and other current liabilities; and operating lease liabilities, non-current are included in other liabilities, on the condensed consolidated balance sheets. The weighted-average remaining lease term and discount rates were as follows: As of March 31, 2026 December 31, 2025 Weighted average remaining lease term (in years) 6.5 6.4 Weighted average discount rate 6.8 % 7.1 % The future minimum operating lease payments for each o
sec_edgar →May 6, 2026
Capacity Expansion: The Equity Investments in Silicon Carbide enables Coherent to increase its available free cash…
The Equity Investments in Silicon Carbide enables Coherent to increase its available free cash flow to provide greater financial and operational flexibility to execute its capital allocation priorities, as the aggregate $ 1 billion investment, net of transaction costs, is being and will continue to be used to fund future capital expansion of Silicon Carbide.
sec_edgar_capex →May 6, 2026
News Mention: Coherent Corp. (COHR) filed SEC Form 8-K on 2026-05-06 (period 2026-05-06); items 2.02,7.01,9.01.
sec_edgar →May 6, 2026
Earnings: Coherent Corp. (COHR) filed SEC Form 10-Q on 2026-05-06 (period 2026-03-31).
sec_edgar →May 6, 2026
Earnings: Lumentum Holdings Inc. (LITE) filed SEC Form 10-Q on 2026-05-06 (period 2026-03-28).
sec_edgar →May 6, 2026
Ipo Event: Coherent Corp. was added to the S&P 500 index on May 6, 2026.
funding-research →May 7, 2026
MACOM's fiscal Q2 2026 filing (mtsi-20260403) covers the period ended April 3, 2026.
Verified fact →May 7, 2026
MACOM Technology Solutions issued a press release reporting fiscal Q2 2026 results (period ended…
MACOM Technology Solutions issued a press release reporting fiscal Q2 2026 results (period ended April 3, 2026) on May 7, 2026.
Verified fact →May 7, 2026
Earnings: mtsi-20260403 0001493594 false 10/3 Q2 2026 0.0121767 0.0057463 0.2 0.4 0.1 0.2 0.5 1.1…
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us-gaap:SalesRevenueNetMember 2025-10-04 2026-04-03 0001493594 mtsi:TopTenCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-09-28 2025-04-04 0001493594 mtsi:StephenDalyMember 2026-01-03 2026-04-03 0001493594 mtsi:StephenDalyMember 2026-04-03 0001493594 mtsi:RobertDennehyMember 2026-01-03 2026-04-03 0001493594 mtsi:RobertDennehyMember 2026-04-03 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35451 MACOM Technology Solutions Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0306875 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 100 Chelmsford Street Lowell , MA 01851 (Address of principal executive offices and zip code) ( 978 ) 656-2500 (Registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of exchange on which registered Common Stock, par value $0.001 per share MTSI Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of May 4, 2026, there were 76,295,774 shares of the registrant s common stock outstanding. MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. FORM 10-Q TABLE OF CONTENTS Page No. PART I FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Stockholders Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3. Quantitative and Qualitative Disclosures About Market Risk 29 Item 4. Controls and Procedures 30 PART II OTHER INFORMATION Item 1. Legal Proceedings 31 Item 1A. Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5. Other Information 32 Item 6. Exhibits 33 Signatures 34 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) April 3, 2026 October 3, 2025 ASSETS Current assets: Cash and cash equivalents $ 98,521 $ 112,142 Short-term investments 566,337 673,833 Accounts receivable, net 159,599 148,646 Inventories 252,195 237,844 Prepaid and other current assets 49,398 32,623 Total current assets 1,126,050 1,205,088 Property and equipment, net 234,960 230,291 Goodwill 335,608 336,315 Intangible assets, net 67,380 78,570 Deferred income taxes 201,956 207,999 Other long-term assets 48,623 45,097 Total assets $ 2,014,577 $ 2,103,360 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt $ $ 160,946 Accounts payable 62,131 67,588 Accrued liabilities 86,904 95,959 Current portion of finance lease obligations 668 626 Total current liabilities 149,703 325,119 Finance lease obligations, less current portion 30,157 30,504 Financing obligation 36,713 37,014 Long-term debt 340,186 339,630 Other long-term liabilities 40,061 43,998 Total liabilities 596,820 776,265 Commitments and contingencies (see Note 13) Stockholders equity: Common stock 76 74 Treasury stock, at cost ( 330 ) ( 330 ) Accumulated other comprehensive income 2,090 5,034 Additional paid-in capital 1,560,883 1,562,377 Accumulated deficit ( 144,962 ) ( 240,060 ) Total stockholders equity 1,417,757 1,327,095 Total liabilities and stockholders equity $ 2,014,577 $ 2,103,360 See notes to condensed consolidated financial statements. 1 MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended Six Months Ended April 3, 2026 April 4, 2025 April 3, 2026 April 4, 2025 Revenue $ 288,955 $ 235,887 $ 560,567 $ 454,009 Cost of revenue 124,522 105,731 244,355 206,744 Gross profit 164,433 130,156 316,212 247,265 Operating expenses: Research and development 68,983 57,837 135,442 118,206 Selling, general and administrative 44,619 37,449 86,642 76,662 Total operating expenses 113,602 95,286 222,084 194,868 Income from operations 50,831 34,870 94,128 52,397 Other income (expense): Interest income 7,759 7,239 15,749 14,239 Interest expense ( 1,667 ) ( 1,179 ) ( 3,365 ) ( 2,545 ) Loss on extinguishment of debt ( 193,098 ) Total other income (expense) 6,092 6,060 12,384 ( 181,404 ) Income (loss) before income taxes 56,923 40,930 106,512 ( 129,007 ) Income tax expense 10,592 9,264 11,414 6,857 Net income (loss) $ 46,331 $ 31,666 $ 95,098 $ ( 135,864 ) Net income (loss) per share: Income (loss) per share - Basic $ 0.62 $ 0.43 $ 1.27 $ ( 1.85 ) Income (loss) per share - Diluted $ 0.60 $ 0.42 $ 1.23 $ ( 1.85 ) Weighted average shares outstanding: Basic 75,283 74,358 75,053 73,540 Diluted 77,555 75,741 77,137 73,540 See notes to condensed consolidated financial statements. 2 MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in thousands) Three Months Ended Six Months Ended April 3, 2026 April 4, 2025 April 3, 2026 April 4, 2025 Net income (loss) $ 46,331 $ 31,666 $ 95,098 $ ( 135,864 ) Unrealized (loss) gain on short-term investments, net of tax ( 2,345 ) 1,038 ( 2,449 ) ( 644 ) Foreign currency translation (loss) gain, net of tax ( 175 ) 959 ( 495 ) ( 984 ) Other comprehensive (loss) gain, net of tax ( 2,520 ) 1,997 ( 2,944 ) ( 1,628 ) Total comprehensive income (loss) $ 43,811 $ 33,663 $ 92,154 $ ( 137,492 ) See notes to condensed consolidated financial statements. 3 MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited, in thousands) Three Months Ended April 3, 2026 Accumulated Other Comprehensive Income Additional Paid-in Capital Accumulated Deficit Total Stockholders Equity Common Stock Treasury Stock Shares Amount Shares Amount Balance as of January 2, 2026 75,034 $ 75 ( 23 ) $ ( 330 ) $ 4,610 $ 1,540,056 $ ( 191,293 ) $ 1,353,118 Vesting of restricted common stock and units 32 Common stock withheld for taxes on employee equity awards ( 8 ) ( 1,804 ) ( 1,804 ) Share-based compensation 22,638 22,638 Issuance of common stock for settlement of convertible notes 1,259 1 ( 7 ) ( 6 ) Other comprehensive loss, net of tax ( 2,520 ) ( 2,520 ) Net income 46,331 46,331 Balance as of April 3, 2026 76,317 $ 76 ( 23 ) $ ( 330 ) $ 2,090 $ 1,560,883 $ ( 144,962 ) $ 1,417,757 Six Months Ended April 3, 2026 Accumulated Other Comprehensive Income Additional Paid-in Capital Accumulated Deficit Total Stockholders Equity Common Stock Treasury Stock Shares Amount Shares Amount Balance as of October 3, 2025 74,501 $ 74 ( 23 ) $ ( 330 ) $ 5,034 $ 1,562,377 $ ( 240,060 ) $ 1,327,095 Vesting of restricted common stock and units 819 1 1 Issuance of common stock pursuant to employee stock purchase plan 50 5,212 5,212 Common stock withheld for taxes on employee equity awards ( 315 ) ( 51,475 ) ( 51,475 ) Share-based compensation 44,776 44,776 Issuance of common stock for settlement of convertible notes 1,262 1 ( 7 ) ( 6 ) Other comprehensive loss, net of tax ( 2,944 ) ( 2,944 ) Net income 95,098 95,098 Balance as of April 3, 2026 76,317 $ 76 ( 23 ) $ ( 330 ) $ 2,090 $ 1,560,883 $ ( 144,962 ) $ 1,417,757 See notes to condensed consolidated financial statements. 4 Three Months Ended April 4, 2025 Accumulated Other Comprehensive (Loss) Income Additional Paid-in Capital Accumulated Deficit Total Stockholders Equity Common Stock Treasury Stock Shares Amount Shares Amount Balance as of January 3, 2025 74,361 $ 74 ( 23 ) $ ( 330 ) $ ( 1,120 ) $ 1,505,645 $ ( 353,380 ) $ 1,150,889 Vesting of restricted common stock and units 54 Common stock withheld for taxes on employee equity awards ( 9 ) ( 987 ) ( 987 ) Share-based compensation 18,767 18,767 Other comprehensive income, net of tax 1,997 1,997 Net income 31,666 31,666 Balance as of April 4, 2025 74,406 $ 74 ( 23 ) $ ( 330 ) $ 877 $ 1,523,425 $ ( 321,714 ) $ 1,202,332 Six Months Ended April 4, 2025 Accumulated Other Comprehensive Income Additional Paid-in Capital Accumulated Deficit Total Stockholders Equity Common Stock Treasury Stock Shares Amount Shares Amount Balance as of September 27, 2024 72,219 $ 72 ( 23 ) $ ( 330 ) $ 2,505 $ 1,309,946 $ ( 185,850 ) $ 1,126,343 Vesting of restricted common stock and units 865 Issuance of common stock pursuant to employee stock purchase plan 52 4,537 4,537 Common stock withheld for taxes on employee equity awards ( 313 ) ( 41,260 ) ( 41,260 ) Share-based compensation 44,287 44,287 Issuance of common stock for convertible note exchange 1,583 2 205,915 205,917 Other comprehensive loss, net of tax ( 1,628 ) ( 1,628 ) Net loss ( 135,864 ) ( 135,864 ) Balance as of April 4, 2025 74,406 $ 74 ( 23 ) $ ( 330 ) $ 877 $ 1,523,425 $ ( 321,714 ) $ 1,202,332 See notes to condensed consolidated financial statements. 5 MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Six Months Ended April 3, 2026 April 4, 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 95,098 $ ( 135,864 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and intangibles amortization 31,017 30,800 Share-based compensation 44,776 44,287 Deferred income taxes 6,649 ( 2,747 ) Loss on extinguishment of debt 193,098 Amortization on marketable securities, net ( 1,251 ) ( 3,406 ) Other adjustments, net ( 703 ) 1,055 Change in operating assets and liabilities: Accounts receivable ( 10,954 ) ( 24,724 ) Inventories ( 14,390 ) ( 14,961 ) Prepaid expenses and other assets ( 10,891 ) ( 4,300 ) Accounts payable ( 5,434 ) 14,838 Accrued and other liabilities ( 9,058 ) 1,647 Income taxes ( 3,270 ) 5,623 Net cash provided by operating activities 121,589 105,346 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment ( 26,126 ) ( 13,498 ) Purchases of software licenses and licensed technology ( 7,420 ) ( 8,779 ) Proceeds from sales and maturities of short-term investments 176,086 187,554 Purchases of short-term investments ( 70,504 ) ( 320,530 ) Acquisition of business, net of cash acquired ( 12,684 ) Other investing 1,480 804 Net cash provided by (used in) investing activities 73,516 ( 167,133 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from convertible notes 86,629 Repayment of convertible notes ( 161,151 ) Payments for fee on convertible note exchange and debt issuance costs ( 23,126 ) Payments on finance leases and other financing activities ( 1,286 ) ( 498 ) Proceeds from employee stock purchases 5,212 4,537 Common stock withheld for taxes on employee equity awards ( 51,475 ) ( 41,260 ) Net cash (used in) provided by financing activities ( 208,700 ) 26,282 Foreign currency effect on cash ( 26 ) ( 375 ) NET CHANGE IN CASH AND CASH EQUIVALENTS ( 13,621 ) ( 35,880 ) CASH AND CASH EQUIVALENTS Beginning of period 112,142 146,806 CASH AND CASH EQUIVALENTS End of period $ 98,521 $ 110,926 See notes to condensed consolidated financial statements. For supplemental disclosure of cash flow information, see Note 16. 