0000855658 Lattice Semiconductor Corp false --01-03 FY 2025 true false true true true true 123,654 125,901 0.01 0.01 10,000,000 10,000,000 0 0 0 0 0.01 0.01 300,000,000 300,000,000 136,771,000 136,771,000 137,704,000 137,704,000 3 7 1 5 3 http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent 0 0 0 5 0 http://www.latticesemi.com/20260103#RestructuringChargesAndOtherMiscellaneousCosts 4 75 55 0 25 25 75 3 55 3 75 54 13 75 13 21 8 1 16 4 9 2 25 15 10 29 75 3 69 21 1 1 false false false November 19, 2025 Tonya Stevens Corporate Vice President and Chief Accounting Officer true December 31, 2026 December 3, 2025, Esam Elashmawi Senior Vice President and Chief Strategy and Marketing Officer true November 20, 2026 true true State taxes in Oregon made up the majority (greater than 50 percent) of the tax effect in this category. Includes termination fees on the cancellation of certain contracts. 0000855658 2024-12-29 2026-01-03 iso4217:USD 0000855658 2025-06-27 xbrli:shares 0000855658 2026-02-09 thunderdome:item 0000855658 2023-12-31 2024-12-28 0000855658 2023-01-01 2023-12-30 iso4217:USD xbrli:shares 0000855658 2026-01-03 0000855658 2024-12-28 0000855658 2023-12-30 0000855658 2022-12-31 0000855658 us-gaap:CommonStockMember 2022-12-31 0000855658 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000855658 us-gaap:RetainedEarningsMember 2022-12-31 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000855658 us-gaap:CommonStockMember 2023-01-01 2023-12-30 0000855658 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-30 0000855658 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-30 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-30 0000855658 us-gaap:CommonStockMember 2023-12-30 0000855658 us-gaap:AdditionalPaidInCapitalMember 2023-12-30 0000855658 us-gaap:RetainedEarningsMember 2023-12-30 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-30 0000855658 us-gaap:CommonStockMember 2023-12-31 2024-12-28 0000855658 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 2024-12-28 0000855658 us-gaap:RetainedEarningsMember 2023-12-31 2024-12-28 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 2024-12-28 0000855658 us-gaap:CommonStockMember 2024-12-28 0000855658 us-gaap:AdditionalPaidInCapitalMember 2024-12-28 0000855658 us-gaap:RetainedEarningsMember 2024-12-28 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-28 0000855658 us-gaap:CommonStockMember 2024-12-29 2026-01-03 0000855658 us-gaap:AdditionalPaidInCapitalMember 2024-12-29 2026-01-03 0000855658 us-gaap:RetainedEarningsMember 2024-12-29 2026-01-03 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-29 2026-01-03 0000855658 us-gaap:CommonStockMember 2026-01-03 0000855658 us-gaap:AdditionalPaidInCapitalMember 2026-01-03 0000855658 us-gaap:RetainedEarningsMember 2026-01-03 0000855658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-03 xbrli:pure 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorAMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorAMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorAMember 2023-01-01 2023-12-30 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorBMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorBMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorBMember 2023-01-01 2023-12-30 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorCMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorCMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorCMember 2023-01-01 2023-12-30 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorDMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorDMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorDMember 2023-01-01 2023-12-30 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:OtherMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:OtherMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:OtherMember 2023-01-01 2023-12-30 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorsMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorsMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorsMember 2023-01-01 2023-12-30 0000855658 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorAMember 2024-12-29 2026-01-03 0000855658 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorAMember 2023-12-31 2024-12-28 0000855658 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorBMember 2024-12-29 