• Net sales of $200.9 million, above the midpoint of guidance
• GAAP gross margin of 46.3% and Non-GAAP gross margin, above the high-end of guidance, of 51.3%
• GAAP diluted loss per share of $0.60 and Non-GAAP diluted earnings per share, above the high-end of guidance, of $0.02
• Effective October 2, 2023, Mark Lin became Semtech's executive vice president and chief financial officer

CAMARILLO, Calif. — (BUSINESS WIRE) — December 6, 2023 — Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today reported unaudited financial results for its third quarter of fiscal year 2024, which ended October 29, 2023.

"While recognizing ongoing constraints in our hardware business and effects of elevated channel inventories, we noted stabilization of end market demand for our semiconductor business," said Paul H. Pickle, Semtech's president and chief executive officer. "Notably, end market demand in the third quarter for high-end consumer and data center applications has grown both sequentially and year-over-year."

"We continue to optimize our cost structure with non-GAAP operating expenses and non-GAAP interest expense each forecasted to sequentially improve in the fourth quarter," said Mark Lin, Semtech's executive vice president and chief financial officer. "Our recent change in capital structure further provides us with flexibility to address near-term challenges from the current economic environment."

Third Quarter of Fiscal Year 2024 Results