From a qualitative perspective, the differences between our GAAP measurement of financial measures for gross margin percentage and total operating expenses and our non-GAAP measure of those items will consist of items similar to those described in the financial tables later in this release for such items historically, including, for example and without limitation, certain large and/or unpredictable charges such as stock-based compensation expense litigation expense outside the ordinary course of business and restructuring charges. Consequently, the Company is unable to provide a reasonable estimate of GAAP measurement for non-GAAP gross margin percentage or non-GAAP total operating expenses for second quarter guidance or a corresponding reconciliation to GAAP for the quarter. With respect to the outlook for the second quarter of 2023, certain items that affect GAAP measurement of financial measures for gross margin percentage and total operating expenses are not accessible on a forward-looking basis because such items cannot be reasonably predicted without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude from non-GAAP measures, including certain large and/or unpredictable charges such as stock-based compensation expense litigation expense outside the ordinary course of business and restructuring charges. Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release makes reference to non-GAAP financial measures. Total operating expenses for the second quarter of 2023 are expected to be between $56 million and $58 million on a non-GAAP basis. Gross margin percentage for the second quarter of 2023 is expected to be 70% plus or minus 1% on a non-GAAP basis. Revenue for the second quarter of 2023 is expected to be between $183 million and $193 million. 2023 Analyst and Investor Day: Registration is now live for Lattice Semiconductor's 2023 Analyst and Investor Day, which will be held on Monday, May 15, 2023.īusiness Outlook - Second Quarter of 2023:.Won a Grand Trophy Award for overall commitment to security-focused innovation from the Globee Cybersecurity Awards. Won two Artificial Intelligence Excellence Awards from The Business Intelligence Group. Named "Top FPGA Company 2023" by Semiconductor Review magazine. Lattice Receives Multiple Industry Awards:.Lattice also expanded its Lattice ORAN™ solution stack to accelerate current and next-gen secure telecommunications applications deployments. New Software Solutions: Lattice launched the latest versions of its Lattice Automate™ and Lattice sensAI™ solution stacks, which equip customers with new factory automation and industrial machine vision capabilities.Based on the Lattice Nexus™ platform, this device family brings Lattice’s long-standing leadership in control FPGAs to a broader set of control function designs and applications for enterprise networking, machine vision, and industrial IoT. Continued Portfolio Expansion: Lattice introduced the MachXO5T™-NX family of advanced system control FPGAs.Profit Growth: Gross margin expanded 290 basis points on a GAAP basis and 260 basis points on a non-GAAP basis compared to Q1 2022, with net income per diluted share increasing 54% on a GAAP basis and 38% on a non-GAAP basis compared to Q4 2022.Record Revenue: Revenue increased 22% in Q1 2023 compared to Q1 2022 and 5% compared to Q4 2022, which represented the twelfth consecutive quarter of sequential growth.Selected First Quarter 2023 Financial Results and Comparisons (in thousands, except per share data) We also completed the tenth consecutive quarter of our share repurchase program." We achieved record operating profit of 32% on a GAAP basis and 41% on a non-GAAP basis, and expanded gross margin by 290 basis points on a GAAP basis and 260 basis points on a non-GAAP basis compared to Q1 2022. Sherri Luther, CFO, said, "Q1 2023 represented our twelfth consecutive quarter of sequential growth, with revenue increasing 5% compared to Q4 2022. While we’re not immune to macro-economic challenges impacting the industry, we have Lattice-specific growth drivers, which position us well for long-term growth in our core markets." We drove 55% year-over-year growth in net income on a GAAP basis and 36% on a non-GAAP basis. Jim Anderson, president and CEO, said, "Our strong growth and customer momentum continued into the first quarter of 2023 with a 22% year-over-year increase in revenue. HILLSBORO, Ore.-( BUSINESS WIRE)-Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal first quarter ended April 1, 2023.
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