• Revenue increases 25% compared to Q2 2020 and 9% compared to Q1 2021
• Gross Margin Expands to 61.3% / 62.1% for Q2 2021 on a GAAP / Non-GAAP Basis, from 60.2% / 61.3%, respectively, for Q2 2020
• Net Income Improves to $0.15 / $0.25 Per Diluted Share for Q2 2021 on a GAAP / Non-GAAP Basis, Compared to $0.08 / $0.17, respectively, for Q2 2020

* GAAP represents U.S. Generally Accepted Accounting Principles. Non-GAAP represents GAAP excluding the impact of certain activities which the Company's management excludes in analyzing the Company's operating results and in understanding trends in the Company's earnings. Additional information relating to these measures is included below in “Non-GAAP Financial Measures.” For a reconciliation of GAAP to non-GAAP results, see accompanying tables “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.”

HILLSBORO, Ore. — (BUSINESS WIRE) — August 3, 2021 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended July 3, 2021.

Jim Anderson, president and CEO, said, "We drove 25% year-over-year revenue growth, with a 49% expansion in non-GAAP net income year-over-year. Strong revenue growth was driven by double-digit growth in each of our market segments based on the strength of our market leading portfolio. We are excited to be in a new growth phase, with multiple growth vectors across our end markets."

Sherri Luther, CFO, said, "We achieved record operating profit of 18.5% on a GAAP basis and 29.1% on a non-GAAP basis, while driving gross margin expansion of 110 basis points on a GAAP basis and 80 basis points on a non-GAAP basis compared to Q2 2020. Year to date, we generated $71 million in cash flow from operations and repurchased $40 million of the Company's shares."

Selected Second Quarter 2021 Financial Results and Comparisons (in thousands, except per share data)