Lattice Semiconductor Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Lattice Semiconductor Corp. reported Q1 2024 revenue of $115.56 million and total assets of $300 million, with net income at $0.</b>

AI Summary

LATTICE SEMICONDUCTOR CORP (LSCC) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Lattice Semiconductor Corp. reported Q1 2024 revenue of $115,560,000. Total assets for the period ending March 30, 2024, were $300,000,000. Total debt for the period ending March 30, 2024, was $137,538,000. The company reported net income of $0 for Q1 2024. Employee relocation and outplacement costs, as well as termination fees, were included in expenses.

Why It Matters

For investors and stakeholders tracking LATTICE SEMICONDUCTOR CORP, this filing contains several important signals. The filing details the financial performance for the first quarter of 2024, providing insights into revenue, assets, and debt levels. Specific line items like employee relocation costs and termination fees are highlighted, indicating potential one-time or unusual expenses impacting the quarter's results.

Risk Assessment

Risk Level: medium — LATTICE SEMICONDUCTOR CORP shows moderate risk based on this filing. The company reported $0 net income for the quarter, indicating a lack of profitability in the current period, which could signal challenges in revenue generation or cost management.

Analyst Insight

Investors should monitor future filings for signs of improved profitability and analyze the impact of the mentioned employee relocation and termination costs on the company's financial health.

Financial Highlights

revenue

115,560,000

total Assets

300,000,000

total Debt

137,538,000

net Income

10,000,000

eps

0.01

Key Numbers

• 115,560,000 — Revenue (Q1 2024)
• 125,856,000 — Revenue (Q1 2023)
• 0.01 — EPS (Q1 2024)
• 0.01 — EPS (Q1 2023)
• 10,000,000 — Net Income (Q1 2024)
• 10,000,000 — Net Income (Q1 2023)
• 300,000,000 — Total Assets (As of March 30, 2024)
• 137,538,000 — Total Debt (As of March 30, 2024)

Key Players & Entities

• LATTICE SEMICONDUCTOR CORP (company) — FILER
• LSCC (company) — tk
• 2024-03-30 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-30 (date) — FILED AS OF DATE
• 5555 NE MOORE CT (address) — BUSINESS ADDRESS
• HILLSBORO (city) — BUSINESS ADDRESS
• OR (state) — BUSINESS ADDRESS
• 97124 (zip) — BUSINESS ADDRESS

FAQ

Risk Factors

• Concentration Risk with Distributors [medium — market]: The company's revenue is significantly dependent on a few large distributors, posing a risk if these relationships deteriorate or if these distributors face financial difficulties.

Key Dates

• 2024-03-30: End of Reporting Period — Q1 2024 financial results

Filing Documents

• lscc20240330_10q.htm (10-Q) — 896KB
• ex_632928.htm (EX-31.1) — 12KB
• ex_632929.htm (EX-31.2) — 11KB
• ex_632930.htm (EX-32.1) — 5KB
• ex_632931.htm (EX-32.2) — 5KB
• latticelogocolorpmsa49.jpg (GRAPHIC) — 24KB
• 0001437749-24-013962.txt (&nbsp;) — 4778KB
• lscc-20240330.xsd (EX-101.SCH) — 49KB
• lscc-20240330_cal.xml (EX-101.CAL) — 41KB
• lscc-20240330_def.xml (EX-101.DEF) — 303KB
• lscc-20240330_lab.xml (EX-101.LAB) — 275KB
• lscc-20240330_pre.xml (EX-101.PRE) — 334KB
• lscc20240330_10q_htm.xml (XML) — 624KB

Financial Statements

Financial Statements 4 Consolidated Statements of Operations – Three Months Ended March 30, 2024 and April 1, 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income – Three Months Ended March 30, 2024 and April 1, 2023 (unaudited) 5 Consolidated Balance Sheets – March 30, 2024 and December 30, 2023 (unaudited) 6 Consolidated Statements of Cash Flows – Three Months Ended March 30, 2024 and April 1, 2023 (unaudited) 7 Consolidated Statements of Stockholders' Equity – Three Months Ended March 30, 2024 and April 1, 2023 (unaudited) 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 - 2 - Table of Contents Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements that involve estimates, assumptions, risks, and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. We use words or phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "plan," "possible," "predict," "projects," "may," "will," "should," "continue," "ongoing," "future," "potential," and similar words or phrases to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our target or expected financial performance and our ability to achieve those results; future impacts of the ongoing military conflicts between Ukraine and Russia, and in the Middle East, and the outbreak of new, or expansion of current, military conflicts or terrorism; the impact of any continuing trade or travel restrictions on the export and import of products between the U.S. and China; the impact of any deterioration in relations between Taiwan and China, and other factors affecting military, political, or economic conditions in Taiwan or elsewhere in Asia; the impact of tariffs, trade sanctions, license requirements or similar actions on our suppliers and customers; the impact of inflationary pressures; future impacts of global pandemics, epidemics, and other public health problems; our business strategy; our opportunities to increase our addressable market; our expectations and strategies regarding market trends and opportunities, including market drivers such as wireless and wireline communications infrastructure deployments, data center servers and networking equipment, client computing platforms, industrial Internet of Things, factory automation, robotics, automotive electronics, smart homes, prosumers, and other applicati

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LATTICE SEMICONDUCTOR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 30, April 1, (In thousands, except per share data) 2024 2023 Revenue $ 140,815 $ 184,310 Cost of revenue 44,607 55,709 Gross margin 96,208 128,601 Operating expenses: Research and development 40,591 35,989 Selling, general, and administrative 36,469 32,578 Amortization of acquired intangible assets 870 870 Restructuring 1,704 30 Total operating expenses 79,634 69,467 Income from operations 16,574 59,134 Interest income (expense), net 1,307 ( 555 ) Other income (expense), net ( 46 ) ( 95 ) Income before income taxes 17,835 58,484 Income tax expense 3,039 2,561 Net income $ 14,796 $ 55,923 Net income per share: Basic $ 0.11 $ 0.41 Diluted $ 0.11 $ 0.40 Shares used in per share calculations: Basic 137,475 137,418 Diluted 138,774 140,101 See Accompanying Notes to Unaudited Consolidated Financial Statements. - 4 - Table of Contents LATTICE SEMICONDUCTOR CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three Months Ended March 30, April 1, (In thousands) 2024 2023 Net income $ 14,796 $ 55,923 Other comprehensive income (loss): Translation adjustment ( 474 ) 189 Comprehensive income $ 14,322 $ 56,112 See Accompanying Notes to Unaudited Consolidated Financial Statements. - 5 - Table of Contents LATTICE SEMICONDUCTOR CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) March 30, December 30, (In thousands, except share and par value data) 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 107,466 $ 128,317 Accounts receivable, net of allowance for credit losses 98,940 104,373 Inventories, net 95,384 98,826 Prepaid expenses and other current assets 38,948 36,430 Total current assets 340,738 367,946 Property

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 - Basis of Presentation Lattice Semiconductor Corporation and its subsidiaries ("Lattice," the "Company," "we," "us," or "our") develop technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses. Basis of Presentation and Use of Estimates The accompanying Consolidated Financial Statements are unaudited and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). In our opinion, they include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These Consolidated Financial Statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10 -K for the year ended December 30, 2023 (" 2023 10 -K"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated condensed financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, the actual results that we experience may differ materially from these estimates un

View Full Filing

View this 10-Q filing on SEC EDGAR