Lattice Semiconductor Reports Record Q3 2026 Results: Revenue Up 118% YoY

Executive Summary

On November 2, 2026, Lattice Semiconductor Corporation (NASDAQ: LSCC) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its financial results for the fiscal third quarter ended October 3, 2026.

Key Financial Highlights

• Revenue: Reached a record $291.0 million, representing an increase of 118.3% year-over-year and 44.7% sequentially (compared to $133.3 million in Q3 2025 and $201.1 million in Q2 2026).
• FPGA Growth: FPGA revenue grew approximately 90% YoY, propelled by data center AI infrastructure demand and traction across Industrial & Embedded end markets.
• AMI Acquisition Impact: Lattice finalized its acquisition of AMI on July 27, 2026; third-quarter results include AMI’s financial contribution from the closing date onward.
• Profitability & Margins (GAAP vs. Non-GAAP):
  • GAAP Gross Margin: 67.4% (down 50 bps YoY and 290 bps QoQ).
  • Non-GAAP Gross Margin: 70.9% (up 140 bps YoY, down 80 bps QoQ).
  • GAAP Net Income: $11.21 million ($0.08 per diluted share), up 301.1% YoY from $2.79 million in Q3 2025.
  • Non-GAAP Net Income: $103.66 million ($0.72 per diluted share), up approximately 160% YoY.
  • Adjusted EBITDA: $131.0 million (45.0% adjusted EBITDA margin).
• Cash Flow:
  • GAAP Operating Cash Flow: $95.0 million (32.7% margin).
  • Non-GAAP Free Cash Flow: $77.6 million (26.7% margin).

Forward Guidance & Strategic Outlook

• Q4 2026 Outlook: Management guided fourth-quarter 2026 revenue to approximately $335 million (~130% YoY growth), with Industrial & Embedded growth projected to accelerate to 70% YoY.
• Strategic Synergies: The acquisition of AMI significantly broadens Lattice's footprint in platform firmware, security retrofit, rack boot, and system management, expanding content per platform.