Lattice Semiconductor Corporation

The grade, in three tenses

Headline 5.4 out of ten, 9 of 9 metrics filed: past 5.2 out of ten, present 5.1 out of ten, future 5.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 4.6 out of ten. 1 warning event since 2017; the latest 2020-05-08. 46th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.9 out of ten. +2.3% a year over 10 filed years; profitable in 7 of 10. 49th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 6.8 out of ten. Share count shrank 0.6% a year. 42% of cash flow returned. Insiders: 76 sales, 4 purchases. 68th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 7.0 out of ten. ROE 0%: 0¢ of profit per shareholder dollar. Leverage 19%: owes 19¢ per asset dollar. 70th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.1 out of ten. bottom 41% of 97 in its family; net margin 0.6%. 41st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 2.8 out of ten. bottom 28% of 66 in its family for leadership; chief executive since 2024. 28th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 7.8 out of ten. top 22% of 94 in its family for room to expand. 78th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.5 out of ten. top 45% of 93 in its family for growth drivers. 55th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 2.8 out of ten. bottom 28% of 88 in its family for expectations against reality. 28th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-13 for the period ended 2026-01-03 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-07-04 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 4, 2026-09-16. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-13.

The people

Ford Tamer has been president and chief executive since September 2024 and sits on the board. He arrived from private equity, as a senior operating partner of Francisco Partners, which he joined in September 2022, and before that ran Inphi Corporation as president, chief executive and a director from February 2012 to April 2021, when Marvell Technology bought it. Earlier he was chief executive of Telegent Systems from June 2010 to August 2011, a partner at Khosla Ventures from September 2007 to April 2010, and a senior vice president and general manager at Broadcom Corporation from June 2002 to September 2007. He also sits on the boards of the Semiconductor Industry Association and the Global Semiconductor Association. [1, 2]

Most of the rest of the leadership is recent too. Lorenzo Flores became chief financial officer in February 2025, from Intel Foundry, where he had been finance chief since April 2024, and before that was vice chairman of KIOXIA Holdings Corporation and, from May 2016 to November 2019, finance chief of Xilinx. Erhaan Shaikh, who joined in October 2020 from Fungible and earlier ran a division of Intel's programmable solutions group, heads worldwide sales. Pravin Desale has run research and development since September 2023, after leading engineering at Semtech and Sierra Wireless. Tracy Feanny has been general counsel since November 2021, from National Instruments. The longest serving of them is Esam Elashmawi, chief strategy and marketing officer since September 2018, who was interim chief executive for part of 2024 before returning to that post. Tonya Stevens, chief accounting officer since May 2019 and interim finance chief from October 2024 until February 2025, submitted her resignation in March 2026. [3, 4, 5, 6, 7, 8, 9]

The board is chaired by D. Jeffrey Richardson, a director since December 2014 and chair since May 2018, who was chief operating officer of LSI Corporation until Avago Technologies bought it in May 2014. Its longest serving member is Mark Jensen, on the board since June 2013, a retired Deloitte and Touche audit executive for whom the board waived its own retirement age so he could stand again. Most of the others come from the industry itself: Douglas Bettinger, finance chief of Lam Research; John Forsyth, chief executive of Cirrus Logic; James Lederer, formerly an executive of Qualcomm Technologies; and Elizabeth Schwarting, who spent her career in automotive electronics. On the record this site holds, thirty four people have filed insider reports for the company and sixteen of them filed in the last fifteen months. [10, 11, 12, 13, 14, 15, 16, 17]

By headcount this is a small company: 1,174 employees worldwide at the end of the year. Its research and development runs out of seven places, Hillsboro in Oregon, where the company is based, and San Jose in California, Montreal, Shanghai, Metro Manila, Pune and Penang. The annual report gives no breakdown of the workforce by function or by country. [18, 19, 20]

How it operates

Lattice designs field programmable gate arrays, or FPGAs: arrays of logic a buyer configures in software instead of having them fixed in silicon at the factory, so one chip can serve many customers and many uses. It calls itself the low power programmable leader and builds for the small and mid range of that market. Its long running families, several of them in the market for more than a decade, are MachXO for control and security, CrossLink for video and sensor links, ECP for compact high volume designs and iCE for the lowest power of all. It also still sells video connectivity chips it no longer develops. Design software goes with the silicon, Radiant for logic design and Propel for embedded processor designs. [21, 22, 23, 24, 25, 26, 27, 28]

