Lattice Semiconductor/$LSCC

Lattice delivered record Q2 2026 revenue of $201.1 million, up 62.2% YoY, and non-GAAP EPS of $0.53, both exceeding the high end of guidance and reflecting strong operating leverage in its low-power FPGA model (TradingView News) (SEC filing).

The $1.65 billion AMI acquisition closed on July 27, 2026, adding platform firmware and AI management capabilities that expand Lattice’s addressable market and support a projected $1 billion annual revenue run rate by Q4 2026 (Reuters) (SEC filing).

Management guided Q3 2026 revenue of $255 million—implying ~65% YoY growth in its FPGA business and an annualized revenue run rate above $1 billion—underscoring sustained demand momentum post-acquisition (SEC filing).

The AMI acquisition was funded with $925 million of debt, raising Lattice’s adjusted leverage to approximately 2.2x and constraining free cash flow and flexibility for R&D and share repurchases (S&P Global Ratings) (Form 10-Q).

Investors have flagged integration execution risk from the AMI deal, with potential for unforeseen costs and management distraction that could pressure near-term operational performance (Investing.com).

Over 50% of Lattice’s sales are in Asia, exposing the company to evolving U.S. export controls and tariffs on semiconductor products to China, which could drive compliance costs or restrict market access (Form 10-K risk factors).