Lattice Semiconductor (LSCC) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $201.1M, up 62% year-over-year, with non-GAAP EPS of $0.53, up over 120% year-over-year, both exceeding guidance.

• Closed AMI acquisition (valued at $1B–$1.65B in cash and stock), expanding secure management and control platform for data center and AI markets.

• Strong customer demand, accelerating backlog, and design win momentum, especially in compute, communications, and AI-related server markets.

• Q3 2026 revenue guidance at $245M–$265M, with non-GAAP EPS expected between $0.54 and $0.58.

• AMI integration expected to be EPS accretive by end of 2026, supporting multi-year growth outlook.

Financial highlights

• Q2 2026 revenue: $201.1M, non-GAAP gross margin: 71.7%, EBITDA margin: 43.0%, non-GAAP EPS: $0.53.

• Q2 GAAP net cash flow from operations: $88.3M; free cash flow margin: 40.4%.

• Operating profit rose to $77.1M in Q2 2026.

• Q3 gross margin guidance: 69.5% ±1% (non-GAAP), reflecting temporary AMI integration effects.

• Revenue from new products grew over 60% year-over-year, tracking to exceed 25% of total 2026 revenue.

Outlook and guidance

• Q3 2026 revenue guidance: $245M–$265M, including $210M–$230M from FPGA and $33M–$37M from AMI.

• Non-GAAP EPS guidance for Q3 2026: $0.54–$0.58.

• AMI expected to deliver over $200M annual run rate in 2026, with 25% growth projected for 2027.

• Long-term goal to reach $3B revenue by 2030, with $1.2B run rate expected by year-end 2026.

• On track to achieve $1B+ annual revenue run rate by Q3 2026.