Lattice Semiconductor Corporation reported significant declines in revenue and profitability for the third quarter and first nine months of fiscal 2024 compared to the same periods in fiscal 2023. For the three months ended September 28, 2024, revenue was $127.1 million, down from $192.2 million in the prior year, representing a decrease of approximately 34%. For the nine months, revenue fell to $392.0 million from $566.6 million, a decline of about 31%.
The company's income from operations also saw a sharp decline, with $7.5 million for the third quarter of fiscal 2024 compared to $56.9 million in the same quarter of fiscal 2023. For the nine-month period, income from operations decreased to $46.7 million from $169.1 million. Net income followed a similar trend, dropping to $7.2 million for the third quarter from $53.8 million, and to $44.6 million for the nine months from $160.4 million. Basic net income per share decreased from $0.39 to $0.05 for the third quarter and from $1.16 to $0.32 for the nine months.
Total operating expenses for the third quarter increased to $80.2 million from $77.6 million, while for the nine months, they slightly decreased to $222.0 million from $226.6 million. The gross margin percentage also declined, with gross margin for the third quarter at 69.0% compared to 70.0% in the prior year, and for the nine months at 68.5% versus 69.8%.
The company attributed the revenue decline to reduced demand in key markets, particularly in the Industrial and Automotive sectors, which saw a 51% decrease in the third quarter year-over-year. Revenue from Asia also fell due to macroeconomic conditions. Restructuring costs increased due to higher severance expenses, and stock-based compensation expenses were impacted by forfeitures from departing executives.
As of September 28, 2024, Lattice reported cash and cash equivalents of $124.3 million, a slight decrease from $128.3 million at the end of the previous fiscal year. Accounts receivable decreased by 12% due to lower revenue shipments, while inventories increased by approximately 6% due to product buildup and customer inventory rebalancing.
The company continues to focus on its primary end markets, including Communications and Computing, Industrial and Automotive, and Consumer, with increasing applications in Artificial Intelligence.
About LATTICE SEMICONDUCTOR CORP
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