Since 2019 the newer families have been cut from shared platforms rather than designed one by one. Nexus, built on 28nm fully depleted silicon on insulator, carries the small FPGAs, with Nexus 2 added in 2024. Avant, introduced in 2022 on a 16nm FinFET process, carries the mid range, for designs from 150K up to above 600K system logic cells. Beside the chips the company licenses what it knows: it sits in the two consortia that license the HDMI and MHL display standards and takes a share of their royalties, licenses its own building blocks to customers who put them in their own chips, sells patents on technology it no longer develops, and does design work to order. All of that is one reported line, licensing and services, and the filing warns it jumps about from period to period because it rests on a few deals whose timing is hard to predict. [29, 30, 31, 32, 33, 34]

Almost everything reaches its buyers through other people's warehouses. In fiscal 2025 distributors took 84% of revenue, against 89% and 87% in the two years before, and two of them accounted for about 69%. The filing does not name them: Distributor A took 30.9% of revenue and Distributor B 37.9%, against 20.5% two years earlier, while Distributor D went from 12.6% to nothing. There is one global distributor, regional distributors in Asia, Japan, Europe and Israel, and four e-commerce distributors. Direct sales were 16.2%. The end customers are original equipment makers in the three markets it serves, foreign sales were 83% of revenue, and every sale, foreign or domestic, is invoiced in United States dollars. [35, 36, 37, 38, 39]

Where the chips ship has moved sharply. Greater China took 273.2 million dollars, 52.2% of the year's revenue, up 32.4% on the 206.4 million of the year before, while Japan fell 64.7% to 28.6 million, 5.5% of revenue. The Americas were nearly flat at 102.8 million, 19.6%, Europe fell 11.4% to 66.8 million, 12.8%, and the rest of Asia rose 14.4% to 51.9 million, 9.9%. Asia as a whole was 67.6% of revenue. The company assigns revenue by where the customer takes delivery, which it says can vary from time to time, and its Greater China figure covers shipments to both Hong Kong and mainland China, some of which move on from there. [40, 41, 42, 43]

Lattice owns no factory. It is fabless, meaning it designs the chips and pays established foundries to make them, which keeps the fixed cost of a plant off its books. United Microelectronics Corporation and its Japanese subsidiary United Semiconductor Japan run its 130nm, 90nm, 65nm and 40nm lines; Samsung Semiconductor makes the 28nm process behind Nexus; Taiwan Semiconductor Manufacturing Company makes the 16nm process behind Avant and Nexus 2, and also 350nm, 130nm, 55nm and 40nm parts; Seiko Epson makes the oldest, from 500nm down to 180nm. Assembly and testing go to outside houses, chiefly Advanced Semiconductor Engineering with Amkor Technology as the second source, all of it in Asia, and wafer sort runs at Advanced Semiconductor Engineering in Taiwan and Malaysia and at King Yuan Electronics in Taiwan. The filing says certain products are sourced from a single foundry. [44, 45, 46, 47, 48, 49, 50, 51]

The specifics

Two things about this business are unusual. The first is how long its products live: the report says a large number of Lattice devices have been supported in the market for over 20 years, a promise it keeps by multi sourcing the silicon and adding redundancy across assembly and test. A customer designs an FPGA into a machine that will be built for a decade or more, so staying available, not performance alone, is part of the sale. The second is that its patents earn twice over: they protect the designs, and the company's share of the royalties from the HDMI standard is set in part by which patents it holds. Those patents expire at various times over the next 20 years. [52, 53]

The annual report names no competitor. It says only that, depending on the application, Lattice may compete with other FPGA vendors and with makers of fixed function chips, the ASICs, ASSPs and microcontrollers a customer might use instead, or may sit beside those chips as a companion. The risk factors are blunter: many of its direct and indirect competitors have substantially greater financial, technological, manufacturing, marketing and sales resources, and some of the companies it competes with have licensed its own technology. The whole company reports as one operating segment, the core Lattice business, with no divisions broken out. [54, 55, 56, 57]

Trade policy sits directly across its path, because more than half its revenue ships to Greater China and its wafers come from foundries in Japan, Korea and Taiwan. The report notes that in 2025 the Commerce Department opened a national security investigation into semiconductors and the equipment that makes them, and that in January 2026 the President imposed an immediate 25% tariff on certain advanced semiconductor articles, with broader tariffs signalled. Running the other way, tariffs on Chinese goods that began in 2018 have reached up to 100% on certain products, including a 50% tariff on certain Chinese semiconductor items from early 2025. The filing says that as a fabless company relying on a predominantly non United States supply chain, such measures could raise its costs and disrupt supply. [40, 58, 59, 60, 61]

