Lattice Semiconductor Corporation Q2 FY26 Earnings Analysis
Published 29 May 2026 | Semiconductors and Semiconductor Equipment | Market Cap: ₹20.2K Cr
Price
₹147.31
Market Cap
₹20.2K Cr
P/E Ratio
1073.9
Revenue Rank
Margin Rank
Earnings Summary
- Lattice Semiconductor expects strong growth well into 2027 with bookings building a strong backlog (Page 12). - Lattice expects strong growth momentum to continue through 2026, with Q2 revenue guidance at $175M-$195M, nearly 50% year-over-year growth.
📊 Revenue & Sales Performance
Rank 1- →Lattice Semiconductor expects strong growth well into 2027 with bookings building a strong backlog (Page 12).
- →Revenue guidance for Q2 2026 is $175 million to $195 million, representing nearly 50% year-over-year growth (Pages 3-4).
- →Compute and Communications end market revenue up 86% YoY, driven by data center AI applications (Page 3).
- →Industrial and embedded markets grew 21% quarter-over-quarter, with growth expected to continue but at a more moderate pace than Q1 (Pages 3, 11).
- →Server business expected at around 38% of total revenue by 2026, with AI-related revenue reaching approximately 25% (Page 5).
- →AMI acquisition expected to roughly double the served available market from $6B to $12B over 3-4 years, accelerating revenue growth (Page 5).
- →ASPs and FPGA attach rates per server continue to increase, especially driven by data center and communications expansions (Pages 8-9).
- →Overall, Lattice anticipates sustained above-market revenue growth and expansion into higher-margin platform firmware and system solutions (Pages 3-5, 12).
📈 Profitability & Margins
Rank 3- →Lattice expects strong growth momentum to continue through 2026, with Q2 revenue guidance at $175M-$195M, nearly 50% year-over-year growth.
- →Q2 non-GAAP EPS is projected between $0.42 and $0.46, reflecting approximately 80% year-over-year earnings growth.
- →First quarter non-GAAP EPS grew by over 80% year-over-year to $0.41.
- →Operating margin expanded by 370 basis points in Q1 to 34.4%, showing strong operating leverage.
- →The company anticipates sustained above-market revenue growth driven by data center AI, compute and communications, and industrial/embedded markets.
- →Post-AMi acquisition, the deal is expected to be immediately accretive to gross margin, free cash flow, and EPS without reliance on cost synergies.
- →Lattice maintains disciplined capital strategy focused on accelerating earnings growth faster than revenue growth.
🏗️ Capital Expenditure Plans
Yes- →There is no explicit mention of current or future capital expenditures (capex) or strategic investments in the provided transcript pages.
- →The focus is on the acquisition of AMI, a strategic $1.65 billion deal combining Lattice's low-power FPGAs with AMI's platform firmware and manageability software, which is expected to double the served available market.
- →The acquisition emphasizes system-level solutions, growing revenue, and strategic expansion rather than specific capital investments.
- →Discussions highlight expanding supply chain capacity, especially at the assembly and test stage, to address supply constraints, which may implicitly involve operational investments.
- →Executives mention working closely with suppliers like UMC, Samsung, and TSMC to secure supply.
- →No direct comments were made on dedicated capex plans outside of the acquisition and supply chain strengthening.
💰 Fundraising & Capital Structure
No information- →The company recently issued $650 million of equity as part of the AMI acquisition deal.
- →THL Partners, who invested in the equity issuance, are subject to a lockup period of 12 months post-close, releasing 25% per quarter.
- →There is no explicit mention of any new or planned fundraising through additional debt or equity beyond this.
- →The executives emphasized the ability to deleverage quickly post-acquisition due to strong free cash flow (~40%) and accretive nature of the AMI deal.
- →They are confident in funding debt and interest from operations without dependency on further cost cutting or additional financing.
- →No statements indicating imminent or future capital raises beyond the AMI transaction-related equity issuance.
📋 Order Book & Pipeline
Yes- →Bookings are strong and extend well into 2027.
- →There is a growing backlog building up due to increased demand.
- →Lead times are expanding, indicating strong order volumes.
- →Demand visibility is improving with customers continuing to increase their bookings.
- →The company has high confidence in sustained strong growth supported by this robust orderbook.
- →Channel inventory has reduced from 3 months to close to 2 months, improving supply chain efficiency.
- →Supply chain management efforts have allowed the company to secure supply despite industry constraints.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Lattice Semiconductor Corporation Q2 FY26 results?
- Lattice Semiconductor expects strong growth well into 2027 with bookings building a strong backlog (Page 12). - Lattice expects strong growth momentum to continue through 2026, with Q2 revenue guidance at $175M-$195M, nearly 50% year-over-year growth.
What is Lattice Semiconductor Corporation share price analysis?
Lattice Semiconductor Corporation currently shows a strong growth signal based on ranking data. The stock trades at a P/E of 1073.9 with a market cap of $20,183. Investors should review the full earnings analysis for detailed insights.
Is Lattice Semiconductor Corporation planning capital expenditure?
- There is no explicit mention of current or future capital expenditures (capex) or strategic investments in the provided transcript pages.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.