Semtech(US:SMTC)2024-11-25 23:38Q3'25 Financial Performance - Net sales for Q3'25 were $236.8 million [35, 36], compared to $215.4 million in Q2'25 and $200.9 million in Q3'24 [35, 36], representing a sequential increase of 10% and a year-over-year increase of 17% [35, 36] - GAAP gross margin was 51.1% in Q3'25 [35], compared to 49.0% in Q2'25 and 46.3% in Q3'24 [35] - Non-GAAP gross margin was 52.4% in Q3'25 [36], compared to 50.4% in Q2'25 and 51.3% in Q3'24 [36] - GAAP operating income was $17.8 million in Q3'25 [35], compared to $7.8 million in Q2'25 and an operating loss of $12.4 million in Q3'24 [35] - Non-GAAP operating income was $43.4 million in Q3'25 [36], compared to $30.5 million in Q2'25 and $20.5 million in Q3'24 [36] - Adjusted EBITDA was $51.1 million in Q3'25, representing 21.6% of net sales [36], compared to $40.5 million (18.8% of net sales) in Q2'25 and $28.1 million (14.0% of net sales) in Q3'24 [36] Q3'25 End Market Performance - Infrastructure end market net sales reached $65.8 million, up 24% Q/Q and 52% Y/Y [26], with record data center net sales of $43.1 million, up 58% Q/Q [26] - High-End Consumer end market net sales were $40.0 million, up 8% Q/Q and 7% Y/Y [29, 30], with Consumer TVS net sales of $28.3 million, up 9% Q/Q and 7% Y/Y [30] - Industrial end market net sales were $131.0 million, up 5% Q/Q and 9% Y/Y [32], with LoRa-enabled solutions net sales of $29.0 million, up 104% Y/Y [32] Q4'25 Outlook - Net sales are expected to be $250.0 million, with a potential variance of +/- $5.0 million [40] - Non-GAAP gross margin is projected to be 52.8%, with a potential variance of +/- 50 bps [40] - Non-GAAP operating income is expected to be $49.2 million, with a potential variance of +/- $2.8 million [40] - Adjusted EBITDA is projected to be $56.9 million, with a potential variance of +/- $2.8 million, representing an adjusted EBITDA margin of 22.8%, with a potential variance of +/- 70 bps [40]