Semtech Corp (SMTC)

Marvell Technology and Flex Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600June 5, 2026 7:25 PM
PR Newswire (US) NEW YORK, June 5, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, June 22, 2026, to coincide with the quarterly rebalance. The changes ensure that each index is more representative of its market capitalization range. The companies being removed from S&P MidCap 400 and S&P SmallCap 600 are no longer representative of the mid-cap and small-cap market space, respectively. Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex Name       ActionCompany NameTickerGICS SectorJune 22, 2026S&P 500AdditionMarvell TechnologyMRVLInformation TechnologyJune 22, 2026S&P 500DeletionPool CorpPOOLConsumer DiscretionaryJune 22, 2026S&P 500AdditionFlexFLEXInformation TechnologyJune 22, 2026S&P 500DeletionThe Campbell's CompanyCPBConsumer StaplesJune 22, 2026S&P MidCap 400AdditionRokuROKUCommunication ServicesJune 22, 2026S&P MidCap 400DeletionFlex FLEXInformation TechnologyJune 22, 2026S&P MidCap 400AdditionCoeur MiningCDEMaterialsJune 22, 2026S&P MidCap 400DeletionBellRing Brands BRBRConsumer StaplesJune 22, 2026S&P MidCap 400AdditionSemtechSMTCInformation TechnologyJune 22, 2026S&P MidCap 400DeletionCotyCOTYConsumer StaplesJune 22, 2026S&P MidCap 400AdditionSanminaSANMInformation TechnologyJune 22, 2026S&P MidCap 400DeletionConcentrix CNXCIndustrialsJune 22, 2026S&P MidCap 400AdditionViavi Solutions VIAVInformation TechnologyJune 22, 2026S&P MidCap 400DeletionBlackbaud BLKBInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionPoolPOOLConsumer DiscretionaryJune 22, 2026S&P SmallCap 600DeletionEmbecta EMBCHealth CareJune 22, 2026S&P SmallCap 600AdditionThe Campbell's CompanyCPBConsumer StaplesJune 22, 2026S&P SmallCap 600DeletionUniversal Health Realty Trust UHTReal EstateJune 22, 2026S&P SmallCap 600AdditionCotyCOTYConsumer StaplesJune 22, 2026S&P SmallCap 600DeletionSemtechSMTCInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionConcentrix CNXCIndustrialsJune 22, 2026S&P SmallCap 600DeletionSanmina SANMInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionBlackbaudBLKBInformation TechnologyJune 22, 2026S&P SmallCap 600DeletionViavi SolutionsVIAVInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionCredit Acceptance CACCFinancialsJune 22, 2026S&P SmallCap 600DeletionOxford IndustriesOXMConsumer DiscretionaryJune 22, 2026S&P SmallCap 600AdditionLazardLAZFinancialsJune 22, 2026S&P SmallCap 600DeletionGogoGOGOCommunication ServicesJune 22, 2026S&P SmallCap 600AdditionEastern BanksharesEBCFinancialsJune 22, 2026S&P SmallCap 600DeletionPRA GroupPRAAFinancialsJune 22, 2026S&P SmallCap 600AdditionWesbancoWSBCFinancialsJune 22, 2026S&P SmallCap 600DeletionInsteel IndustriesIIINIndustrialsJune 22, 2026S&P SmallCap 600AdditionWarby ParkerWRBYConsumer DiscretionaryJune 22, 2026S&P SmallCap 600DeletionEthan Allen InteriorsETDConsumer DiscretionaryJune 22, 2026S&P SmallCap 600AdditionNicolet BanksharesNICFinancialsJune 22, 2026S&P SmallCap 600DeletionCytek BiosciencesCTKBHealth CareJune 22, 2026S&P SmallCap 600AdditionLiquidia LQDAHealth CareJune 22, 2026S&P SmallCap 600DeletionMonroMNROConsumer DiscretionaryJune 22, 2026S&P SmallCap 600AdditionRush Street InteractiveRSIConsumer DiscretionaryJune 22, 2026S&P SmallCap 600DeletionVital FarmsVITLConsumer StaplesJune 22, 2026S&P SmallCap 600AdditionUnited States Lime & MineralsUSLMMaterialsJune 22, 2026S&P SmallCap 600DeletionCable OneCABOCommunication ServicesJune 22, 2026S&P SmallCap 600AdditionInvenTrust PropertiesIVTReal EstateJune 22, 2026S&P SmallCap 600DeletionForward AirFWRDIndustrialsABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.FOR MORE INFORMATION:S&P Dow Jones Indices
index_services@spglobal.comMedia Inquiries
spdji.comms@spglobal.com View original content:https://www.prnewswire.com/news-releases/marvell-technology-and-flex-set-to-join-sp-500-others-to-join-sp-midcap-400-and-sp-smallcap-600-302793159.htmlSOURCE S&P Dow Jones Indices Original: Marvell Technology and Flex Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

