LSCC Nasdaq Russell 1000 Earnings call

Lattice Semiconductor (LSCC) · Q2 2026 results and valuation

Share price: $122.77 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 4 May 2026

Net income down 11.3% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−11.3%

Net income vs Q1 2026

Outlook given

Net income 19.4M vs 21.8M

Revenue +17.7%

Against the same quarter last year (Q2 2025) it is +564.6%; the dip on last quarter is small next to the change on last year.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: very upbeat, and more positive than the script.

Last call it was different: script and answers matched.

3 · What stood out

New

Exceeded a 25% revenue metric and noted AI is driving more traditional infrastructure.

Valuation

Is Lattice Semiconductor undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2026-01-03), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At −7.5% growth a year (3-year revenue growth), the model's fair value is $7.55 a share — the stock trades 1525% above it. Today's price assumes 33.7% growth a year.

Current price

$122.77

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+33.7% for 10 yrs

Fair value / share

$7.55

Buy below

$5.66

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Gross margin reached 71.7% and earnings per share grew more than 120% year-over-year.

    Source quote
    “Q2 non-GAAP gross margin was above expectation at 71.7%, up 170 basis points quarter-over-quarter and up 240 basis points year-over-year. Q2 non-GAAP EPS at $0.53 a share demonstrated significant leverage, growing more than 120% year-over-year and 29% quarter-over-quarter. Q2 gross margin benefited from favorable product and customer mix.”
  2. Guidance

    Earnings growth is expected to significantly and consistently outpace revenue growth.

    Source quote
    “We expect that we'll be able to consistently drive earnings growth that significantly outpaces revenue growth.”
  3. Guidance

    Lattice Semiconductor expects income tax rate for Q3 to be between 4% and 6% on a non-GAAP basis.

  4. Figure

    Second-quarter revenue reached a record $201 million, representing 18% sequential growth and 62% year-over-year growth.

    Source quote
    “Revenue for the second quarter was a record $201 million, representing 18% sequential growth and 62% year-over-year growth with strength...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was upbeat)
Answers to analysts Very upbeat (was upbeat)

Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.

Sentences that drove the tone
“These applications increasingly require our Lattice differentiation in low power, small form factor, low latency and secure processing.”
“And we continue to be very positive on the characteristic of our FPGA such as low latency determinism, parallel processing connectivity, wide range I/O.”
“Given the strong free cash flow profile of the combined company, we currently plan to reduce leverage to below 2x EBITDA by the end of 2027.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-07-04)

Metric Q2 2026period end 2026-07-04 Q1 2026period end 2026-04-04 Change Q2 2025 YoY
Revenue 201.1M 170.9M +17.7% 124.0M +62.2%
Gross profit 141.3M 117.6M +20.1% 84.8M +66.8%
Operating income 22.4M 26.1M −14.3% 4.7M +375.0%
Net income 19.4M 21.8M −11.3% 2.9M +564.6%
EPS 0.14 0.16 −12.5% 0.02 +600.0%
P/E today 531.4 546.1 678.7 −132.6 218.2 +327.9

Topics

Most discussed now

  • Lattice Semiconductor's FPGA continues to find use cases in numerous new applications such as, for example, power and cooling.
  • As Lattice Semiconductor gets into 2027 and its longer-term growth aspirations manifest themselves, it sees a little bit better performance…
  • That's also keep in mind that's in the face of with the accelerated revenue growth Lattice Semiconductor is expecting.
  • The list goes on, on penetrating few new market segments and accelerating the growth into 2027.
  • Lattice Semiconductor has talked about the really strong sequential and year-over-year growth, and it sees this continue to grow throughout…

Faded since Q1 2026

  • Fading Lattice Semiconductor's consumer business is now included within the industrial and embedded end market.
  • Fading Lattice Semiconductor continues to benefit from strong data center growth as Ford noted.
  • Fading On percent server, that has been growing steadily for it from the teens a couple of years ago to this...
  • Fading The way to think about this acquisition, is that it is very strategic and in the midterm opens up really...

Latest announcements

Official filings, newest first.