Lattice's strong Q1 beat and raised Q2 guidance confirm accelerating momentum in AI/datacenter demand. The AMI acquisition is a transformative bolt-on that expands the platform into firmware and manageability, doubling the addressable market. Expect positive stock reaction on the combination of earnings momentum and strategic growth. Monitor HSR approval timeline; integration risk is manageable given complementary cultures.
Price Chart
Executive Summary
Lattice Semiconductor reported a strong Q1 2026 beat with 42% YoY revenue growth to $170.9M and non-GAAP EPS of $0.41 (+86% YoY). Q2 guidance was raised to $175-195M revenue and $0.42-0.46 non-GAAP EPS. Simultaneously, Lattice announced a transformative $1.65B acquisition of AMI (firmware leader), funded by $1B cash (via debt/balance sheet) and $650M in stock, expected to close in Q3 2026 and support a $1B+ revenue run-rate by Q4 2026. The combination of strong operating momentum and a strategic, accretive acquisition is highly bullish.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $170.9M, up 42.2% YoY (from $120.2M)
- Non-GAAP EPS $0.41, up 86% YoY from $0.22
- GAAP net income $21.8M ($0.16 per diluted share), reversing a $7.6M loss in Q4 2025
- Q2 2026 guidance: revenue $175M-$195M, non-GAAP EPS $0.42-$0.46 (raised vs prior Q1 guidance of $0.34-$0.38)
- Acquiring AMI for $1.65B ($1B cash + ~$650M stock), expected close Q3 2026
- AMI expected to generate >$200M revenue in 2026; deal accretive to gross margin, FCF, and non-GAAP EPS
- Stock consideration: 5.2M-6.1M Lattice shares (~4.5% dilution at midpoint)
- $950M term loan and $200M revolver committed for cash portion
- Compute & Communications segment record revenue of $106.6M, up 86% YoY
- Non-GAAP gross margin expanded to 70.0%, up 100 bps YoY
Financial Impact
Q1 revenue beat consensus by ~$6M (170.9 vs 164.9 est). Non-GAAP EPS of $0.41 vs street consensus of ~$0.20 (GAAP) implies a substantial beat. The $1.65B acquisition doubles Lattice's SAM and targets $1B+ revenue run-rate by Q4 2026.
Risk Factors
- Regulatory approval for AMI acquisition may be delayed or denied
- Integration of AMI may not achieve expected synergies or revenue run-rate
- Increased leverage from $950M term loan (though committed)
- Dilution of ~4.5% from stock consideration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-014654 |
| Exhibit: ex_955285.htm | 0001437749-26-014654 |
| Document: lscc20260408_8k.htm | 0001437749-26-014654 |
| Document: 0001437749-26-014654-index-headers.html | 0001437749-26-014654 |
| Document: 0001437749-26-014654-index.html | 0001437749-26-014654 |
| Document: 0001437749-26-014654.txt | 0001437749-26-014654 |
| 8-K Data (Synthetic) | 0001437749-26-014654 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $96.40 | awaiting T+5 | — | $98.37 (+2.04%) |
Oct 13, 2026 13d ago | S-3ASR | $115.00 $107.79 | ▼ −6.27% | ▼ −6.72% | $98.37 (−14.46%) |
Oct 13, 2026 13d ago | 8-K/A | $115.00 $107.79 | ▼ −6.27% | ▼ −6.72% | $98.37 (−14.46%) |
Aug 19, 2026 9w ago | Insider Cluster | $117.68 $119.34 | ▲ +1.41% | ▲ +1.80% | $98.37 (−16.41%) |
Jun 30, 2026 16w ago | 8-K | $146.30 $130.60 | ▼ −10.73% | ▼ −10.99% | $98.37 (−32.76%) |
Jun 12, 2026 19w ago | Institutional Cluster | $144.53 $153.72 | ▲ +6.36% | ▲ +5.69% | $98.37 (−31.94%) |
Jun 5, 2026 20w ago | Insider Cluster | $135.57 $144.53 | ▲ +6.61% | ▲ +6.04% | $98.37 (−27.44%) |
May 4, 2026 25w ago | 8-K | $122.27 $128.96 | ▲ +5.47% | ▲ +3.49% | $98.37 (−19.55%) |
Mar 18, 2026 31w ago | DEFA14A | $94.92 $94.92 | · 0.00% | ▲ +2.21% | $98.37 (+3.63%) |
Mar 9, 2026 33w ago | Insider Cluster | $90.63 $89.92 | ▼ −0.78% | ▲ +0.57% | $98.37 (+8.54%) |
US Market Status
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