Semtech Announces First Quarter of Fiscal Year 2027 ResultsMay 26, 2026 4:05 PM
Business Wire Record net sales of $291.0 million, up 6% sequentially and up 16% year-over-year GAAP gross margin of 52.0% and Non-GAAP adjusted gross margin of 53.0% GAAP operating margin of 8.9% and Non-GAAP adjusted operating margin of 20.4% GAAP diluted earnings per share of $0.27, up 23% year-over-year and Non-GAAP adjusted diluted earnings per share of $0.51, up 34% year-over-year Semtech Corporation (Nasdaq: SMTC), a leading provider of high-performance semiconductors powering data center networking, Internet of Things (“IoT”) connectivity and cellular infrastructure solutions, announced today unaudited financial results for its first quarter of fiscal year 2027, which ended April 26, 2026. “Semtech is off to an exceptional start in fiscal year 2027, delivering record quarterly results and expanding design wins across our data center and LoRa businesses,” said Hong Hou, president and chief executive officer. “As FiberEdge and CopperEdge 1.6T revenues layer onto our strong growth base, we expect data center growth to accelerate throughout the year. The strength and depth of our bookings and backlog, a broad and well-positioned product portfolio, and targeted R&D investments aligned to customer roadmaps give us strong conviction in our growth trajectory ahead.” “We demonstrated meaningful operating leverage in the first quarter,” said Mark Lin, executive vice president and chief financial officer. “Our strong operational fundamentals provide a foundation for the improving metrics reflected in our second quarter outlook, and we expect this momentum to drive increasing shareholder returns.” First Quarter of Fiscal Year 2027 Results (in millions, except per share data) Q1'27   Q4'26   Q1'26 GAAP Financial Results           Net sales $ 291.0     $ 274.4     $ 251.1   Gross margin   52.0 %     50.4 %     52.3 % Operating expenses, net $ 125.7     $ 156.5     $ 95.3   Operating income (loss) $ 25.8     $ (18.3 )   $ 36.0   Operating margin   8.9 %     (6.7 )%     14.3 % Interest expense, net $ 1.0     $ 1.0     $ 6.2   Goodwill and intangible impairments $ —     $ 44.6     $ —   Net income (loss) $ 26.6     $ (29.8 )   $ 19.3   Diluted earnings (loss) per share $ 0.27     $ (0.32 )   $ 0.22               (in millions, except per share data) Q1'27   Q4'26   Q1'26 Net sales $ 291.0     $ 274.4     $ 251.1   Non-GAAP Financial Results           Adjusted gross margin*   53.0 %     51.6 %     53.5 % Adjusted operating expenses, net* $ 95.1     $ 91.5     $ 86.6   Adjusted operating income* $ 59.3     $ 50.0     $ 47.6   Adjusted operating margin*   20.4 %     18.2 %     19.0 % Adjusted interest (income) expense, net* $ (0.1 )   $ (0.1 )   $ 5.0   Adjusted net income* $ 49.4     $ 42.0     $ 33.9   Adjusted diluted earnings per share* $ 0.51     $ 0.44     $ 0.38   Adjusted EBITDA* $ 66.4     $ 57.4     $ 55.4   Adjusted EBITDA margin*   22.8 %     20.9 %     22.1 %   *See “Non-GAAP Financial Measures” below for additional information about our non-GAAP financial results. Second Quarter of Fiscal Year 2027 Outlook (in millions, except per share data)   Net sales $ 328.0     +/-   $5.0 Non-GAAP Financial Measures             Adjusted gross margin* 54.0 %   +/-   50 bps Total semiconductor products gross margin* 62.1 %   +/-   50 bps Adjusted operating expenses, net* $ 105.2     +/-   $2.0 Adjusted operating income* $ 71.9     +/-   $2.3 Adjusted operating margin* 21.9 %   +/-   40 bps Adjusted interest and other expense, net* $ 0.5           Adjusted normalized tax rate* 17 %         Adjusted diluted earnings per share* $ 0.61     +/-   $0.02 Adjusted EBITDA* $ 79.2     +/-   $2.3 Adjusted EBITDA margin* 24.2 %   +/-   40 bps               Non-GAAP diluted share count* 97.7             *See “Non-GAAP Financial Measures” below for additional information about our non-GAAP financial results. The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results. Webcast and Conference Call Semtech will be hosting a conference call today to discuss its first fiscal quarter 2027 results at 1:30 p.m. Pacific time. The dial-in number for the call is (877) 407-0312. Please use conference ID 13760245. An audio webcast and supplemental earnings materials for the quarter will be available on the Investor Relations section of Semtech's website at investors.semtech.com under “News & Events.” A replay of the call will be available through June 23, 2026 at the same website or by calling (877) 660-6853 and entering conference ID 13760245. Non-GAAP Financial Measures To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this release includes a presentation of select non-GAAP financial measures. The Company's non-GAAP measures of adjusted gross margin, total semiconductor products gross margin, adjusted product development and engineering expense, adjusted selling, general and administrative expense, adjusted operating expenses, net, adjusted operating income, adjusted operating margin, adjusted interest (income) expense, net, adjusted net income, adjusted diluted earnings per share, adjusted normalized tax rate, adjusted EBITDA and adjusted EBITDA margin exclude the following items, if any and as applicable, as set forth in the reconciliations in the tables below under “Supplemental Information: Reconciliation of GAAP to Non-GAAP Results.” Share-based compensation Intangible amortization Transaction and integration related costs or recoveries Restructuring and other reserves, including cumulative other reserves associated with historical activity including environmental, pension, deferred compensation and right-of-use asset impairments Litigation costs or dispute settlement charges or recoveries Equity method income or loss Investment gains, losses, reserves and impairments, including interest income from debt investments Write-off and amortization of deferred financing costs Interest rate swap termination Induced conversion expense Loss on extinguishment of debt Debt commitment fee Goodwill and intangible impairment Amortization of inventory step-up In this release, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segment Information footnote of the Company's Form 10-Q for the quarter ended April 26, 2026. The Company also presents adjusted EBITDA, adjusted EBITDA margin and free cash flow. Adjusted EBITDA is defined as net income (loss) plus interest expense, interest income, provision (benefit) for income taxes, depreciation and amortization, and share-based compensation, and adjusted to exclude certain expenses, gains and losses that the Company believes are not indicative of its core results over time. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of net sales. The Company considers free cash flow, which may be positive or negative, a non-GAAP financial measure defined as cash flows provided by operating activities less net capital expenditures. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's financial condition and results of operations. These non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses that would not otherwise have been incurred by the Company in the normal course of the Company's business operations, or are not reflective of the Company's core results over time. These excluded items may include recurring as well as non-recurring items, and no inference should be made that all of these adjustments, charges, costs or expenses are unusual, infrequent or non-recurring. For example: certain restructuring and integration-related expenses (which consist of employee termination costs, facility closure or lease termination costs, and contract termination costs) may be considered recurring given the Company's ongoing efforts to be more cost effective and efficient; certain acquisition and disposition-related adjustments or expenses may be deemed recurring given the Company's regular evaluation of potential transactions and investments; and certain litigation expenses or dispute settlement charges or gains (which may include estimated losses for which the Company may have established a reserve, as well as any actual settlements, judgments, or other resolutions against, or in favor of, the Company related to litigation, arbitration, disputes or similar matters, and insurance recoveries received by the Company related to such matters) may be viewed as recurring given that the Company may from time to time be involved in, and may resolve, litigation, arbitration, disputes, and similar matters. Notwithstanding that certain adjustments, charges, costs or expenses may be considered recurring, in order to provide meaningful comparisons, the Company believes that it is appropriate to exclude such items because they are not reflective of the Company's core results and tend to vary based on timing, frequency and magnitude. These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's comparable financial performance between periods. In addition, the Company's management generally excludes the items noted above when managing and evaluating the performance of the business. Certain non-GAAP financial measures are also used in the Company's compensation programs. The financial statements provided with this release include reconciliations of these non-GAAP financial measures to their most comparable GAAP measures for the first quarter of fiscal year 2027 and the first and fourth quarters of fiscal year 2026. The Company adopted a full-year, normalized tax rate for the computation of the non-GAAP income tax provision in order to provide better comparability across the interim reporting periods by reducing the quarterly variability in non-GAAP tax rates that can occur throughout the year. In estimating the full-year non-GAAP normalized tax rate, the Company utilized a full-year financial projection that considers multiple factors such as changes to the Company's current operating structure, existing positions in various tax jurisdictions, the effect of key tax law changes, and other significant tax matters to the extent they are applicable to the full fiscal year financial projection. In addition to the adjustments described above, this normalized tax rate excludes the impact of share-based awards and the amortization of acquisition-related intangible assets. For fiscal year 2027, the Company's projected non-GAAP normalized tax rate is 17% and will be applied to each quarter of fiscal year 2027. The Company's non-GAAP normalized tax rate on non-GAAP net income may be adjusted during the year to account for events or trends that the Company believes materially impact the original annual non-GAAP normalized tax rate including, but not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events. These additional non-GAAP financial measures should not be considered substitutes for any measures derived in accordance with GAAP and may be inconsistent with similar measures presented by other companies. To provide additional insight into the Company's second quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. See “Second Quarter of Fiscal Year 2027 Outlook” above for further information. Forward-Looking and Cautionary Statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance including the second quarter of fiscal year 2027 outlook; future operational performance; the anticipated impact of specific items on future earnings; the Company's expectations regarding near term growth trends and market position; and the Company's plans, objectives and expectations. Statements containing words such as “may,” “believes,” “see,” “anticipates,” “expects,” “intends,” “positions,” “plans,” “targets,” “projects,” “objectives,” “estimates,” “develops,” “should,” “could,” “will,” “designed to,” “projections,” or “outlook,” or other similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the volatility of our financial results or impact of the cyclical nature of our industry, including due to a growing concentration of demand in artificial intelligence-related semiconductors, during industry downturns or due to periodic economic uncertainty; the historical rapid decrease of the average selling prices of certain products; disruptions in U.S. or foreign government operations, funding or incentives; changes in export restrictions and laws affecting the Company's trade and investments, including tariffs or retaliatory tariffs; interruption or loss of supplies or services from the limited number of suppliers and subcontractors we rely upon; our suppliers' manufacturing capacity constraints or other supply chain disruptions; failure to successfully develop and sell new products, meet new industry standards or requirements or anticipate changes in projected or end market users; failure to adequately protect our intellectual property rights; failure to make the substantial investments in research and development that are required to remain competitive in our business or to properly anticipate competitive changes in the marketplace; the likelihood of our products being found defective or risk of liability claims asserted against us; business interruptions, such as natural disasters, acts of violence and the outbreak of contagious diseases; adverse changes to general economic conditions in China; the loss of any one of our small number of customers or failure to collect a receivable from them; competition from new or established IoT, cloud services and wireless service companies or from those with greater resources; the difficulties associated with integrating ours and Sierra Wireless, Inc.'s businesses and operations successfully as well as difficulties executing other acquisitions or divestitures, including the potential divestiture of our cellular module business; discovery of additional material weaknesses in our internal control over financial reporting in the future or otherwise failing to achieve and maintain effective disclosure controls, procedures and internal control over financial reporting; changes in our effective tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, or material differences between our forecasted annual effective tax rates and actual tax rates; the Company's ability to comply with, or pursue business strategies due to, our level of indebtedness or the covenants under the agreements governing our indebtedness; and adverse developments affecting the financial services industry. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the risk factors disclosed in the Company's filings with the Securities and Exchange Commission (the “SEC”), including the Company's Annual Report on Form 10-K for the fiscal year ended January 25, 2026, filed with the SEC on March 23, 2026 as such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking information included herein that may cause actual performance and results to differ materially from those predicted, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Reported results should not be considered an indication of future performance. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management's analysis only as of the date hereof. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward-looking statement that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise. Amounts reported in this press release are preliminary and subject to the finalization and filing of our unaudited financial results on Form 10-Q for the three months ended April 26, 2026. In the reported results, Q1'27 refers to the quarter ended April 26, 2026, Q4'26 refers to the quarter ended January 25, 2026, and Q1'26 refers to the quarter ended April 27, 2025. Reported amounts may not foot precisely due to rounding. About Semtech Semtech Corporation (Nasdaq: SMTC) is a leading provider of high-performance semiconductors powering data center networking, IoT connectivity and cellular infrastructure solutions dedicated to delivering high-quality technology solutions that enable a smarter, more connected and sustainable planet. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com. Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. SMTC-F SEMTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited)     Q1'27   Q4'26   Q1'26 Net sales $ 291.0     $ 274.4     $ 251.1   Cost of sales   137.8       133.5       117.6   Amortization of acquired technology   1.8       2.6       2.2   Total cost of sales   139.6       136.1       119.8   Gross profit   151.5       138.3       131.3   Operating expenses, net:           Product development and engineering   57.6       51.2       47.5   Selling, general and administrative   66.6       59.8       46.4   Intangible amortization   0.3       0.2       0.1   Restructuring   1.2       0.7       1.2   Intangible impairments   —       1.8       —   Goodwill impairment   —       42.8       —   Total operating expenses, net   125.7       156.5       95.3   Operating income (loss)   25.8       (18.3 )     36.0   Interest expense   (1.9 )     (1.8 )     (6.6 ) Interest income   0.9       0.8       0.4   Non-operating income (expense)   0.2       (0.7 )     (2.8 ) Investment impairments and credit loss reserves, net   —       (10.4 )     —   Income (loss) before taxes and equity method income (loss)   25.1       (30.4 )     27.0   Provision (benefit) for income taxes   0.1       (0.9 )     8.7   Net income (loss) before equity method income (loss)   24.9       (29.4 )     18.3   Equity method income (loss)   1.6       (0.4 )     1.0   Net income (loss) $ 26.6     $ (29.8 )   $ 19.3               Earnings (loss) per share:           Basic $ 0.29     $ (0.32 )   $ 0.22   Diluted $ 0.27     $ (0.32 )   $ 0.22               Weighted average number of shares used in computing earnings (loss) per share:           Basic   92.9       92.6       86.4   Diluted   98.0       92.6       89.6   SEMTECH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited)     April 26, 2026   January 25, 2026 ASSETS       Current assets:       Cash and cash equivalents $ 163.3   $ 195.2 Accounts receivable, net   174.8     160.6 Inventories   204.7     195.7 Prepaid taxes   22.4     15.4 Other current assets   83.5     88.2 Total current assets   648.7     655.1 Non-current assets:       Property, plant and equipment, net   106.7     109.3 Deferred tax assets   31.8     34.2 Goodwill   470.9     457.9 Other intangible assets, net   59.3     40.0 Other assets   121.6     113.7 Total assets $ 1,438.9   $ 1,410.3         LIABILITIES AND EQUITY       Current liabilities:       Accounts payable $ 90.3   $ 84.1 Accrued liabilities   183.4     191.8 Total current liabilities   273.7     275.9 Non-current liabilities:       Deferred tax liabilities   —     0.1 Long-term debt   492.0     491.2 Other long-term liabilities   99.9     93.3 Stockholders' equity   573.3     549.7 Total liabilities & equity $ 1,438.9   $ 1,410.3 SEMTECH CORPORATION SUPPLEMENTAL CASH FLOW INFORMATION (in millions) (unaudited)     Q1'27   Q4'26   Q1'26 Net cash provided by operating activities $ 36.2     $ 61.5     $ 27.8   Net capital expenditures   (8.2 )     (2.4 )     (1.7 ) Free cash flow $ 28.0     $ 59.1     $ 26.2   SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in millions) (unaudited)     Q1'27 (in millions) Signal Integrity   Analog Mixed Signal and Wireless   Total Semiconductor Products   IoT Systems and Connectivity   Unallocated1   Total Net sales $ 102.0     $ 100.8     $ 202.8     $ 88.3     $ —     $ 291.0   Segment cost of sales   38.0       41.6       79.6       56.7       3.3       139.6   Segment gross profit $ 64.0     $ 59.2     $ 123.1     $ 31.6     $ (3.3 )   $ 151.5                           Segment gross margin   62.7 %     58.7 %     60.7 %     35.8 %   NM2     Gross margin (GAAP)                       52.0 % Share-based compensation                     0.4 % Amortization of acquired technology                     0.6 % Adjusted gross margin (Non-GAAP)                     53.0 %   Q4'26 (in millions) Signal Integrity   Analog Mixed Signal and Wireless   Total Semiconductor Products   IoT Systems and Connectivity   Unallocated1   Total Net sales $ 90.7     $ 93.7     $ 184.5     $ 89.9     $ —     $ 274.4   Segment cost of sales   29.5       41.0       70.6       61.5       4.0       136.1   Segment gross profit $ 61.2     $ 52.7     $ 113.9     $ 28.4     $ (4.0 )   $ 138.3                           Segment gross margin   67.4 %     56.2 %     61.7 %     31.6 %   NM2     Gross margin (GAAP)                       50.4 % Share-based compensation                     0.2 % Amortization of acquired technology                     1.0 % Adjusted gross margin (Non-GAAP)                     51.6 %   Q1'26 (in millions) Signal Integrity   Analog Mixed Signal and Wireless   Total Semiconductor Products   IoT Systems and Connectivity   Unallocated1   Total Net sales $ 73.5     $ 90.6     $ 164.1     $ 86.9     $ —     $ 251.1   Segment cost of sales   25.4       34.2       59.5       57.0       3.2       119.8   Segment gross profit $ 48.2     $ 56.4     $ 104.6     $ 29.9     $ (3.2 )   $ 131.3                           Segment gross margin   65.5 %     62.3 %     63.7 %     34.4 %   NM2     Gross margin (GAAP)                       52.3 % Share-based compensation                     0.3 % Amortization of acquired technology                     0.9 % Adjusted gross margin (Non-GAAP)                     53.5 %   1 Unallocated includes share-based compensation and amortization of acquired technology 2 Not meaningful SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited)     Q1'27   Q4'26   Q1'26 Product development and engineering (GAAP) $ 57.6     $ 51.2     $ 47.5   Share-based compensation   (6.4 )     (4.0 )     (3.7 ) Adjusted product development and engineering (Non-GAAP) $ 51.1     $ 47.2     $ 43.8                 Q1'27   Q4'26   Q1'26 Selling, general and administrative (GAAP) $ 66.6     $ 59.8     $ 46.4   Share-based compensation   (18.9 )     (11.8 )     (2.4 ) Transaction and integration related costs, net   (2.8 )     (2.6 )     (1.1 ) Litigation costs, net   (1.1 )     (1.1 )     (0.2 ) Adjusted selling, general and administrative (Non-GAAP) $ 43.9     $ 44.3     $ 42.8     Q1'27   Q4'26   Q1'26 Operating expenses, net (GAAP) $ 125.7     $ 156.5     $ 95.3   Share-based compensation   (25.3 )     (15.8 )     (6.1 ) Intangible amortization   (0.3 )     (0.2 )     (0.1 ) Transaction and integration related costs, net   (2.8 )     (2.6 )     (1.1 ) Restructuring and other reserves, net   (1.2 )     (0.7 )     (1.2 ) Litigation costs, net   (1.1 )     (1.1 )     (0.2 ) Intangible impairments   —       (1.8 )     —   Goodwill impairment   —       (42.8 )     —   Adjusted operating expenses, net (Non-GAAP) $ 95.1     $ 91.5     $ 86.6     Q1'27   Q4'26   Q1'26 Operating income (loss) (GAAP) $ 25.8   $ (18.3 )   $ 36.0 Share-based compensation   26.4     16.5       6.8 Intangible amortization   2.1     2.7       2.4 Transaction and integration related costs, net   2.8     2.6       1.1 Restructuring and other reserves, net   1.2     0.7       1.2 Litigation costs, net   1.1     1.1       0.2 Intangible impairments   —     1.8       — Goodwill impairment   —     42.8       — Adjusted operating income (Non-GAAP) $ 59.3   $ 50.0     $ 47.6   Q1'27   Q4'26   Q1'26 Operating margin (GAAP) 8.9 %   (6.7 )%   14.3 % Share-based compensation 9.1 %   6.0 %   2.7 % Intangible amortization 0.7 %   1.0 %   1.0 % Transaction and integration related costs, net 0.9 %   1.0 %   0.4 % Restructuring and other reserves, net 0.4 %   0.3 %   0.5 % Litigation costs, net 0.4 %   0.4 %   0.1 % Intangible impairments — %   0.6 %   — % Goodwill impairment — %   15.6 %   — % Adjusted operating margin (Non-GAAP) 20.4 %   18.2 %   19.0 % SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited)     Q1'27   Q4'26   Q1'26 Interest expense, net (GAAP) $ 1.0     $ 1.0     $ 6.2   Amortization of deferred financing costs   (1.1 )     (1.1 )     (1.3 ) Write-off of deferred financing costs   —       —       (0.2 ) Interest rate swap termination   —       —       0.2   Adjusted interest (income) expense, net (Non-GAAP) $ (0.1 )   $ (0.1 )   $ 5.0                 Q1'27   Q4'26   Q1'26 Net income (loss) (GAAP) $ 26.6     $ (29.8 )   $ 19.3   Adjustments to GAAP net income (loss):           Share-based compensation   26.4       16.5       6.8   Intangible amortization   2.1       2.7       2.4   Transaction and integration related costs, net   2.8       2.6       1.1   Restructuring and other reserves, net   1.2       0.7       1.2   Litigation costs, net   1.1       1.1       0.2   Investment (gains) losses, net   (0.1 )     10.4       —   Amortization of deferred financing costs   1.1       1.1       1.3   Write-off of deferred financing costs   —       —       0.2   Interest rate swap termination   —       —       (0.2 ) Intangible impairments   —       1.8       —   Goodwill impairment   —       42.8       —   Total Non-GAAP adjustments before taxes   34.5       79.8       12.9   Associated tax effect   (10.0 )     (8.3 )     2.7   Equity method (income) loss   (1.6 )     0.4       (1.0 ) Total of supplemental information, net of taxes   22.9       71.8       14.5   Adjusted net income (Non-GAAP) $ 49.4     $ 42.0     $ 33.9               Diluted earnings (loss) per share (GAAP) $ 0.27     $ (0.32 )   $ 0.22   Adjustments per above   0.24       0.76       0.16   Adjusted diluted earnings per share (Non-GAAP) $ 0.51     $ 0.44     $ 0.38               Weighted-average number of shares used in computing diluted earnings (loss) per share:           GAAP   98.0       92.6       89.6   Non-GAAP   96.5       95.7       89.3   SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited)     Q1'27   Q4'26   Q1'26 Net income (loss) (GAAP) $ 26.6     $ (29.8 )   $ 19.3   Interest expense   1.9       1.8       6.6   Interest income   (0.9 )     (0.8 )     (0.4 ) Non-operating (income) expense, net   (0.2 )     0.7       2.8   Investment impairments and credit loss reserves, net   —       10.4       —   Provision (benefit) for income taxes   0.1       (0.9 )     8.7   Equity method (income) loss   (1.6 )     0.4       (1.0 ) Share-based compensation   26.4       16.5       6.8   Depreciation and amortization   9.2       10.2       10.2   Transaction and integration related costs, net   2.8       2.6       1.1   Restructuring and other reserves, net   1.2       0.7       1.2   Litigation costs, net   1.1       1.1       0.2   Intangible impairments   —       1.8       —   Goodwill impairment   —       42.8       —   Adjusted EBITDA (Non-GAAP) $ 66.4     $ 57.4     $ 55.4     Q1'27   Q4'26   Q1'26 Operating margin (GAAP) 8.9 %   (6.7 )%   14.3 % Share-based compensation 9.1 %   6.0 %   2.7 % Depreciation and amortization 3.1 %   3.7 %   4.1 % Transaction and integration related costs, net 0.9 %   1.0 %   0.4 % Restructuring and other reserves, net 0.4 %   0.3 %   0.5 % Litigation costs, net 0.4 %   0.4 %   0.1 % Intangible impairments — %   0.6 %   — % Goodwill impairment — %   15.6 %   — % Adjusted EBITDA margin (Non-GAAP) 22.8 %   20.9 %   22.1 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260525414093/en/ Mitch Haws
Semtech Corporation
webir@semtech.com Original: Semtech Announces First Quarter of Fiscal Year 2027 Results

