Lattice Semiconductor posts Q2 2026 revenue $201.1M, non-GAAP EPS $0.53; closes AMI deal

Lattice Semiconductor reported fiscal Q2 2026 revenue of $201.1 million, up 62% year-over-year, with GAAP gross margin of 70.3% and GAAP net income of $0.14 per diluted share. On a non-GAAP basis the company delivered gross margin of 71.7% and non-GAAP diluted EPS of $0.53, and generated $81.3 million of free cash flow for the quarter. The company also closed its $1.65 billion acquisition of AMI, which it says supports a >$1 billion annual revenue run rate in Q3 2026.

Financial Highlights

• Revenue: $201.1 million for Q2 2026, a 62.2% year-over-year increase (Q2 2025: $123.97 million).
• GAAP Gross Profit: $141.3 million with GAAP gross margin of 70.3% for Q2 2026.
• GAAP Operating Income: $22.4 million for Q2 2026.
• GAAP Net Income: $19.4 million, or $0.14 per diluted share for Q2 2026; Non-GAAP Net Income: $74.41 million and Non-GAAP diluted EPS: $0.53.
• Cash flow and margins: GAAP net cash provided by operating activities of $88.3 million (43.9% operating cash flow margin) and non-GAAP free cash flow of $81.3 million (40.4% free cash flow margin).

Business Highlights

• Closed acquisition of AMI for $1.65 billion (approximately $1.0 billion cash and $650 million in stock, ~5.2 million shares issued); AMI to operate as a dedicated business unit led by AMI CEO Sanjoy Maity reporting to Lattice CEO.
• New product revenue grew more than 60% year-over-year and is tracking to exceed 25% of total revenue in 2026, driven by AI-related server demand.
• Recorded strong design-win momentum across datacenter, communications, industrial, automotive, defense and robotics with Tier 1 customers.
• Companion chip and ecosystem momentum with partnerships and demonstrations (e.g., ASPEED BMC at Computex; TI radar sensor at NVIDIA GTC) and security recognition for MachXO5‑NX TDQ FPGA family.
• Revenue mix shift toward Compute & Communications (63% of Q2 revenue) while Industrial & Embedded represented 37%; distribution channel remains dominant at ~95% of revenue.

Original SEC Filing:

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