6 MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Information The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the U.S. ) Securities and Exchange Commission (the SEC ) and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the condensed consolidated balance sheets, condensed consolidated statements of operations, comprehensive income (loss), stockholders equity and cash flows of MACOM Technology Solutions Holdings, Inc. ( MACOM, the Company, us, we or our ) for the periods presented. We prepare our interim financial information using the same accounting principles we use for our annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The condensed consolidated balance sheet as of October 3, 2025 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our October 3, 2025 consolidated financial statements, which were included in our Annual Report on Form 10-K for our fiscal year ended October 3, 2025 filed with the SEC on November 14, 2025 (the 2025 Annual Report on Form 10-K ). We recommend that the financial statements included in this Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in our 2025 Annual Report on Form 10-K. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the condensed consolidated financial statements, certain prior year amounts within the condensed consolidated statement of cash flows have been reclassified to conform to the current year presentation. We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal year 2026 includes 52 weeks and fiscal year 2025 included 53 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in such fiscal years in the first fiscal quarter. Our first fiscal quarter ended January 2, 2026 included 13 weeks and the first fiscal quarter ended January 3, 2025 included 14 weeks. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ( GAAP ) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we base estimates and assumptions on historical experience, currently available information and various other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates and assumptions. The accounting policies which our management believes involve the most significant application of judgment or involve complex estimation, are inventories and associated reserves; revenue reserves; business combinations; goodwill and intangible asset valuation; share-based compensation valuations and income taxes. Recent Accounting Pronouncements Our Recent Accounting Pronouncements are described in our 2025 Annual Report on Form 10-K. In November 2023, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures , which improves disclosures about a public entity s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment s expenses. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. We adopted this ASU for the fiscal year ended October 3, 2025. This ASU was applied on a retrospective basis to all periods presented. See Note 17 - Segment Reporting and Geographic Information for additional information on our interim disclosures. In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments , which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. We elected to early adopt ASU 2024-04 in the first fiscal quarter of 2025 and applied the amendment when assessing the accounting treatment for our debt extinguishment (discussed in Note 10 - Debt ). 7 In September 2025, the FASB issued ASU 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. We elected to early adopt ASU 2025-06 in the second fiscal quarter of 2026 and the adoption of this update did not have a material impact on our condensed consolidated financial statements and related disclosures. Pronouncements for Adoption in Subsequent Periods In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures , which requires greater disaggregation of income tax disclosures. The amendments in this update improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Other amendments in this update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU should be applied on a prospective basis, with retrospective application permitted. The guidance in this update is effective for annual reporting periods beginning after December 15, 2024. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures , as amended by ASU 2025-01, Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures: Clarifying the Effective Date, which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU should be applied on a prospective basis, with retrospective application permitted. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU amends guidance for measuring credit losses on current accounts receivable and contract assets that arise from transactions accounted for under ASC 606 by providing all entities with the ability to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU should be applied on a prospective basis. The guidance in this update is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. 2. REVENUE Disaggregation of Revenue We disaggregate revenue from contracts with customers by markets and geography, as we believe it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. 8 The following tables present our revenue disaggregated by markets and geography (in thousands): Three Months Ended Six Months Ended April 3, 2026 April 4, 2025 April 3, 2026 April 4, 2025 Revenue by Market: Industrial Defense $ 120,652 $ 98,542 $ 238,365 $ 195,942 Data Center 98,188 72,180 183,942 137,464 Telecom 70,115 65,165 138,260 120,603 Total $ 288,955 $ 235,887 $ 560,567 $ 454,009 Three Months Ended Six Months Ended April 3, 2026 April 4, 2025 April 3, 2026 April 4, 2025 Revenue by Geographic Region (1) : United States $ 114,002 $ 107,971 $ 237,838 $ 205,243 China 99,179 63,850 184,402 126,578 Asia Pacific, excluding China 33,454 26,402 64,006 46,940 Other Countries (2) 42,320 37,664 74,321 75,248 Total $ 288,955 $ 235,887 $ 560,567 $ 454,009 (1) Revenue by geographic region is aggregated by customer billing address. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and Asia Pacific region as presented above. Contract Balances We record contract assets or contract liabilities depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Our contract liabilities primarily relate to deferred revenue, including advanced consideration received from customers for contracts prior to the transfer of control to the customer, and, therefore, revenue is subsequently recognized upon delivery of products and services. The following table presents the changes in contract liabilities during the six months ended April 3, 2026 (in thousands, except percentage): April 3, 2026 October 3, 2025 $ Change % Change Contract liabilities $ 4,160 $ 7,676 $ ( 3,516 ) ( 45.8 ) % During the three and six months ended April 3, 2026, we recognized revenue of $ 1.9 million and $ 5.2 million, respectively, that were included in the contract liabilities balance as of October 3, 2025. During the three and six months ended April 4, 2025, we recognized revenue of $ 0.5 million and $ 1.4 million, respectively, that were included in the contract liabilities balance as of September 27, 2024. The decrease in contract liabilities during the six months ended April 3, 2026 was primarily related to recognition of revenue that was previously deferred for products and services invoiced prior to when certain of our customers obtained control of such products and/or services, partially offset by deferral of revenue for additional invoicing prior to when our customers obtain control of such products and/or services . 9 3. ACQUISITIONS ENGIN-IC, Inc. On November 5, 2024, we completed the acquisition of ENGIN-IC, Inc. ( ENGIN-IC ), a fabless semiconductor company that designs advanced gallium arsenide ( GaAs ) and gallium nitride ( GaN ) monolithic microwave integrated circuits ( MMICs ) and integrated microwave assemblies located in Plano, Texas and San Diego, California (the ENGIN-IC Acquisition ). We acquired ENGIN-IC to further expand and strengthen our MMIC and module design capabilities. In connection with the ENGIN-IC Acquisition, we acquired all of the outstanding shares of ENGIN-IC for a total purchase price of approximately $ 14.4 million with cash consideration of $ 12.7 million, net of cash acquired of $ 0.2 million, and deferred consideration payable of $ 1.5 million related to customary agreement provisions not associated with future performance of the acquired business. We paid $ 0.7 million of the deferred consideration during the six months ended April 3, 2026 and the remainder is expected to be paid during our third fiscal quarter of 2026. The ENGIN-IC Acquisition was accounted for as a business combination and the operations of ENGIN-IC have been included in our consolidated financial statements since the date of acquisition. We finalized the ENGIN-IC Acquisition purchase accounting during the fiscal quarter ended January 2, 2026 and adjustments were immaterial. We recorded the final allocation of the purchase price for ENGIN-IC, which primarily resulted in intangible assets, including acquired technology and customer relationships, of $ 9.7 million and goodwill of $ 5.1 million. Consolidated estimated pro forma unaudited revenue and consolidated estimated pro forma unaudited net loss during the three and six months ended April 4, 2025 and the actual results of operations for ENGIN-IC since the acquisition date are not material to our condensed consolidated financial statements. 4. INVESTMENTS All investments are short-term in nature and are invested in corporate bonds, commercial paper, U.S. Treasuries and agency bonds, and are classified as available-for-sale. The Company classifies investments with maturity dates greater than twelve months as short-term investments rather than long-term investments based on the nature of the securities and the availability for use in current operations. The Company believes this method is preferable because it is more reflective of the Company s assessment of its overall liquidity position. These investments are owned directly by the Company and are segregated in brokerage custody accounts. The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investment type are summarized in the tables below (in thousands): April 3, 2026 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 530,245 $ 976 $ ( 879 ) $ 530,342 U.S. Treasuries and agency bonds 35,961 64 ( 30 ) 35,995 Total short-term investments $ 566,206 $ 1,040 $ ( 909 ) $ 566,337 October 3, 2025 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 554,433 $ 3,222 $ ( 76 ) $ 557,579 Commercial paper 49,510 6 49,516 U.S. Treasuries and agency bonds 66,594 155 ( 11 ) 66,738 Total short-term investments $ 670,537 $ 3,383 $ ( 87 ) $ 673,833 The contractual maturities of available-for-sale investments were as follows (in thousands): April 3, 2026 October 3, 2025 Less than one year $ 137,700 $ 211,245 Over one year 428,637 462,588 Total available-for-sale investments $ 566,337 $ 673,833 We have determined that the gross unrealized losses on available for sale securities as of April 3, 2026 and October 3, 2025 are temporary in nature and/or do not relate to credit loss, and therefore, there is no expense for credit losses recorded in our condensed consolidated statements of operations. Unrealized gains and losses on available-for-sale investments are reported as a separate component of stockholders equity within accumulated other comprehensive income. 10 5. FAIR VALUE AND FINANCIAL INSTRUMENTS We group our financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by us. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis We measure certain assets and liabilities at fair value on a recurring basis such as our financial instruments. The
sec_edgar →May 7, 2026
Earnings: MACOM Technology Solutions Holdings, Inc. issued a press release reporting its results of operations…
MACOM Technology Solutions Holdings, Inc. issued a press release reporting its results of operations for the fiscal second quarter ended April 3, 2026.
