HILLSBORO, Ore. — (BUSINESS WIRE) — July 29, 2024 — Lattice Semiconductor Corporation (Nasdaq: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended June 29, 2024.
Revenue for the second quarter of 2024 was $124.1 million, with GAAP gross margin of 68.3% and GAAP net income of $0.16 per diluted share. On a non-GAAP basis, gross margin was 69.0% with net income per diluted share of $0.23.
Esam Elashmawi, Interim Chief Executive Officer & Chief Strategy and Marketing Officer, said, "Second quarter 2024 results reflect the impact of cyclic industry headwinds. While the industry continues to go through a period of inventory normalization, we are starting to see signs of improvement. We continue to execute on our ongoing product portfolio expansion and remain well positioned for long-term growth."
Sherri Luther, Chief Financial Officer, said, "Our gross margin remained stable, highlighting the durability of our business model. We maintained disciplined spending, prioritized cash flow, and continued to return capital to shareholders by executing share repurchases for the fifteenth consecutive quarter."
Selected Second Quarter 2024 Financial Results and Comparisons (in thousands, except per share data) |
||||||||||||||||||||
|
|
GAAP Financial Results (unaudited) |
||||||||||||||||||
|
|
Q2 2024 |
|
Q1 2024 |
|
Q2 2023 |
|
Q/Q |
|
Y/Y |
||||||||||
Revenue |
|
$ |
124,076 |
|
|
$ |
140,815 |
|
|
$ |
190,079 |
|
|
|
(11.9 |
)% |
|
|
(34.7 |
)% |
Gross Margin % |
|
|
68.3 |
% |
|
|
68.3 |
% |
|
|
69.7 |
% |
|
|
— |
|
|
(140) bps |
||
R&D Expense % |
|
|
31.2 |
% |
|
|
28.8 |
% |
|
|
22.1 |
% |
|
240 bps |
|
910 bps |
||||
SG&A Expense % |
|
|
16.1 |
% |
|
|
25.9 |
% |
|
|
19.4 |
% |
|
(980) bps |
|
(330) bps |
||||
| Operating Expenses |
|
$ |
62,186 |
|
|
$ |
79,634 |
|
|
$ |
79,491 |
|
|
|
(21.9 |
)% |
|
|
(21.8 |
)% |
| Income from Operations |
|
$ |
22,565 |
|
|
$ |
16,574 |
|
|
$ |
53,070 |
|
|
|
36.1 |
% |
|
|
(57.5 |
)% |
| Net Income |
|
$ |
22,631 |
|
|
$ |
14,796 |
|
|
$ |
50,644 |
|
|
|
53.0 |
% |
|
|
(55.3 |
)% |
| Net Income per Share - Basic |
|
$ |
0.16 |
|
|
$ |
0.11 |
|
|
$ |
0.37 |
|
|
$ |
0.05 |
|
|
$ |
(0.21 |
) |
| Net Income per Share - Diluted |
|
$ |
0.16 |
|
|
$ |
0.11 |
|
|
$ |
0.36 |
|
|
$ |
0.05 |
|
|
$ |
(0.20 |
) |
|
|
|
Non-GAAP* Financial Results (unaudited) |
||||||||||||||||||
|
|
|
Q2 2024 |
|
Q1 2024 |
|
Q2 2023 |
|
Q/Q |
|
Y/Y |
||||||||||
| Revenue |
|
$ |
124,076 |
|
|
$ |
140,815 |
|
|
$ |
190,079 |
|
|
|
(11.9 |
)% |
|
|
(34.7 |
)% |
| Gross Margin % |
|
|
69.0 |
% |
|
|
69.0 |
% |
|
|
70.5 |
% |
|
|
— |
|
|
(150) bps |
||
| R&D Expense % |
|
|
26.7 |
% |
|
|
23.1 |
% |
|
|
18.0 |
% |
|
360 bps |
|
870 bps |
||||
| SG&A Expense % |
|
|
17.9 |
% |
|
|
16.1 |
% |
|
|
12.5 |
% |
|
180 bps |
|
540 bps |
||||
| Operating Expenses |
|
$ |
54,030 |
|
|
$ |
54,858 |
|
|
$ |
58,018 |
|
|
|
(1.5 |
)% |
|
|
(6.9 |
)% |
| Income from Operations |
|
$ |
31,526 |
|
|
$ |
42,238 |
|
|
$ |
75,968 |
|
|
|
(25.4 |
)% |
|
|
(58.5 |
)% |
| Net Income |
|
$ |
31,432 |
|
|
$ |
40,258 |
|
|
$ |
72,509 |
|
|
|
(21.9 |
)% |
|
|
(56.7 |
)% |
| Net Income per Share - Basic |
|
$ |
0.23 |
|
|
$ |
0.29 |
|
|
$ |
0.53 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.30 |
) |
| Net Income per Share - Diluted |
|
$ |
0.23 |
|
|
$ |
0.29 |
|
|
$ |
0.52 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.29 |
) |