2026-01-03 0000855658 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember lscc:DistributorBMember 2023-12-31 2024-12-28 utr:Y 0000855658 lscc:ProductionEquipmentAndSoftwareMember srt:MinimumMember 2026-01-03 0000855658 lscc:ProductionEquipmentAndSoftwareMember srt:MaximumMember 2026-01-03 0000855658 us-gaap:ToolsDiesAndMoldsMember srt:MinimumMember 2026-01-03 0000855658 us-gaap:ToolsDiesAndMoldsMember srt:MaximumMember 2026-01-03 0000855658 lscc:MasksMember 2026-01-03 0000855658 us-gaap:SalesChannelThroughIntermediaryMember us-gaap:ProductMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesChannelThroughIntermediaryMember us-gaap:ProductMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesChannelThroughIntermediaryMember us-gaap:ProductMember 2023-01-01 2023-12-30 0000855658 us-gaap:SalesChannelDirectlyToConsumerMember us-gaap:ProductMember 2024-12-29 2026-01-03 0000855658 us-gaap:SalesChannelDirectlyToConsumerMember us-gaap:ProductMember 2023-12-31 2024-12-28 0000855658 us-gaap:SalesChannelDirectlyToConsumerMember us-gaap:ProductMember 2023-01-01 2023-12-30 0000855658 country:CN 2024-12-29 2026-01-03 0000855658 country:CN 2023-12-31 2024-12-28 0000855658 country:CN 2023-01-01 2023-12-30 0000855658 country:JP 2024-12-29 2026-01-03 0000855658 country:JP 2023-12-31 2024-12-28 0000855658 country:JP 2023-01-01 2023-12-30 0000855658 lscc:OtherAsiaMember 2024-12-29 2026-01-03 0000855658 lscc:OtherAsiaMember 2023-12-31 2024-12-28 0000855658 lscc:OtherAsiaMember 2023-01-01 2023-12-30 0000855658 srt:AsiaMember 2024-12-29 2026-01-03 0000855658 srt:AsiaMember 2023-12-31 2024-12-28 0000855658 srt:AsiaMember 2023-01-01 2023-12-30 0000855658 srt:AmericasMember 2024-12-29 2026-01-03 0000855658 srt:AmericasMember 2023-12-31 2024-12-28 0000855658 srt:AmericasMember 2023-01-01 2023-12-30 0000855658 srt:EuropeMember 2024-12-29 2026-01-03 0000855658 srt:EuropeMember 2023-12-31 2024-12-28 0000855658 srt:EuropeMember 2023-01-01 2023-12-30 0000855658 lscc:ProductionEquipmentAndSoftwareMember 2026-01-03 0000855658 lscc:ProductionEquipmentAndSoftwareMember 2024-12-28 0000855658 us-gaap:LeaseholdImprovementsMember 2026-01-03 0000855658 us-gaap:LeaseholdImprovementsMember 2024-12-28 0000855658 us-gaap:OfficeEquipmentMember 2026-01-03 0000855658 us-gaap:OfficeEquipmentMember 2024-12-28 0000855658 country:US 2026-01-03 0000855658 country:US 2024-12-28 0000855658 country:TW 2026-01-03 0000855658 country:TW 2024-12-28 0000855658 country:PH 2026-01-03 0000855658 country:PH 2024-12-28 0000855658 country:IN 2026-01-03 0000855658 country:IN 2024-12-28 0000855658 country:CN 2026-01-03 0000855658 country:CN 2024-12-28 0000855658 lscc:OtherMember 2026-01-03 0000855658 lscc:OtherMember 2024-12-28 0000855658 lscc:ForeignCountriesMember 2026-01-03 0000855658 lscc:ForeignCountriesMember 2024-12-28 0000855658 lscc:ExistingTechnologyMember 2026-01-03 0000855658 us-gaap:CustomerRelationshipsMember 2026-01-03 0000855658 us-gaap:TrademarksAndTradeNamesMember 2026-01-03 0000855658 lscc:LicensedTechnologyMember 2026-01-03 0000855658 lscc:ExistingTechnologyMember 2024-12-28 0000855658 us-gaap:CustomerRelationshipsMember 2024-12-28 0000855658 us-gaap:TrademarksAndTradeNamesMember 2024-12-28 0000855658 lscc:LicensedTechnologyMember 2024-12-28 0000855658 us-gaap:ResearchAndDevelopmentExpenseMember 2024-12-29 2026-01-03 0000855658 us-gaap:ResearchAndDevelopmentExpenseMember 2023-12-31 2024-12-28 0000855658 us-gaap:ResearchAndDevelopmentExpenseMember 2023-01-01 2023-12-30 0000855658 lscc:AmortizationOfAcquiredIntangibleAssetsMember 2024-12-29 2026-01-03 0000855658 lscc:AmortizationOfAcquiredIntangibleAssetsMember 2023-12-31 2024-12-28 0000855658 lscc:AmortizationOfAcquiredIntangibleAssetsMember 2023-01-01 2023-12-30 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember 2022-09-01 2022-09-01 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember 2022-09-01 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember 2025-12-10 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember srt:MinimumMember us-gaap:BaseRateMember 2022-09-01 2022-09-01 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember srt:MaximumMember us-gaap:BaseRateMember 2022-09-01 2022-09-01 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember srt:MinimumMember lscc:TermSecuredOvernightFinancingRateMember 2022-09-01 2022-09-01 