Lattice Posts Record Sales as AMI Deal Closes

The Tip Desk · August 4, 2026 · 3 min read

Second-quarter revenue hit a record $201.1 million, up 62.2% year over year, as the company closed a $1.65 billion AMI acquisition and guided third-quarter FPGA sales to 65% growth.

Lattice Semiconductor Corporation (LSCC), the low-power programmable leader, reported record second-quarter revenue of $201.1 million, up 62.2% from a year earlier, accelerating from 42% year-over-year growth in the first quarter.

Non-GAAP diluted earnings were $0.53 a share, up more than 120% from a year earlier, and exceeded the high end of guidance. GAAP diluted earnings were $0.14 a share. Chief Executive Officer Ford Tamer said both metrics beat the top of the company’s outlook and that strong customer demand, accelerating backlog and design-win momentum gave the company increased confidence in market-share gains.

Compute and Communications, the larger of the two end-market groups, posted a record $126.0 million, or 63% of sales, up from $106.6 million in the first quarter. Industrial and Embedded contributed $75.1 million, or 37%. Asia accounted for 79% of revenue and distribution for 95% of the channel mix.

Revenue from new products grew more than 60% year over year and is tracking to exceed 25% of total revenue in 2026, led by AI-related server demand. The company also cited record design wins across datacenter, communications, industrial, automotive, defense and robotics, and companion-chip partnerships including ASPEED BMC and Texas Instruments radar sensors.

GAAP gross margin was 70.3%, up from 68.8% in the first quarter; non-GAAP gross margin was 71.7%. Adjusted EBITDA was $86.4 million, a 43.0% margin, versus a 39.6% adjusted EBITDA margin in the first quarter. GAAP operating cash flow was $88.3 million, a 43.9% margin, and non-GAAP free cash flow was $81.3 million, a 40.4% margin. Chief Financial Officer Lorenzo Flores said accelerating revenue growth translated into stronger profitability and cash flow.

On July 27, 2026, after quarter-end, Lattice closed its $1.65 billion acquisition of AMI, comprising about $1 billion in cash and $650 million in stock, with issuance of about 5.2 million shares. The deal is expected to be accretive to gross margin, EBITDA, free cash flow and non-GAAP EPS, and to support a $1 billion-plus annual revenue run rate in the third quarter. AMI’s calendar-2026 revenue is expected to exceed $200 million, with non-GAAP gross margin above 75% by year-end and adjusted EBITDA margins of about 40%. AMI will operate as a dedicated unit under longtime AMI chief Sanjoy Maity, who will report to Tamer.

For the third quarter of 2026, Lattice expects FPGA revenue of $210 million to $230 million, or 65% year-over-year growth at the $220 million midpoint. Including about two months of AMI, total Lattice revenue is expected at $245 million to $265 million. Non-GAAP gross margin including AMI is expected at 69.5% plus or minus 1%, non-GAAP operating expenses at $83 million to $90 million, and non-GAAP earnings at $0.54 to $0.58 a share. Tamer said the third-quarter outlook gets the company to a $1 billion revenue run rate, ahead of expectations.

Cash and cash equivalents were $173.3 million at July 4, 2026. Days sales outstanding were 54 and inventory days 153.