Lattice Semiconductor Corp.

Q1/early 2026 performance strongly exceeded expectations (good) - Revenue: $170.9M, +42% YoY and +17% QoQ. - Compute & communications: +86% YoY, +15% QoQ; record quarter. - Industrial & embedded (includes former consumer): +21% QoQ. - Non-GAAP profitability: EPS $0.41, +80%+ YoY (management also said EPS > guidance high end). - Non-GAAP gross margin ~70% (slightly better than expected); operating leverage: non-GAAP operating margin 34.4% (+370 bps QoQ).

Forward guidance for Q2 is upbeat with strong YoY growth (good) - Revenue guidance: $185M midpoint (range implied), ~50% YoY growth. - EPS guidance (non-GAAP): midpoint $0.44, about +80% YoY growth. - Gross margin: ~70% ±1%; OpEx: $64M–$67M (R&D-driven investments). - Tax rate (non-GAAP): 4%–6%. - Company framed this as continuing momentum with strong bookings/backlog visibility.

Demand/visibility and inventory improved, but supply constraints are a real headwind (good + challenge) - Backlog: build extends well into 2027; accelerated bookings. - Channel inventory: reduced from ~3 months last quarter to ~2 months, with expectation to go under 2 months in Q2. - Supply: management said supply is in good shape but straining (cost and lead times pressure). - They expect continued cost pressure in 2H, which may affect margin dynamics even though guidance remains ~69.5%–70% range.