MSX US Stock Daily Observation: Maville Technology FY2027 Q2 Financial Report: Data Center Proportion Rises to 79%, Next Quarter Guidance 4% Above Expectations

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Today's Observation

Maville's revenue and adjusted earnings per share both exceeded expectations this quarter, with the data center business being the core driver, revenue growing by 46% year-on-year, accounting for 79% of total revenue. The company's revenue and profit guidance for the next quarter is also higher than market expectations, with the median revenue guidance around 4% above consensus expectations, and visibility into AI-related demand is still extending.

Data in One Minute

• Revenue is $2.739 billion, up 37% year-on-year and 13% quarter-on-quarter, hitting a record high and exceeding market consensus expectations of $2.712 billion

• Adjusted earnings per share is $0.94, consensus expectation is $0.93; GAAP diluted earnings per share during the same period is only $0.33

• Non-GAAP gross margin is 58.9%, GAAP gross margin is 53.1%, with the difference mainly from stock incentives and acquisition-related amortization

• Data center revenue is $2.171 billion, up 46% year-on-year and 18% quarter-on-quarter, accounting for 79% of total revenue, compared to 76% in the previous quarter

• Telecommunications and other revenue is $568 million, up 10% year-on-year and down 3% quarter-on-quarter; the total revenue from the two segments is $2.739 billion, consistent with total revenue

• FY2027 Q3 revenue guidance median is $3.150 billion, higher than consensus expectation of $3.030 billion; based on the median, it will increase by another 15% quarter-on-quarter

• Q3 adjusted earnings per share guidance is $1.10, higher than consensus expectation of $1.08; Q3 Non-GAAP gross margin guidance is 57.5%–58.5%, median 58.0%

• Q3 Non-GAAP operating expense guidance is approximately $655 million, with diluted weighted average shares approximately 921 million

MSX View

Data centers increased by 46% year-on-year and 18% quarter-on-quarter, pushing the proportion from 76% to 79%, while telecommunications and others fell by 3% quarter-on-quarter; the direction of the two lines has completely separated: Maville is evolving from a balanced communications chip company to one centered on AI data center interconnection. What truly gives market confidence is the next quarter's guidance: the median revenue of $3.150 billion is about 4% higher than consensus expectations, and based on the median, the quarter-on-quarter growth rate has increased from 13% to 15%, indicating that order visibility is extending rather than narrowing. It is worth noting the gross margin; the Q3 guidance median of 58.0% is lower than this quarter's 58.9%. While revenue accelerates, the gross margin has slightly declined, typically pointing to an increased proportion of customized ASICs in the product mix. This is good for revenue scale but presents a topic to continuously observe concerning unit profit quality.

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Risk Warning: Macroeconomic and US stock market fluctuations are severe; the content of this article is for academic and research observation reference by MSX Research Institute only and does not constitute any investment advice.

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