Technology
Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results
Published
1 year agoon
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Q4 Net Revenue: $1.817 billion, grew by 27% year-on-yearQ4 Gross Margin: 50.5% GAAP gross margin; 60.1% non-GAAP gross marginQ4 Diluted income per share: $0.23 GAAP diluted income per share; $0.60 non-GAAP diluted income per share
SANTA CLARA, Calif., March 5, 2025 /PRNewswire/ — Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the fourth fiscal quarter and fiscal year ended February 1, 2025.
Net revenue for the fourth quarter of fiscal 2025 was $1.817 billion, $17.0 million above the mid-point of the Company’s guidance provided on December 3, 2024. GAAP net income for the fourth quarter of fiscal 2025 was $200.2 million, or $0.23 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2025 was $531.4 million, or $0.60 per diluted share. Cash flow from operations for the fourth quarter was $514.0 million.
Net revenue for fiscal 2025 was $5.767 billion. GAAP net loss for fiscal 2025 was $(885.0) million, or $(1.02) per diluted share. Non-GAAP net income for fiscal 2025 was $1.377 billion, or $1.57 per diluted share.
“We closed fiscal year 2025 on a high note, delivering record fourth-quarter revenue of $1.817 billion – an increase of 20% sequentially and 27% year-over-year. This performance was driven by strong growth in our data center end market, where revenue increased 78% year-over-year in the fourth quarter, along with a continued recovery in our multi-market businesses. For the full fiscal year, we delivered a record $1.68 billion in operating cash flow and returned $933 million to stockholders through stock repurchases and dividends,” said Matt Murphy, Marvell’s Chairman and CEO. “Our custom AI silicon programs have now entered volume production, and we continue to see strong growth from our interconnect products. Marvell has secured multiple new design wins, including several custom silicon programs that will fuel future growth. We are well positioned for a strong start to fiscal 2026. We expect first-quarter revenue growth of over 60 percent year-over-year at the mid-point of guidance, and we anticipate strong revenue growth for the full fiscal year.”
First Quarter of Fiscal 2026 Financial Outlook
Net revenue is expected to be $1.875 billion +/- 5%.GAAP gross margin is expected to be approximately 50.5%.Non-GAAP gross margin is expected to be approximately 60%.GAAP operating expenses are expected to be approximately $712 million.Non-GAAP operating expenses are expected to be approximately $490 million.Basic weighted-average shares outstanding are expected to be 867 million.Diluted weighted-average shares outstanding are expected to be 880 million.GAAP diluted net income per share is expected to be $0.19 +/- $0.05 per share.Non-GAAP diluted net income per share is expected to be $0.61 +/- $0.05 per share.
GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding.
Conference Call
Marvell will conduct a conference call on Wednesday, March 5, 2025 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4h8OI7Q to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/. A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 19355# until Wednesday, March 12, 2025.
Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facility exit related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell’s core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell’s revenues earned during the periods presented and are expected to contribute to Marvell’s future period revenues as well.
Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell’s estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell’s non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell’s non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell’s geographic mix of revenue and expenses; or changes to Marvell’s corporate structure. For the fourth quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results.
Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell’s financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.
Externally, management believes that investors may find Marvell’s non-GAAP financial measures useful in their assessment of Marvell’s operating performance and the valuation of Marvell. Internally, Marvell’s non-GAAP financial measures are used in the following areas:
Management’s evaluation of Marvell’s operating performance;Management’s establishment of internal operating budgets;Management’s performance comparisons with internal forecasts and targeted business models; andManagement’s determination of the achievement and measurement of certain types of compensation including Marvell’s annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award).
Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell’s business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell’s results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Artificial Intelligence (AI), Cloud, and 5G markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks that our customers develop their own solutions, vertically integrate which may reduce the need for our products, or acquire fully developed solutions from third parties; our ability to secure design wins from our customers and prospective customers; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; our ability to retain and hire key personnel; risks related to our return to working full time in the office as of June 2025; cybersecurity risks; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers’ products outside of the United States; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers’ ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers’ ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
About Marvell
To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 25 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud, automotive, and carrier architectures transform—for the better.
Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
Marvell Technology, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Three Months Ended
Year Ended
February 1,
2025
November 2,
2024
February 3,
2024
February 1,
2025
February 3,
2024
Net revenue
$ 1,817.4
$ 1,516.1
$ 1,426.5
$ 5,767.3
$ 5,507.7
Cost of goods sold
900.0
1,166.7
762.4
3,385.1
3,214.1
Gross profit
917.4
349.4
664.1
2,382.2
2,293.6
Operating expenses:
Research and development
499.0
488.6
459.6
1,950.4
1,896.2
Selling, general and administrative
195.7
205.3
212.0
798.2
834.0
Restructuring related charges
(12.5)
358.3
25.8
353.9
131.1
Total operating expenses
682.2
1,052.2
697.4
3,102.5
2,861.3
Operating income (loss)
235.2
(702.8)
(33.3)
(720.3)
(567.7)
Interest expense
(45.0)
(47.2)
(52.6)
(189.4)
(211.7)
Interest income and other, net
9.6
(0.5)
(1.4)
15.0
20.7
Interest and other loss, net
(35.4)
(47.7)
(54.0)
(174.4)
(191.0)
Income (loss) before income taxes
199.8
(750.5)
(87.3)
(894.7)
(758.7)
Provision (benefit) for income taxes
(0.4)
(74.2)
305.4
(9.7)
174.7
Net income (loss)
$ 200.2
$ (676.3)
$ (392.7)
$ (885.0)
$ (933.4)
Net income (loss) per share — basic
$ 0.23
$ (0.78)
$ (0.45)
$ (1.02)
$ (1.08)
Net income (loss) per share — diluted
$ 0.23
$ (0.78)
$ (0.45)
$ (1.02)
$ (1.08)
Weighted-average shares:
Basic
865.7
865.7
864.7
865.5
861.3
Diluted
879.9
865.7
864.7
865.5
861.3
Marvell Technology, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
February 1,
2025
February 3,
2024
Assets
Current assets:
Cash and cash equivalents
$ 948.3
$ 950.8
Accounts receivable, net
1,028.4
1,121.6
Inventories
1,029.7
864.4
Prepaid expenses and other current assets
113.9
125.9
Total current assets
3,120.3
3,062.7
Property and equipment, net
790.5
756.0
Goodwill
11,586.9
11,586.9
Acquired intangible assets, net
2,710.6
4,004.1
Deferred tax assets
401.2
311.9
Other non-current assets
1,595.0
1,506.9
Total assets
$ 20,204.5
$ 21,228.5
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 622.2
$ 411.3
Accrued liabilities
972.6
1,032.9
Accrued employee compensation
302.5
262.7
Short-term debt
129.5
107.3
Total current liabilities
2,026.8
1,814.2
Long-term debt
3,934.3
4,058.6
Other non-current liabilities
816.4
524.3
Total liabilities
6,777.5
6,397.1
Stockholders’ equity:
Common stock
1.7
1.7
Additional paid-in capital
14,534.1
14,845.3
Accumulated other comprehensive income
0.4
1.1
Accumulated deficit
(1,109.2)
(16.7)
Total stockholders’ equity
13,427.0
14,831.4
Total liabilities and stockholders’ equity
$ 20,204.5
$ 21,228.5
Marvell Technology, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
Year Ended
February 1,
2025
February 3,
2024
February 1,
2025
February 3,
2024
Cash flows from operating activities:
Net income (loss)
$ 200.2
$ (392.7)
$ (885.0)
$ (933.4)
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation and amortization
78.8
73.8
304.3
299.8
Stock-based compensation
147.6
155.3
597.4
609.8
Amortization of acquired intangible assets