Semtech Announces First Quarter of Fiscal Year 2027 Conference CallMay 12, 2026 4:30 PM
Business Wire Semtech Corporation (Nasdaq: SMTC), a leading provider of high-performance semiconductors powering data center networking, Internet of Things (“IoT”) connectivity and cellular infrastructure solutions, announced plans to release the financial results of its first quarter of fiscal year 2027 after the close of the market on Tuesday, May 26, 2026. The results will be released through Business Wire and posted at www.semtech.com. Semtech will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, May 26, 2026, to discuss its first quarter of fiscal year 2027 performance and events, current business activities and conditions, and the outlook for the business. Participants can dial in to the call at 877-407-0312 (toll-free) or 201-389-0899 (toll/international) with conference ID 13760245. The event will also be webcast live. The webcast link will be accessible under the Investor Events section of Semtech’s Investor website. A replay and transcript of the webcast will be available after the conclusion of the live call. About Semtech Semtech Corporation (Nasdaq: SMTC) is a leading provider of high-performance semiconductors powering data center networking, IoT connectivity and cellular infrastructure solutions dedicated to delivering high-quality technology solutions that enable a smarter, more connected and sustainable planet. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com or follow us on LinkedIn or X. Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. SMTC-F View source version on businesswire.com: https://www.businesswire.com/news/home/20260505623374/en/ Mitch Haws
Semtech Corporation
webir@semtech.com Original: Semtech Announces First Quarter of Fiscal Year 2027 Conference Call

