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Fiscal Q2 2027 (May–July) 10-Q: revenue $2.74bn (+37%), data center 79%, net income $308m. The subsequent-events note discloses an August warrant for 59.0m shares expiring in 2033. Customer warrants granted in fiscal 2025 and 2026 (5.2m shares, fair value $283m) are recognized as a reduction of revenue as they vest
Marvell Technology (MRVL) reported fiscal Q2 2027 (May–July 2026) revenue of $2,739.3m, up 37%, and net income of $308.0m. The last note in the 10-Q filed on August 28, Subsequent Event, says that after quarter end the company issued a customer a warrant for up to 59.0m shares at $206.58, vesting on revenue milestones through fiscal 2033 — 6.7% of shares outstanding.
Just after the quarter closed, Marvell gave one customer the right (a warrant) to buy up to 59.0 million of its shares at $206.58 each — 6.7% of the shares outstanding. As the customer buys enough product, that right vests, new shares are created and existing holders own a smaller slice. The company already has two similar warrants outstanding and deducts the vested portion from revenue ($22.2m in the first half).
70 Filing score · Large change
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
The 10-Q does not name the customer. This article reports only what the filing states: the quantity (up to 59.0m shares), the exercise price ($206.58), the expiry (August 2033) and the vesting conditions (revenue milestones or time-based conditions from fiscal Q3 2027 through fiscal 2033).
Existing warrants are recognized as a reduction of revenue as they vest. The remaining figures and what they mean are in the subscriber section of this article.
The filing says the liability is remeasured at fair value each quarter using a Monte Carlo model, with changes recognized in other expense, and that in April 2026 the company entered a cash-settled forward stock purchase contract with a $300m notional amount and a twelve-month term to manage its exposure to its own stock price. The remaining figures and what they mean are in the subscriber section of this article.
On SEC EDGAR: Marvell's fiscal Q2 2027 Form 10-Q (accession 0001835632-26-000025), Note 15 Subsequent Event, the customer-warrant paragraph and revenue-by-customer-type table in the revenue note, the 'vestings of common stock in connection with customer warrant' rows in the statement of stockholders' equity, Note 4 Business Combinations, Note 6 Fair Value Measurements and the Series A preferred paragraph in the equity note.
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
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