The Q2 guidance midpoint of $328M revenue and $0.61 adjusted EPS significantly exceeds consensus estimates, signaling accelerating data center demand. Traders should watch for upside in Signal Integrity segment as FiberEdge and CopperEdge 1.6T products ramp. The sequential improvement in operating leverage (20.4% adjusted margin) supports margin expansion thesis.
Price Chart
Executive Summary
Semtech reported Q1 FY2027 results with record net sales of $291.0M (+16% YoY), GAAP diluted EPS of $0.27, and non-GAAP adjusted diluted EPS of $0.51 (+34% YoY). The company guided Q2 FY2027 revenue to $328M ±$5M and adjusted EPS to $0.61 ±$0.02, both well above consensus, driven by accelerating data center growth from FiberEdge and CopperEdge 1.6T products.
Key Financial Metrics
Key Facts
- Record Q1 FY2027 net sales of $291.0M, up 16% YoY and 6% sequentially
- GAAP diluted EPS of $0.27, up 23% YoY; non-GAAP adjusted diluted EPS of $0.51, up 34% YoY
- GAAP operating margin improved to 8.9% from (6.7)% in Q4 FY2026; non-GAAP adjusted operating margin of 20.4%
- Q2 FY2027 guidance: revenue $328M ±$5M (consensus ~$295M), adjusted EPS $0.61 ±$0.02 (consensus ~$0.50)
- Signal Integrity segment revenue grew 39% YoY to $102.0M; total semiconductor products revenue $202.8M
- Operating cash flow of $36.2M and free cash flow of $28.0M in Q1
- No goodwill or intangible impairments in Q1 FY2027 vs $44.6M in Q4 FY2026
Financial Impact
Revenue beat consensus by ~$7.5M (2.6%); Q2 guidance midpoint of $328M is ~$33M above consensus; adjusted EPS guidance midpoint of $0.61 is ~$0.11 above consensus
Risk Factors
- Potential supply chain constraints or manufacturing capacity limitations could impede the 1.6T product ramp
- Cyclical semiconductor demand could soften if data center capex decelerates
- Integration risks from Sierra Wireless and potential cellular module divestiture
- Share-based compensation increased to $26.4M in Q1 from $6.8M in prior year, diluting GAAP earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000088941-26-000009 |
| Document: smtc-20260526.htm | 0000088941-26-000009 |
| Document: 0000088941-26-000009-index-headers.html | 0000088941-26-000009 |
| Document: 0000088941-26-000009-index.html | 0000088941-26-000009 |
| Document: 0000088941-26-000009.txt | 0000088941-26-000009 |
| 8-K Data (Synthetic) | 0000088941-26-000009 |
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