The shape of the company has changed twice in three years. It cut staff under restructuring plans begun in the third quarter of 2023 and the third quarter of 2024, spending about 3.4 million dollars on the later plan in fiscal 2025 after 7.6 million the year before, and it wrote off what was left of the intangible assets from its purchase of Mirametrix, about 13.9 million dollars, in fiscal 2024. Then, after the year covered by this report closed, it bought a company: on 27 July 2026 it completed the acquisition of AMI for about one billion dollars in cash and about 5.2 million of its own shares, borrowing 925 million dollars under a new term loan to pay for it. [62, 63, 64, 65, 66]

What drives growth, line by line

Revenue rose 2.7% to 523.3 million dollars in fiscal 2025, an increase of 13.9 million on the year. The filing credits the whole of it to stronger demand in data center applications, including general purpose and AI specific servers, and to wireline networking components, partly offset by softer industrial and automotive demand and by customers still working down inventory. [67, 68]

Communications and Computing. The largest of the three end markets and the only one that grew: 55.9% of fiscal 2025 revenue, up from 44.8%, with revenue up 28% on the year. The filing puts the rise down to stronger demand in data center applications, including general purpose and AI specific servers, and to wireline networking components. This is the market that holds servers and client devices, 5G wireless infrastructure, switches and routers, where its chips act as companions to the main processors, handling control logic, platform security and power and thermal management. [69, 70, 71]

Industrial and Automotive. Once the biggest line, now the second: 37.1% of fiscal 2025 revenue, down from 46.5%, with revenue down 18% on the year. The filing gives two reasons, softer end market demand and customers still normalizing inventory. Two years earlier this market was 58.8% of revenue, so it has now fallen in both years since. It covers factory automation, robotics, automotive electronics and industrial connected devices. [72, 70, 73]

Consumer. The smallest line and shrinking: 7.0% of revenue, down from 8.7% the year before, with revenue down 17.4%. The annual report gives no reason for the fall. Consumer covers smart home devices, prosumer devices, sound bars, high end projectors, augmented and virtual reality devices and wearables, where the filing says its chips earn their place by being among the most power efficient in the industry, letting the main processor stay dormant longer, and by coming in some of the smallest packages available. [74, 75, 70]

Revenue moved between distributors as much as between markets. Distributor B went from 20.5% of revenue two years ago to 37.9%, Distributor A slipped from 33.3% to 30.9%, Distributor C from 11.2% to 3.8%, and Distributor D from 12.6% to nothing. Direct sales rose from 10.6% to 16.2%. The share taken by all distributors together fell from 89.4% to 83.8%. [37]

What did not follow revenue was cost. Gross margin was 68.2% of revenue against 66.8%, 140 basis points better, which the filing puts down to the non recurrence of an approximately 7.0 million dollar one time charge for expiring production materials in the prior year and to product mix, partly offset by higher stock based compensation. Below that line spending rose hard: research and development reached 35.9% of revenue from 31.3%, and selling, general and administrative 29.4% from 23.0%. The filing attributes both increases to higher stock based compensation on market and performance based awards, set against a prior year reduced by the forfeiture of awards by departing executives. Income from operations was 11.2 million dollars, 2.1% of revenue, against 34.5 million and 6.8% the year before. [67, 76, 77, 78, 79, 80, 81, 82]

What comes next, in the company's own words: it does not treat AI as an end market of its own, but expects AI related revenue to grow over the next few years on a growing pipeline of AI related design wins across all three end markets; and it expects research and development spending to keep rising while falling as a share of revenue. [83, 84]

What the desk infers (inferred, not filed)

