A focused competitor in the programmable logic market, akin to a smaller Xilinx (now part of AMD) or Altera (now part of Intel).

Think of them as the 'specialty shop' for compact, low-power programmable chips, similar to how Analog Devices focuses on high-performance analog components for specific needs.

• Field Programmable Gate Arrays (FPGAs): Semiconductor devices that can be configured by a customer or designer after manufacturing, encompassing product families such as Certus-NX, ECP, Mach, iCE40, and CrossLink.
• Video Connectivity Application Specific Standard Products (ASSPs): Specialized semiconductor products designed for specific video connectivity applications.
• Technology Portfolio Licensing: Services that involve licensing the company's intellectual property, including standard IP, IP cores, patent monetization, and IP services.

Lattice Semiconductor (LSCC) Major Customers

Lattice Semiconductor (LSCC) sells its products primarily to other companies, specifically original equipment manufacturers (OEMs).

Based on the provided background, LSCC primarily serves OEMs in the following end markets:

• Communications and Computing
• Consumer
• Industrial and Automotive

The provided company description does not name specific major customer companies within these categories.

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Amkor Technology, Inc. (AMKR)
• ASE Technology Holding Co., Ltd. (ASX)

Ford Tamer, Chief Executive Officer
Ford Tamer joined Lattice Semiconductor as CEO in September 2024. Prior to his role at Lattice, he served as President and CEO of Inphi for over nine years, where he guided the company to become a market leader in electro-optics solutions before its acquisition by Marvell Technologies in a $10 billion merger in 2021. His past experience also includes serving as CEO of Telegent Systems, Senior Vice President and General Manager of Broadcom's Infrastructure Networking Group, and co-founder and CEO of Agere Inc. Tamer has also held a senior operating partner role at Francisco Partners, a private equity firm.

Lorenzo Flores, Chief Financial Officer
Lorenzo Flores joined Lattice Semiconductor as Chief Financial Officer in February 2025. He brings over 30 years of financial leadership experience in the technology industry, with previous CFO positions at Intel Foundry, Xilinx, and UXComm. He also served as Executive Vice Chairman for Kioxia, Inc.

Esam Elashmawi, Chief Strategy and Marketing Officer
Esam Elashmawi joined Lattice Semiconductor in 2018 and currently serves as Chief Strategy and Marketing Officer. He was appointed Interim CEO from June to September 2024. Elashmawi co-founded SiliconExpert Technologies, a component management software company that was later acquired by Arrow Electronics. His prior roles include leadership positions at Microsemi Corporation and Actel Corporation.

Nicole Singer, Chief People Officer
Nicole Singer joined Lattice Semiconductor as Chief People Officer in February 2025. She has 30 years of experience in human resources and technical leadership.

Erhaan Shaikh, Senior Vice President, Worldwide Sales
Erhaan Shaikh was promoted to Senior Vice President, Worldwide Sales in February 2025, having joined Lattice Semiconductor in 2020. Before his tenure at Lattice, he was Senior Vice President, Sales and Marketing at Fungible, which was acquired by Microsoft. He also spent 15 years at Intel/Altera in various sales, marketing, and engineering leadership capacities, and held prior roles at Synplicity, Xilinx, and Wyle Electronics.

Key Risks to Lattice Semiconductor (LSCC)

1. Intense Competition and Rapid Technological Change: Lattice Semiconductor operates in a highly competitive market for field-programmable gate arrays (FPGAs) and video connectivity application-specific standard products (ASSPs). This market includes larger semiconductor companies with significantly greater financial resources and R&D capabilities. Failure to continuously innovate, keep pace with technological advancements, and deliver competitive products could lead to a loss of market share, pricing pressure, and reduced profitability. The rapid pace of technological change in the semiconductor industry requires substantial and ongoing investment in research and development to remain competitive.

2. Supply Chain Disruptions and Manufacturing Dependence: As a semiconductor company, Lattice Semiconductor relies on third-party foundries and other suppliers for the manufacturing, assembly, and testing of its products. Any disruptions in this global supply chain, such as geopolitical events, natural disasters, manufacturing capacity constraints, or shortages of raw materials, could lead to production delays, increased costs, and an inability to meet customer demand. Such disruptions can significantly impact the company's ability to deliver products on time and at competitive prices, affecting its financial performance and customer relationships.

