• Q4 Net Revenue: $1.427 billion, grew by 1% year on year
• Q4 Gross Margin: 46.6% GAAP gross margin; 63.9% non-GAAP gross margin
• Q4 Diluted income (loss) per share: $(0.45) GAAP diluted loss per share; $0.46 non-GAAP diluted income per share

Santa Clara, California – 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 3, 2024.

Net revenue for the fourth quarter of fiscal 2024 was $1.427 billion, above the mid-point of the Company's guidance provided on November 30, 2023. GAAP net loss for the fourth quarter of fiscal 2024 was $(392.7) million, or $(0.45) per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2024 was $401.6 million, or $0.46 per diluted share. Cash flows from operations for the fourth quarter was $546.6 million.

Net revenue for fiscal 2024 was $5.508 billion. GAAP net loss for fiscal 2024 was $(933.4) million, or $(1.08) per diluted share. Non-GAAP net income for fiscal 2024 was $1.310 billion, or $1.51 per diluted share.

"Marvell delivered fourth quarter fiscal 2024 revenue of $1.427 billion, above the mid-point of guidance. AI drove strong growth in our data center end market revenue which increased 38% sequentially and 54% year-over-year. As a critical enabler of accelerated infrastructure for AI, Marvell is well positioned to capitalize on this massive technology inflection, which continues to gain momentum," said Matt Murphy, Marvell's Chairman and CEO. "In the first quarter of fiscal 2025, we expect continued sequential growth in our data center revenue with initial shipments of our cloud optimized silicon programs for AI complementing our electro-optics franchise. While we are forecasting soft demand impacting consumer, carrier infrastructure, and enterprise networking in the near term, we expect revenue declines in these end markets to be behind us after the first quarter, and project a recovery in the second half of the fiscal year."

First Quarter of Fiscal 2025 Financial Outlook 

• Net revenue is expected to be $1.150 billion +/- 5%.
• GAAP gross margin is expected to be 44.5% - 47.2%.
• Non-GAAP gross margin is expected to be 62.0% - 63.0%.
• GAAP operating expenses are expected to be approximately $676 million.
• Non-GAAP operating expenses are expected to be approximately $455 million.
• Basic weighted-average shares outstanding are expected to be 866 million.
• Diluted weighted-average shares outstanding are expected to be 875 million.
• GAAP diluted loss per share is expected to be $(0.23) +/- $0.05 per share.
• Non-GAAP diluted income per share is expected to be $0.23 +/- $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.