Marvell Technology — Dec 3, 2024 release

Non-GAAP net income for the third quarter of fiscal 2025 was $373.0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million. “Marvell’s fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell,” said Matt Murphy, Marvell’s Chairman and CEO. “The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026.” Fourth Quarter of Fiscal 2025 Financial Outlook • Net revenue is expected to be $1.800 billion +/- 5%. • GAAP gross margin is expected to be approximately 50%. • Non-GAAP gross margin is expected to be approximately 60%. • GAAP operating expenses are expected to be approximately $710 million. • Non-GAAP operating expenses are expected to be approximately $480 million. • Basic weighted-average