Lattice Semiconductor (LSCC) FY2024 results: revenue $509 million, down 30.9% on the year

Lattice Semiconductor Corp. (LSCC) reported revenue of $509 million for fiscal 2024, the year ended 28 December 2024, down 30.9% on the year before. Net income was $61 million, down 76.4%, and diluted earnings per share $0.44. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$509 million

-30.9% on the year

FY2017FY2024

Operating margin

6.8%

28.8% a year earlier

FY2017FY2024

Net income

$61 million

-76.4% on the year

FY2017FY2024

Diluted EPS

$0.44

-76.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	509	737	660	-30.9%
Cost of revenue	169	222	208	-24.0%
Gross profit	340	515	452	-33.9%
Gross margin	66.8%	69.8%	68.5%
Research and development	159	160	136	-0.3%
Selling, general and administrative	117	137	122	-14.8%
Operating income	34.5	212	187	-83.8%
Operating margin	6.8%	28.8%	28.4%
Interest expense	0.3	3.0	4.1	-91.0%
Pre-tax income	36.2	215	182	-83.1%
Income tax	-24.9	-44.2	3.2
Effective tax rate	-68.7%	-20.6%	1.8%
Net income	61.1	259	179	-76.4%
Net margin	12.0%	35.1%	27.1%
Diluted EPS	$0.44	$1.85	$1.27	-76.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	141	270	239	-47.7%
Capital expenditure	21.0	20.1	23.3	+4.4%
Free cash flow	120	249	215	-51.9%
Free cash flow margin	23.5%	33.8%	32.6%
Cash from investing	-37.7	-33.2	-34.9
Cash from financing	-94.5	-254	-188
Depreciation and amortisation	24.0	21.9	18.6	+9.8%
Share-based compensation	53.0	70.2	55.5	-24.5%
Buybacks	67.0	80.0	110	-16.3%
Diluted shares, weighted	138m	140m	141m	-1.1%
Shares outstanding at period end	138m	137m	137m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	711	692	487	+2.7%
Debt	0.0	0.0	129
Operating lease liabilities	9.4	10.7	13.6	-12.2%
Other liabilities	124	138	169	-10.6%
Total liabilities and equity	844	841	799	+0.4%
Fixed assets	53.0	49.5	47.6	+6.9%
Goodwill	315	315	315	0.0%
Intangible assets	4.6	21.0	25.1	-78.1%
Cash and equivalents	136	128	146	+6.2%
Receivables	81.1	104	94.0	-22.3%
Inventory	103	98.8	110	+4.6%
Other assets	150	124	60.6	+21.6%
Total assets	844	841	799	+0.4%

10-K for the year ended 28 December 2024, filed 14 February 2025: the filing.