Core Insights - Lattice Semiconductor reported Q2 FY2025 GAAP revenue of $124.0 million, exceeding analyst expectations by 0.3% and maintaining flat revenue compared to the same period last year [1][5] - Non-GAAP earnings per share were $0.24, aligning with market consensus, while gross margins improved to 69.3% [1][2][7] - The company experienced a mixed performance across segments, with communications and computing revenue increasing, while industrial and automotive revenue declined [5][6] Financial Performance - Q2 FY2025 non-GAAP EPS was $0.24, a 4.3% increase from $0.23 in Q2 FY2024 [2] - GAAP operating cash flow rose to $38.5 million from $31.9 million in Q1 FY2025, and free cash flow margin improved to 25.2% from 11.9% year-over-year [1][8] - Adjusted EBITDA margin increased to 34.1% from 32.3% year-over-year, indicating enhanced core operating profitability [2][7] Business Overview - Lattice Semiconductor specializes in low-power FPGAs used across various industries, including AI, automotive, and industrial applications [3] - The company focuses on expanding its presence in communications, computing, industrial, and automotive segments, emphasizing design wins and R&D investment [4] Key Developments - The company reported record design win activity, particularly in cloud datacenter, AI edge, and industrial automation [6] - A new partnership with Mitsubishi Electric aims to enhance next-generation factory automation capabilities [6] Guidance and Future Outlook - For Q3 FY2025, management projects revenue between $128 million and $138 million, indicating approximately 7% sequential growth [9] - Non-GAAP gross margin is expected to be around 69.5%, with slight increases in operating expenses anticipated [9] - The company remains focused on trends in communications and computing demand, as well as inventory normalization [10]