Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal fourth quarter and full year ended January 1, 2022.
Jim Anderson, president and CEO, said, “We grew annual revenue 26% in 2021 and we grew fourth quarter revenue 32% year-over-year. We’re excited to have entered a new growth phase for the Company in 2021 driven by our leadership product portfolio, and growth in our key end market segments. And we’re excited about the year ahead as we continue to execute to our long-term strategy and build momentum across our customer base.”
Sherri Luther, CFO, said, “In Q4 2021, we achieved record operating profit of 21.0% on a GAAP basis and 32.9% on a non-GAAP basis, while driving gross margin expansion of 370 basis points on a GAAP basis and 350 basis points on a non-GAAP basis compared to Q4 2020. For the full year, we generated 83% higher cash flow from operations than in the prior year and we repurchased $70 million of the Company’s shares. We are pleased with our strong revenue growth and profit expansion, as we remain focused on executing to our financial model.”
Fourth Quarter 2021 Highlights:
- Revenue Growth: Fourth consecutive quarter of double-digit growth year-over-year, with revenue increasing 32.3% in Q4 2021 compared to Q4 2020 and 7.5% compared to Q3 2021.
- Profit Expansion: Gross margin expanded 370 basis points on a GAAP basis and 350 basis points on a non-GAAP basis compared to Q4 2020, with net income increasing 78% on a GAAP basis and 65% on a non-GAAP basis compared to Q4 2020.
- Lattice Acquires Mirametrix: The all cash acquisition of Mirametrix, an immediately accretive transaction, combines its expertise with Lattice’s innovative hardware and software solution stacks to create an end-to-end AI and computer vision solution that spans from the hardware to the application layer.
- New Lattice sensAI Solution Stack: The award-winning Lattice sensAI solution stack running on low power Lattice Nexus FPGAs added new capabilities to accelerate next-generation devices with expanded AI/ML-enabled features.
- Lenovo Selects Lattice FPGAs for Next-Generation Edge/AI: The new Lenovo ThinkPad X1 portfolio uses an integrated hardware and software solution from Lattice to deliver advanced user experiences including immersive engagement, privacy, and collaboration without sacrificing performance or battery life. Lattice’s solution integrates Lattice Nexus FPGAs and our software portfolio.
- Lattice Receives Multiple Industry Awards: For the second year in a row, Lattice received the Global Semiconductor Alliance (GSA) Most Respected Public Semiconductor Award. Additionally, Lattice was named a CES 2022 Innovation Awards Honoree. Finally, Lattice won its second sustainability award, the 2021 SEAL Sustainability Award.
Business Outlook – First Quarter of 2022:
- Revenue for the first quarter of 2022 is expected to be between $141 million and $151 million.
- Gross margin percentage for the first quarter of 2022 is expected to be 66% plus or minus 1% on a non-GAAP basis.
- Total operating expenses for the first quarter of 2022 are expected to be between $46 million and $48 million on a non-GAAP basis.
