Marvell Technology reported fiscal Q3 2025 net revenue of $1.516 billion, marking a 7% year-over-year increase and a 19% sequential growth, surpassing prior guidance. The company posted a GAAP net loss of $676.3 million, or $0.78 per diluted share, while non-GAAP net income stood at $373 million, or $0.43 per diluted share. Operating cash flow for the quarter was $536.3 million.
CEO Matt Murphy attributed the strong performance to the commencement of volume production in custom AI silicon programs and sustained demand from cloud customers for Marvell’s interconnect products. Looking ahead, Marvell forecasts a 19% sequential revenue growth for Q4, with a 26% year-over-year increase, signaling a significant growth phase anticipated to extend into fiscal 2026.
Key Highlights:
• Q3 Revenue: $1.516 billion, up 7% YoY and 19% sequentially.
• Margins: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin.
• Earnings: $(0.78) GAAP loss per share; $0.43 non-GAAP income per share.
• Cash Flow: $536.3 million from operations in Q3.
• Q4 Forecast: 19% sequential and 26% YoY revenue growth.
• Drivers: Initiation of volume production in custom AI silicon programs and robust demand for interconnect products from cloud customers.
“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.”