sec_edgar →May 13, 2026
A Principal Engineer, Ecosystem Partnership & Marketing role specifying AI infrastructure, CXL, and PCIe…
A Principal Engineer, Ecosystem Partnership & Marketing role specifying AI infrastructure, CXL, and PCIe was posted on May 13, 2026.
Verified fact →May 19, 2026
Partnership: Broadcom renewed its partnership with the London Stock Exchange Group (LSEG) to enhance technology…
Broadcom renewed its partnership with the London Stock Exchange Group (LSEG) to enhance technology infrastructure and client experience.
funding-research →May 24, 2026
A Senior Principal Optical Validation Engineer role specifying silicon photonics, CPO, and EIC/PIC validation…
A Senior Principal Optical Validation Engineer role specifying silicon photonics, CPO, and EIC/PIC validation was posted on May 24, 2026.
Verified fact →May 25, 2026
Product Launch: Broadcom unveiled the world's first integrated 5G and Wi-Fi 8 FWA platform with Samsung…
Broadcom unveiled the world's first integrated 5G and Wi-Fi 8 FWA platform with Samsung Electronics.
funding-research →May 26, 2026
Product Launch: Broadcom announced the industry's first end-to-end 50G PON Edge AI Portfolio.
funding-research →May 26, 2026
Customer Win: Modine Manufacturing announced a $4 billion long-term agreement for data center chiller sales with…
Modine Manufacturing announced a $4 billion long-term agreement for data center chiller sales with a major hyperscale customer, extending through 2029.
funding-research →May 27, 2026
Marvell Technology reported fiscal Q1 2027 results for the quarter ended May 2, 2026,…
Marvell Technology reported fiscal Q1 2027 results for the quarter ended May 2, 2026, on May 27, 2026.
Verified fact →May 27, 2026
Earnings: Marvell Technology, Inc. reported its financial results for the first quarter of fiscal year…
Marvell Technology, Inc. reported its financial results for the first quarter of fiscal year 2027, which ended on May 2, 2026, on May 27, 2026.
sec_edgar →May 27, 2026
Product Launch: Broadcom unveiled the world's first integrated 5G and Wi-Fi 8 FWA platform in collaboration…
Broadcom unveiled the world's first integrated 5G and Wi-Fi 8 FWA platform in collaboration with Samsung Electronics, and delivered the industry's first integrated Wi-Fi 8 SoCs for next-gen routers.
funding-research →May 27, 2026
News Mention: Marvell Technology, Inc. (MRVL) filed SEC Form 8-K on 2026-05-27 (period 2026-05-27); items 2.02,9.01.
sec_edgar →May 27, 2026
Product Launch: Broadcom delivered the industry's first integrated Wi-Fi 8 SoCs.
funding-research →May 28, 2026
Marvell's fiscal Q1 2027 filing (mrvl-20260502) covers the period ended May 2, 2026.
Verified fact →May 28, 2026
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INC . (Exact name of registrant as specified in its charter) Delaware 85-3971597 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1000 N. West Street, Suite 1200 Wilmington , Delaware 19801 ( 302 ) 295-4840 (Address of principal executive offices, zip code and registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.002 per share MRVL The Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The number of shares of common stock of the registrant outstanding as of May 21, 2026 was 874.8 million. Table of Contents TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Unaudited Condensed Consolidated Balance Sheets as of May 2, 2026 and January 31, 2026 2 Unaudited Condensed Consolidated Statements of Operations for the three months ended May 2, 2026 and May 3, 2025 3 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended May 2, 2026 and May 3, 2025 4 Unaudited Condensed Consolidated Statements of Stockholders Equity for the three months ended May 2, 2026 and May 3, 2025 5 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended May 2, 2026 and May 3, 2025 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 37 PART II. OTHER INFORMATION Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 5. Other Information 69 Item 6. Exhibits 70 Signatures 74 1 Table of Contents PART I: FINANCIAL INFORMATION Item 1. Financial Statements MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value per share) May 2, 2026 January 31, 2026 ASSETS Current assets: Cash and cash equivalents $ 3,843.6 $ 2,638.8 Accounts receivable, net 1,871.7 2,186.6 Inventories 1,400.9 1,388.0 Prepaid expenses and other current assets 347.8 247.2 Total current assets 7,464.0 6,460.6 Property and equipment, net 972.5 935.0 Goodwill 13,883.5 11,062.2 Acquired intangible assets, net 2,561.5 1,754.7 Deferred tax assets 319.8 345.9 Other non-current assets 1,743.2 1,726.9 Total assets $ 26,944.5 $ 22,285.3 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 709.7 $ 1,073.8 Accrued liabilities 1,335.6 1,337.1 Accrued employee compensation 231.5 309.8 Short-term debt 499.8 Total current liabilities 2,276.8 3,220.5 Long-term debt 4,961.3 3,970.8 Other non-current liabilities 1,490.6 785.6 Total liabilities 8,728.7 7,976.9 Commitments and contingencies (Note 9) Stockholders equity: Preferred stock, $ 0.002 par value; 8.0 shares authorized; 2.0 shares issued and outstanding as of May 2, 2026 of Series A Convertible Preferred Stock ( none issued and outstanding as of January 31, 2026) Common stock, $ 0.002 par value 1.8 1.7 Additional paid-in capital 16,877.5 12,950.9 Retained earnings 1,336.5 1,355.8 Total stockholders equity 18,215.8 14,308.4 Total liabilities and stockholders equity $ 26,944.5 $ 22,285.3 See accompanying notes to unaudited condensed consolidated financial statements 2 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Three Months Ended May 2, 2026 May 3, 2025 Net revenue $ 2,417.8 $ 1,895.3 Cost of goods sold 1,157.0 942.9 Gross profit 1,260.8 952.4 Operating expenses: Research and development 652.3 507.7 Selling, general and administrative 258.4 186.4 Restructuring related charges (gain), net 10.7 ( 12.3 ) Total operating expenses 921.4 681.8 Operating income 339.4 270.6 Interest expense ( 52.8 ) ( 48.7 ) Other expense, net ( 203.3 ) ( 6.0 ) Interest and other loss, net ( 256.1 ) ( 54.7 ) Income before income taxes 83.3 215.9 Provision for income taxes 48.8 38.0 Net income $ 34.5 $ 177.9 Net income per share basic $ 0.04 $ 0.21 Net income per share diluted $ 0.04 $ 0.20 Weighted-average shares outstanding - common stock and preferred stock assuming conversion: Basic 882.0 864.8 Diluted 893.3 875.6 See accompanying notes to unaudited condensed consolidated financial statements 3 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Three Months Ended May 2, 2026 May 3, 2025 Net income $ 34.5 $ 177.9 Other comprehensive loss, net of tax Net change in unrealized loss on cash flow hedges ( 0.5 ) Other comprehensive loss, net of tax ( 0.5 ) Comprehensive income, net of tax $ 34.5 $ 177.4 See accompanying notes to unaudited condensed consolidated financial statements 4 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (In millions, except per share amounts) Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Shares Amount Shares Amount Total Balance at January 31, 2026 $ 847.3 $ 1.7 $ 12,950.9 $ 1,355.8 $ 14,308.4 Net income 34.5 34.5 Issuance of Series A Convertible Preferred Stock in connection with a securities purchase agreement, net of issuance cost 2.0 1,999.6 1,999.6 Issuance of common stock in connection with equity incentive plans 2.9 3.3 3.3 Tax withholdings related to net share settlement of restricted stock units ( 227.2 ) ( 227.2 ) Issuance of common stock in connection with acquisitions 26.8 0.1 2,097.9 2,098.0 Replacement equity awards attributable to pre-acquisition service 33.4 33.4 Vestings of common stock in connection with customer warrant 10.9 10.9 Stock-based compensation 208.7 208.7 Repurchases of common stock ( 1.4 ) ( 200.0 ) ( 200.0 ) Cash dividends declared and paid ($ 0.06 per share) ( 53.8 ) ( 53.8 ) Balance at May 2, 2026 2.0 $ 875.6 $ 1.8 $ 16,877.5 $ 1,336.5 $ 18,215.8 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Accumulated Deficit) Shares Amount Total Balance at February 1, 2025 866.0 $ 1.7 $ 14,534.1 $ 0.4 $ ( 1,109.2 ) $ 13,427.0 Net income 177.9 177.9 Other comprehensive loss ( 0.5 ) ( 0.5 ) Issuance of common stock in connection with equity incentive plans 1.8 0.6 0.6 Tax withholdings related to net share settlement of restricted stock units ( 50.2 ) ( 50.2 ) Vestings of common stock in connection with customer warrant 6.8 6.8 Stock-based compensation 142.9 142.9 Repurchases of common stock ( 5.6 ) ( 340.0 ) ( 340.0 ) Cash dividends declared and paid ($ 0.06 per share) ( 51.8 ) ( 51.8 ) Balance at May 3, 2025 862.2 $ 1.7 $ 14,294.2 $ ( 0.1 ) $ ( 983.1 ) $ 13,312.7 See accompanying notes to unaudited condensed consolidated financial statements 5 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Three Months Ended May 2, 2026 May 3, 2025 Cash flows from operating activities: Net income $ 34.5 $ 177.9 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 95.4 84.2 Stock-based compensation 207.6 142.1 Amortization of acquired intangible assets 225.2 245.7 Change in fair value of contingent consideration liability 331.8 Change in fair value of forward stock purchase contract ( 81.1 ) Restructuring related charges (gains), net ( 14.0 ) Deferred income taxes 13.8 ( 4.3 ) Other expense, net 23.2 44.1 Changes in assets and liabilities, net of acquisitions: Accounts receivable 314.9 ( 115.6 ) Prepaid expenses and other assets ( 28.5 ) 24.1 Inventories ( 11.4 ) ( 69.9 ) Accounts payable ( 355.9 ) ( 37.4 ) Accrued employee compensation ( 84.4 ) ( 117.6 ) Accrued liabilities and other non-current liabilities ( 46.3 ) ( 26.4 ) Net cash provided by operating activities 638.8 332.9 Cash flows from