Q1 2025 Lattice Semiconductor Corp Earnings Call Transcript
Key Points
- Lattice Semiconductor Corp (LSCC) delivered Q1 2025 revenue of $120.1 million, in line with prior guidance.
- Non-GAAP gross margin remained strong at 69%, reflecting the resilience of the business model.
- The company achieved a 33.4% adjusted EBITDA, demonstrating financial discipline.
- Revenue from new products continues to grow at a strong double-digit pace, both sequentially and year-on-year.
- Lattice Semiconductor Corp (LSCC) has expanded its design win rate on small and midrange FPGAs to record levels.
- Q1 2025 revenue reflected a 15% decline compared to the year-ago period.
- The company is experiencing ongoing inventory digestion, particularly in the Communications and Industrial segments.
- There is caution regarding potential indirect impacts from new tariffs affecting the semiconductor industry.
- The macro environment and geopolitical situation, particularly tariffs, remain top of mind and could impact future performance.
- Channel inventory normalization is expected to take a few quarters longer than initially anticipated.
Greetings and welcome to the Lattice Semiconductor first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Rick Muscha, Senior Director of Investor Relations. Please go ahead.
Thanks, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO; and Lorenzo Flores, Lattice's CFO. We will provide a financial and business review of the first quarter of 2025 and the business outlook for the second quarter of 2025. If you have not obtained a copy of our earnings press release, it can be found in our company website in the Investor Relations section at latticesemi.com.
I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions based on information
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