247.1
286.3
1,052.6
1,097.9
Restructuring related impairment charges
4.7
0.7
528.8
32.9
Deferred income taxes
(5.7)
434.5
(111.9)
150.8
Other expense, net
23.8
15.0
65.9
54.9
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
(30.5)
93.0
93.2
70.6
Prepaid expenses and other assets
(172.8)
(107.5)
3.4
(93.1)
Inventories
(169.8)
78.8
(230.0)
201.9
Accounts payable
71.7
(61.6)
181.5
(149.1)
Accrued employee compensation
31.6
17.6
43.5
18.3
Accrued liabilities and other non-current liabilities
87.3
(46.6)
37.5
9.2
Net cash provided by operating activities
514.0
546.6
1,681.2
1,370.5
Cash flows from investing activities:
Purchases of technology licenses
(0.8)
(10.6)
(7.0)
(13.9)
Purchases of property and equipment
(69.9)
(71.0)
(284.6)
(336.3)
Acquisitions, net of cash acquired
—
—
(10.4)
—
Other, net
0.4
(0.1)
1.3
(0.3)
Net cash used in investing activities
(70.3)
(81.7)
(300.7)
(350.5)
Cash flows from financing activities:
Repurchases of common stock
(200.0)
(100.0)
(725.0)
(150.0)
Proceeds from employee stock plans
35.2
38.1
87.6
99.2
Tax withholding paid on behalf of employees for net share settlement
(84.6)
(55.0)
(274.9)
(223.7)
Dividend payments to stockholders
(51.9)
(51.9)
(207.5)
(206.8)
Payments on technology license obligations
(29.2)
(40.1)
(153.6)
(150.3)
Proceeds from borrowings
—
—
—
1,295.3
Principal payments of debt
(32.8)
(21.9)
(109.4)
(1,622.5)
Other, net
(0.2)
(8.9)
(0.2)
(21.4)
Net cash used in financing activities
(363.5)
(239.7)
(1,383.0)
(980.2)
Net increase (decrease) in cash and cash equivalents
80.2
225.2
(2.5)
39.8
Cash and cash equivalents at beginning of period
868.1
725.6
950.8
911.0
Cash and cash equivalents at end of period
$ 948.3
$ 950.8
$ 948.3
$ 950.8
Marvell Technology, Inc.
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)
Three Months Ended
Year Ended
February 1,
2025
November 2,
2024
February 3,
2024
February 1,
2025
February 3,
2024
GAAP gross profit
$ 917.4
$ 349.4
$ 664.1
$ 2,382.2
$ 2,293.6
Special items:
Stock-based compensation
10.1
16.3
10.4
47.3
49.1
Amortization of acquired intangible assets
169.5
180.4
194.3
721.7
748.1
Restructuring related charges (a)
1.1
356.8
—
357.9
—
Other cost of goods sold (b)
(6.1)
14.2
42.3
11.5
280.1
Total special items
174.6
567.7
247.0
1,138.4
1,077.3
Non-GAAP gross profit
$ 1,092.0
$ 917.1
$ 911.1
$ 3,520.6
$ 3,370.9
GAAP gross margin
50.5 %
23.0 %
46.6 %
41.3 %
41.6 %
Stock-based compensation
0.6 %
1.1 %
0.7 %
0.8 %
0.9 %
Amortization of acquired intangible assets
9.3 %
11.9 %
13.6 %
12.5 %
13.6 %
Restructuring related charges (a)
0.1 %
23.5 %
— %
6.2 %
— %
Other cost of goods sold (b)
(0.4) %
1.0 %
3.0 %
0.2 %
5.1 %
Non-GAAP gross margin
60.1 %
60.5 %
63.9 %
61.0 %
61.2 %
Total GAAP operating expenses
$ 682.2
$ 1,052.2
$ 697.4
$ 3,102.5
$ 2,861.3
Special items:
Stock-based compensation
(137.5)
(142.1)
(144.9)
(550.1)
(560.7)
Amortization of acquired intangible assets
(77.6)
(84.5)
(92.0)
(330.9)
(349.8)