Semtech Q4 earnings beat estimates and outlook tops forecasts, but shares dipMarch 17, 2026 7:29 AM
IH Market News
Semtech (NASDAQ:SMTC) reported fourth-quarter results that slightly exceeded analyst expectations and issued a first-quarter outlook ahead of forecasts, supported by ongoing demand for high-speed connectivity products used in data centers.Despite the stronger-than-expected results, the stock moved lower in premarket trading on Tuesday. Shares, which had gained 4.9% in Monday’s session, fell about 3.4% before the market opened.For the quarter ended Jan. 25, the semiconductor company posted adjusted earnings of $0.44 per share, just above the analyst consensus of $0.43 per share. Revenue reached a record $274.4 million, topping the estimated $273.1 million.Sales rose 9% compared with the same period a year earlier and increased 3% sequentially. On a GAAP basis, Semtech reported a net loss of $0.32 per share. Adjusted gross margin came in at 51.6%, while adjusted operating margin was 18.2%.The company generated operating cash flow of $61.5 million during the quarter, with free cash flow totaling $59.1 million.The results come amid strong demand for networking technologies used in data centers.Semtech said increasing investment by hyperscale data center operators is driving demand for high-speed optical and copper interconnect products used in next-generation network infrastructure.The company added that it is well positioned to benefit from the shift toward faster data center connectivity technologies, including 800G, 1.6T and 3.2T interconnect solutions.Looking ahead to the fiscal first quarter of 2027, Semtech expects adjusted earnings in a range of $0.42 to $0.48 per share, compared with analyst expectations of $0.43 per share.Revenue for the quarter is projected to be between $278 million and $288 million, exceeding the consensus estimate of $272.6 million.“We believe today’s results were another notch in the right direction as SMTC continues to position itself towards favorable LT secular trends, while simultaneously continuing its balance sheet improvement and potential divestiture of the Sierra product lines,” Stifel analyst Tore Svanberg commented.Separately, Morgan Stanley analyst Joseph Moore said Semtech delivered a “solid quarter with strong data center execution and guidance pointing to continued momentum.”“Optical remains the core driver, with 800G strength and ACC ramping this year. The opportunity is still early, but expectations are rising and execution will be key to capturing the upside,” he added.Semtech develops semiconductor and connectivity technologies used in data center networks, Internet of Things devices and cellular infrastructure.The company said continued spending on research and development, along with expanded production capacity, will support long-term growth as demand for faster data center technologies continues to increase.Semtech Corporation stock price

Original: Semtech Q4 earnings beat estimates and outlook tops forecasts, but shares dip

Semtech Announces Fourth Quarter and Fiscal Year 2026 ResultsMarch 16, 2026 4:05 PM
Business Wire
Fourth Quarter of Fiscal Year 2026



Record net sales of $274.4 million, up 3% sequentially and up 9% year-over-year



GAAP gross margin of 50.4% and Non-GAAP adjusted gross margin of 51.6%



GAAP operating margin of (6.7)% and Non-GAAP adjusted operating margin of 18.2%



GAAP diluted loss per share of $0.32 and Non-GAAP adjusted diluted earnings per share of $0.44



Operating cash flow of $61.5 million and free cash flow of $59.1 million



Fiscal Year 2026



Record net sales of $1.05 billion, up 15% year-over-year



GAAP gross margin of 51.6%, up 140 basis points from fiscal year 2025 and Non-GAAP adjusted gross margin of 52.8%, up 130 basis points from fiscal year 2025



GAAP operating margin of 3.1% and Non-GAAP adjusted operating margin of 19.1%



GAAP diluted loss per share of $0.46 and Non-GAAP adjusted diluted earnings per share of $1.71



Semtech Corporation (Nasdaq: SMTC), a leading provider of high-performance semiconductors powering data center networking, Internet of Things ("IoT") connectivity, and cellular infrastructure solutions, announced today unaudited financial results for its fourth quarter and fiscal year 2026, which ended January 25, 2026.


"Fiscal year 2026 was a landmark year for Semtech, marked by strong revenue and earnings growth that reflect both the power of our portfolio and disciplined execution," said Hong Hou, president and chief executive officer. "We believe we are uniquely positioned as data center build out expands, with a broad set of solutions purpose-built for the 800G, 1.6T, and 3.2T era, and our continued investment in research and development positions us to remain at the forefront of next-generation optical and copper interconnect technologies. With a significantly stronger financial foundation, we have the flexibility to strategically pursue the investments that we believe accelerate the next chapter of Semtech's growth."


"Semtech’s results continue to demonstrate leverage in our financial model, with fourth quarter operating cash flow of $61.5 million and free cash flow of $59.1 million, both exceeding the amounts reported for all of fiscal year 2025," said Mark Lin, executive vice president and chief financial officer. "We continue to prudently balance capital deployment focused on research and development, capacity expansion and acquisitions, which we believe will yield a strong return for our shareholders."


Fourth Quarter and Fiscal Year 2026 Results




(in millions, except per share data)






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








GAAP Financial Results






 






 






 






 






 






 






 






 






 








Net sales






$






274.4






 






 






$






267.0






 






 






$






251.0






 






 






$






1,050.0






 






 






$






909.3






 








Gross margin






 






50.4






%






 






 






51.9






%






 






 






52.0






%






 






 






51.6






%






 






 






50.2






%








Operating expenses, net






$






156.5






 






 






$






107.4






 






 






$






109.3






 






 






$






509.6






 






 






$






406.6






 








Operating (loss) income






$






(18.3






)






 






$






31.1






 






 






$






21.2






 






 






$






32.6






 






 






$






49.9






 








Operating margin






 






(6.7






)%






 






 






11.6






%






 






 






8.5






%






 






 






3.1






%






 






 






5.5






%








Interest expense, net






$






1.0






 






 






$






26.2






 






 






$






16.7






 






 






$






38.1






 






 






$






87.8






 








Goodwill and intangible impairments






$






44.6






 






 






$






—






 






 






$






7.5






 






 






$






86.6






 






 






$






7.5






 








Net (loss) income






$






(29.8






)






 






$






(2.9






)






 






$






39.1






 






 






$






(40.4






)






 






$






(161.9






)








Diluted (loss) earnings per share






$






(0.32






)






 






$






(0.03






)






 






$






0.43






 






 






$






(0.46






)






 






$






(2.26






)









(in millions, except per share data)






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Net sales






$






274.4






 






 






$






267.0






 






 






$






251.0






 






 






$






1,050.0






 






 






$






909.3






 








Non-GAAP Financial Results






 






 






 






 






 






 






 






 






 








Adjusted gross margin*






 






51.6






%






 






 






53.0






%






 






 






53.2






%






 






 






52.8






%






 






 






51.5






%








Adjusted operating expenses, net*






$






91.5






 






 






$






86.5






 






 






$






83.7






 






 






$






353.0






 






 






$






319.6






 








Adjusted operating income*






$






50.0






 






 






$






54.9






 






 






$






49.8






 






 






$






201.1






 






 






$






149.0






 








Adjusted operating margin*






 






18.2






%






 






 






20.6






%






 






 






19.9






%






 






 






19.1






%






 






 






16.4






%








Adjusted interest (income) expense, net*






$






(0.1






)






 






$






2.5






 






 






$






11.2






 






 






$






11.5






 






 






$






70.6






 








Adjusted net income*






$






42.0






 






 






$






44.1






 






 






$






34.5






 






 






$






156.6






 






 






$






67.0






 








Adjusted diluted earnings per share*






$






0.44






 






 






$






0.48






 






 






$






0.40






 






 






$






1.71






 






 






$






0.88






 








Adjusted EBITDA*






$






57.4






 






 






$






62.7






 






 






$






57.8






 






 






$






232.0






 






 






$






182.5






 








Adjusted EBITDA margin*






 






20.9






%






 






 






23.5






%






 






 






23.0






%






 






 






22.1






%






 






 






20.1






%
















 



*See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results.
