3. Economic Cyclicality and Demand Fluctuations: The semiconductor industry is inherently cyclical and sensitive to global economic conditions. Demand for Lattice Semiconductor's products, which serve the communications and computing, consumer, and industrial and automotive end markets, can fluctuate significantly with macroeconomic trends. Economic downturns, reduced capital spending by customers, or shifts in consumer demand in these key markets could lead to decreased orders, excess inventory, and lower revenue and profitability for the company.

Expected Drivers of Future Revenue Growth for Lattice Semiconductor (LSCC)

• Accelerated Growth in Communications and Computing Market, particularly Data Centers and AI: Lattice Semiconductor anticipates significant revenue growth from its communications and computing segment, with an increasing focus on data centers and AI applications. Management expects this segment to grow to approximately 60% of total revenue in fiscal year 2026, up from 45% in 2024. This growth is fueled by increasing infrastructure capital expenditures, expanding design-in footprints for "companion FPGAs" alongside CPUs and AI accelerators, and the introduction of new PQC-ready devices.
• Successful Ramps of New Product Platforms (Lattice Nexus and Avant): The introduction and broad adoption of new FPGA products, including the Certus-NX, MachXO5-NX, Avant-G, and Avant-X families, are critical drivers. These new products, developed on the Lattice Nexus and Avant platforms, are expanding the company's addressable market, increasing average selling prices (ASPs), and broadening its application footprint, particularly in small- and mid-range FPGA portfolios. New product revenue grew approximately 70% in fiscal year 2025 and is expected to reach the mid-to-high 20% range of total revenue in fiscal year 2026.
• Recovery and Expansion in the Industrial and Automotive Markets: After a period of inventory normalization, the industrial and automotive segments are projected to recover and contribute meaningfully to revenue growth. Lattice is strategically positioned to capitalize on opportunities in the automotive industry, particularly with the rise of autonomous vehicles and in-cabin experiences through solutions like Lattice Drive, as well as in industrial automation and robotics. These sectors are expected to comprise a significant portion of Lattice's expanded market opportunity by 2028.
• Increased Attach Rates and Higher Average Selling Prices (ASPs): Lattice is experiencing an increase in attach rates and average selling prices per customer system. This is a direct result of expanding design-in footprints across various applications, the launch of new, higher-value products, and the company's focus on low-power, high-value FPGAs in niche markets. This trend is expected to boost the dollar content per customer system, contributing to overall revenue growth.

Share Repurchases

• On December 5, 2025, Lattice Semiconductor's Board of Directors authorized a new stock repurchase program of up to $250 million, which became effective immediately and has no set termination date.
• In August 2025, the company approved an additional $100 million for its existing share repurchase program, bringing the total authorized amount to $250 million.
• Lattice Semiconductor repurchased approximately $15 million in shares during Q3 2025 and about $25 million in Q1 2025, contributing to a 3.5% reduction in its share count over a five-year period.

Share Issuance

• Over the last three years (2023-2025), Lattice Semiconductor's shares outstanding have shown a slight decline: 0.138 billion in 2025 (a 0.06% decrease from 2024), 0.138 billion in 2024 (a 1.05% decrease from 2023), and 0.140 billion in 2023 (a 0.62% decrease from 2022).
• Routine equity compensation, such as incentive payments to executives in March 2026 under the 2025 Corporate Incentive Plan, involves the issuance of shares, with a portion typically retained by the company for tax withholding.

Inbound Investments

• During the third quarter (prior to March 2026), Capital Research Global Investors significantly increased its stake in Lattice Semiconductor by 66.4%, holding approximately 4,597,217 shares valued at about $337 million.
• Other institutional investors, including William Blair Investment Management LLC and Westfield Capital Management Co. LP, also acquired new stakes during the same period, valued at approximately $102.185 million and $51.082 million, respectively.
• Institutional investors collectively own approximately 98.08% of Lattice Semiconductor's stock.

Capital Expenditures

• Lattice Semiconductor's capital expenditures were $13.07 million in Q3 2025.
• The company strategically allocates capital expenditures to support Research & Development (R&D) and operational improvement initiatives.
• These investments primarily focus on strengthening market leadership in small and mid-range FPGAs, advancing its Companion Chip strategy, and capturing demand in areas such as edge AI, industrial, automotive markets, and AI/ML algorithms for data centers.