investing activities: Purchases of technology licenses ( 0.5 ) ( 1.1 ) Purchases of property and equipment ( 155.7 ) ( 118.8 ) Proceeds from sales of property and equipment 25.9 Acquisitions, net of cash acquired ( 1,270.9 ) Other, net 5.7 ( 0.1 ) Net cash used in investing activities ( 1,421.4 ) ( 94.1 ) Cash flows from financing activities: Repurchases of common stock ( 200.0 ) ( 340.0 ) Proceeds from employee stock plans 3.3 0.6 Proceeds from issuance of preferred stock 2,000.0 Tax withholding paid on behalf of employees for net share settlement ( 227.2 ) ( 50.2 ) Dividend payments to stockholders ( 53.8 ) ( 51.8 ) Payments on technology license obligations ( 27.2 ) ( 26.8 ) Proceeds from borrowings 998.9 200.0 Principal payments of debt ( 500.0 ) ( 32.8 ) Other, net ( 6.6 ) ( 0.2 ) Net cash provided by (used in) financing activities 1,987.4 ( 301.2 ) Net increase (decrease) in cash and cash equivalents 1,204.8 ( 62.4 ) Cash and cash equivalents at beginning of period 2,638.8 948.3 Cash and cash equivalents at end of period $ 3,843.6 $ 885.9 See accompanying notes to unaudited condensed consolidated financial statements 6 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1. Basis of Presentation The unaudited condensed consolidated financial statements of Marvell Technology, Inc. ( MTI ), a Delaware corporation, and its wholly owned subsidiaries (the Company ), as of and for the three months ended May 2, 2026, have been prepared as required by the U.S. Securities and Exchange Commission (the SEC ). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ( U.S. GAAP ) have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company s fiscal 2026 audited financial statements included in the Company s Annual Report on Form 10-K for the fiscal year ended January 31, 2026. In the opinion of management, the financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. These financial statements should also be read in conjunction with the Company s critical accounting policies included in the Company s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 and those included in this Quarterly Report on Form 10-Q below. All dollar amounts in the financial statements and tables in these notes, except per share amounts, are stated in millions of U.S. dollars unless otherwise noted. The Company s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of 14 weeks. Fiscal 2026 had a 52-week year. Fiscal 2027 is a 52-week year. On February 2, 2026, the Company completed the acquisition of Celestial AI, Inc. ( Celestial ), a provider of a Photonic Fabric TM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate the Company s connectivity strategy for next-generation AI and cloud data centers. The unaudited condensed consolidated financial statements include the operating results of Celestial for the period from date of acquisition through the Company s first quarter ended May 2, 2026. See Note 4 Business Combinations and Note 5 Goodwill and Acquired Intangible Assets, Net for more information. On February 10, 2026, the Company completed the acquisition of XConn Technologies Holdings, Ltd. ( XConn ), a provider of advanced peripheral component interconnect express ( PCIe ) and compute express link ( CXL ) switching silicon, which expands the Company s switching portfolio and augments the Company s Ultra Accelerator Link TM ( UALink TM ) scale-up switch team. The unaudited condensed consolidated financial statements include the operating results of XConn for the period from date of acquisition through the Company s first quarter ended May 2, 2026. See Note 4 Business Combinations and Note 5 Goodwill and Acquired Intangible Assets, Net for more information. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, provisions for sales returns and allowances, inventory excess and obsolescence, contingent consideration, goodwill and other intangible assets, forward stock purchase contract, restructuring, government incentives, income taxes, litigation and other contingencies. Actual results could differ from these estimates and such differences could affect the results of operations reported in future periods. In the current macroeconomic environment, these estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods. Significant Accounting Policies There have been no material changes during the three months ended May 2, 2026 to our significant accounting policies from the information provided in Note 2 Significant Accounting Policies of the Notes to Consolidated Financial Statements set forth in Part II, Item 8 included in the Company s Annual Report on Form 10-K for the fiscal year ended January 31, 2026, except as described below. 7 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) in the statement of stockholders equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in current earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. Derivatives that are not designated as hedges are remeasured at fair value at each reporting period through earnings in the statement of operations and through cash provided by operating activities in the statements of cash flows. Note 2. Recent Accounting Pronouncements Accounting Pronouncements Not Yet Effective In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requiring disaggregated disclosure of certain expense captions into specified categories in the notes to financial statements on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) : Targeted Improvements to the Accounting for Internal-Use Software . This ASU makes targeted improvements that clarify and modernize the accounting for costs related to internal-use software. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods, on either a prospective, retrospective, or modified basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU establishes the accounting and presentation for government grants received by a business entity. This ASU will be effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. 8 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 3. Revenue Disaggregation of Revenue The majority of the Company s revenue is generated from sales of the Company s products. The following table summarizes net revenue disaggregated by end market (in millions, except percentages): Three Months Ended May 2, 2026 % of Total May 3, 2025 % of Total Net revenue by end market: Data center $ 1,832.7 76 % $ 1,440.6 76 % Communications and other 585.1 24 % 454.7 24 % $ 2,417.8 $ 1,895.3 The following table summarizes net revenue disaggregated by primary geographical market based on destination of shipment (in millions, except percentages): Three Months Ended May 2, 2026 % of Total May 3, 2025 % of Total Net revenue based on destination of shipment: China $ 1,057.9 44 % $ 708.9 37 % Taiwan 519.7 21 % 327.3 17 % United States 170.5 7 % 305.2 16 % Other 669.7 28 % 553.9 30 % $ 2,417.8 $ 1,895.3 These destinations of shipment are not necessarily indicative of the geographic location of the Company s end customers or the country in which the Company s end customers sell devices containing the Company s products. For example, a substantial majority of the shipments made to China relate to sales to non-China based customers that have factories or contract manufacturing operations located within China. Net revenue for individual countries included in Other did not exceed 10% of the Company s net revenue for any of the fiscal periods presented. The following table summarizes net revenue disaggregated by customer type (in millions, except percentages): Three Months Ended May 2, 2026 % of Total May 3, 2025 % of Total Net revenue by customer type: Direct customers $ 1,188.9 49 % $ 1,069.3 56 % Distributors 1,228.9 51 % 826.0 44 % $ 2,417.8 $ 1,895.3 Contract Liabilities Contract liabilities consist of the Company s obligation to transfer goods or services to a customer for which the Company has received consideration or the amount is due from the customer. Contract liability balances are comprised of deferred revenue. The amount of revenue recognized during the three months ended May 2, 2026 that was included in the deferred revenue balance at January 31, 2026 was not material. As of the end of a reporting period, some of the performance obligations associated with contracts will have been unsatisfied or only partially satisfied. The Company has elected the practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. 