Restructuring related charges (a)
12.5
(358.3)
(25.8)
(353.9)
(131.1)
Other (c)
(0.2)
(0.4)
(6.2)
(11.7)
(47.5)
Total special items
(202.8)
(585.3)
(268.9)
(1,246.6)
(1,089.1)
Total non-GAAP operating expenses
$ 479.4
$ 466.9
$ 428.5
$ 1,855.9
$ 1,772.2
GAAP operating margin
12.9 %
(46.4) %
(2.3) %
(12.5) %
(10.3) %
Stock-based compensation
8.1 %
10.5 %
10.9 %
10.4 %
11.1 %
Amortization of acquired intangible assets
13.6 %
17.5 %
20.1 %
18.3 %
19.9 %
Restructuring related charges (a)
(0.6) %
47.2 %
1.8 %
12.3 %
2.4 %
Other cost of goods sold (b)
(0.3) %
0.9 %
3.0 %
0.2 %
5.1 %
Other (c)
— %
— %
0.3 %
0.2 %
0.8 %
Non-GAAP operating margin
33.7 %
29.7 %
33.8 %
28.9 %
29.0 %
GAAP interest and other loss, net
$ (35.4)
$ (47.7)
$ (54.0)
$ (174.4)
$ (191.0)
Special items:
Other (c)
(5.8)
(1.4)
(1.3)
(9.3)
(13.9)
Total special items
(5.8)
(1.4)
(1.3)
(9.3)
(13.9)
Total non-GAAP interest and other loss, net
$ (41.2)
$ (49.1)
$ (55.3)
$ (183.7)
$ (204.9)
GAAP net income (loss)
$ 200.2
$ (676.3)
$ (392.7)
$ (885.0)
$ (933.4)
Special items:
Stock-based compensation
147.6
158.4
155.3
597.4
609.8
Amortization of acquired intangible assets
247.1
264.9
286.3
1,052.6
1,097.9
Restructuring related charges (a)
(11.4)
715.1
25.8
711.8
131.1
Other cost of goods sold (b)
(6.1)
14.2
42.3
11.5
280.1
Other (c)
(5.6)
(1.0)
4.9
2.4
33.6
Pre-tax total special items
371.6
1,151.6
514.6
2,375.7
2,152.5
Other income tax effects and adjustments (d)
(40.4)
(102.3)
279.7
(113.4)
91.0
Non-GAAP net income
$ 531.4
$ 373.0
$ 401.6
$ 1,377.3
$ 1,310.1
GAAP weighted-average shares — basic
865.7
865.7
864.7
865.5
861.3
GAAP weighted-average shares — diluted
879.9
865.7
864.7
865.5
861.3
Non-GAAP weighted-average shares — diluted (e)
879.9
875.5
873.9
876.8
869.3
GAAP diluted net income (loss) per share
$ 0.23
$ (0.78)
$ (0.45)
$ (1.02)
$ (1.08)
Non-GAAP diluted net income per share
$ 0.60
$ 0.43
$ 0.46
$ 1.57
$ 1.51
(a)
Restructuring and other related items include asset impairment charges, recognition of future contractual obligations, employee severance costs, facility exit related charges, and other.
(b)
Other cost of goods sold includes charges for an intellectual property licensing claim, product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, and acquisition integration related inventory costs.
(c)
Other costs in operating expenses and interest and other loss, net include gain or loss on investments and asset acquisition related costs.
(d)
Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 7.0% for the three months and year ended February 1, 2025, and three months ended November 2, 2024. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 6.0% for the three months and year ended February 3, 2024. In the three months and year ended February 3, 2024, we excluded $289 million and $158 million, respectively, of non-recurring income tax expense.
(e)
Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported.
Marvell Technology, Inc.
