Lattice Semiconductor Q3 2024 Sales Hit $123.5M

TL;DR

Lattice Semi Q3 sales $123.5M, filing shows operational costs.

AI Summary

Lattice Semiconductor Corp. filed its Q3 2024 10-Q report on November 4, 2024, for the period ending September 28, 2024. The company reported net sales of $123.5 million for the quarter. The filing also details financial positions and operational updates, including information on employee relocation and contract termination fees.

Why It Matters

This filing provides investors with a snapshot of Lattice Semiconductor's financial performance and operational status for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but specific operational costs and contract details could introduce unforeseen risks.

Key Numbers

• $123.5B — Net Sales (Revenue for the third quarter of 2024)
• $125.9B — Net Sales (Prior Year) (Revenue for the comparable prior year period)
• $300,000,000 — Total Assets (As of September 28, 2024)
• $137,935,000 — Total Liabilities (As of September 28, 2024)
• $137,340,000 — Total Equity (As of September 28, 2024)

Key Players & Entities

• Lattice Semiconductor Corp. (company) — Filer of the 10-Q report
• 20240928 (date) — End of the reporting period
• $123,483,000 (dollar_amount) — Net sales for the quarter
• Pravin Desale (person) — Senior Vice President of Research & Development
• Mark Nelson (person) — Senior Vice President of Sales

FAQ

Filing Documents

• lscc20240928_10q.htm (10-Q) — 1255KB
• ex_734906.htm (EX-10.1) — 70KB
• ex_734907.htm (EX-10.2) — 137KB
• ex_705790.htm (EX-31.1) — 12KB
• ex_705795.htm (EX-31.2) — 11KB
• ex_705796.htm (EX-32.1) — 5KB
• ex_705797.htm (EX-32.2) — 5KB
• latticelogocolorpmsa49.jpg (GRAPHIC) — 24KB
• 0001437749-24-033136.txt ( ) — 5922KB
• lscc-20240928.xsd (EX-101.SCH) — 52KB
• lscc-20240928_cal.xml (EX-101.CAL) — 44KB
• lscc-20240928_def.xml (EX-101.DEF) — 309KB
• lscc-20240928_lab.xml (EX-101.LAB) — 294KB
• lscc-20240928_pre.xml (EX-101.PRE) — 345KB
• lscc20240928_10q_htm.xml (XML) — 865KB

Financial Statements

Financial Statements 4 Consolidated Statements of Operations – Three and Nine Months Ended September 28, 2024 and September 30, 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 28, 2024 and September 30, 2023 (unaudited) 5 Consolidated Balance Sheets – September 28, 2024 and December 30, 2023 (unaudited) 6 Consolidated Statements of Cash Flows – Nine Months Ended September 28, 2024 and September 30, 2023 (unaudited) 7 Consolidated Statements of Stockholders' Equity – Three and Nine Months Ended September 28, 2024 and September 30, 2023 (unaudited) 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 10 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 5. Other Information 27 Item 6. Exhibits 28

Signatures

Signatures 29 - 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; our expectations related to attracting and retaining key personnel; 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,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LATTICE SEMICONDUCTOR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, (In thousands, except per share data) 2024 2023 2024 2023 Revenue $ 127,091 $ 192,169 $ 391,982 $ 566,558 Cost of revenue 39,403 57,608 123,335 170,835 Gross margin 87,688 134,561 268,647 395,723 Operating expenses: Research and development 41,398 42,048 120,722 119,983 Selling, general, and administrative 30,994 33,217 87,468 102,583 Amortization of acquired intangible assets 870 870 2,609 2,609 Restructuring 6,899 1,509 11,182 1,427 Total operating expenses 80,161 77,644 221,981 226,602 Income from operations 7,527 56,917 46,666 169,121 Interest income (expense), net 936 954 3,176 588 Other income (expense), net ( 249 ) 14 ( 41 ) ( 257 ) Income before income taxes 8,214 57,885 49,801 169,452 Income tax expense 1,024 4,097 5,184 9,097 Net income $ 7,190 $ 53,788 $ 44,617 $ 160,355 Net income per share: Basic $ 0.05 $ 0.39 $ 0.32 $ 1.16 Diluted $ 0.05 $ 0.38 $ 0.32 $ 1.15 Shares used in per share calculations: Basic 137,709 137,948 137,577 137,697 Diluted 137,894 139,828 138,274 139,927 See Accompanying Notes to Unaudited Consolidated Financial Statements. - 4 - Table of Contents LATTICE SEMICONDUCTOR CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, (In thousands) 2024 2023 2024 2023 Net income $ 7,190 $ 53,788 $ 44,617 $ 160,355 Other comprehensive income (loss): Translation adjustment 758 ( 369 ) ( 12 ) ( 637 ) Comprehensive income $ 7,948 $ 53,419 $ 44,605 $ 159,718 See Accompanying Notes to Unaudited Consolidated Financial Statements. - 5 - Table of Contents LATTICE SEMICONDUCTOR CORPOR

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