• The two distributors behind about seven tenths of revenue are almost certainly broadline electronics distributors rather than the companies that put Lattice chips into machines, so the concentration figure describes the route to market, not who the customers are. Because: The filing calls independent distributors significant customers and says a substantial portion of sales go into that channel, with distributors taking 84% of revenue in fiscal 2025 and two of them about 69%. [35, 36, 85] It says it has one global distributor plus regional distributors in Asia, Japan, Europe and Israel and four e-commerce distributors, and that its end customers are original equipment makers. [38, 39] Distributor B's share ran from 20.5% to 37.9% in three years while Distributor D went from 12.6% to nothing, the pattern of a sales channel being reorganized rather than of end demand moving. [37] Confidence 75 of 100. Wrong if: A filing or a disclosure that names Distributor A or Distributor B as an original equipment maker buying Lattice parts for its own products.
• The collapse in Japan and the jump in Greater China are most likely the same business changing its shipping address rather than two opposite swings in demand. Because: Japan fell 64.7% to 28.6 million dollars while Greater China rose 32.4% to 273.2 million, and total revenue moved only 2.7%. [40, 67] The company assigns revenue by the ship to location of the customer, which it says can vary from time to time. [43] It also says products shipped to Hong Kong may later be transferred to mainland China or other destinations. [42] Over the same years the distributor mix changed sharply, Distributor D falling from 12.6% of revenue to nothing while Distributor B rose to 37.9%. [37] Confidence 55 of 100. Wrong if: A disclosure showing that Japanese end demand for Lattice parts fell by about the amount that Greater China's rose, or a geography table restated on a basis other than the customer's ship to location.
• Growth now rests on a narrow set of data center and networking programs: the only end market that grew had to grow 28% for the whole company to stand nearly still. Because: Communications and Computing rose 28% and reached 55.9% of revenue from 44.8%, while Industrial and Automotive fell 18% and Consumer 17.4%. [70, 71, 73] Total revenue rose 2.7%, and the filing credits that increase to data center applications including general purpose and AI specific servers and to wireline networking components. [67, 68] The company says it expects AI related revenue to grow on a pipeline of design wins, without treating AI as an end market of its own. [83] Confidence 80 of 100. Wrong if: A year in which Industrial and Automotive returns to more than half of revenue, or in which total revenue rises while Communications and Computing falls.
• The supply risk the filing names, that certain products come from a single foundry, most likely sits on the oldest families rather than the newest, because the twenty year support promise keeps parts alive on processes that only one of its five foundry partners still runs. Because: The report says certain of its products are sourced from a single foundry, and that changing from one foundry to another carries significant cost and can delay production. [51] It says a large number of its devices have been supported in the market for over 20 years, a promise it keeps by multi sourcing key elements of the silicon supply chain. [52] Only Seiko Epson is named for the 500nm, 350nm, 250nm and 180nm products, while the 130nm and 40nm work is named at two foundries and the 350nm at two. [45, 46] It names five foundry partners in all, United Microelectronics, United Semiconductor Japan, Samsung, Taiwan Semiconductor Manufacturing and Seiko Epson. [47] Confidence 55 of 100. Wrong if: A filing that names a second source for the oldest process nodes, or that identifies the single sourced products as recent parts.

