• Revenue increases 30% compared to Q1 2021 and 6% compared to Q4 2021
• Gross Margin expands to 66.9% / 67.7% for Q1 2022 on a GAAP / Non-GAAP basis, compared to 61.0% / 61.7%, respectively, for Q1 2021
• Net Income improves to $0.26 / $0.37 per diluted share for Q1 2022 on a GAAP / Non-GAAP basis, compared to $0.13 / $0.22, respectively, for Q1 2021

* 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) — May 3, 2022 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal first quarter ended April 2, 2022.

Jim Anderson, president and CEO, said, "We drove 30% year-over-year revenue growth in Q1 2022, with a year-over-year increase in net income of 92% on a GAAP basis and 72% on a non-GAAP basis. Lattice’s strong revenue and profit growth are driven by our strategic focus and expansion in secular growth markets, our rapidly expanding product portfolio, and our relentless focus on execution."

Sherri Luther, CFO, said, "In Q1 2022, we achieved record operating profit of 25.1% on a GAAP basis and 36.3% on a non-GAAP basis with continued gross margin expansion of 590 basis points on a GAAP basis and 600 basis points on a non-GAAP basis compared to Q1 2021. We continued to focus on cash generation, achieving a 47% increase in operating cash flow in Q1 2022 compared to Q1 2021, while executing our sixth consecutive quarter of share buybacks."

Selected First Quarter 2022 Financial Results and Comparisons (in thousands, except per share data)