Lattice Blowout: Four Beats Running, Stock Still Cheap
Lattice Semiconductor reported record Q3 revenue of $291 million, up 118% year-over-year, with non-GAAP EPS beating estimates by 30.7% for the fourth consecutive quarter. The stock trades at $95.44, b
LSCC Blowout: Record Revenue, Stock Still Near Lows
NEW YORK, November 3 —
Even as Lattice Semiconductor Corporation (LSCC) posted $291 million in Q3 revenue, a company record up 118% year-over-year, the stock sits at $95.44, below every price at which three senior executives sold shares in August and September. Four consecutive accelerating earnings beats and Q4 guidance implying another 130% year-over-year surge make the discount harder to dismiss.
- Q3 revenue $291M beat consensus by $34.6M; up 118% year-over-year and 45% sequentially
- Non-GAAP EPS $0.72 beat the $0.56 estimate by 30.7%; Q4 guidance midpoint implies more than 160% year-over-year EPS growth
- LSCC at $95.44 vs. consensus target $158; three executives sold at $105, $136.59 in Aug, Sep
Four Beats and Accelerating
Lattice develops field-programmable gate arrays (FPGAs) and accompanying software including sensAI for edge AI and Sentry for hardware security, selling to communications and computing, industrial and automotive, and consumer markets. The Q3 blowout extends a pattern: EPS upside surprises of 0.6%, 10.8%, 18.0%, and now 30.7% across four successive quarters, each larger than the last. The FPGA segment drove $252 million, 90% above a year ago, with the Compute & Communications end market setting a record at 132% year-over-year growth. A July 27 acquisition added an AMI segment that contributed $39 million in its partial first quarter, which management said beat expectations.
Three Executives, All Underwater
The three executives who sold above $105 now have exit prices that look premature, or prescient. SVP of Strategy and Marketing Esam Elashmawi sold approximately $1.20 million across five transactions on August 17 at prices between $132.79 and $136.59; the stock is now $95.44. The GAAP picture complicates the non-GAAP triumph: net income was $11.2 million, or $0.08 per diluted share, reflecting acquisition-related charges following the July 27 close. Short sellers hold 9.4% of the float, while institutional ownership at 105% of shares outstanding indicates heavy synthetic positioning, a structure that amplifies moves in either direction.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| LSCC | $13.5B | 25.5x | +27.7% |
| SMTC | $11.4B | 18.3x | +89.4% |
| MCHP | $41.3B | 16.5x | +23.9% |
| MPWR | $60.7B | 26.8x | +20.7% |
| SLAB | $7.4B | 50.9x | +73.8% |
| AMKR | $9.2B | 13.3x | +4.4% |
Q4 Tests AMI Durability
Q4 guidance of $325 million to $345 million implies approximately 130% year-over-year growth and 15% sequential growth; non-GAAP EPS guidance of $0.82 to $0.86 implies more than 160% year-over-year EPS expansion. The consensus price target of $158 sits 65% above the current close, a gap worth stress-testing in a DCF calculator against assumptions about AMI integration costs and FPGA demand durability. The key test: whether the AMI segment sustains above-expectation revenue beyond one partial quarter, and whether non-GAAP operating margin holds above 41% as acquisition charges fade. Run the free Lattice Semiconductor Corporation deep-dive →
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Frequently Asked Questions
What were Lattice Semiconductor's Q3 results?
Lattice posted $291 million in Q3 revenue, a record up 118% year-over-year and beating consensus by $34.6 million. Non-GAAP EPS of $0.72 beat the $0.56 estimate by 30.7%, marking the fourth consecutive quarter of accelerating earnings beats.
Why is Lattice stock trading below executive sale prices?
The stock sits at $95.44, below the $105, $136.59 range where three senior executives sold shares in August and September. This discount persists despite the company posting four consecutive accelerating earnings beats and strong Q4 guidance implying 130% year-over-year revenue growth.
What is Lattice's Q4 guidance and EPS outlook?
Q4 revenue guidance of $325-345 million implies approximately 130% year-over-year growth. Non-GAAP EPS guidance of $0.82 to $0.86 implies more than 160% year-over-year EPS expansion.
What segments drove Lattice's Q3 growth?
The FPGA segment drove $252 million in Q3, 90% above a year ago, with Compute and Communications reaching 132% year-over-year growth. A July acquisition added an AMI segment that contributed $39 million in its partial first quarter.
What is Lattice's analyst price target?
The consensus price target is $158, sitting 65% above the current close of $95.44. The article suggests this gap warrants stress-testing against assumptions about AMI integration and FPGA demand durability.
Lattice Semiconductor posted Q3 2026 revenue of $291 million — a company record, up 118% year-over-year — while adjusted EPS of $0.72 beat estimates by 30.7% and Q4 guidance of $325–$345 million implies another approximately 130% year-over-year surge. What the blowout numbers do not explain is why the stock, at $95.44, sits below every open-market price at which three senior executives sold shares between August and September.