9 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Customer Warrant During fiscal 2025, the Company issued a warrant to a customer for the purchase of up to 4.2 million shares ( Fiscal 2025 Warrant Shares ) of the Company s common stock at an exercise price of $ 87.77 per share. The warrant has an exercise term of seven years and a vesting term of five years . The Fiscal 2025 Warrant Shares vest primarily based on the customer s achievement of qualifying product revenue milestones and are recognized as a reduction to revenue as qualifying revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $ 54.44 per share and a total fair value of $ 227.6 million using the Black-Scholes option pricing model. A total of 0.9 million Fiscal 2025 Warrant Shares were vested as of May 2, 2026. During fiscal 2026, the Company issued a warrant to a customer for the purchase of up to 1.0 million shares ( Fiscal 2026 Warrant Shares ) of the Company s common stock at an exercise price of $ 87.00 per share. The warrant has an exercise term of six years and a vesting term of five years . The Fiscal 2026 Warrant Shares vest based on the customer s achievement of qualifying product revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $ 53.02 per share and a total fair value of $ 55.4 million using the Black-Scholes option pricing model. None of the Fiscal 2026 Warrant Shares have vested as of May 2, 2026. Note 4. Business Combinations The following acquisitions were accounted for as business combinations under ASC 805. In accordance with U.S. GAAP requirements for business combinations, the Company allocated the fair value of the purchase consideration, including any contingent consideration, to the tangible assets, liabilities and intangible assets acquired, including in-process research and development ( IPR D ), generally based on their estimated fair values. The excess purchase price over those fair values is recorded as goodwill. The accounting for business combinations requires management to make significant estimates and assumptions, especially with respect to the fair value of intangible assets and contingent consideration. Acquisition-related costs are expensed in the periods in which such costs are incurred, and recorded in selling, general and administrative expense in the unaudited condensed consolidated statements of operations. See Note 5 Goodwill and Acquired Intangible Assets, Net for additional information. Celestial AI On February 2, 2026, the Company completed the acquisition of Celestial AI, Inc. ( Celestial ), a provider of a Photonic Fabric TM technology platform purpose-built for next-generation scale-up interconnect, for a total purchase consideration of $ 3.5 billion. The acquisition of Celestial is expected to accelerate the Company s connectivity strategy for next-generation AI and cloud data centers. In accordance with the terms of the Agreement and Plan of Reorganization dated December 2, 2025 (the Celestial Merger Agreement ), the Company issued shares of its common stock and paid cash in exchange for all outstanding equity of Celestial, including shares of Celestial s preferred and common stock, employee equity awards and warrants. Contingent on the achievement of specified revenue milestones, the Company may be required to pay additional cash and issue additional shares of its common stock through fiscal 2029. Contingent consideration liability was initially measured at fair value at the acquisition date and included as part of consideration transferred. The contingent consideration liability will be remeasured at fair value at each reporting date with changes recognized in Other expense, net in the Company s unaudited condensed consolidated statements of operations. See Note 6 Fair Value Measurement for additional information. The factors contributing to the recognition of goodwill were based upon the Company's conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the Celestial acquisition is not expected to be deductible for tax purposes. 10 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table summarizes the total purchase consideration for Celestial (in millions): Cash consideration $ 1,279.7 Common stock issued ( 24.5 million shares of the Company's common stock) 1,929.0 Stock consideration for replacement equity awards attributable to pre-combination service 12.9 Contingent consideration 315.8 Total purchase consideration 3,537.4 Less: Cash and cash equivalents acquired ( 302.8 ) Total purchase consideration, net of cash acquired $ 3,234.6 The purchase consideration allocation set forth herein is preliminary and may be revised with adjustments to goodwill as additional information becomes available during the measurement period from the closing date of the acquisition to finalize such preliminary estimates. Any such revisions or changes may be material. The purchase price allocation for Celestial is as follows (in millions): Cash and cash equivalents $ 302.8 Goodwill 2,404.4 Acquired intangible assets, net 951.0 Deferred tax liabilities ( 94.3 ) Other, net ( 26.5 ) Total purchase consideration $ 3,537.4 In connection with the Celestial acquisition, the Company recognized $ 29.1 million of acquisition-related transaction costs, which primarily consisted of legal and professional fees, during the three months ended May 2, 2026. Revenue and earnings of Celestial since the acquisition date were not material. Unaudited Supplemental Pro Forma Information The unaudited supplemental pro forma financial information presents the combined results of operations as if Celestial had been acquired as of beginning of fiscal 2026. The pro forma information includes non-recurring adjustments for (i) amortization and depreciation for property and equipment and technology licenses, (ii) stock-based compensation expense, and (iii) acquisition related costs. For the three months ended May 2, 2026 and May 3, 2025, pro forma net income was $ 82.2 million and $ 96.8 million, respectively. The unaudited supplemental pro forma financial information is for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have been realized if the Celestial acquisition had been completed on the date indicated, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions the Company believes are reasonable under the circumstances. XConn On February 10, 2026, the Company completed the acquisition of XConn Technologies Holdings, Ltd. ( XConn ), a provider of advanced PCIe and CXL switching silicon, for a total purchase consideration of $ 469.0 million. The acquisition of XConn expands the Company's switching portfolio and augments the Company's UALink TM scale-up switch team. In accordance with the terms of the Agreement and Plan of Reorganization dated January 5, 2026 (the XConn Merger Agreement ), the Company issued shares of its common stock and paid cash in exchange for all outstanding equity of XConn, including shares of XConn s preferred and common stock and employee equity awards. The factors contributing to the recognition of goodwill were based upon the Company's conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the XConn acquisition is not expected to be deductible for tax purposes. 11 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table summarizes the total purchase consideration for XConn (in millions): Cash consideration $ 272.1 Common stock issued ( 2.1 million shares of the Company's common stock) 168.9 Stock consideration for replacement equity awards attributable to pre-combination service 20.5 Settlement of pre-existing contractual relationship 7.5 Total purchase consideration 469.0 Less: Cash acquired ( 0.6 ) Total purchase consideration, net of cash acquired $ 468.4 The purchase consideration allocation set forth herein is preliminary and may be revised with adjustments to goodwill as additional information becomes available during the measurement period from the closing date of the acquisition to finalize such preliminary estimates. Any such revisions or changes may be material. The purchase price allocation for XConn is as follows (in millions): Goodwill $ 394.9 Acquired intangible assets,
sec_edgar →May 28, 2026
Earnings: Marvell Technology, Inc. (MRVL) filed SEC Form 10-Q on 2026-05-28 (period 2026-05-02).
sec_edgar →Jun 1, 2026
Lumentum entered into agreements to exchange approximately $650.4 million principal amount of convertible senior…
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sec_edgar →Jun 1, 2026
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Acquisition: Modine acquired AbsolutAire, L.B. White, and Climate by Design, adding $119 million in incremental…
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funding-research →Jun 1, 2026
News Mention: Lumentum Holdings Inc. (LITE) filed SEC Form 8-K on 2026-06-01 (period 2026-05-29); items 3.02.
sec_edgar →Jun 3, 2026
Broadcom announced unaudited financial results for the fiscal quarter ended May 3, 2026, on…
Broadcom announced unaudited financial results for the fiscal quarter ended May 3, 2026, on June 3, 2026.
Verified fact →Jun 3, 2026
Broadcom declared a $0.65 per share quarterly cash dividend on June 3, 2026, payable…
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Verified fact →Jun 3, 2026
Earnings: Broadcom Inc. announced its unaudited financial results for the second quarter ended May 3,…
Broadcom Inc. announced its unaudited financial results for the second quarter ended May 3, 2026.
sec_edgar →Jun 3, 2026
Other: Broadcom Inc. declared a quarterly cash dividend of $0.65 per share, payable on June…
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sec_edgar →Jun 3, 2026
News Mention: Broadcom Inc. (AVGO) filed SEC Form 8-K on 2026-06-03 (period 2026-06-03); items 2.02,8.01,9.01.
sec_edgar →Jun 7, 2026
An Optical Test Engineer Tech Lead role specifying CPO, silicon photonics, 800G, and packaging…
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Verified fact →Jun 8, 2026
Astera Labs stockholders ratified the appointment of PricewaterhouseCoopers LLP as independent registered public accounting…
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Verified fact →Jun 8, 2026
Astera Labs stockholders elected Sanjay Gajendra, Craig Barratt, and Michael Hurlston to the board…
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Verified fact →Jun 8, 2026
Leadership Change: Stockholders elected Sanjay Gajendra to the board of directors as a Class II Director.
sec_edgar →Jun 8, 2026
Leadership Change: Stockholders elected Craig Barratt to the board of directors as a Class II Director.
sec_edgar →Jun 8, 2026
Leadership Change: Stockholders elected Michael Hurlston to the board of directors as a Class II Director.
sec_edgar →Jun 8, 2026
Other: Stockholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm…
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sec_edgar →Jun 9, 2026
Broadcom's filing (avgo-20260503) covers fiscal Q2 2026 ending May 3, 2026.
