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Here are 1-3 brief analogies for Lattice Semiconductor:

• Lattice Semiconductor is like the 'Qualcomm' of FPGAs (Field-Programmable Gate Arrays), specializing in power-efficient, compact chips for edge computing, IoT, and embedded vision, unlike the high-performance FPGAs from AMD (Xilinx) or Intel (Altera) typically used in data centers.

• If Nvidia creates the powerful 'brains' for AI supercomputers, Lattice provides the flexible, low-power 'mini-brains' (FPGAs) that enable smart devices to perform AI and other specific tasks directly at the 'edge' of a network.

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• Low-Power FPGAs: These are highly power-efficient field-programmable gate arrays designed for a wide range of edge computing, industrial, automotive, and consumer applications.
• Embedded Vision FPGAs: Specialized FPGAs optimized for video bridging, processing, and sensor aggregation in various embedded vision systems.
• Security Control FPGAs: FPGAs integrating advanced security features to protect system integrity and implement hardware root-of-trust solutions.
• FPGA Development Tools: Software suites, intellectual property (IP) cores, and hardware development kits that facilitate the design, programming, and testing of their FPGA devices.

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Lattice Semiconductor (LSCC) primarily sells its products, which are low-power field-programmable gate arrays (FPGAs) and related software solutions, to other companies. Therefore, its business model is B2B (business-to-business).

Lattice Semiconductor does not publicly disclose the specific names of its major customers. Their financial filings indicate that no single customer consistently accounts for 10% or more of their net revenue in recent years, which would typically require disclosure (often anonymized). However, Lattice Semiconductor's customer base consists of original equipment manufacturers (OEMs) and original design manufacturers (ODMs) across several key high-growth market segments.

Based on their stated strategic focus and product applications, the major *categories* of companies that serve as Lattice Semiconductor's customers are:

• Industrial & Automotive Companies: These customers integrate Lattice FPGAs into a wide range of products for industrial automation, robotics, machine vision, smart factories, advanced driver-assistance systems (ADAS), infotainment systems, and other automotive applications. These companies typically include major industrial equipment manufacturers, industrial automation specialists, and Tier 1 automotive suppliers.
• Communications & Compute Companies: This segment includes manufacturers of 5G infrastructure equipment, data center hardware (e.g., servers, storage, networking equipment), enterprise networking solutions, and client computing devices (e.g., laptops, PCs). These companies use Lattice FPGAs for control, bridging, security, and acceleration functions.
• Consumer Edge Companies: Customers in this category develop products for the smart home, wearables, drones, security cameras, and other edge AI applications. Lattice's low-power FPGAs are well-suited for these battery-sensitive and space-constrained devices.

While specific customer names are not publicly disclosed by Lattice Semiconductor, these categories represent the types of companies that are its major customers.

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• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• United Microelectronics Corporation (UMC)
• Amkor Technology (AMKR)
• ASE Technology Holding Co., Ltd. (ASX)

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Esam Elashmawi, Interim Chief Executive Officer & Chief Strategy & Marketing Officer

Esam Elashmawi was appointed Interim Chief Executive Officer of Lattice Semiconductor in June 2024. He also serves as the Chief Strategy & Marketing Officer. Prior to joining Lattice in 2018, he was Senior Vice President and General Manager at Microsemi Corporation, which acquired Actel Corporation where he served as Vice President of Product Development. Earlier in his career, Mr. Elashmawi co-founded SiliconExpert Technologies, a component management software company that was later acquired by Arrow Electronics.

Lorenzo Flores, Senior Vice President & Chief Financial Officer

Lorenzo Flores has been the Senior Vice President and Chief Financial Officer of Lattice Semiconductor since February 2025. Before joining Lattice, he served as the Chief Financial Officer of Intel Foundry at Intel Corporation. Mr. Flores also held the position of Vice Chairman of KIOXIA Holdings Corporation and previously served as Chief Financial Officer for Xilinx, Inc. from May 2016 to November 2019.

Stephen Douglass, Chief Technology Officer

Stephen Douglass is the Chief Technology Officer at Lattice Semiconductor, a role he assumed in January 2018. He has over 30 years of experience in the semiconductor industry, with previous leadership roles at Xilinx, including Corporate Vice President of Customer Technology Deployment and Vice President of Product Development. Mr. Douglass also served as Business Unit Director at Cypress Semiconductor and began his career as a Circuit Design Engineer at Intel Corporation. He holds 23 U.S. and international patents for FPGA and PLD architectures and circuits.

Tracy Feanny, Senior Vice President, General Counsel & Secretary

Tracy Feanny serves as the Senior Vice President, General Counsel & Secretary at Lattice Semiconductor.

Divyesh Shah, Senior Vice President, Global Operations and Quality

Divyesh Shah is the Senior Vice President of Global Operations and Quality at Lattice Semiconductor.

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Key Risks to Lattice Semiconductor's Business

Lattice Semiconductor (LSCC) faces several significant risks, primarily stemming from its global market exposure, intense industry competition, and the inherent cyclicality of the semiconductor sector.

