• Net sales of $206.1 million, above the high-end of guidance range
• GAAP gross margin of 48.3% and Non-GAAP gross margin of 49.8%, above the midpoint of guidance
• GAAP operating expenses of $96.4 million, down 16% year-over-year, and Non-GAAP operating expenses of $77.4 million, down 17% year-over-year and below the midpoint of guidance
• GAAP net loss attributable to common stockholders of $23.2 million and Non-GAAP net income attributable to common stockholders of $4.1 million
• GAAP diluted loss per share of $0.36 and Non-GAAP diluted earnings per share of $0.06, above the high-end of guidance range
• Adjusted EBITDA of $33.1 million, above the high-end of guidance range

CAMARILLO, Calif. — (BUSINESS WIRE) — June 5, 2024 — Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today reported unaudited financial results for its first quarter of fiscal year 2025, which ended April 28, 2024.

"I am pleased with Semtech’s solid first quarter financial performance, with net sales above the high-end of our guidance range, along with meaningful declines in channel inventories across each of our end markets," said Paul H. Pickle, Semtech's president and chief executive officer. "Our semiconductor business continues to grow, and we believe our hardware business has reached bedrock, with expectations for a recovery profile in the second half of the year."

"We continue to closely monitor costs, with non-GAAP operating expenses down 17% year-over-year, and we believe we have improved allocation of spending to drive near-term financial results," said Mark Lin, Semtech's executive vice president and chief financial officer. "Adjusted EBITDA and adjusted EBITDA margin both improved sequentially and year-over-year, further demonstrating cost management and leverage in our business model."

First Quarter of Fiscal Year 2025 Results