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember srt:MaximumMember lscc:TermSecuredOvernightFinancingRateMember 2022-09-01 2022-09-01 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember 2023-12-31 2024-12-28 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember 2026-01-03 0000855658 us-gaap:RevolvingCreditFacilityMember lscc:The2022CreditAgreementMember 2024-12-28 0000855658 lscc:Q32024Plan1Member 2024-12-29 2026-01-03 0000855658 lscc:Q32024Plan1Member 2023-12-31 2024-12-28 0000855658 lscc:Q32024Plan1Member 2026-01-03 0000855658 lscc:Q32023PlanMember 2024-12-29 2026-01-03 0000855658 lscc:Q32023PlanMember 2023-12-31 2024-12-28 0000855658 lscc:Q32023PlanMember 2023-01-01 2023-12-30 0000855658 lscc:Q32023PlanMember 2026-01-03 0000855658 us-gaap:EmployeeSeveranceMember 2022-12-31 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2022-12-31 0000855658 us-gaap:OtherRestructuringMember 2022-12-31 0000855658 us-gaap:EmployeeSeveranceMember 2023-01-01 2023-12-30 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2023-01-01 2023-12-30 0000855658 us-gaap:OtherRestructuringMember 2023-01-01 2023-12-30 0000855658 us-gaap:EmployeeSeveranceMember 2023-12-30 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2023-12-30 0000855658 us-gaap:OtherRestructuringMember 2023-12-30 0000855658 us-gaap:EmployeeSeveranceMember 2023-12-31 2024-12-28 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2023-12-31 2024-12-28 0000855658 us-gaap:OtherRestructuringMember 2023-12-31 2024-12-28 0000855658 us-gaap:EmployeeSeveranceMember 2024-12-28 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2024-12-28 0000855658 us-gaap:OtherRestructuringMember 2024-12-28 0000855658 us-gaap:EmployeeSeveranceMember 2024-12-29 2026-01-03 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2024-12-29 2026-01-03 0000855658 us-gaap:OtherRestructuringMember 2024-12-29 2026-01-03 0000855658 us-gaap:EmployeeSeveranceMember 2026-01-03 0000855658 lscc:LeaseTerminationAndFixedAssetsMember 2026-01-03 0000855658 us-gaap:OtherRestructuringMember 2026-01-03 0000855658 srt:MinimumMember 2026-01-03 0000855658 srt:MaximumMember 2026-01-03 0000855658 srt:MaximumMember 2024-12-29 2026-01-03 0000855658 lscc:The2012ESPPMember 2024-12-29 2026-01-03 0000855658 lscc:The2012ESPPMember srt:MinimumMember 2024-12-29 2026-01-03 0000855658 lscc:The2012ESPPMember 2026-01-03 0000855658 lscc:The2023EquityIncentivePlanAndThe2011NonemployeeDirectorEquityIncentivePlanMember 2026-01-03 0000855658 lscc:The2025InducementEquityPlanMember 2026-01-03 0000855658 us-gaap:CostOfSalesMember 2024-12-29 2026-01-03 0000855658 us-gaap:CostOfSalesMember 2023-12-31 2024-12-28 0000855658 us-gaap:CostOfSalesMember 2023-01-01 2023-12-30 0000855658 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-12-29 2026-01-03 0000855658 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-12-31 2024-12-28 0000855658 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-01-01 2023-12-30 0000855658 lscc:AwardsVestedOrExercisedMember 2024-12-29 2026-01-03 0000855658 lscc:AwardsVestedOrExercisedMember 2023-01-01 2023-12-30 0000855658 lscc:EmployeeStockPurchasePlanMember 2024-12-29 2026-01-03 0000855658 lscc:EmployeeStockPurchasePlanMember 2023-12-31 2024-12-28 0000855658 lscc:EmployeeStockPurchasePlanMember 2023-01-01 2023-12-30 utr:M 0000855658 us-gaap:RestrictedStockUnitsRSUMember 2024-12-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember 2026-01-03 0000855658 us-gaap:RestrictedStockMember 2026-01-03 0000855658 us-gaap:RestrictedStockMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockMember 2023-01-01 2023-12-30 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember srt:ExecutiveOfficerMember lscc:TsrRelativeToPhlxSemiconductorSectorIndex75thPercentileMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember srt:ExecutiveOfficerMember lscc:TsrRelativeToPhlxSemiconductorSectorIndex75thPercentileMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ExecutiveOfficerMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2024-12-29 2026-01-03 0000855658 us-gaap:PerformanceSharesMember srt:MaximumMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 us-gaap:PerformanceSharesMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember srt:ChiefExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember