Today, Lattice Semiconductor Corporation released its 10-K report. Lattice Semiconductor, together with its subsidiaries, develops and sells semiconductor products in Asia, Europe, and the Americas. The company offers field programmable gate arrays that consist of four product families and provides video connectivity application specific standard products. Lattice primarily serves original equipment manufacturers in the communications and computing, consumer, and industrial, and automotive markets.
In the latest fiscal year, Lattice Semiconductor reported revenue of $737.2 million, marking an increase of 11.6% from the previous year. The company's gross margin also saw improvement, reaching 69.8% of revenue in fiscal 2023 compared to 68.5% in fiscal 2022. However, Lattice's income from operations as a percentage of revenue remained relatively stable at 28.8% in fiscal 2023, compared to 28.4% in fiscal 2022.
The company highlighted that increased financial market volatility, inflationary pressure, rising interest rates, recessionary concerns, and geopolitical tension continue to impact business globally and may disrupt its operations. Lattice also addressed challenges in the broader semiconductor industry, citing softened demand across its end markets and customers reducing or rebalancing their inventory levels.
Lattice Semiconductor's revenue growth in fiscal 2023 was primarily driven by increased demand for its products used in industrial automation, robotics applications, and data center servers, partially offset by lower demand for products used in wireless infrastructure and consumer applications.
For more details, you can access the company's full 10-K submission here.