Verified fact →Jun 9, 2026
Earnings: avgo-20260503 0001730168 November 1 2026 Q2 FALSE P4Y P4Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure…
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avgo:O2026Q3DividendsMember 2026-06-02 2026-06-02 0001730168 us-gaap:SubsequentEventMember 2026-06-02 2026-06-02 0001730168 us-gaap:SubsequentEventMember avgo:O2026Q3DividendsMember 2026-06-30 2026-06-30 0001730168 us-gaap:SubsequentEventMember avgo:O2026Q3DividendsMember 2026-06-22 2026-06-22 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 3, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Broadcom Inc. (Exact name of registrant as specified in its charter) Delaware 001-38449 35-2617337 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.) 3421 Hillview Ave Palo Alto , CA 94304 ( 650 ) 427-6000 (Address, including zip code, of principal executive offices and registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.001 par value AVGO The NASDAQ Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of May 29, 2026, there were 4,757,580,198 shares of our common stock outstanding. BROADCOM INC. Quarterly Report on Form 10-Q For the Quarterly Period Ended May 3, 2026 TABLE OF CONTENTS Page PART I FINANCIAL INFORMATION 1 Item 1. Condensed Consolidated Financial Statements Unaudited 1 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 31 Item 4. Controls and Procedures 31 PART II OTHER INFORMATION 31 Item 1. Legal Proceedings 31 Item 1A. Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50 SIGNATURES 51 Table of Contents PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Unaudited BROADCOM INC. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED Page Condensed Consolidated Balance Sheets Unaudited 2 Condensed Consolidated Statements of Operations Unaudited 3 Condensed Consolidated Statements of Comprehensive Income Unaudited 4 Condensed Consolidated Statements of Cash Flows Unaudited 5 Condensed Consolidated Statements of Stockholders Equity Unaudited 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 1 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED May 3, 2026 November 2, 2025 (In millions, except par value) ASSETS Current assets: Cash and cash equivalents $ 19,628 $ 16,178 Trade accounts receivable, net 10,830 7,145 Inventory 4,328 2,270 Other current assets 7,427 5,980 Total current assets 42,213 31,573 Long-term assets: Property, plant and equipment, net 2,788 2,530 Goodwill 97,801 97,801 Intangible assets, net 28,333 32,273 Other long-term assets 8,023 6,915 Total assets $ 179,158 $ 171,092 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,337 $ 1,560 Employee compensation and benefits 1,134 2,129 Short-term debt 2,252 3,152 Other current liabilities 13,139 11,673 Total current liabilities 18,862 18,514 Long-term liabilities: Long-term debt 62,655 61,984 Other long-term liabilities 9,950 9,302 Total liabilities 91,467 89,800 Commitments and contingencies (Note 10) Stockholders equity: Preferred stock, $ 0.001 par value; 100 shares authorized; none issued and outstanding Common stock, $ 0.001 par value; 29,000 shares authorized; 4,758 and 4,741 shares issued and outstanding as of May 3, 2026 and November 2, 2025, respectively 5 5 Additional paid-in capital 75,312 71,308 Retained earnings 12,166 9,761 Accumulated other comprehensive income 208 218 Total stockholders equity 87,691 81,292 Total liabilities and equity $ 179,158 $ 171,092 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions, except per share data) Net revenue: Products $ 16,892 $ 10,309 $ 31,022 $ 20,452 Subscriptions and services 5,295 4,695 10,476 9,468 Total net revenue 22,187 15,004 41,498 29,920 Cost of revenue: Cost of products sold 4,665 2,722 8,706 5,417 Cost of subscriptions and services 636 574 1,274 1,152 Amortization of acquisition-related intangible assets 1,461 1,483 2,923 2,967 Restructuring charges 10 28 23 42 Total cost of revenue 6,772 4,807 12,926 9,578 Gross margin 15,415 10,197 28,572 20,342 Research and development 2,995 2,693 5,960 4,946 Selling, general and administrative 1,055 1,083 2,074 2,032 Amortization of acquisition-related intangible assets 506 506 1,013 1,017 Restructuring and other charges 71 86 174 258 Total operating expenses 4,627 4,368 9,221 8,253 Operating income 10,788 5,829 19,351 12,089 Interest expense ( 776 ) ( 769 ) ( 1,577 ) ( 1,642 ) Other income, net 118 25 551 128 Income before income taxes 10,130 5,085 18,325 10,575 Provision for income taxes 820 120 1,666 107 Net income $ 9,310 $ 4,965 $ 16,659 $ 10,468 Net income per share: Basic $ 1.96 $ 1.05 $ 3.51 $ 2.23 Diluted $ 1.91 $ 1.03 $ 3.41 $ 2.17 Weighted-average shares used in per share calculations: Basic 4,747 4,707 4,744 4,701 Diluted 4,876 4,826 4,882 4,831 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions) Net income $ 9,310 $ 4,965 $ 16,659 $ 10,468 Other comprehensive loss, net of tax: Change in unrealized gain on derivative instruments ( 4 ) ( 2 ) ( 8 ) ( 3 ) Change in actuarial loss and prior service costs associated with defined benefit plans 1 ( 2 ) 2 Other comprehensive loss, net of tax ( 4 ) ( 1 ) ( 10 ) ( 1 ) Comprehensive income $ 9,306 $ 4,964 $ 16,649 $ 10,467 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 (In millions) Cash flows from operating activities: Net income $ 16,659 $ 10,468 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible and right-of-use assets 4,005 4,056 Depreciation 313 284 Stock-based compensation 4,268 3,051 Deferred taxes and other non-cash taxes ( 1,058 ) ( 1,267 ) Loss on debt extinguishment 86 65 Non-cash interest expense 139 191 Other 18 81 Changes in assets and liabilities, net of acquisitions and disposals: Trade accounts receivable, net ( 3,685 ) ( 1,129 ) Inventory ( 2,058 ) ( 257 ) Accounts payable 683 ( 372 ) Employee compensation and benefits ( 991 ) ( 621 ) Other current assets and current liabilities ( 218 ) ( 29 ) Other long-term assets and long-term liabilities 592 ( 1,853 ) Net cash provided by operating activities 18,753 12,668 Cash flows from investing activities: Purchases of property, plant and equipment ( 481 ) ( 244 ) Purchases of investments ( 137 ) ( 162 ) Sales of investments 283 96 Other 12 3 Net cash used in investing activities ( 323 ) ( 307 ) Cash flows from financing activities: Proceeds from long-term borrowings 4,474 3,735 Payments on debt obligations ( 4,900 ) ( 8,090 ) Proceeds from commercial paper, net 3,861 Payments of dividends ( 6,178 ) ( 5,559 ) Repurchases of common stock - repurchase program ( 8,450 ) ( 2,450 ) Shares repurchased for tax withholdings on vesting of equity awards ( 3,802 ) Issuance of common stock 113 118 Other ( 39 ) ( 50 ) Net cash used in financing activities ( 14,980 ) ( 12,237 ) Net change in cash and cash equivalents 3,450 124 Cash and cash equivalents at beginning of period 16,178 9,348 Cash and cash equivalents at end of period $ 19,628 $ 9,472 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY UNAUDITED Two Fiscal Quarters Ended May 3, 2026 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Stockholders Equity Shares Par Value (In millions) Balance as of November 2, 2025 4,741 $ 5 $ 71,308 $ 9,761 $ 218 $ 81,292 Net income 7,349 7,349 Other comprehensive loss ( 6 ) ( 6 ) Dividends to common stockholders ( 3,086 ) ( 3,086 ) Common stock issued 18 Stock-based compensation 2,176 2,176 Repurchases of common stock ( 23 ) ( 346 ) ( 7,504 ) ( 7,850 ) Shares repurchased for tax withholdings on vesting of equity awards ( 3 ) ( 3 ) Balance as of February 1, 2026 4,736 5 73,135 6,520 212 79,872 Net income 9,310 9,310 Other comprehensive loss ( 4 ) ( 4 ) Dividends to common stockholders ( 3,092 ) ( 3,092 ) Common stock issued 24 113 113 Stock-based compensation 2,092 2,092 Repurchases of common stock ( 2 ) ( 28 ) ( 572 ) ( 600 ) Balance as of May 3, 2026 4,758 $ 5 $ 75,312 $ 12,166 $ 208 $ 87,691 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY UNAUDITED Two Fiscal Quarters Ended May 4, 2025 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Stockholders Equity Shares Par Value (In millions) Balance as of November 3, 2024 4,686 $ 5 $ 67,466 $ $ 207 $ 67,678 Net income 5,503 5,503 Dividends to common stockholders ( 2,774 ) ( 2,774 ) Common stock issued 24 Stock-based compensation 1,280 1,280 Shares repurchased for tax withholdings on vesting of equity awards ( 8 ) ( 1,898 ) ( 1,898 ) Balance as of February 2, 2025 4,702 5 66,848 2,729 207 69,789 Net income 4,965 4,965 Other comprehensive loss ( 1 ) ( 1 ) Dividends to common stockholders ( 2,785 ) ( 2,785 ) Common stock issued 26 118 118 Stock-based compensation 1,773 1,773 Repurchases of common stock ( 16 ) ( 227 ) ( 2,223 ) ( 2,450 ) Shares repurchased for tax withholdings on vesting of equity awards ( 9 ) ( 1,823 ) ( 1,823 ) Balance as of May 4, 2025 4,703 $ 5 $ 66,689 $ 2,686 $ 206 $ 69,586 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 7 Table of Contents BROADCOM INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Overview, Basis of Presentation and Significant Accounting Policies Overview Broadcom Inc. ( Broadcom ), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based devices, network interface cards and other modules, switches, and subsystems. Our solutions are used in a wide array of environments, end products and applications, such as enterprise and artificial intelligence ( AI ) data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions help enterprises simplify their information technology ( IT ) environments. Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments. This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads. We also offer mission-critical fibre channel storage area networking ( FC SAN ) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products. Unless stated otherwise or the context otherwise requires, references to Broadcom, we, our, and us mean Broadcom and its consolidated subsidiaries. Basis of Presentation We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31. Our fiscal years ending November 1, 2026 ( fiscal year 2026 ) and November 2, 2025 ( fiscal year 2025 ) are both 52-week fiscal years. The accompanying condensed consolidated financial statements include the accounts of Broadcom and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States ( GAAP ) for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The November 2, 2025 condensed consolidated balance sheet data were derived from Broadcom s audited consolidated financial statements included in its Annual Report on Form 10-K for fiscal year 2025 as filed with the Securities and Exchange Commission. All intercompany balances and transactions have been eliminated in consolidation. The operating results for the fiscal quarter ended May 3, 2026 are not necessarily indicative of the results that may be expected for fiscal year 2026, or for any other future period. Certain prior period amounts reported in our condensed consolidated statements of operations have been reclassified to conform to the current period presentation. See Note 2. Revenue from Contracts with Customers for additional information. Significant Accounting Policies Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates, and such differences could affect the results of operations reported in future periods. 2. Revenue from Contracts with Customers We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration to which we are entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. 