srt:ChiefExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2024-12-29 2026-01-03 0000855658 us-gaap:RestrictedStockMember srt:ExecutiveOfficerMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockMember srt:MaximumMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 us-gaap:RestrictedStockMember srt:MinimumMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 2024-12-28 0000855658 lscc:AwardsGrantedIn2022And2021Member srt:ExecutiveOfficerMember 2023-12-31 2024-12-28 0000855658 lscc:AwardsGrantedIn2022And2021Member srt:MinimumMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2023-12-31 2024-12-28 0000855658 lscc:AwardsGrantedIn2022And2021Member srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2023-12-31 2024-09-28 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ExecutiveOfficerMember 2023-01-01 2023-12-30 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember srt:ExecutiveOfficerMember 2023-01-01 2023-12-30 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember srt:ExecutiveOfficerMember 2023-01-01 2023-12-30 0000855658 us-gaap:RestrictedStockUnitsRSUMember srt:ExecutiveOfficerMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-01-01 2023-12-30 0000855658 lscc:AwardsWithMarketConditionOrPerformanceConditionMember 2024-12-29 2026-01-03 0000855658 lscc:AwardsWithMarketConditionOrPerformanceConditionMember 2023-12-31 2024-12-28 0000855658 lscc:AwardsWithMarketConditionOrPerformanceConditionMember 2023-01-01 2023-12-30 0000855658 lscc:AwardsWithMarketConditionOrPerformanceConditionMember 2026-01-03 0000855658 srt:MinimumMember 2024-12-29 2026-01-03 0000855658 srt:MinimumMember 2023-12-31 2024-12-28 0000855658 srt:MaximumMember 2023-12-31 2024-12-28 0000855658 srt:MinimumMember 2023-01-01 2023-12-30 0000855658 srt:MaximumMember 2023-01-01 2023-12-30 0000855658 us-gaap:PerformanceSharesMember 2024-12-28 0000855658 us-gaap:PerformanceSharesMember 2024-12-29 2026-01-03 0000855658 us-gaap:PerformanceSharesMember 2026-01-03 0000855658 lscc:RepurchaseProgram2025Member 2024-12-09 0000855658 lscc:RepurchaseProgram2025Member 2025-09-28 2026-01-03 0000855658 lscc:RepurchaseProgram2025Member 2024-12-29 2026-01-03 0000855658 lscc:RepurchaseProgram2026Member 2025-09-28 2026-01-03 0000855658 us-gaap:ForeignCountryMember country:BM 2024-12-29 2026-01-03 0000855658 us-gaap:ForeignCountryMember country:TW 2024-12-29 2026-01-03 0000855658 us-gaap:ForeignCountryMember country:CA 2024-12-29 2026-01-03 0000855658 us-gaap:ForeignCountryMember lscc:OtherCountriesMember 2024-12-29 2026-01-03 0000855658 us-gaap:OtherNoncurrentAssetsMember 2026-01-03 0000855658 us-gaap:OtherNoncurrentAssetsMember 2024-12-28 0000855658 us-gaap:OtherNoncurrentLiabilitiesMember 2026-01-03 0000855658 us-gaap:OtherNoncurrentLiabilitiesMember 2024-12-28 0000855658 us-gaap:DomesticCountryMember 2026-01-03 0000855658 us-gaap:StateAndLocalJurisdictionMember 2026-01-03 0000855658 stpr:MN 2024-12-29 2026-01-03 0000855658 stpr:MN 2023-12-31 2024-12-28 0000855658 stpr:MN 2023-01-01 2023-12-30 0000855658 stpr:OR 2024-12-29 2026-01-03 0000855658 stpr:OR 2023-12-31 2024-12-28 0000855658 stpr:OR 2023-01-01 2023-12-30 0000855658 lscc:OtherStatesMember 2024-12-29 2026-01-03 0000855658 lscc:OtherStatesMember 2023-12-31 2024-12-28 0000855658 lscc:OtherStatesMember 2023-01-01 2023-12-30 0000855658 country:CA 2024-12-29 2026-01-03 0000855658 country:CA 2023-12-31 2024-12-28 0000855658 country:CA 2023-01-01 2023-12-30 0000855658 country:NL 2024-12-29 2026-01-03 0000855658 country:NL 2023-12-31 2024-12-28 0000855658 country:NL 2023-01-01 2023-12-30 0000855658 country:SG 2024-12-29 2026-01-03 0000855658 country:SG 2023-12-31 2024-12-28 0000855658 country:SG 2023-01-01 2023-12-30 0000855658 country:TW 2024-12-29 2026-01-03 0000855658 country:TW 2023-12-31 2024-12-28 0000855658 country:TW 2023-01-01 2023-12-30 0000855658 lscc:OtherCountriesMember 2024-12-29 2026-01-03 0000855658 lscc:OtherCountriesMember 2023-12-31 2024-12-28 0000855658 lscc:OtherCountriesMember 2023-01-01 2023-12-30 0000855658 lscc:CorporateVicePresidentAndChiefAccountingOfficerMember 2024-12-29 2026-01-03 0000855658 lscc:CorporateVicePresidentAndChiefAccountingOfficerMember 2026-01-03 0000855658 lscc:SeniorVicePresidentAndChiefStrategyAndMarketingOfficerMember 2024-12-29 2026-01-03 0000855658 lscc:SeniorVicePresidentAndChiefStrategyAndMarketingOfficerMember 2026-01-03

Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED JANUARY 3, 2026
| or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO __________

Commission file number: 000-18032

LATTICE SEMICONDUCTOR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware | 93-0835214
(State of Incorporation) | (I.R.S. Employer Identification Number)
5555 NE Moore Court, Hillsboro, Oregon | 97124-6421
(Address of principal executive offices) | (Zip Code)

Registrant's telephone number, including area code: (503) 268-8000

________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

(Title of Class) | (Trading Symbol) | (Name of each exchange on which registered)
Common Stock, $.01 par value | LSCC | Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ | Accelerated filer ☐ | Non-accelerated filer ☐
Smaller reporting company ☐ | Emerging growth company ☐ |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

Aggregate market value of voting stock held by non-affiliates of the registrant as of June 27, 2025 | $ | 3,426,088,902 |
Number of shares of common stock outstanding as of February 9, 2026 | 136,786,203 |

DOCUMENTS INCORPORATED BY REFERENCE

The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement relating to the 2026 Annual Meeting of Stockholders, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

| Page
|  | Note Regarding Forward-Looking Statements | 2
PART I |  |  |
Item 1. |  | Business | 3
Item 1A. |  | Risk Factors | 10
Item 1B. |  | Unresolved Staff Comments | 27
Item 1C. |  | Cybersecurity | 27
Item 2. |  | Properties | 28
Item 3. |  | Legal Proceedings | 28
Item 4. |  | Mine Safety Disclosures | 28
PART II |  |  |
Item 5. |  | Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | 29
Item 6. |  | Reserved | 30
Item 7. |  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 31
Item 7A. |  | Quantitative and Qualitative Disclosures About Market Risk | 40
Item 8. |  | Financial Statements and Supplementary Data | 41
Item 9. |  | Changes in and Disagreements with Accountants On Accounting and Financial Disclosure | 69
Item 9A. |  | Controls and Procedures | 69
Item 9B. |  | Other Information | 70
Item 9C. |  | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 70
PART III |  |  |
Item 10. |  | Directors, Executive Officers and Corporate Governance | 70
Item 11. |  | Executive Compensation | 71
Item 12. |  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 71
Item 13. |  | Certain Relationships and Related Transactions, and Director Independence | 71
Item 14. |  | Principal Accountant Fees and Services | 71
PART IV |  |  |
Item 15. |  | Exhibits | 72
|  | Signatures | 75

1

Table of Contents

Note Regarding Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements within the meaning of federal securities laws. These involve estimates, assumptions, risks, and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. We use words or phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “plan,” "possible," “predict,” “projects,” “may,” “will,” “should,” “continue,” “ongoing,” “future,” “potential,” and similar words or phrases to identify forward-looking statements.

Forward-looking statements include, but are not limited to, statements about: our target or expected financial performance and our ability to achieve those results; current and future impacts of the macroeconomic climate, including ongoing global military conflicts and actions of governments, businesses, and individuals in response to these situations; the impact of any continuing trade or travel restrictions or increasing tariffs on the export and import of products between the U.S. and other countries, including China; the impact of any deterioration in relations between Taiwan and China, and other factors affecting military, political, or economic conditions in Taiwan or elsewhere in Asia; the impact of tariffs, trade sanctions, license requirements or similar actions on our suppliers and customers; the impact of inflationary pressures; the effects of climate dynamics and disruptive natural disasters on us, our suppliers, and our consumers, including as a result of actions by governments, businesses, and consumers in response; our business strategy; our expectations and strategies regarding market trends and opportunities, including market drivers such as wireless and wireline communications infrastructure deployments, data center servers and networking equipment, client computing platforms, industrial Internet of Things, factory automation, robotics, automotive electronics, smart homes, prosumers, and other applications; our beliefs about who we may compete with and whether we are differentiated from those competitors, as well as their potential capabilities; our expectations regarding our customer base and the impacts of our customers’ actions on our business; our expectations regarding distributor and customer purchasing patterns, inventory levels, and order timing; our expectations regarding both new and existing product offerings; our gross margin growth and our strategies to achieve gross margin growth and other financial results; our future investments in research and development; our ability to take advantage of the process technology development efforts of semiconductor foundries and apply those technologies when they become most economically beneficial to us and to our customers; the impact of changing foundries or OSATs (as defined below) or their failure to manufacture sufficient quantities of our products at acceptable yields, as well as the impact of problems with other subcontractors or distributors; the impact if we are unable to detect product defects; the impact if our insurance proves to be inadequate to resolve claims against us; whether we will experience seasonality or cyclicality and the resulting effects on our business; our expectations about our patent portfolio, including the expiration of patents, whether, when and where we will make future filings, and the value of the patents and associated licensing agreements generally and to our business, as well as risks arising from the licensing and sale of our patents; our ability to attract and retain personnel and their importance to our performance; future financial results or accounting treatments; our judgments involved in accounting matters, including revenue recognition, inventories and cost of revenue, and income taxes; actions we may take regarding the design and continued effectiveness of our internal controls over financial reporting; our use of cash; our beliefs regarding the adequacy of our liquidity, capital resources and facilities; the impact of our debt on our future operating and financial performance, as well as the impact if we breach a loan covenant; whether we will consider and act upon acquisition opportunities, and the timing, completion, or abandonment of such transactions and the impact of such opportunities on our business; whether we will pursue future stock repurchases and how any future repurchases will be funded; the future price volatility of our stock and the effects of that volatility; our ability or failure to prevent and respond to information technology system failures, security breaches and incidents, cyberattacks or fraud, and the occurrence and impact of such cybersecurity incidents; the costs of mitigating cybersecurity risks; the impact of artificial intelligence (“AI”), including our expectations regarding the growth of AI and our AI-related revenue; the impact of laws and regulations addressing privacy, data protection, and cybersecurity and our ability to comply with the same; our ability to comply with other laws and regulations, the costs of such compliance, and costs incurred if we fail to comply with such laws and regulations; our beliefs regarding legal or administrative proceedings; and impacts of global pandemics, epidemics, and other public health matters and actions of governments, businesses, and individuals in response to these situations.