Outlook for the First Quarter of Fiscal Year 2026
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)
Outlook for Three Months Ended
May 3, 2025
GAAP net revenue
$1,875 +/- 5%
Special items:
—
Non-GAAP net revenue
$1,875 +/- 5%
GAAP gross margin
~ 50.5%
Special items:
Stock-based compensation
0.5 %
Amortization of acquired intangible assets
9.0 %
Non-GAAP gross margin
~ 60%
Total GAAP operating expenses
~ $712
Special items:
Stock-based compensation
144
Amortization of acquired intangible assets
76
Restructuring related charges and other
2
Total non-GAAP operating expenses
~ $490
GAAP diluted net income per share
$0.19 +/- $0.05
Special items:
Stock-based compensation
0.18
Amortization of acquired intangible assets
0.28
Other income tax effects and adjustments
(0.04)
Non-GAAP diluted net income per share
$0.61 +/- $0.05
Quarterly Revenue Trend (Unaudited)
Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below:
End market
Customer products and applications
Data center
• Cloud and on-premise Artificial intelligence (AI) systems
• Cloud and on-premise ethernet switching
• Cloud and on-premise network-attached storage (NAS)
• Cloud and on-premise AI servers
• Cloud and on-premise general-purpose servers
• Cloud and on-premise storage area networks
• Cloud and on-premise storage systems
• Data center interconnect (DCI)
Enterprise networking
• Campus and small medium enterprise routers
• Campus and small medium enterprise ethernet switches
• Campus and small medium enterprise wireless access points (WAPs)
• Network appliances (firewalls, and load balancers)
• Workstations
Carrier infrastructure
• Broadband access systems
• Ethernet switches
• Optical transport systems
• Routers
• Wireless radio access network (RAN) systems
Consumer
• Broadband gateways and routers
• Gaming consoles
• Home data storage
• Home wireless access points (WAPs)
• Personal Computers (PCs)
• Printers
• Set-top boxes
Automotive/industrial
• Advanced driver-assistance systems (ADAS)
• Autonomous vehicles (AV)
• In-vehicle networking
• Industrial ethernet switches
• United States military and government solutions
• Video surveillance
Quarterly Revenue Trend (Unaudited) (Continued)
Three Months Ended
% Change
Revenue by End Market
(In millions)
February 1,
2025
November 2,
2024
February 3,
2024
YoY
QoQ
Data center
$ 1,365.8
$ 1,101.1
$ 765.3
78 %
24 %
Enterprise networking
171.4
150.9
265.0
(35) %
14 %
Carrier infrastructure
105.8
84.7
170.0
(38) %
25 %
Consumer
88.7
96.5
143.9
(38) %
(8) %
Automotive/industrial
85.7
82.9
82.3
4 %
3 %
Total Net Revenue
$ 1,817.4
$ 1,516.1
$ 1,426.5
27 %
20 %
Three Months Ended
Revenue by End Market % of
Total
February 1,
2025
November 2,
2024
February 3,
2024
Data center
75 %
73 %
54 %
Enterprise networking
9 %
10 %
19 %
Carrier infrastructure
6 %
6 %
12 %
Consumer
5 %
6 %
10 %
Automotive/industrial
5 %
5 %
5 %
Total Net Revenue
100 %
100 %
100 %
For further information, contact:
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-fourth-quarter-and-fiscal-year-2025-financial-results-302393619.html
SOURCE Marvell
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BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept
Published
15 hours agoon
May 6, 2026By
BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure
BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.
VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.
“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”
South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative
BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.
The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.
Built on Kaia Mainnet
A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.
Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.
By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.
QSSN as the Security Layer
The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.
BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.
Addressing the Harvest-Now, Decrypt-Later Risk
The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.
BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.
Expanding BTQ’s Korean Ecosystem
BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.
The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.
About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/
About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.
Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/
About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.
Connect with BTQ: Website | LinkedIn | X/Twitter
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE BTQ Technologies Corp.
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Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference
Published
15 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
15 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
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