• Revenue increases 28% compared to Q3 2020 and 5% compared to Q2 2021
• Gross Margin Expands to 62.8% / 63.6% for Q3 2021 on a GAAP / Non-GAAP Basis, from 60.5% / 61.5%, respectively, for Q3 2020
• Net Income Improves to $0.19 / $0.28 Per Diluted Share for Q3 2021 on a GAAP / Non-GAAP Basis, Compared to $0.09 / $0.19, respectively, for Q3 2020

* GAAP represents U.S. Generally Accepted Accounting Principles. Non-GAAP represents GAAP excluding the impact of certain activities which the Company's management excludes in analyzing the Company's operating results and in understanding trends in the Company's earnings. Additional information relating to these measures is included below in “Non-GAAP Financial Measures.” For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."

HILLSBORO, Ore. — (BUSINESS WIRE) — November 2, 2021 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal third quarter ended October 2, 2021.

Jim Anderson, president and CEO, said, "We drove 28% year-over-year revenue growth, with a year-over-year increase in net income of 112% on a GAAP basis and 49% on a non-GAAP basis. We saw strong revenue growth across all of our end markets, as we continued to expand our leadership product portfolio."

Sherri Luther, CFO, said, "We achieved record operating profit of 20.5% on a GAAP basis and 30.4% on a non-GAAP basis, while driving gross margin expansion of 230 basis points on a GAAP basis and 210 basis points on a non-GAAP basis compared to Q3 2020. Year to date, we generated $116 million in cash flow from operations and repurchased $55 million of the Company's shares."

Selected Third Quarter 2021 Financial Results and Comparisons (in thousands, except per share data)