8 Table of Contents Reclassifications to Condensed Consolidated Statements of Operations For software arrangements without termination for convenience provisions, we recognize revenue for the license portion of the agreements upfront upon transfer of control to the customer, referred to as upfront license revenue. In the fiscal quarter and two fiscal quarters ended May 3, 2026, we included upfront license revenue of $ 1,964 million and $ 3,719 million, respectively, within products revenue, and the related costs, which were immaterial, in cost of products sold, in our condensed consolidated statements of operations. To conform to the current period presentation, we reclassified $ 1,803 million and $ 3,775 million of upfront license revenue from subscriptions and services revenue to products revenue for the fiscal quarter and two fiscal quarters ended May 4, 2025, respectively. We also reclassified the related costs for the upfront license revenue, which were immaterial for the periods presented. In the revenue disaggregation tables by type and by region presented below, we included $ 1,456 million, $ 137 million and $ 371 million of upfront license revenue in products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the fiscal quarter ended May 3, 2026. We included $ 2,517 million, $ 261 million and $ 941 million of upfront license revenue in products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the two fiscal quarters ended May 3, 2026. To conform to the current period presentation, we reclassified $ 1,256 million, $ 178 million and $ 369 million of upfront license revenue from subscriptions and services revenue to products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the fiscal quarter ended May 4, 2025. We reclassified $ 2,701 million, $ 242 million and $ 832 million of upfront license revenue from subscriptions and services revenue to products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the two fiscal quarters ended May 4, 2025. Disaggregation We have considered (1) information that is regularly reviewed by our Chief Executive Officer, who has been identified as the chief operating decision maker (the CODM ) as defined by the authoritative guidance on segment reporting, in evaluating financial performance and (2) disclosures presented outside of our financial statements in our earnings releases and used in investor presentations to disaggregate revenues. The principal category we use to disaggregate revenues is the nature of our products and subscriptions and services, as presented in our condensed consolidated statements of operations. In addition, revenues by reportable segment are presented in Note 9. Segment Information. The following tables present revenue disaggregated by type and by region for the periods presented: Fiscal Quarter Ended May 3, 2026 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 2,187 $ 13,956 $ 749 $ 16,892 Subscriptions and services 3,015 579 1,701 5,295 Total $ 5,202 $ 14,535 $ 2,450 $ 22,187 Fiscal Quarter Ended May 4, 2025 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 1,891 $ 7,632 $ 786 $ 10,309 Subscriptions and services 2,815 468 1,412 4,695 Total $ 4,706 $ 8,100 $ 2,198 $ 15,004 Two Fiscal Quarters Ended May 3, 2026 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 4,351 $ 24,906 $ 1,765 $ 31,022 Subscriptions and services 5,932 1,244 3,300 10,476 Total $ 10,283 $ 26,150 $ 5,065 $ 41,498 9 Table of Contents Two Fiscal Quarters Ended May 4, 2025 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 3,826 $ 14,965 $ 1,661 $ 20,452 Subscriptions and services 5,512 1,167 2,789 9,468 Total $ 9,338 $ 16,132 $ 4,450 $ 29,920 Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer customers, contract manufacturers, channel partners, or software customers. Contract Balances Contract assets and contract liabilities balances were as follows: May 3, 2026 November 2, 2025 (In millions) Contract Assets $ 10,399 $ 8,922 Contract Liabilities $ 14,242 $ 13,016 We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when revenue recognized on a contract exceeds the amount invoiced. A contract asset is a right to consideration that is conditional on something other than the passage of time. A contract asset becomes a receivable when invoiced upon the right to consideration becoming unconditional. We recognize a contract liability when billings on a contract exceed the revenue recognized and there is a future obligation to transfer products or services to a customer. Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer s payment. As of May 3, 2026 , approximately 64 % of contract liabilities related to contracts subject to termination for convenience provisions . The amount of revenue recognized during the two fiscal quarters ended May 3, 2026 that was included in the contract liabilities balance as of November 2, 2025 was $ 6,445 million. The amount of revenue recognized during the two fiscal quarters ended May 4, 2025 that was included in the contract liabilities balance as of November 3, 2024 was $ 6,103 million. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. Remaining performance obligations include unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Certain multi-year customer contracts in our semiconductor solutions segment and infrastructure software segment, including contracts where customers do not have termination rights, contain firmly committed amounts and the remaining performance obligations under these contracts as of May 3, 2026 were approximately $ 164.6 billion. These commitments include obligations under a long-term contract for custom AI accelerators entered in the fiscal quarter ended May 3, 2026 . We expect approximately 30 % of this amount to be recognized as revenue over the next 12 months. Remaining performance obligations do not include contracts for software, subscriptions or services where the customer is not committed. The customer is not considered committed when the customer contract permits termination for convenience. For contracts with termination for convenience rights, our customers generally do not exercise those rights. Additionally, as a practical expedient, we have not included contracts that have an original duration of one year or less, nor have we included contracts with sales-based or usage-based royalties promised in exchange for a license of intellectual property ( IP ). Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods . 10 Table of Contents 3. Supplemental Financial Information Cash Equivalents Cash equivalents included $ 4,003 million and $ 3,163 million of time deposits and $ 2,801 million and $ 2,239 million of money-market funds as of May 3, 2026 and November 2, 2025, respectively. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such, they were classified as Level 1 assets in the fair value hierarchy. As of May 3, 2026, cash equivalents also included $ 2,985 million of U.S. Treasury Bills which were carried at fair value. Due to the short-term nature of the instruments, their amortized cost approximates fair value. As of May 3, 2026, $ 995 million and $ 1,990 million of the U.S. Treasury Bills were classified as Level 1 assets and Level 2 assets in the fair value hierarchy, respectively, depending on whether the instruments were traded in active or less active markets. Accounts Receivable Factoring We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were $ 600 million and $ 2,350 million during the fiscal quarter and two fiscal quarters ended May 3, 2026, respectively, and $ 1,750 million and $ 3,951 million during the fiscal quarter and two fiscal quarters ended May 4, 2025, respectively. Inventory May 3, 2026 November 2, 2025 (In millions) Finished goods $ 1,858 $ 682 Work-in-process 1,801 1,280 Raw materials 669 308 Total inventory $ 4,328 $ 2,270 Other Current Assets May 3, 2026 November 2, 2025 (In millions) Current portion of contract assets $ 5,918 $ 5,005 Prepaid expenses 1,140 518 Other 369 457 Total other current assets $ 7,427 $ 5,980 Other Current Liabilities May 3, 2026 November 2, 2025 (In millions) Contract liabilities $ 10,038 $ 9,469 Tax liabilities 1,217 921 Interest payable 656 620 Other 1,228 663 Total other current liabilities $ 13,139 $ 11,673 11 Table of Contents Other Long-Term Liabilities May 3, 2026 November 2, 2025 (In millions) Contract liabilities $ 4,204 $ 3,547 Unrecognized tax benefits 1,662 1,628 Deferred tax liabilities 1,615 2,704 Other 2,469 1,423 Total other long-term liabilities $ 9,950 $ 9,302 Supplemental Cash Flow Information Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions) Cash paid for interest $ 695 $ 700 $ 1,314 $ 1,371 Cash paid for income taxes $ 1,099 $ 608 $ 1,881 $ 1,012 4. Intangible Assets Gross Carrying Amount Accumulated Amortization Net Book Value (In millions) As of May 3, 2026: Purchased technology $ 32,851 $ ( 17,322 ) $ 15,529 Customer contracts and related relationships 15,791 ( 4,961 ) 10,830 Trade names 1,612 ( 455 ) 1,157 Other 188 ( 121 ) 67 Intangible assets subject to amortization 50,442 ( 22,859 ) 27,583 In-process research and development 750 750 Total $ 51,192 $ ( 22,859 ) $ 28,333 As of November 2, 2025: Purchased technology $ 32,781 $ ( 14,401 ) $ 18,380 Customer contracts and related relationships 15,791 ( 4,003 ) 11,788 Trade names 1,612 ( 399 ) 1,213 Other 186 ( 114 ) 72 Intangible assets subject to amortization 50,370 ( 18,917 ) 31,453 In-process research and development 820 820 Total $ 51,190 $ ( 18,917 ) $ 32,273 12 Table of Contents Based on the amount of intangible assets subject to amortization as of May 3, 2026, the expected amortization expense was as follows: Fiscal Year: Expected Amortization Expense (In millions) 2026 (remainder) $ 3,940 2027 6,818 2028 5,689 2029 4,562 2030 3,378 Thereafter 3,196 Total $ 27,583 The weighted-average remaining amortization periods by intangible asset category were as follows: Amortizable intangible assets: May 3, 2026 (In years) Purchased technology 5 Customer contracts and related relationships 6 Trade names 11 Other 10 5. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. Potentially dilutive shares outstanding include the dilutive effect of unvested restricted stock units ( RSUs ) and employee stock purchase plan ( ESPP ) rights (collectively referred to as equity awards ). Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for purchasing shares under the ESPP and the amount of stock-based compensation expense for future service that we have not yet recognized are collectively assumed to be used to repurchase shares. 13 Table of Contents The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented: Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions, except per share data) Numerator: Net income $ 9,310 $ 4,965 $ 16,659 $ 10,468 Denominator: Weighted-average shares outstanding - basic 4,747 4,707 4,744 4,701 Dilutive effect of equity awards 129 119 138 130 Weighted-average shares outstanding - diluted 4,876 4,826 4,882 4,831 Net income per share: Basic $ 1.96 $ 1.05 $ 3.51 $ 2.23 Diluted $ 1.91 $ 1.03 $ 3.41 $ 2.17 14 Table of Contents 6. Borrowings Effective Interest Rate May 3, 2026 November 2, 2025 (In millions) January 2026 Senior Notes 4.300 % notes due January 2031 4.41 % $ 750 $ 4.600 % notes due January 2033 4.72 % 1,250 4.950 % notes due January 2036 5.03 % 1,250 5.700 % notes due January 2056 5.79 % 1,250 4,500 September 2025 Senior Notes 4.200 % notes due October 2030 4.34 % 1,000 1,000 4.800 % notes due February 2036 4.90 % 2,250 2,250 4.900 % notes due February 2038 4.99 % 1,750 1,750 5,000 5,000 July 2025 Senior Notes 4.600 % notes due July 2030 4.49 % (a) 1,750 1,750 4.900 % notes due July 2032 5.04 % 1,750 1,750 5.200 % notes due July 2035 4.77 % (a) 2,500 2,500 6,000 6,000 January 2025 Senior Notes 4.800 % notes due April 2028 5.03 % 1,100 1,100 5.050 % notes due April 2030 5.20 % 800 800 5.200 % notes due April 2032 5.34 % 1,100 1,100 3,000 3,000 October 2024 Senior Notes 4.150 % notes due February 2028 4.36 % 875 4.350 % notes due February 2030 4.51 % 1,500 1,500 4.550 % notes due February 2032 4.70 % 875 875 4.800 % notes due October 2034 4.38 % (a) 1,750 1,750 4,125 5,000 July 2024 Senior Notes 5.050 % notes due July 2027 5.27 % 493 1,250 5.050 % notes due July 2029 5.23 % 2,250 2,250 5.150 % notes due November 2031 5.30 % 1,500 1,500 4,243 5,000 April 2022 Senior Notes 4.000 % notes due April 2029 4.17 % 750 750 4.150 % notes due April 2032 4.30 % 1,200 1,200 4.926 % notes due May 2037 5.33 % 2,500 2,500 4,450 4,450 September 2021 Senior Notes 3.137 % notes due November 2035 4.23 % 3,250 3,250 3.187 % notes due November 2036 4.79 % 2,750 2,750 6,000 6,000 15 Table of Contents Effective Interest Rate May 3, 2026 November 2, 2025 (In millions) March 2021 Senior Notes 3.419 % notes due April 2033 4.66 % 2,250 2,250 3.469 % notes due April 2034 4.63 % 3,250 3,250 5,500 5,500 January 2021 Senior Notes 1.950 % notes due February 2
sec_edgar →Jun 9, 2026
Partnership: Broadcom, Apollo, and Blackstone established a Landmark Strategic AI Platform partnership to accelerate over…
Broadcom, Apollo, and Blackstone established a Landmark Strategic AI Platform partnership to accelerate over 20 Gigawatts of global AI deployments.