These forward-looking statements are based on estimates and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those statements expressed in the forward-looking statements. The key factors, among others, that could cause our actual results to differ materially from the forward-looking statements include global economic conditions and uncertainty; the effect of any downturn in the economy on capital markets and credit markets; the concentration of our sales in certain end markets, particularly as it relates to the concentration of our sales in the Asia Pacific region; market acceptance and demand for our existing and new products; market and technology trends; our ability to achieve yield and quality improvements; our ability to protect, license and sell our intellectual property; shortages or increased costs in our supply chain; any disruption of our distributors or distribution channels; the impact of competitive products and pricing, especially by companies with great resources than us; unanticipated warranty claims; physical and transition disruptions and costs associated with climate dynamics; unanticipated taxation requirements or positions of the U.S. Internal Revenue Service or other taxing authority, unanticipated effects of tax reform, and unrecognized tax benefits and tax adjustments and allowances; our ability to attract and retain key personnel; the sufficiency of our insurance coverage; the impact of our outstanding indebtedness on our strategic flexibility, liquidity and results of operations; the impact of strategic transactions; unexpected impacts of accounting guidance; unfavorable results of legal proceedings. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described herein and that are otherwise described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including, but not limited to, the items discussed in Part I, Item 1A, “Risk Factors,” in this Annual Report on Form 10-K.

You should not unduly rely on forward-looking statements because our actual results could differ materially from those expressed by us. In addition, any forward-looking statement applies only as of the date of this filing. We do not plan to, and undertake no obligation to, update any forward-looking statements to reflect new information or new events, circumstances or developments, or otherwise.

2

Table of Contents

PART I

Item 1. Business

Overview

Lattice Semiconductor Corporation and its subsidiaries (“Lattice,” the “Company,” “we,” “us,” or “our”) develop technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses. Lattice is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the Communications, Computing, Industrial, Automotive, and Consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure, and connected world.

Our field programmable gate array ("FPGA") devices enable us to provide our customers with a strong, growing base of control, connect, and compute technologies. We believe there are multiple growth areas that will allow us to increase our addressable market. In particular, we believe there are several emerging trends in servers, infrastructure, and smart devices that are opportunities for Lattice:

● | With the growth of hyperscale data centers, our “processor agnostic” solutions are ideal for dataplane, control, and connect functions in enterprise and data center server applications.
● | With the continued data center network expansion, as well as continued Communications infrastructure build-out from 5G deployment and beyond, Lattice solutions are being adopted to control and connect a variety of functions in critical systems.
● | Vision and intelligence in systems are increasing electrification and the proliferation of sensors in smart factories, smart homes, and automobiles. Our low power, small form factor solutions are ideal for systems and sensor applications.
● | With the increase in artificial intelligence ("AI") and a multitude of applications at the network edge, Lattice devices support applications like face detection, image recognition, human-machine interface ("HMI"), and video analytics.
● | With the demand for more hardware security in the Communications, Computing, Industrial, Automotive, and Consumer markets, our devices provide enhanced platform security enabling post-quantum algorithms.

In addition, the FPGA market is continuing to grow in importance to the overall semiconductor market, driven by five secular trends acting as tailwinds. Lattice is uniquely positioned to address these trends.

● | AI is driving shorter design cycles, allowing less time to integrate auxiliary functions.
● | As application specific integrated circuit (“ASIC”) and application specific standard part ("ASSP") development costs continue to increase, allocating more functions to FPGAs improves the Return on Investment on ASICs and ASSPs and drives more designs for FPGAs.
● | As the cost of advanced nodes increase, mature process FPGAs are more economical to perform certain functions.
● | Emerging applications like security have fast-changing requirements. A perfect example is Post Quantum Cryptography ("PQC") for which FPGA programmability offers more adaptable solutions than fixed-function ASICs that can’t easily be redesigned.
● | Edge AI requires contextual intelligence near the sensor. In these applications, Lattice’s “far-edge” FPGAs can offload processing and enable the “near-edge” inference chip to focus on other tasks. Lattice FPGAs are already in these sockets today performing other functions, which gives Lattice a competitive advantage with customers.

The small and mid‑range FPGA segments are growing faster than the overall FPGA market, led by new applications in data centers and cloud, robotics, industrial automation, autonomous vehicles, electrification, IoT, telematics, aerospace and defense, and AI across these segments. These applications have driven a rapid expansion of sensors, which require massive amounts of data to be bridged, aggregated, and fused to upstream processing units. Lattice has an existing foothold in these markets today, and our goal is to be the market leader in the growing far‑edge AI segment. This is one of several catalysts that increase our confidence in Lattice’s long‑term growth opportunities as we continue to execute our strategy.

Our Markets and Customers

We sell our products globally in three end market groups: Communications and Computing, Industrial and Automotive, and Consumer. We also provide Intellectual Property ("IP") licensing and services to these end markets.

