Lattice Semiconductor

Lattice Semiconductor reported Q2 FY2026. EPS came in at $0.53 against a $0.44 consensus, beat by 19.1%. Revenue was $201.1M versus $185.5M expected, beat by 8.4%. Gross margin was 70.3%, up 150 bps from last quarter.

Lattice Semiconductor Lattice Semiconductor reported a strong Q1 FY2026, with revenue and EPS both beating street estimates. The company's 42% year-over-year revenue growth and 80% year-over-year EPS growth underscore its continued momentum and strategic execution.

Lattice Semiconductor printed only a +1.8% revenue beat and 0.0% EPS surprise, so the first read can look fully captured. The variant view is that the market is underpricing the sequential acceleration into Q1 and the cash conversion behind it, while over-penalizing a Q4 gross-margin trough that management is guiding back toward 69.5% plus or minus 1% on a non-GAAP basis.

Lattice Semiconductor missed the Street’s Q3 revenue number by -6.9% while matching EPS, but the actionable point is that the print shifted the debate from near-term linearity to mix durability in comms and compute. The market was set up for a cleaner recovery quarter; what it actually got was a smaller Q3 base, explicit Q4 reacceleration, and management language that points to a higher-quality 2026 revenue mix if hyperscaler and capex-linked programs convert.

Lattice Semiconductor missed the Street’s Q2 revenue number by -5.9%, but the actionable read is that management guided to the largest sequential growth in three years while holding non-GAAP gross margin near its model. The market may be mispricing this as another low-end FPGA digestion quarter when the print instead points to a revenue inflection funded by channel normalization, new-product growth, and disciplined expense conversion.