 


First Quarter of Fiscal Year 2027 Outlook




(in millions, except per share data)






 








Net sales






$






283.0






 






 






+/-






 






$5.0








Non-GAAP Financial Measures






 






 






 






 






 








Adjusted gross margin*






 






52.8






%






 






+/-






 






50 bps








Total semiconductor products gross margin*






 






60.4






%






 






+/-






 






50 bps








Adjusted operating expenses, net*






$






96.9






 






 






+/-






 






$1.0








Adjusted operating income*






$






52.5






 






 






+/-






 






$3.0








Adjusted operating margin*






 






18.6






%






 






+/-






 






70 bps








Adjusted interest and other expense, net*






$






0.5






 






 






 






 






 








Adjusted normalized tax rate*






 






17






%






 






 






 






 








Adjusted diluted earnings per share*






$






0.45






 






 






+/-






 






$0.03








Adjusted EBITDA*






$






59.5






 






 






+/-






 






$3.0








Adjusted EBITDA margin*






 






21.0






%






 






+/-






 






70 bps








 






 






 






 






 






 








Non-GAAP diluted share count*






 






96.6






 






 






 






 






 












 



*See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results.












 


The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results.


Webcast and Conference Call


Semtech will be hosting a conference call today to discuss its fourth quarter and fiscal year 2026 results at 1:30 p.m. Pacific time. The dial-in number for the call is (877) 407-0312. Please use conference ID 13758258. An audio webcast and supplemental earnings materials for the quarter will be available on the Investor Relations section of Semtech's website at investors.semtech.com under "News & Events." A replay of the call will be available through April 13, 2026 at the same website or by calling (877) 660-6853 and entering conference ID 13758258.


Non-GAAP Financial Measures


To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this release includes a presentation of select non-GAAP financial measures. The Company's non-GAAP measures of adjusted gross margin, total semiconductor products gross margin, adjusted product development and engineering expense, adjusted SG&A expense, adjusted operating expenses, net, adjusted operating income, adjusted operating margin, adjusted interest (income) expense, net, adjusted net income, adjusted diluted earnings per share, adjusted normalized tax rate, adjusted EBITDA and adjusted EBITDA margin exclude the following items, if any and as applicable, as set forth in the reconciliations in the tables below under "Supplemental Information: Reconciliation of GAAP to Non-GAAP Results."



Share-based compensation



Intangible amortization



Transaction and integration related costs or recoveries (including costs associated with the integration of Sierra Wireless, Inc.)



Restructuring and other reserves, including cumulative other reserves associated with historical activity including environmental, pension, deferred compensation and right-of-use asset impairments



Litigation costs or dispute settlement charges or recoveries



Equity method income or loss



Investment gains, losses, reserves and impairments, including interest income from debt investments



Write-off and amortization of deferred financing costs



Interest rate swap termination



Induced conversion expense



Loss on extinguishment of debt



Debt commitment fee



Goodwill and intangible impairment



Amortization of inventory step-up



In this release, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segment Information footnote of the Company's Form 10-K for the fiscal year ended January 25, 2026. The Company also presents adjusted EBITDA, adjusted EBITDA margin and free cash flow. Adjusted EBITDA is defined as net (loss) income plus interest expense, interest income, (benefit) provision for income taxes, depreciation and amortization, and share-based compensation, and adjusted to exclude certain expenses, gains and losses that the Company believes are not indicative of its core results over time. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of net sales. The Company considers free cash flow, which may be positive or negative, a non-GAAP financial measure defined as cash flows provided by operating activities less net capital expenditures. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's financial condition and results of operations. These non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses that would not otherwise have been incurred by the Company in the normal course of the Company's business operations, or are not reflective of the Company's core results over time. These excluded items may include recurring as well as non-recurring items, and no inference should be made that all of these adjustments, charges, costs or expenses are unusual, infrequent or non-recurring. For example: certain restructuring and integration-related expenses (which consist of employee termination costs, facility closure or lease termination costs, and contract termination costs) may be considered recurring given the Company's ongoing efforts to be more cost effective and efficient; certain acquisition and disposition-related adjustments or expenses may be deemed recurring given the Company's regular evaluation of potential transactions and investments; and certain litigation expenses or dispute settlement charges or gains (which may include estimated losses for which the Company may have established a reserve, as well as any actual settlements, judgments, or other resolutions against, or in favor of, the Company related to litigation, arbitration, disputes or similar matters, and insurance recoveries received by the Company related to such matters) may be viewed as recurring given that the Company may from time to time be involved in, and may resolve, litigation, arbitration, disputes, and similar matters.


Notwithstanding that certain adjustments, charges, costs or expenses may be considered recurring, in order to provide meaningful comparisons, the Company believes that it is appropriate to exclude such items because they are not reflective of the Company's core results and tend to vary based on timing, frequency and magnitude.


These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's comparable financial performance between periods. In addition, the Company's management generally excludes the items noted above when managing and evaluating the performance of the business. Certain non-GAAP financial measures are also used in the Company's compensation programs. The financial statements provided with this release include reconciliations of these non-GAAP financial measures to their most comparable GAAP measures for the fourth quarter of fiscal year 2025, the third and fourth quarters of fiscal year 2026, and the full-year fiscal 2026 and fiscal 2025 periods.


The Company adopted a full-year, normalized tax rate for the computation of the non-GAAP income tax provision in order to provide better comparability across the interim reporting periods by reducing the quarterly variability in non-GAAP tax rates that can occur throughout the year. In estimating the full-year non-GAAP normalized tax rate, the Company utilized a full-year financial projection that considers multiple factors such as changes to the Company's current operating structure, existing positions in various tax jurisdictions, the effect of key tax law changes, and other significant tax matters to the extent they are applicable to the full fiscal year financial projection. In addition to the adjustments described above, this normalized tax rate excludes the impact of share-based awards and the amortization of acquisition-related intangible assets. For fiscal year 2026, the Company's projected non-GAAP normalized tax rate was 15% and was applied to each quarter of fiscal year 2026. For fiscal year 2027, the Company's projected non-GAAP normalized tax rate is 17% and will be applied to each quarter of fiscal year 2027. The Company's non-GAAP normalized tax rate on non-GAAP net income may be adjusted during the year to account for events or trends that the Company believes materially impact the original annual non-GAAP normalized tax rate including, but not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events. These additional non-GAAP financial measures should not be considered substitutes for any measures derived in accordance with GAAP and may be inconsistent with similar measures presented by other companies.


To provide additional insight into the Company's first quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. See "First Quarter of Fiscal Year 2027 Outlook" above for further information.


Forward-Looking and Cautionary Statements


This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance including the first quarter of fiscal year 2027 outlook; future operational performance; the anticipated impact of specific items on future earnings; the Company's expectations regarding near term growth trends and market position; and the Company's plans, objectives and expectations. Statements containing words such as "may," "believes," "see," "anticipates," "expects," "intends," "positions," "plans," "projects," "objectives," "estimates," "develops," "should," "could," "will," "designed to," "projections," or "outlook," or other similar expressions constitute forward-looking statements.


Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the volatility of our financial results or impact of the cyclical nature of our industry, including during industry downturns or due to periodic economic uncertainty; the historical rapid decrease of the average selling prices of certain products; disruptions in U.S. or foreign government operations, funding or incentives; changes in export restrictions and laws affecting the Company's trade and investments, including tariffs or retaliatory tariffs; interruption or loss of supplies or services from the limited number of suppliers and subcontractors we rely upon; our suppliers' manufacturing capacity constraints or other supply chain disruptions; failure to successfully develop and sell new products, meet new industry standards or requirements or anticipate changes in projected or end market users; failure to adequately protect our intellectual property rights; failure to make the substantial investments in research and development that are required to remain competitive in our business or to properly anticipate competitive changes in the marketplace; the likelihood of our products being found defective or risk of liability claims asserted against us; business interruptions, such as natural disasters, acts of violence and the outbreak of contagious diseases; adverse changes to general economic conditions in China; the loss of any one of our small number of customers or failure to collect a receivable from them; competition from new or established IoT, cloud services and wireless service companies or from those with greater resources; the difficulties associated with integrating ours and Sierra Wireless, Inc.'s businesses and operations successfully as well as difficulties executing other acquisitions or divestitures; discovery of additional material weaknesses in our internal control over financial reporting in the future or otherwise failing to achieve and maintain effective disclosure controls, procedures and internal control over financial reporting; changes in our effective tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, or material differences between our forecasted annual effective tax rates and actual tax rates; the Company's ability to comply with, or pursue business strategies due to, our level of indebtedness or the covenants under the agreements governing our indebtedness; and adverse developments affecting the financial services industry. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the risk factors disclosed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended January 25, 2026, which the Company expects to file with the SEC on or before March 26, 2026, as such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking information included herein that may cause actual performance and results to differ materially from those predicted, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Reported results should not be considered an indication of future performance. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management's analysis only as of the date hereof. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward-looking statement that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise.


