Lattice Q3 Revenue Hits Record $291.0M, Up 118%; Q4 Guide $325-345M

Lattice Semiconductor reported record third-quarter 2026 revenue of $291.0 million on Nov. 2, up 118% from $133.3 million a year earlier, and guided fourth-quarter revenue to $325 million to $345 million.

The company said in its earnings release that GAAP gross margin was 67.4% and GAAP net income was $11.2 million, or $0.08 per diluted share. On a non-GAAP basis, gross margin was 70.9% and earnings were $0.72 per share, against $0.28 a year earlier. Adjusted EBITDA reached $131.0 million, a 45.0% margin, and free cash flow was $77.6 million, a 26.7% margin. The quarter ended Oct. 3.

How much of the growth is organic

The 118% headline is not like for like. Lattice closed its acquisition of AMI, a platform-firmware company, on July 27, and the quarter includes AMI from that date while the prior periods do not. The company separately said FPGA revenue, meaning its field-programmable gate array chips, grew about 90%. Applied to the $133.3 million base, that implies roughly $253 million of FPGA revenue and about $38 million from AMI. That split is Voltgrid's arithmetic, not a figure Lattice reported.

Lattice's own August outlook put third-quarter FPGA revenue at $210 million to $230 million and total revenue at $245 million to $265 million, according to the exhibit to its Aug. 4 filing with the SEC. The $291.0 million result cleared the top of that range. Second-quarter revenue was $201.1 million.

GAAP profit moved the other way. Net income fell 42.1% from $19.4 million in the second quarter, and GAAP gross margin slipped from 70.3% to 67.4%. The balance sheet now carries $869.1 million of long-term debt, against none at the start of the year, and $128.3 million of cash. The AMI deal was valued at $1.65 billion, about $1 billion in cash and $650 million in stock, the company said in August.

What the release says about AI servers

Chief executive Ford Tamer attributed the FPGA growth to "accelerating data center AI demand" and continued momentum in industrial and embedded markets. Lattice said revenue from new products grew more than 70% and is tracking toward 25% of FPGA revenue in 2026, led by AI-related server demand.

The products it describes sit in the control and management layer of a server, not in the compute. The company cited security retrofit, rack boot, plug-and-play, and power and cooling as early commercial areas for the combined Lattice and AMI portfolio. It also listed AMI Rack Manager support for AMD's Helios rack-scale systems, a collaboration with Arm on AI data center servers, and an SK hynix memory-error library. Voltgrid has covered rack-scale systems of this kind, including AMD's Helios racks entering testing and Dell's 48U Vera CPU rack due in Q1 2027. The release does not name an end customer or give a dollar figure for data center revenue.

That limits what the quarter proves. Lattice gave no revenue split by end market, and its forward-looking statements flag a concentration of demand among a limited number of customers, distributors and end markets, including AI and data center infrastructure. Its quarterly report with customer detail was not yet available when this was written. The release does not support calling the growth broad-based; it supports saying AI servers are a named driver, alongside an industrial recovery.

Outlook and comparison

Fourth-quarter guidance also includes a non-GAAP gross margin of 72.0% plus or minus 1 point and non-GAAP earnings of $0.82 to $0.86 per share. The release says Lattice expects about 130% year-over-year revenue growth, with industrial and embedded growth accelerating to 70%.

StockStory reported that analysts had expected $256 million of revenue and $0.55 of adjusted earnings per share, and that the $335 million guidance midpoint was 14.3% above the $293.1 million consensus. Those are outside estimates, not company figures.

What is not confirmed yet

Lattice scheduled a call to discuss the results at 5:00 p.m. Eastern on Nov. 2. Its quarterly report, not yet filed, should show customer and distributor concentration and the AMI purchase accounting, which would show how much of the AI-server demand rests on a few buyers.