funding-research →Jun 9, 2026
Earnings: Broadcom Inc. (AVGO) filed SEC Form 10-Q on 2026-06-09 (period 2026-05-03).
sec_edgar →Jun 9, 2026
Partnership: Broadcom, Apollo, and Blackstone established a strategic platform to accelerate more than 20 gigawatts…
Broadcom, Apollo, and Blackstone established a strategic platform to accelerate more than 20 gigawatts of global AI deployments.
funding-research →Jun 11, 2026
Daniel Durn was appointed Chief Financial Officer and Executive Vice President of Marvell Technology…
Daniel Durn was appointed Chief Financial Officer and Executive Vice President of Marvell Technology effective on or around June 11, 2026, replacing Willem Meintjes who resigned the same date.
Verified fact →Jun 11, 2026
A Principal Digital Design Engineer role specifying DSP SerDes and PAM4 DSP was posted…
A Principal Digital Design Engineer role specifying DSP SerDes and PAM4 DSP was posted on May 13, 2026, and a similar PAM4 100G role was posted on June 11, 2026.
Verified fact →Jun 11, 2026
Daniel Durn resigned from Marvell Technology's Board of Directors and as Chair of the…
Daniel Durn resigned from Marvell Technology's Board of Directors and as Chair of the Audit Committee effective on or around June 11, 2026, in connection with his CFO appointment.
Verified fact →Jun 11, 2026
Broadcom launched cash tender offers for certain of its debt securities on June 11,…
Broadcom launched cash tender offers for certain of its debt securities on June 11, 2026.
Verified fact →Jun 11, 2026
Marvell posted a job for a Principal Electrical Engineer – Smart Cable Modules on…
Marvell posted a job for a Principal Electrical Engineer – Smart Cable Modules on June 11, 2026, specifying 800G and pluggable module focus.
Verified fact →Jun 11, 2026
Other: Broadcom Inc. announced the launch of cash tender offers for certain of its debt…
Broadcom Inc. announced the launch of cash tender offers for certain of its debt securities.
sec_edgar →Jun 11, 2026
Leadership Change: Daniel Durn resigned from Marvell Technology, Inc.'s Board of Directors and as Chair of…
Daniel Durn resigned from Marvell Technology, Inc.'s Board of Directors and as Chair of the Audit Committee, effective June 10, 2026.
sec_edgar →Jun 11, 2026
Leadership Change: Daniel Durn was appointed as Chief Financial Officer and Executive Vice President of Marvell…
Daniel Durn was appointed as Chief Financial Officer and Executive Vice President of Marvell Technology, Inc., effective June 15, 2026.
sec_edgar →Jun 11, 2026
Leadership Change: Willem Meintjes resigned from his position as Chief Financial Officer and Executive Vice President…
Willem Meintjes resigned from his position as Chief Financial Officer and Executive Vice President of Marvell Technology, Inc., effective June 15, 2026.
sec_edgar →Jun 11, 2026
News Mention: Marvell Technology, Inc. (MRVL) filed SEC Form 8-K on 2026-06-11 (period 2026-06-10); items 5.02,7.01,9.01.
sec_edgar →Jun 11, 2026
News Mention: Broadcom Inc. (AVGO) filed SEC Form 8-K on 2026-06-11 (period 2026-06-11); items 8.01,9.01.
sec_edgar →Jun 14, 2026
A Senior Principal Optical Validation Engineer role specifying silicon photonics, CPO, and packaging was…
A Senior Principal Optical Validation Engineer role specifying silicon photonics, CPO, and packaging was posted on June 14, 2026.
Verified fact →Jun 16, 2026
Funding: Coherent Corp. signed a letter of intent for up to $50 million in CHIPS…
Coherent Corp. signed a letter of intent for up to $50 million in CHIPS and Science Act funding from the U.S. Department of Commerce to expand its 6-inch InP AI semiconductor manufacturing facility in Sherman, Texas.
funding-research →Jun 18, 2026
A Chip Lead, Senior Director role specifying UALink, PCIe, chip_design, and switching was posted…
A Chip Lead, Senior Director role specifying UALink, PCIe, chip_design, and switching was posted on June 18, 2026.
Verified fact →Jun 18, 2026
Hardware Design Engineering, Senior Director roles for Active Electric Cable / Smart Cable Module…
Hardware Design Engineering, Senior Director roles for Active Electric Cable / Smart Cable Module Business were posted on June 18, 2026.
Verified fact →Jun 18, 2026
Broadcom announced pricing terms, expiration, upsize, and results of its cash tender offers for…
Broadcom announced pricing terms, expiration, upsize, and results of its cash tender offers for certain debt securities on June 18, 2026.
Verified fact →Jun 18, 2026
A Principal Photonic Packaging Engineer role specifying silicon photonics, optics, and thermal management was…
A Principal Photonic Packaging Engineer role specifying silicon photonics, optics, and thermal management was posted on June 18, 2026.
Verified fact →Jun 18, 2026
A Principal AEC / AOC Program Manager role was posted on June 18, 2026…
A Principal AEC / AOC Program Manager role was posted on June 18, 2026 covering AEC, AOC, manufacturing, and program management scopes.
Verified fact →Jun 18, 2026
Hardware Design Engineering Director roles for Active Electric Cable / Smart Cable Module Business…
Hardware Design Engineering Director roles for Active Electric Cable / Smart Cable Module Business were posted on June 18, 2026 in both China and Taiwan.
Verified fact →Jun 18, 2026
A Principal Optical Firmware Engineer role specifying silicon photonics, 800G, embedded systems was posted…
A Principal Optical Firmware Engineer role specifying silicon photonics, 800G, embedded systems was posted on June 18, 2026 (and a similar 800G/PIC firmware role was posted May 24, 2026).
Verified fact →Jun 18, 2026
A Principal Analog Mixed-Signal Design Engineer role specifying high-speed, FinFET, and optical was posted…
A Principal Analog Mixed-Signal Design Engineer role specifying high-speed, FinFET, and optical was posted on June 18, 2026.
Verified fact →Jun 18, 2026
A Principal AI Infrastructure & Hardware Program Management role specifying UALink and GPU was…
A Principal AI Infrastructure & Hardware Program Management role specifying UALink and GPU was posted on June 18, 2026.
Verified fact →Jun 18, 2026
A Manager, Package Design Engineering role specifying chiplet, 2.5D, and CXL was posted on…
A Manager, Package Design Engineering role specifying chiplet, 2.5D, and CXL was posted on June 18, 2026.
Verified fact →Jun 18, 2026
A Distinguished Formal Verification role specifying PCIe, CXL, and AI infrastructure was posted on…
A Distinguished Formal Verification role specifying PCIe, CXL, and AI infrastructure was posted on June 18, 2026.
Verified fact →Jun 18, 2026
Other: Broadcom Inc. announced the pricing terms, expiration, upsize, and results of its cash tender…
Broadcom Inc. announced the pricing terms, expiration, upsize, and results of its cash tender offers for certain debt securities.
sec_edgar →Jun 18, 2026
News Mention: Broadcom Inc. (AVGO) filed SEC Form 8-K on 2026-06-18 (period 2026-06-17); items 8.01,9.01.
sec_edgar →Jun 25, 2026
Leadership Change: Marvell Technology, Inc. stockholders re-elected seven directors to the Board for a one-year term…
Marvell Technology, Inc. stockholders re-elected seven directors to the Board for a one-year term until the 2027 Annual Meeting of Stockholders.
sec_edgar →Jun 25, 2026
Other: Marvell Technology, Inc. declared a quarterly dividend of $0.06 per share, payable on July…
Marvell Technology, Inc. declared a quarterly dividend of $0.06 per share, payable on July 30, 2026, to stockholders of record as of July 10, 2026.
sec_edgar →
Milestones merged from 0 curated events, 47 verified facts (with observed dates), and 59 business signals from the last 24 months. Deduped by date + label; curated entries take precedence.
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