In the Communications and Computing Market, our solutions can be used as primary processors or as FPGA companion chips to AI and processing applications, playing key roles in computing systems such as servers and client devices, 5G wireless infrastructure, switches, routers, and other related applications.

3

Table of Contents

Our Communications and Computing customers need to address a variety of challenges.

● | As server architectures become increasingly complex, customers need simplified control logic, enhanced hardware platform security, system status monitoring, and rigorous power and thermal management.
● | Networks typically require progressively higher bandwidth and increased reliability as more data is demanded by connected devices, and increasingly require more security as providers embrace disaggregation and openness with the adoption of open radio access networks ("ORAN").
● | As wireless cellular sites become more compact, there is a growing requirement for smaller form factors optimized for low power consumption and thermal management.

Lattice FPGAs help solve these customer problems. Our FPGAs are optimized for input/output ("I/O") expansion, hardware acceleration, “first-on, last-off” hardware security, and hardware management. Our FPGAs consume power at very low rates, which reduces operating costs. Their small form factor enables higher functional density in less space. Finally, our FPGAs are I/O rich, which allows for more connections with system ASICs and ASSPs.

Examples of where our products enable intelligent automation in the Industrial and Automotive Market include industrial Internet of Things ("IoT") and "Industry 4.0", machine vision, robotics, factory automation, advanced driver assistance systems ("ADAS"), and automotive infotainment.

Our Industrial and Automotive customers leverage our devices in the following use cases:

● | As an FPGA companion chip to vision and motion control applications: in humanoids, industrial robots, medical, Aerospace & Defense, and automotive applications.
● | As the AI “brain” in far-edge and physical AI applications.
● | In multi-function applications such as HMI, camera/lidar/radar sensor fusion, signal processing, control, and communication.

Additionally, our Industrial and Automotive customers have many opportunities to use technology to increase automation, efficiency, and productivity:

● | As factories automate to improve efficiency and employee safety, sensors, machine vision, and robotics are proliferating, in turn requiring increasing amounts of data to be gathered, connected, and processed.
● | As physical AI and humanoids/robots gain traction across factory floors and beyond, motor control, machine vision, sensor connectivity, speech recognition, person/object detection, safety, security, and low latency are critical.
● | Automobiles and other forms of transportation are also becoming smarter and more connected. Drivers and passengers are demanding better in-cabin experiences including entertainment, diagnostics, and enhanced safety — often involving multiple displays, cameras, and sensors.
● | As factories and automotive manufacturers continue their evolution of computerization, power reduction, system security, faster time to design-in and market, and lower costs are becoming increasingly essential.

Our product portfolio helps provide solutions that benefit our customers. Our small-sized, low power FPGAs not only provide the I/O expansion, bridging, connectivity, and processing inherent in FPGAs, but they also form the backbone of several integrated solutions, including hardware-based security, motor control, complete High Definition ("HD") camera and Digital Video Recorder ("DVR") solutions on a single FPGA device, and HMI on a chip. Furthermore, our FPGAs are adjacent to the sensors in industrial and automotive, enabling our customers to run their “far-edge” AI models and workloads at low latency.

In the Consumer Market, you can find our solutions making products smarter and smaller, including smart home devices, prosumer devices, sound bars, high end projectors, Augmented Reality ("AR") / Virtual Reality ("VR") devices, and wearables.

Our Consumer customers are driven by the need to deliver richer and more responsive experiences. They typically require:

● | More intelligence and computing power. Products need to be "always-on" and "always-aware."
● | Longer battery lives for wireless devices and reduced energy consumption for plugged-in devices.
● | Real-time transmission of higher resolution video content on larger screen sizes.
● | Fast design cycles. Products must be quickly and easily differentiated.
● | Smaller form factors. Products need to lay flatter on the wall or fit more easily into pockets.
● | Various levels of video processing and analytics.

4

Table of Contents

Lattice FPGAs bring multiple benefits to these customers. An FPGA’s parallel architecture enables faster processing than competing devices, such as microcontrollers ("MCUs"), allowing for a user experience with shorter pauses and fewer delays. Our FPGAs are among the most power efficient in the industry, enabling the application processor and other high-power components to remain dormant longer, resulting in longer battery life. Finally, with some of the industry’s smallest packages, we enable thinner and more compact end products.

Our proprietary solutions help our customers get their products to market faster than typical development cycles of custom ASICs. With re-programmability and flexibility, our FPGAs inherently allow our customers to have quicker product development. The time-to-market advantages of Lattice's solutions are critical given the shorter product life cycles in our customers’ end markets.

Our Products, Services, and Competition

We are focused on delivering FPGAs and related solutions to help solve our customers' problems. We also serve our customers with IP licensing and various other services.

Field Programmable Gate Arrays (“FPGAs”)

FPGAs are regular arrays of logic that can be custom-configured by the user through software. This programmability allows our customers flexibility and reduced time to market, while allowing us to offer the chips to many different customers in many different markets.