1. Geopolitical Tensions and International Trade: A substantial portion of Lattice Semiconductor's revenue, over 60% in some periods, originates from Asia, with a significant concentration in China. This high dependence on international sales exposes the company to considerable risks from geopolitical tensions, trade disputes, tariffs, and changes in trade policies. Such factors can directly impact the cost of goods, limit market access, and disrupt crucial supply chains.
2. Intense Competitive Landscape: Lattice Semiconductor operates in a highly competitive industry, vying with much larger entities such as Intel (which owns Altera) and AMD (which owns Xilinx). These larger competitors possess significantly greater resources and pricing power, particularly in the mid-range and high-end FPGA markets that Lattice is actively trying to penetrate with new product platforms. This competitive pressure could constrain the growth and market share of Lattice's new offerings.
3. Cyclical Nature of the Semiconductor Industry and Demand Volatility: The semiconductor industry is inherently cyclical, making demand for Lattice's products highly sensitive to global economic conditions. The company has experienced revenue declines due to broader market corrections and an inventory overhang from 2024, which management anticipates will normalize by the end of 2025. Persistent weakness in segments like Industrial and Automotive, alongside a sluggish manufacturing sector, further contributes to demand uncertainty and potential revenue fluctuations.

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Lattice Semiconductor (LSCC) has significantly expanded its addressable markets through its product portfolio, primarily focusing on low-power Field-Programmable Gate Arrays (FPGAs).

The company's total addressable market (TAM) expanded to $6 billion with the introduction of its Lattice Avant platform. Looking ahead, Lattice Semiconductor projects its total addressable market to reach approximately $10 billion by 2028.

This projected $10 billion market opportunity is segmented as follows: approximately half, or $5 billion, is anticipated from the industrial and automotive markets, and about 40%, or $4 billion, from the communications and computing markets.

Lattice Semiconductor's main products, based on its Lattice Nexus (small FPGA) and Lattice Avant (mid-range FPGA) platforms, are key drivers for this market expansion. These products serve diverse applications across several high-growth areas, including data center servers, client computing, 5G wireless infrastructure, industrial robotics, automotive electronics, and various consumer markets. The increasing adoption of AI and the demand for secure computing further contribute to the growth of these markets.

While specific regional breakdowns for the stated dollar values are not provided, Lattice Semiconductor operates and sells its products globally, with a presence in Asia, Europe, and the Americas, and the majority of its sales derived from customers in Asia. Therefore, the identified addressable market sizes are implicitly global.

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Lattice Semiconductor (LSCC) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Accelerated Growth in Communications and Computing with AI Adoption: Lattice Semiconductor anticipates significant revenue expansion within its communications and computing segment, particularly fueled by the increasing adoption of artificial intelligence (AI) and data center infrastructure. Management projects AI usage across its products to reach the high teens in 2025 and the mid-20% range in 2026, with this segment expected to contribute over 60% of total revenue by 2026. This growth is attributed to strong demand from general purpose and AI servers.
2. New Product Introductions and Portfolio Expansion: The company's ongoing strategy of new product introductions and the expansion of its product portfolio, notably with the Lattice Nexus and Avant platforms, are crucial growth drivers. The Avant platform, an innovative mid-range FPGA solution, is designed to significantly broaden Lattice's product capabilities and address new applications, thereby expanding its total addressable market. These new product lines, including application-specific software solution stacks, are leading to record design wins.
3. Recovery and Expansion in Industrial and Automotive Markets: While facing some near-term inventory normalization, Lattice Semiconductor expects a rebound and continued growth in its industrial and automotive end markets. The company anticipates channel inventory normalization by the end of 2025 and is confident in gaining market share across various applications, including smart factory, robotics, medical, and aerospace and defense. This segment has historically shown double-digit growth.
4. Increasing Adoption of Post-Quantum Cryptography (PQC) Technology: Lattice is strategically positioned to benefit from the accelerating adoption of its Post-Quantum Cryptography (PQC) technology. This is driven by regulatory requirements, such as the NIST mandate for systems to be CNSA compliant, which is boosting demand for Lattice’s low-power data center and security solutions.

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Share Repurchases

• Lattice Semiconductor authorized an additional $100 million stock repurchase program through December 2025.
• Since the fourth quarter of 2020, the company has repurchased approximately 6 million shares, reducing dilution by 4.3%.
• Through the first nine months of 2025, Lattice repurchased approximately $86 million of common stock.

Outbound Investments

• Lattice Semiconductor's most recent acquisition was Mirametrix in November 2021, a developer of hardware and software for eye tracking.
• The company has averaged 0.2 acquisitions per year over the last five years (2019-2024), with no acquisitions completed in the current calendar year.

Capital Expenditures

• Capital expenditures were approximately $21.0 million in fiscal year 2024 and $20.1 million in fiscal year 2023.
• The company strategically invests in capital expenditures to support its product roadmap and operational improvement projects.
• Lattice's capital expenditures margin reached a peak of 5.4% in June 2025.