Amounts reported in this press release are preliminary and subject to the finalization of the filing of our Annual Report on Form 10-K for the year ended January 25, 2026. In the reported results, Q4'26 refers to the quarter ended January 25, 2026, Q3'26 refers to the quarter ended October 26, 2025, Q4'25 refers to the quarter ended January 26, 2025, FY'26 refers to the fiscal year ended January 25, 2026, and FY'25 refers to the fiscal year ended January 26, 2025. Reported amounts may not foot precisely due to rounding.


About Semtech


Semtech Corporation (Nasdaq: SMTC) is a leading provider of high-performance semiconductors powering data center networking, IoT connectivity and cellular infrastructure solutions dedicated to delivering high-quality technology solutions that enable a smarter, more connected and sustainable planet. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com.


Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries.


SMTC-F












 



SEMTECH CORPORATION




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(in millions, except per share data)




(unaudited)
















 



 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Net sales






$






274.4






 






 






$






267.0






 






 






$






251.0






 






 






$






1,050.0






 






 






$






909.3






 








Cost of sales






 






133.5






 






 






 






126.3






 






 






 






118.2






 






 






 






498.6






 






 






 






443.7






 








Amortization of acquired technology






 






2.6






 






 






 






2.2






 






 






 






2.3






 






 






 






9.2






 






 






 






9.1






 








Total cost of sales






 






136.1






 






 






 






128.5






 






 






 






120.5






 






 






 






507.8






 






 






 






452.8






 








Gross profit






 






138.3






 






 






 






138.5






 






 






 






130.5






 






 






 






542.1






 






 






 






456.5






 








Operating expenses, net:






 






 






 






 






 






 






 






 






 








Product development and engineering






 






51.2






 






 






 






49.4






 






 






 






46.7






 






 






 






196.3






 






 






 






170.9






 








Selling, general and administrative






 






59.8






 






 






 






57.1






 






 






 






54.5






 






 






 






221.9






 






 






 






222.4






 








Intangible amortization






 






0.2






 






 






 






0.1






 






 






 






0.1






 






 






 






0.6






 






 






 






0.9






 








Restructuring






 






0.7






 






 






 






0.8






 






 






 






0.4






 






 






 






4.2






 






 






 






4.9






 








Intangible impairments






 






1.8






 






 






 






—






 






 






 






—






 






 






 






1.8






 






 






 






—






 








Goodwill impairment






 






42.8






 






 






 






—






 






 






 






7.5






 






 






 






84.8






 






 






 






7.5






 








Total operating expenses, net






 






156.5






 






 






 






107.4






 






 






 






109.3






 






 






 






509.6






 






 






 






406.6






 








Operating (loss) income






 






(18.3






)






 






 






31.1






 






 






 






21.2






 






 






 






32.6






 






 






 






49.9






 








Interest expense






 






(1.8






)






 






 






(27.0






)






 






 






(17.5






)






 






 






(40.6






)






 






 






(90.1






)








Interest income






 






0.8






 






 






 






0.8






 






 






 






0.8






 






 






 






2.5






 






 






 






2.3






 








Loss on extinguishment of debt






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(144.7






)








Non-operating (expense) income, net






 






(0.7






)






 






 






(0.4






)






 






 






2.0






 






 






 






(5.3






)






 






 






0.3






 








Investment impairments and credit loss reserves, net






 






(10.4






)






 






 






—






 






 






 






—






 






 






 






(10.4






)






 






 






(1.1






)








(Loss) income before taxes and equity method (loss) income






 






(30.4






)






 






 






4.4






 






 






 






6.5






 






 






 






(21.2






)






 






 






(183.4






)








(Benefit) provision for income taxes






 






(0.9






)






 






 






7.3






 






 






 






(33.2






)






 






 






19.8






 






 






 






(22.0






)








Net (loss) income before equity method (loss) income






 






(29.4






)






 






 






(2.9






)






 






 






39.7






 






 






 






(41.0






)






 






 






(161.3






)








Equity method (loss) income






 






(0.4






)






 






 






—






 






 






 






(0.6






)






 






 






0.6






 






 






 






(0.5






)








Net (loss) income






$






(29.8






)






 






$






(2.9






)






 






$






39.1






 






 






$






(40.4






)






 






$






(161.9






)








 






 






 






 






 






 






 






 






 






 








(Loss) earnings per share:






 






 






 






 






 






 






 






 






 








Basic






$






(0.32






)






 






$






(0.03






)






 






$






0.48






 






 






$






(0.46






)






 






$






(2.26






)








Diluted






$






(0.32






)






 






$






(0.03






)






 






$






0.43






 






 






$






(0.46






)






 






$






(2.26






)








 






 






 






 






 






 






 






 






 






 








Weighted average number of shares used in computing (loss) earnings per share:






 






 






 






 








Basic






 






92.6






 






 






 






87.7






 






 






 






81.3






 






 






 






88.4






 






 






 






71.6






 








Diluted






 






92.6






 






 






 






87.7






 






 






 






90.3






 






 






 






88.4






 






 






 






71.6






 
















 




SEMTECH CORPORATION




CONDENSED CONSOLIDATED BALANCE SHEETS




(in millions)




(unaudited)










 



 






January 25, 2026






 






January 26, 2025








ASSETS






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






195.2






 






$






151.7








Accounts receivable, net






 






160.6






 






 






162.5








Inventories






 






195.7






 






 






163.6








Prepaid taxes






 






15.4






 






 






13.5








Other current assets






 






88.2






 






 






94.1








Total current assets






 






655.1






 






 






585.5








Non-current assets:






 






 






 








Property, plant and equipment, net






 






109.3






 






 






126.2








Deferred tax assets






 






34.2






 






 






41.1








Goodwill






 






457.9






 






 






533.1








Other intangible assets, net






 






40.0






 






 






33.1








Other assets






 






113.7






 






 






100.3








Total assets






$






1,410.3






 






$






1,419.3








 






 






 






 








LIABILITIES AND EQUITY






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






84.1






 






$






59.2








Accrued liabilities






 






191.8






 






 






178.2








Current portion of long-term debt






 






—






 






 






45.6








Total current liabilities






 






275.9






 






 






283.0








Non-current liabilities:






 






 






 








Deferred tax liabilities






 






0.1






 






 






0.8








Long-term debt






 






491.2






 






 






505.9








Other long-term liabilities






 






93.3






 






 






87.1








Stockholders' equity






 






549.7






 






 






542.4








Total liabilities & equity






$






1,410.3






 






$






1,419.3










 




SEMTECH CORPORATION




SUPPLEMENTAL CASH FLOW INFORMATION




(in millions)




(unaudited)
















 



 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Net cash provided by operating activities






$






61.5






 






 






$






47.5






 






 






$






33.5






 






 






$






181.2






 






 






$






58.0






 








Net capital expenditures






 






(2.4






)






 






 






(2.8






)






 






 






(2.6






)






 






 






(9.8






)






 






 






(7.9






)








Free cash flow






$






59.1






 






 






$






44.6






 






 






$






30.9






 






 






$






171.4






 






 






$






50.1






 
















 




SEMTECH CORPORATION




SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS




(in millions)




(unaudited)








 



 






Q4'26








(in millions)






Signal Integrity






 






Analog Mixed Signal and Wireless






 






Total Semiconductor Products






 






IoT Systems and Connectivity






 






Unallocated1






 






Total








Net sales






$






90.7






 






 






$






93.7






 






 






$






184.5






 






 






$






89.9






 






 






$






—






 






 






$






274.4






 








Segment cost of sales






 






29.5






 






 






 






41.0






 






 






 






70.6






 






 






 






61.5






 






 






 






4.0






 






 






 






136.1






 








Segment gross profit






$






61.2






 






 






$






52.7






 






 






$






113.9






 






 






$






28.4






 






 






$






(4.0






)






 






$






138.3






 








 






 






 






 






 






 






 






 






 






 






 






 








Segment gross margin






 






67.4






%






 






 






56.2






%






 






 






61.7






%






 






 






31.6






%






 






NM2






 






 








Gross margin (GAAP)






 






 






 






 






 






 






 






 






 






 






 






50.4






%








Share-based compensation






 






 






 






 






 






 






 






 






 






 






0.2






%








Amortization of acquired technology






 






 






 






 






 






 






 






 






 






 






1.0






%








Adjusted gross margin (Non-GAAP)






 






 






 






 






 






 






 






 






 






 






51.6






%









 






Q3'26








(in millions)






Signal Integrity






 






Analog Mixed Signal and Wireless






 






Total Semiconductor Products






 






IoT Systems and Connectivity






 






Unallocated1






 






Total








Net sales






$






81.6






 






 






$






97.0






 






 






$






178.7






 






 






$






88.3






 






 






$






—






 






 






$






267.0






 








Segment cost of sales






 






28.5






 






 






 






40.8






 






 






 






69.2






 






 






 






56.0






 






 






 






3.3






 






 






 






128.5






 








Segment gross profit






$






53.2






 






 






$






56.3






 






 






$






109.4






 






 






$






32.4






 






