The strong beat and raised guidance confirm accelerating momentum from AI data center demand and the AMI acquisition. The Q4 revenue midpoint of $335M implies approximately 130% YoY growth, well above consensus. Watch for continued FPGA market share gains and AMI cross-sell progress; the S-3ASR shelf filed 20 days ago may be used opportunistically given the strong results.
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Executive Summary
Lattice Semiconductor reported record Q3 2026 revenue of $291.0M, up 118.3% YoY, driven by the AMI acquisition and strong FPGA growth. Non-GAAP EPS of $0.72 beat the $0.55 consensus by 30.9%. Guidance for Q4 2026 revenue of $325M-$345M implies approximately 130% YoY growth, well above the consensus midpoint.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $291.0M, up 118.3% YoY (Q3 2025: $133.3M) and 44.7% QoQ
- Non-GAAP EPS of $0.72, up approximately 160% YoY from $0.28, beating consensus of $0.55
- FPGA revenue grew approximately 90% YoY, led by data center AI demand
- AMI contributed $39.1M in revenue (13% of total) since acquisition close on July 27, 2026
- Q4 2026 guidance: revenue $325M-$345M (midpoint $335M), non-GAAP EPS $0.82-$0.86
- Non-GAAP gross margin of 70.9% in Q3, guided to 72.0% +/- 1% in Q4
- Adjusted EBITDA margin expanded to 45.0% from 35.6% a year ago
- Free cash flow of $77.6M in Q3, up 128% YoY
- Long-term debt of $869.1M on balance sheet from AMI acquisition financing
- Shelf registration (S-3ASR) filed 20 days prior, providing capital flexibility
Financial Impact
Record revenue of $291.0M, non-GAAP EPS $0.72 vs consensus $0.55; Q4 guidance midpoint $335M revenue and $0.84 EPS
Segment Breakdown
| Segment | Revenue |
|---|---|
| Compute and Communications | $171.9M |
| Industrial and Embedded | $80.0M |
| AMI | $39.1M |
Risk Factors
- Integration risk from the $1.65B AMI acquisition, including $869M in long-term debt
- Concentration of demand in AI/data center end markets, which could be cyclical
- GAAP net income of $11.2M was depressed by $25.9M in acquisition-related charges and $12.9M in amortization of acquired intangibles
- Potential dilution from the shelf registration (S-3ASR) filed on October 14, 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-034452 |
| Document: lscc20260903_8k.htm | 0001437749-26-034452 |
| Document: 0001437749-26-034452-index-headers.html | 0001437749-26-034452 |
| Document: 0001437749-26-034452-index.html | 0001437749-26-034452 |
| Document: 0001437749-26-034452.txt | 0001437749-26-034452 |
| 8-K Data (Synthetic) | 0001437749-26-034452 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | Insider Buy | $101.28 | awaiting T+5 | awaiting T+5 | $107.25 (+5.89%) |
Nov 2, 2026 2d ago | 8-K | $98.29 | awaiting T+5 | awaiting T+5 | $107.25 (+9.12%) |
Oct 30, 2026 5d ago | 8-K/A | $95.44 | awaiting T+5 | awaiting T+5 | $107.25 (+12.37%) |
Oct 30, 2026 5d ago | 3 | $92.97 | awaiting T+5 | awaiting T+5 | $107.25 (+15.36%) |
Oct 30, 2026 5d ago | 3 | $92.97 | awaiting T+5 | awaiting T+5 | $107.25 (+15.36%) |
Oct 29, 2026 6d ago | Institutional Cluster | $103.00 | awaiting T+5 | awaiting T+5 | $107.25 (+4.13%) |
Oct 27, 2026 7d ago | Institutional Cluster | $104.17 | awaiting T+5 | awaiting T+5 | $107.25 (+2.96%) |
Oct 22, 2026 13d ago | 8-K | $96.40 $101.96 | ▲ +5.76% | ▲ +5.06% | $107.25 (+11.26%) |
Oct 13, 2026 21d ago | S-3ASR | $115.00 $107.79 | ▼ −6.27% | ▼ −6.72% | $107.25 (−6.74%) |
Oct 13, 2026 22d ago | 8-K/A | $115.00 $107.79 | ▼ −6.27% | ▼ −6.72% | $107.25 (−6.74%) |
US Market Status
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