Sources

1. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Ford Tamer, 64, has served as director since joining the Company as President and Chief Executive Officer in September 2024. Mr. Tamer currently sits on the boards of the Semiconductor Industry Association and the Global Semiconductor Association. Prior to joining the Company, Mr. Tamer, served as a Senior Operating Partner of Francisco Partners, a private equity company, which he joined in September 2022. Prior to that, he served as the President and Chief Executive Officer and as a director of Inphi Corporation from February 2012 to April 2021, when it was acquired by Marvell Technology Inc.”
2. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “CEO of Telegent Systems from June 2010 to August 2011; Partner at Khosla Ventures from September 2007 to April 2010; Senior Vice President and General Manager — Infrastructure Networking Group at Broadcom Corporation from June 2002 to September 2007; and CEO of Agere Inc. until it was acquired by Lucent Technologies and subsequently spun out as Agere Systems”
3. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Lorenzo Flores, 61, joined the Company in February 2025 and serves as Senior Vice President, Chief Financial Officer. Prior to joining the Company, Mr. Flores served as the Chief Financial Officer of Intel Foundry at Intel Corporation, which he joined in April 2024. Prior to that, he served as Vice Chairman of KIOXIA Holdings Corporation, a computer memory manufacturer, from November 2019 to March 2024. Prior to that, he served in several roles for Xilinx, Inc., a semiconductor design and development company, most recently as Chief Financial Officer from May 2016 to November 2019.”
4. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Erhaan Shaikh, 58, joined the Company in October 2020 and serves as Senior Vice President, Worldwide Sales. Prior to joining the Company, Mr. Shaikh served as the Senior Vice President, Sales & Marketing of Fungible, Inc. from May 2018 to October 2020. Prior to that Mr. Shaikh served at Intel Corporation as Vice President & General Manager of the Programable Solutions Group’s Auto, Military & Embedded Division.”
5. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Pravin Desale, 56, joined the Company in September 2023 and serves as Senior Vice President of Research and Development. Prior to joining the Company, Mr. Desale served as Senior Vice President of IoT Engineering at Semtech Technologies from January 2023 to September 2023. Prior to Semtech’s acquisition of Sierra Wireless, he was the Senior Vice President of Engineering at Sierra Wireless from”
6. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Tracy Feanny, 52, joined the Company in November 2021 and serves as Senior Vice President, General Counsel, and Secretary. Prior to joining the Company, Ms. Feanny held various positions at National Instruments Corporation from September 2012 to November 2021, including Vice President, Deputy General Counsel, and Assistant Secretary.”
7. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Esam Elashmawi, 57, joined the Company in September 2018 and serves as Senior Vice President, Chief Strategy and Marketing Officer, and for a period in 2024 served as our Interim Chief Executive Officer before returning to his current position.”
8. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Tonya Stevens, 54, joined the Company in May 2019 and served as Corporate Vice President, Chief Accounting Officer until March 29, 2026. Ms. Stevens served as Interim CFO from October 10, 2024 until February 9, 2025.”
9. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “On March 11, 2026, Ms. Stevens submitted her resignation to the Company, effective March 29, 2026, to pursue another opportunity.”
10. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “D. Jeffrey Richardson, 61, has served as a director since December 2014 and as our Board chair since May 2018. Mr. Richardson joined LSI Corporation in 2005 and most recently served as Executive Vice President and Chief Operating Officer until the company’s acquisition by Avago Technologies in May 2014.”
11. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Mark Jensen, 75, has served as a director of the Company since June 2013. Mr. Jensen served as an executive of Deloitte & Touche LLP until his retirement in June 2012.”
12. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “the retirement age specified in the Company’s Corporate Governance Guidelines, the Board determined it was in the best interest of the Company and its stockholders to approve a waiver to permit Mr. Jensen to stand for re-election at the 2026 Annual Meeting.”
13. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Douglas Bettinger, 58, has served as a director of the Company since December 2022. Mr. Bettinger is Executive Vice President and Chief Financial Officer at Lam Research Corporation, a manufacturer and provider of wafer fabrication equipment and services to the semiconductor industry.”
14. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “John Forsyth, 52, has served as a director of the Company since November 2023. Since January 2021, Mr. Forsyth has been the Chief Executive Officer, President, and a member of the board of directors at Cirrus Logic, Inc.”
15. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “James Lederer, 65, has served as a director of the Company since March 2018. Mr. Lederer is an executive with decades of experience leading a preeminent company in the semiconductor industry. He served as an Executive Vice President and Officer of Qualcomm Technologies, Inc., a leading wireless technology company”
16. Lattice Semiconductor Corporation, Form DEF 14A filed 2026-03-18: “Ms. Schwarting brings to the Company extensive management experience and knowledge of the automotive industry, a key Company market segment, and governance experience from her service on another public company board.”
17. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
18. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “As of January 3, 2026, we had 1,174 employees worldwide.”
19. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “These research and development activities occur primarily at our sites in Hillsboro, Oregon; San Jose, California; Montreal, Canada; Shanghai, China; Metro Manila, Philippines; Pune, India; and Penang, Malaysia.”
20. The record on this page: the filing record (the EDGAR submissions feed)
21. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “FPGAs are regular arrays of logic that can be custom-configured by the user through software. This programmability allows our customers flexibility and reduced time to market, while allowing us to offer the chips to many different customers in many different markets.”
22. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the Communications, Computing, Industrial, Automotive, and Consumer markets.”
23. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice maintains customer support and supply of a variety of long-standing FPGA families that have been in market for more than a decade and still garner strong customer demand today. The architectures for each of these FPGAs were developed using a highly tailored engineering approach to address a specific type of application. These include”
24. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice MachXO™ – Secure control small FPGAs designed to offer an unprecedented mix of low cost and high functionality in a single device.”
25. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice CrossLink™ – Video connectivity small FPGAs, optimized for high-speed video and sensor applications for the Industrial, Automotive, Communications, Computing, and Consumer markets.”
26. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice ECP™ – Small FPGAs optimized for low cost, small form factor, and low power consumption, ECP™ FPGAs are designed for compact, high-volume applications.”
27. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We are investing in our design software, such as Lattice Radiant™, to deliver best-in-class tools that enable predictable design convergence, and Lattice Propel™ for unparalleled ease in creating embedded processor-based designs.”
28. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We also sell Video Connectivity ASSPs, although we are not developing new products in this area and their support requirements are minimal.”
29. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice small FPGA platforms: Lattice’s small FPGA platforms include Lattice Nexus™, which was introduced in 2019, and Lattice Nexus™ 2, introduced in 2024. The Lattice Nexus™ FPGA platform combines Lattice’s long-standing low power FPGA expertise with leading 28nm fully depleted silicon-on-insulator ("FD-SOI") semiconductor manufacturing technology to deliver industry leading low power, high performance, high reliability, and small form factor.”
30. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice mid-range FPGA platform: Lattice’s mid-range FPGA platform, Lattice Avant™, was introduced in 2022. The Lattice Avant™ 16nm FinFET platform is purpose-built to bring the company’s power efficient architecture, small size, and performance leadership to mid-range FPGAs, offering best-in-class power efficiency, advanced connectivity, and optimized compute. Lattice mid-range FPGAs are targeted at applications requiring logic density from 150K SLCs ("System Logic Cells") to above 600K SLCs.”
31. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Standard IP Licensing - these activities include our participation in two consortia for the licensing of High-Definition Multimedia Interface™ ("HDMI") and Mobile High-Definition Link™ ("MHL") standard technologies to customers who adopt the technology into their products and voluntarily report their usage and royalties. The royalties are split among consortium members, including us.”
32. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Our Licensing and services revenue is comprised of revenue from our IP core licensing activity, patent monetization activities, design services, and royalty and adopter fee revenue from our standards activities.”
33. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Our Licensing and services revenue fluctuates, sometimes significantly, from period to period because it is heavily dependent on a few key transactions being completed in a given period, the timing of which is difficult to predict and may not match our expectations.”
34. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Starting in 2019, Lattice shifted to a platform-based engineering approach to accelerate time to market when developing product families of FPGAs. This approach enables Lattice to create one foundational platform that is the basis of multiple FPGA product families.”
35. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In fiscal years 2025, 2024, and 2023, sales to distributors accounted for approximately 84%, 89%, and 87%, respectively, of our net revenue.”
36. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In fiscal 2025, revenue attributable to sales to distributors accounted for 84% of our total revenue, and two distributors accounted for approximately 69% of total revenue.”
37. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Distributor A 30.9 % 33.3 % 31.6 % Distributor B 37.9 31.2 20.5 Distributor C 3.8 11.2 10.8 Distributor D — 3.5 12.6 Other distributors 11.2 10.2 11.9 All distributors 83.8 89.4 87.4 Direct customers 16.2 10.6 12.6”
38. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We have one global distributor, and we also have regional distributors in Asia, Japan, Europe, and Israel. Additionally, we sell through four major e-commerce distributors. Revenue from foreign sales as a percentage of total revenue was 83% for fiscal 2025, and 82% for both fiscal 2024 and 2023. We assign revenue to geographies based on ship-to location of our customers. Both foreign and domestic sales are denominated in U.S. dollars.”
39. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “End customers for our products are primarily Original Equipment Manufacturers ("OEMs") in the Communications and Computing, Industrial and Automotive, and Consumer end markets.”
40. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
41. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Asia $ 353,699 67.6 % $ 332,747 65.3 % $ 443,765 60.2 % 6.3 % (25.0 )% Americas 102,758 19.6 101,217 19.9 145,839 19.8 1.5 (30.6 ) Europe 66,805 12.8 75,437 14.8 147,550 20.0 (11.4 ) (48.9”
42. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Revenue is attributed to geographic regions based on the ship-to location of the customer. The Greater China geography includes revenue associated with shipments to both Hong Kong and mainland China. Products shipped to Hong Kong may subsequently be transferred to mainland China or other destinations”
43. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Our revenue by geographical market is based on the ship-to location of our customers, which can vary from time to time. Revenue in all regions for fiscal 2025 compared to fiscal 2024 has been impacted by the global macroeconomic environment.”
44. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We operate primarily as a fabless semiconductor provider and, therefore, we maintain strategic relationships with large, established semiconductor foundries to source our finished silicon wafers and manufacture our silicon products. This strategy allows us to focus our internal resources on product and market development and eliminate the fixed cost of owning and operating manufacturing facilities.”
45. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice partners with United Microelectronics Corporation ("UMC") and its subsidiary United Semiconductor Japan Corporation ("USJC") to manufacture our products on its 130nm, 90nm, 65nm, and 40nm CMOS process technologies, as well as embedded flash memory in these process nodes. We partner with Samsung Semiconductor ("Samsung") to develop and manufacture the first low-power FPGA on 28nm FD-SOI technology, which is used in our Nexus platform of FPGA products.”
46. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We partner with Taiwan Semiconductor Manufacturing Company ("TSMC") to develop and manufacture on 16nm technology, which is used in our Avant and Nexus 2 platforms of FPGA products, and to manufacture our 350nm, 130nm, 55nm and 40nm products. We partner with Seiko Epson ("Epson") to manufacture our 500nm, 350nm, 250nm and 180nm products.”
47. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We source silicon wafers from our foundry partners, UMC, USJC, Samsung, TSMC, and Epson, pursuant to agreements with each company and their respective affiliates.”
48. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “All of our assembly and test operations are performed by industry-leading outsourced assembly and test suppliers ("OSATs") with our primary supplier being Advanced Semiconductor Engineering, Inc. ("ASE").”
49. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We have qualified two major assembly partners, ASE and Amkor Technology ("Amkor") and are second sourced where volume and customer requirements make it necessary. All ASE and Amkor manufacturing of our products is in Asia.”
50. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We electrically sort test the die on most wafers prior to shipment for assembly. Wafer sort testing is primarily performed by ASE in Taiwan and Malaysia, and by our second source King Yuan Electronics Company (“KYEC”) in Taiwan.”
51. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We rely on a limited number of foundries for our wafer purchases. We seek to mitigate the concentration of supply risk by establishing, maintaining, and managing multiple foundry relationships; however, certain of our products are sourced from a single foundry and changing from one foundry to another can have a significant cost, or create delays in production or shipments, among other factors.”
52. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Lattice FPGAs offer customers supply peace of mind through a commitment to product longevity, with a large number of Lattice devices having been supported in the market for over 20 years. This is fulfilled by multi-sourcing key elements of the silicon supply chain and adding redundancy to assembly and test across multiple reputable suppliers.”
53. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In addition to protecting innovations designed into our products, our ownership and maintenance of patents is an important factor in the determination of our share of the royalties from the implementation of the HDMI standard. Our current patents will expire at various times over the next 20 years, subject to our payment of periodic maintenance fees.”
54. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We believe that Lattice has developed products and solutions with differentiated advantages. Depending on the application, we may compete with other FPGA vendors, as well as producers of ASICs, ASSPs, and microcontrollers, or may act as a companion chip to other chips.”
55. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “The semiconductor industry is highly competitive and many of our direct and indirect competitors have substantially greater financial, technological, manufacturing, marketing, and sales resources than us.”
56. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We currently compete directly with companies that have licensed our technology or have developed similar products, as well as numerous semiconductor companies that offer products based on alternative solutions, such as applications processor, application specific standard product, microcontroller, analog, and digital signal processing technologies.”
57. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “we have determined that the Company operates in a single operating and reportable segment: the core Lattice business, which includes silicon-based and silicon-enabling products, evaluation boards, development hardware, and related intellectual property licensing, services, and sales.”
58. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We rely on foundries in Japan, Korea and Taiwan to supply and fabricate silicon wafers for our semiconductor products, including Taiwan Semiconductor Manufacturing, Samsung Semiconductor, United Microelectronics Corporation, and Seiko Epson.”
59. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In 2025, the U.S. Department of Commerce initiated a Section 232 national security investigation relating to semiconductors and semiconductor manufacturing equipment, and the outcome of that investigation, including any resulting tariffs, quotas, or other restrictions, is uncertain and could be implemented with limited notice. In January 2026, the President issued a proclamation under Section 232 imposing an immediate 25% tariff on certain advanced semiconductor articles and announcing that broader tariffs on semiconductors, semiconductor manufacturing equipment, and derivative products may follow.”
60. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Beginning in 2018, the U.S. government imposed significant additional tariffs on many items imported from China, including under Section 301 of the Trade Act of 1974, and the scope and rates of these tariffs have fluctuated significantly, up to 100% on certain products (including a 50% tariff on certain Chinese semiconductor items beginning in early 2025).”
61. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “As a fabless semiconductor company that relies on a predominantly non-U.S. manufacturing and supply chain, the imposition of Section 232 measures could increase costs, disrupt supply chains, reduce customer demand, or place us at a competitive disadvantage relative to companies with different manufacturing footprints.”
62. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In the third quarter of 2024, our management commenced an internal restructuring plan ("the Q3 2024 Plan"), which includes a global workforce reduction. Under this plan, we incurred restructuring costs of approximately $3.4 million and $7.6 million, respectively, in fiscal 2025 and 2024.”
63. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In the third quarter of 2023, our management approved and executed an internal restructuring plan (the “Q3 2023 Plan”), which included a targeted workforce reduction intended to reorganize critical roles and focus skillsets in key growth markets.”
64. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Impairment charges related to amortizable intangible assets from our acquisition of Mirametrix, Inc. ("Mirametrix") totaled approximately $13.9 million in fiscal year 2024.”
65. Lattice Semiconductor Corporation, Form 10-Q filed 2026-08-04: “On July 27, 2026, the Company completed its acquisition of AMI (the “AMI Acquisition”). Under the terms of the Agreement and Plan of Merger, dated May 4, 2026 (the “Merger Agreement”), by and among the Company, AMI, THL AMI Aggregator, LP (“THL”) and the other parties thereto, the Company acquired for total consideration of approximately $1 billion in cash and approximately 5.2 million shares of Company common stock and restricted stock units”
66. Lattice Semiconductor Corporation, Form 10-Q filed 2026-08-04: “On July 27, 2026, in connection with the completion of our acquisition of AMI, we borrowed $925 million under the term loans pursuant to the 2026 Credit Agreement”
67. The record on this page: the filed annual figures (EDGAR's company facts)
68. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Revenue increased $13.9 million, or 3%, in fiscal 2025 compared to fiscal 2024, primarily due to stronger demand in data center applications, including general-purpose and AI-specific servers, as well as wireline networking components, partially offset by softer Industrial and Automotive end market demand and from continued inventory normalization by customers.”
69. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In the Communications and Computing Market, our solutions can be used as primary processors or as FPGA companion chips to AI and processing applications, playing key roles in computing systems such as servers and client devices, 5G wireless infrastructure, switches, routers, and other related applications.”
70. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Communications and Computing $ 292,716 55.9 % $ 228,145 44.8 % $ 257,536 34.9 % 28.3 % (11.4 )% Industrial and Automotive 193,965 37.1 236,949 46.5 433,482 58.8 (18.1 ) (45.3 ) Consumer 36,581 7.0 44,307 8.7 46,136 6.3 (17.4 ) (4.0”
71. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Revenue from the Communications and Computing end market increased by 28% in fiscal 2025 compared to fiscal 2024 primarily due to stronger demand in data center applications, including general-purpose and AI-specific servers, as well as wireline networking components.”
72. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Industrial and Automotive: factory automation, robotics, automotive electronics, and industrial IoT.”
73. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Revenue from the Industrial and Automotive end market decreased by 18% in fiscal 2025 compared to fiscal 2024, primarily due to softer end market demand and from continued inventory normalization by customers.”
74. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “In the Consumer Market, you can find our solutions making products smarter and smaller, including smart home devices, prosumer devices, sound bars, high end projectors, Augmented Reality ("AR") / Virtual Reality ("VR") devices, and wearables.”
75. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Our FPGAs are among the most power efficient in the industry, enabling the application processor and other high-power components to remain dormant longer, resulting in longer battery life. Finally, with some of the industry’s smallest packages, we enable thinner and more compact end products.”
76. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Gross margin $ 356,943 $ 340,400 $ 514,670 Gross margin percentage 68.2 % 66.8 % 69.8”
77. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Gross margin percentage increased 140 basis points from fiscal 2024 to fiscal 2025. Higher margins resulted primarily from the non-recurrence of an approximately $7.0 million one-time charge for expiring production materials in the prior year. Gross margin also benefitted from changes in product mix between the periods, partially offset by higher stock-based compensation associated with market and performance-based awards in the current year.”
78. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Percentage of revenue 35.9 % 31.3 % 21.7”
79. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Selling, general, and administrative $ 153,632 $ 116,942 $ 137,244 31.4 % (14.8 )% Percentage of revenue 29.4 % 23.0 % 18.6”
80. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “The increase in Research and development expense for fiscal 2025 compared to fiscal 2024 was primarily due to higher stock-based compensation associated with market-based and performance-based awards in the current year periods coupled with the prior year reduction in stock compensation expense from the forfeiture of equity awards by departing executives.”
81. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “The increase in Selling, general, and administrative expense for fiscal 2025 compared to fiscal 2024 was primarily due to higher stock-based compensation associated with market-based and performance-based awards in the current year periods coupled with the prior year reduction in stock compensation expense from the forfeiture of equity awards by departing executives.”
82. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Income from operations $ 11,232 2.1 % $ 34,457 6.8 % $ 212,270 28.8”
83. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “While we do not consider AI applications as a distinct end market, we expect AI-related revenue to grow over the next few years based on the growing pipeline of AI-related design wins in a diverse set of applications across all three of our end market segments.”
84. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “We believe that investing in research and development is important to delivering innovative products to our customers. We expect research and development expense to increase in the future, but to decline as a percentage of revenue.”
85. Lattice Semiconductor Corporation, Form 10-K filed 2026-02-13: “Independent distributors are significant customers, and a substantial portion of our sales are made into this channel.”

Where the revenue comes from

By geography: China 52%, Americas 20%, Europe 13%, Other Asia 10%, Japan 6%. As tagged in its annual report (Form 10-K, filed 2026-02-13).

Who runs it

Tamer, Ford (President & CEO); Flores, Lorenzo (SVP, CFO); Stevens, Tonya (CVP, Chief Accounting Officer); Desale, Pravin (SVP, R&D); Elashmawi, Esam (SVP, Strategy and Marketing); Feanny, Tracy Ann (SVP, General Counsel); Shaikh, Erhaan (SVP, Sales); Lederer, James P (director); Schwarting, Elizabeth M (director); Bettinger, Douglas R (director); and 5 more. 15 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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