 






$






(3.3






)






 






$






138.5






 








 






 






 






 






 






 






 






 






 






 






 






 








Segment gross margin






 






65.1






%






 






 






58.0






%






 






 






61.3






%






 






 






36.6






%






 






NM2






 






 








Gross margin (GAAP)






 






 






 






 






 






 






 






 






 






 






 






51.9






%








Share-based compensation






 






 






 






 






 






 






 






 






 






 






0.2






%








Amortization of acquired technology






 






 






 






 






 






 






 






 






 






 






0.9






%








Adjusted gross margin (Non-GAAP)






 






 






 






 






 






 






 






 






 






 






53.0






%









 






Q4'25








(in millions)






Signal Integrity






 






Analog Mixed Signal and Wireless






 






Total Semiconductor Products






 






IoT Systems and Connectivity






 






Unallocated1






 






Total








Net sales






$






72.5






 






 






$






85.4






 






 






$






157.9






 






 






$






93.1






 






 






$






—






 






 






$






251.0






 








Segment cost of sales






 






26.5






 






 






 






39.5






 






 






 






66.0






 






 






 






53.6






 






 






 






0.9






 






 






 






120.5






 








Segment gross profit






$






46.0






 






 






$






45.9






 






 






$






91.9






 






 






$






39.5






 






 






$






(0.9






)






 






$






130.5






 








 






 






 






 






 






 






 






 






 






 






 






 








Segment gross margin






 






63.4






%






 






 






53.8






%






 






 






58.2






%






 






 






42.5






%






 






NM2






 






 








Gross margin (GAAP)






 






 






 






 






 






 






 






 






 






 






 






52.0






%








Share-based compensation






 






 






 






 






 






 






 






 






 






 






0.3






%








Amortization of acquired technology






 






 






 






 






 






 






 






 






 






 






0.9






%








Adjusted gross margin (Non-GAAP)






 






 






 






 






 






 






 






 






 






 






53.2






%

















 



1 Unallocated includes share-based compensation and amortization of acquired technology








2 Not meaningful

















 




SEMTECH CORPORATION




SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)




(in millions)




(unaudited)








 



 






FY'26








(in millions)






Signal Integrity






 






Analog Mixed Signal and Wireless






 






Total Semiconductor Products






 






IoT Systems and Connectivity






 






Unallocated1






 






Total








Net sales






$






322.6






 






 






$






373.4






 






 






$






696.1






 






 






$






353.9






 






 






$






—






 






 






$






1,050.0






 








Segment cost of sales






 






112.3






 






 






 






153.5






 






 






 






265.7






 






 






 






228.2






 






 






 






13.9






 






 






 






507.8






 








Segment gross profit






$






210.3






 






 






$






220.0






 






 






$






430.3






 






 






$






125.7






 






 






$






(13.9






)






 






$






542.1






 








 






 






 






 






 






 






 






 






 






 






 






 








Segment gross margin






 






65.2






%






 






 






58.9






%






 






 






61.8






%






 






 






35.5






%






 






NM2






 






 








Gross margin (GAAP)






 






 






 






 






 






 






 






 






 






 






 






51.6






%








Share-based compensation






 






 






 






 






 






 






 






 






 






 






0.3






%








Amortization of acquired technology






 






 






 






 






 






 






 






 






 






 






0.9






%








Adjusted gross margin (Non-GAAP)






 






 






 






 






 






 






 






 






 






 






52.8






%









 






FY'25








(in millions)






Signal Integrity






 






Analog Mixed Signal and Wireless






 






Total Semiconductor Products






 






IoT Systems and Connectivity






 






Unallocated1






 






Total








Net sales






$






261.7






 






 






$






322.9






 






 






$






584.6






 






 






$






324.6






 






 






$






—






 






 






$






909.3






 








Segment cost of sales






 






99.1






 






 






 






143.5






 






 






 






242.6






 






 






 






197.1






 






 






 






13.1






 






 






 






452.8






 








Segment gross profit






$






162.7






 






 






$






179.4






 






 






$






342.0






 






 






$






127.6






 






 






$






(13.1






)






 






$






456.5






 








 






 






 






 






 






 






 






 






 






 






 






 








Segment gross margin






 






62.1






%






 






 






55.6






%






 






 






58.5






%






 






 






39.3






%






 






NM2






 






 








Gross margin (GAAP)






 






 






 






 






 






 






 






 






 






 






 






50.2






%








Share-based compensation






 






 






 






 






 






 






 






 






 






 






0.3






%








Amortization of acquired technology






 






 






 






 






 






 






 






 






 






 






1.0






%








Adjusted gross margin (Non-GAAP)






 






 






 






 






 






 






 






 






 






 






51.5






%

















 



1 Unallocated includes share-based compensation and amortization of acquired technology








2 Not meaningful

















 




SEMTECH CORPORATION




SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)




(in millions)




(unaudited)
















 



 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Product development and engineering (GAAP)






$






51.2






 






 






$






49.4






 






 






$






46.7






 






 






$






196.3






 






 






$






170.9






 








Share-based compensation






 






(4.0






)






 






 






(3.9






)






 






 






(3.5






)






 






 






(15.1






)






 






 






(14.0






)








Adjusted product development and engineering




(Non-GAAP)






$






47.2






 






 






$






45.5






 






 






$






43.1






 






 






$






181.3






 






 






$






156.9






 








 






 






 






 






 






 






 






 






 






 








 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Selling, general and administrative (GAAP)






$






59.8






 






 






$






57.1






 






 






$






54.5






 






 






$






221.9






 






 






$






222.4






 








Share-based compensation






 






(11.8






)






 






 






(12.5






)






 






 






(13.0






)






 






 






(39.9






)






 






 






(51.1






)








Transaction and integration related costs, net






 






(2.6






)






 






 






(1.1






)






 






 






(0.9






)






 






 






(6.0






)






 






 






(7.4






)








Environmental reserve






 






—






 






 






 






(1.2






)






 






 






—






 






 






 






(1.2






)






 






 






—






 








Litigation costs, net






 






(1.1






)






 






 






(1.3






)






 






 






(0.1






)






 






 






(3.0






)






 






 






(1.2






)








Adjusted selling, general and administrative (Non-GAAP)






$






44.3






 






 






$






41.1






 






 






$






40.5






 






 






$






171.7






 






 






$






162.6






 









 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Operating expenses, net (GAAP)






$






156.5






 






 






$






107.4






 






 






$






109.3






 






 






$






509.6






 






 






$






406.6






 








Share-based compensation






 






(15.8






)






 






 






(16.4






)






 






 






(16.5






)






 






 






(55.0






)






 






 






(65.1






)








Intangible amortization






 






(0.2






)






 






 






(0.1






)






 






 






(0.1






)






 






 






(0.6






)






 






 






(0.9






)








Transaction and integration related costs, net






 






(2.6






)






 






 






(1.1






)






 






 






(0.9






)






 






 






(6.0






)






 






 






(7.4






)








Restructuring and other reserves, net






 






(0.7






)






 






 






(2.0






)






 






 






(0.4






)






 






 






(5.4






)






 






 






(4.9






)








Litigation costs, net






 






(1.1






)






 






 






(1.3






)






 






 






(0.1






)






 






 






(3.0






)






 






 






(1.2






)








Intangible impairments






 






(1.8






)






 






 






—






 






 






 






—






 






 






 






(1.8






)






 






 






—






 








Goodwill impairment






 






(42.8






)






 






 






—






 






 






 






(7.5






)






 






 






(84.8






)






 






 






(7.5






)








Adjusted operating expenses, net (Non-GAAP)






$






91.5






 






 






$






86.5






 






 






$






83.7






 






 






$






353.0






 






 






$






319.6






 









 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Operating (loss) income (GAAP)






$






(18.3






)






 






$






31.1






 






$






21.2






 






$






32.6






 






$






49.9








Share-based compensation






 






16.5






 






 






 






17.1






 






 






17.3






 






 






57.7






 






 






68.0








Intangible amortization






 






2.7






 






 






 






2.4






 






 






2.4






 






 






9.8






 






 






10.0








Transaction and integration related costs, net






 






2.6






 






 






 






1.1






 






 






0.9






 






 






6.0






 






 






7.4








Restructuring and other reserves, net






 






0.7






 






 






 






2.0






 






 






0.4






 






 






5.4






 






 






4.9








Litigation costs, net






 






1.1






 






 






 






1.3






 






 






0.1






 






 






3.0






 






 






1.2








Intangible impairments






 






1.8






 






 






 






—






 






 






—






 






 






1.8






 






 






—








Goodwill impairment






 






42.8






 






 






 






—






 






 






7.5






 






 






84.8






 






 






7.5








Adjusted operating income (Non-GAAP)






$






50.0






 






 






$






54.9






 






$






49.8






 






$






201.1






 






$






149.0
















 




SEMTECH CORPORATION




SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)




(in millions)




(unaudited)
















 



 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Operating margin (GAAP)






(6.7






)%






 






11.6






%






 






8.5






%






 






3.1






%






 






5.5






%








Share-based compensation






6.0






%






 






6.5






%






 






6.9






%






 






5.5






%






 






7.5






%








Intangible amortization






1.0






%






 






0.9






%






 






0.9






%






 






0.8






%






 






1.1






%








Transaction and integration related costs, net






1.0






%






 






0.4






%






 






0.3






%






 






0.6






%






 






0.8






%








Restructuring and other reserves, net






0.3






%






 






0.7






%






 






0.2






%






 






0.5






%






 






0.6






%








Litigation costs, net






0.4






%






 






0.5






%






 






0.1






%






 






0.3






%






 






0.1






%








Intangible impairments






0.6






%






 






—






%






 






—






%






 






0.2






%






 






—






%








Goodwill impairment






15.6






%






 






—






%






 






3.0






%






 






8.1






%






 






0.8






%








Adjusted operating margin (Non-GAAP)






18.2






%






 






20.6






%






 






19.9






%






 






19.1






%






 






16.4






%









 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Interest expense, net (GAAP)






$






1.0






 






 






$






26.2






 






 






$






16.7






 






 






$






38.1






 






 






$






87.8






 








Amortization of deferred financing costs






 






(1.1






)






 






 






(1.6






)






 






 






(1.5






)






 






 






(4.8






)






 






 






(8.3






)








Write-off of deferred financing costs






 






—






 






 






 






(1.4






)






 






 






(7.7






)






 






 






(2.4






)






 






 






(13.2






)








Interest rate swap termination






 






—






 






 






 






0.6






 






 






 






3.6






 






 






 






1.8






 






 






 






3.6






 








Induced conversion expense






 






—






 






 






 






(21.2






)






 






 






—






 






 






 






(21.2






)






 






 






—






 








Investment income






 






—






 






 






 






—






 






 






 






0.2






 






 






 






—






 






 






 






0.8






 








Adjusted interest expense, net (Non-GAAP)






$






(0.1






)






 






$






2.5






 






 






$






11.2






 






 






$






11.5






 






 






$






70.6






 









 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Loss on extinguishment of debt (GAAP)






$






—






 






$






—






 






$






—






 






$






—






 






$






144.7






 








Loss on extinguishment of debt






 






—






 






 






—






 






 






—






 






 






—






 






 






(144.7






)








Adjusted loss on extinguishment of debt (Non-GAAP)






 






—






 






 






—






 






 






—






 






 






—






 






 






—






 
















 




SEMTECH CORPORATION




SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)




(in millions, except per share data)




(unaudited)
















 



 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Net (loss) income (GAAP)






$






(29.8






)






 






$






(2.9






)






 






$






39.1






 






 






$






(40.4






)






 






$






(161.9






)








Adjustments to GAAP net (loss) income:






 






 






 






 






 






 






 






 






 








Share-based compensation






 






16.5






 






 






 






17.1






 






 






 






17.3






 






 






 






57.7






 






 






 






68.0






 








Intangible amortization






 






2.7






 






 






 






2.4






 






 






 






2.4






 






 






 






9.8






 






 






 






10.0






 








Transaction and integration related costs, net






 






2.6






 






 






 






1.1






 






 






 






0.9






 






 






 






6.0






 






 






 






7.9






 








Restructuring and other reserves, net






 






0.7






 






 






 






2.0






 






 






 






0.4






 






 






 






5.4






 






 






 






4.9






 








Litigation costs, net






 






1.1






 






 






 






1.3






 






 






 






0.1






 






 






 






3.0






 






 






 






1.2






 








Investment losses (gains), net






 






10.4






 






 






 






—






 






 






 






(0.2






)






 






 






10.4






 






 






 






—






 








Amortization of deferred financing costs






 






1.1






 






 






 






1.6






 






 






 






1.5






 






 






 






4.8






 






 






 






8.3






 








Write-off of deferred financing costs






 






—






 






 






 






1.4






 






 






 






7.7






 






 






 






2.4






 






 






 






13.2






 








Interest rate swap termination






 






—






 






 






 






(0.6






)






 






 






(3.6






)






 






 






(1.8






)






 






 






(3.6






)








Loss on extinguishment of debt






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






144.7






 








Intangible impairments






 






1.8






 






 






 






—






 






 






 






—






 






 






 






1.8






 






 






 






—






 








Induced conversion expense






 






—






 






 






 






21.2






 






 






 






—






 






 






 






21.2






 






 






 






—






 








Goodwill impairment






 






42.8






 






 






 






—






 






 






 






7.5






 






 






 






84.8






 






 






 






7.5






 








Total Non-GAAP adjustments before taxes






 






79.8






 






 






 






47.5






 






 






 






34.0






 






 






 






205.4






 






 






 






262.2






 








Associated tax effect






 






(8.3






)






 






 






(0.5






)






 






 






(39.3






)






 






 






(7.8






)






 






 






(33.9






)








Equity method loss (income)






 






0.4






 






 






 






—






 






 






 






0.6






 






 






 






(0.6






)






 






 






0.5






 








Total of supplemental information, net of taxes






 






71.8






 






 






 






47.0






 






 






 






(4.7






)






 






 






197.0






 






 






 






228.9






 








Adjusted net income (Non-GAAP)






$






42.0






 






 






$






44.1






 






 






$






34.5






 






 






$






156.6






 






 






$






67.0






 








 






 






 






 






 






 






 






 






 






 








Diluted (loss) earnings per share (GAAP)






$






(0.32






)






 






$






(0.03






)






 






$






0.43






 






 






$






(0.46






)






 






$






(2.26






)








Adjustments per above






 






0.76






 






 






 






0.51






 






 






 






(0.03






)






 






 






2.17






 






 






 






3.14






 








Adjusted diluted earnings per share (Non-GAAP)






$






0.44






 






 






$






0.48






 






 






$






0.40






 






 






$






1.71






 






 






$






0.88






 








 






 






 






 






 






 






 






 






 






 








Weighted-average number of shares used in computing diluted (loss) earnings per share:






 






 






 






 






 






 








GAAP






 






92.6






 






 






 






87.7






 






 






 






90.3






 






 






 






88.4






 






 






 






71.6






 








Non-GAAP






 






95.7






 






 






 






92.8






 






 






 






87.1






 






 






 






91.6






 






 






 






76.2






 
















 




SEMTECH CORPORATION




SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)




(in millions)




(unaudited)
















 



 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Net (loss) income (GAAP)






$






(29.8






)






 






$






(2.9






)






 






$






39.1






 






 






$






(40.4






)






 






$






(161.9






)








Interest expense






 






1.8






 






 






 






27.0






 






 






 






17.5






 






 






 






40.6






 






 






 






90.1






 








Interest income






 






(0.8






)






 






 






(0.8






)






 






 






(0.8






)






 






 






(2.5






)






 






 






(2.3






)








Loss on extinguishment of debt






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






144.7






 








Non-operating expense (income), net






 






0.7






 






 






 






0.4






 






 






 






(2.0






)






 






 






5.3






 






 






 






(0.3






)








Investment impairments and credit loss reserves, net






 






10.4






 






 






 






—






 






 






 






—






 






 






 






10.4






 






 






 






1.1






 








(Benefit) provision for income taxes






 






(0.9






)






 






 






7.3






 






 






 






(33.2






)






 






 






19.8






 






 






 






(22.0






)








Equity method loss (income)






 






0.4






 






 






 






—






 






 






 






0.6






 






 






 






(0.6






)






 






 






0.5






 








Share-based compensation






 






16.5






 






 






 






17.1






 






 






 






17.3






 






 






 






57.7






 






 






 






68.0






 








Depreciation and amortization






 






10.2






 






 






 






10.1






 






 






 






10.4






 






 






 






40.8






 






 






 






43.5






 








Transaction and integration related costs, net






 






2.6






 






 






 






1.1






 






 






 






0.9






 






 






 






6.0






 






 






 






7.4






 








Restructuring and other reserves, net






 






0.7






 






 






 






2.0






 






 






 






0.4






 






 






 






5.4






 






 






 






4.9






 








Litigation costs, net






 






1.1






 






 






 






1.3






 






 






 






0.1






 






 






 






3.0






 






 






 






1.2






 








Intangible impairments






 






1.8






 






 






 






—






 






 






 






—






 






 






 






1.8






 






 






 






—






 








Goodwill impairment






 






42.8






 






 






 






—






 






 






 






7.5






 






 






 






84.8






 






 






 






7.5






 








Adjusted EBITDA (Non-GAAP)






$






57.4






 






 






$






62.7






 






 






$






57.8






 






 






$






232.0






 






 






$






182.5






 









 






Q4'26






 






Q3'26






 






Q4'25






 






FY'26






 






FY'25








Operating margin (GAAP)






(6.7






)%






 






11.6






%






 






8.5






%






 






3.1






%






 






5.5






%








Share-based compensation






6.0






%






 






6.5






%






 






6.9






%






 






5.5






%






 






7.5






%








Depreciation and amortization






3.7






%






 






3.8






%






 






4.0






%






 






3.8






%






 






4.8






%








Transaction and integration related costs, net






1.0






%






 






0.4






%






 






0.3






%






 






0.6






%






 






0.8






%








Restructuring and other reserves, net






0.3






%






 






0.7






%






 






0.2






%






 






0.5






%






 






0.6






%








Litigation costs, net






0.4






%






 






0.5






%






 






0.1






%






 






0.3






%






 






0.1






%








Intangible impairments






0.6






%






 






—






%






 






—






%






 






0.2






%






 






—






%








Goodwill impairment






15.6






%






 






—






%






 






3.0






%






 






8.1






%






 






0.8






%








Adjusted EBITDA margin (Non-GAAP)






20.9






%






 






23.5






%






 






23.0






%






 






22.1






%






 






20.1






%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316127252/en/
Mitch Haws

Semtech Corporation

webir@semtech.com


Original: Semtech Announces Fourth Quarter and Fiscal Year 2026 Results