Lattice understands product obsolescence cycles can dramatically impact our customers’ business. Lattice FPGAs offer customers supply peace of mind through a commitment to product longevity, with a large number of Lattice devices having been supported in the market for over 20 years. This is fulfilled by multi-sourcing key elements of the silicon supply chain and adding redundancy to assembly and test across multiple reputable suppliers.

Lattice maintains customer support and supply of a variety of long-standing FPGA families that have been in market for more than a decade and still garner strong customer demand today. The architectures for each of these FPGAs were developed using a highly tailored engineering approach to address a specific type of application. These include:

● | Lattice MachXO™ – Secure control small FPGAs designed to offer an unprecedented mix of low cost and high functionality in a single device. MachXO2™ FPGAs deliver high system performance, a robust architecture, support for enhanced I/O features, on-chip User Flash Memory, hardened control functions and flexible security features. MachXO3™ is an instant-on, lowest cost per I/O, non-volatile FPGA line, ideally suited for control programmable logic device ("PLD") and bridging applications across many types of systems in communications, computing, industrial, and consumer segments. MachXO3D™ builds on the XO3 architecture, adding an immutable embedded security block, enhanced control functions, expanded user flash memory, and is available in Commercial, Industrial, and AEC-Q100 qualified Automotive grade. MachXO4™ FPGAs combine low power consumption, embedded flash, high I/O density, and instant-on capability, with integrated hardened functions, broad programmability, and native support for industry-standard interfaces.
● | Lattice CrossLink™ – Video connectivity small FPGAs, optimized for high-speed video and sensor applications for the Industrial, Automotive, Communications, Computing, and Consumer markets. CrossLink™ combines the power and speed benefits of hardened video camera and display bridging cores with the flexibility of FPGA fabric and Lattice CrossLinkPlus™ devices provide users with instant-on capabilities for video display.
● | Lattice ECP™ – Small FPGAs optimized for low cost, small form factor, and low power consumption, ECP™ FPGAs are designed for compact, high-volume applications. Optimized for the Communications and Computing market, but also find significant use in the Industrial, Automotive, and Consumer markets.
● | Lattice iCE™ – Lattice’s ultra-low power small FPGAs. Their small size and ultra-low power make them the optimal products for each of our core segments where small form factor and customization is required. The latest member of the family, the iCE40 UltraPlus™ device, is focused on IoT Edge devices with its AI capabilities, low power, and small form factor.

Starting in 2019, Lattice shifted to a platform-based engineering approach to accelerate time to market when developing product families of FPGAs. This approach enables Lattice to create one foundational platform that is the basis of multiple FPGA product families. Based on these platforms, Lattice provides general purpose function FPGAs and specialized FPGAs optimized for specific applications. Lattice FPGA platforms, and their related FPGA product families, are segmented into small and mid-range categories.

● | Lattice small FPGA platforms: Lattice’s small FPGA platforms include Lattice Nexus™, which was introduced in 2019, and Lattice Nexus™ 2, introduced in 2024. The Lattice Nexus™ FPGA platform combines Lattice’s long-standing low power FPGA expertise with leading 28nm fully depleted silicon-on-insulator ("FD-SOI") semiconductor manufacturing technology to deliver industry leading low power, high performance, high reliability, and small form factor. Lattice Nexus™ 2 builds on the company’s small FPGA leadership, offering significant improvements in power and performance efficiency, advanced connectivity, and leading security relative to the competition. Typical logic capacity for small FPGAs can go up to 200K LUTs ("Look Up Tables").

5

Table of Contents

| Lattice FPGAs based on the Lattice Nexus™ FPGA platform include:
| ● | Lattice CrossLink-NX™ – Video Connectivity small FPGAs, Lattice CrossLink-NX™ FPGAs, built on the Lattice Nexus platform, provide the lowest power in the smallest packages in their class, higher performance, and high reliability. The latest device family – Lattice CrossLinkU-NX™ – are the industry’s first FPGAs with integrated USB device functionality in their class, designed to meet growing customer needs to simplify USB-based design for applications across the Computing, Industrial, Automotive, and Consumer markets.
| ● | Lattice Certus-NX™, Lattice CertusPro™ – General purpose small FPGAs built on the Lattice Nexus platform. Certus-NX™ lead the general-purpose FPGA market in I/O density, delivering up to twice the I/O density per mm2 in comparison to similar competing FPGAs, and provide best-in-class power savings, small size, reliability, instant-on performance, and support fast PCI Express (PCIe™) and Gigabit Ethernet interfaces to enable data co-processing, signal bridging, and system control. CertusPro-NX™ FPGAs offer leading power efficiency and the highest bandwidth in the smallest form factor in comparison to similar devices, and launched as the only FPGAs in their class with support for Low-Power Double Data Rate 4 ("LPDDR4") external memory.
| ● | Lattice MachXO5-NX™, Lattice MachXO5D-NX™, Lattice MachXO5-NX TDQ™ – Lattice’s line of Control & Security small FPGAs based on the Nexus™ platform. MachXO5-NX™ secure control FPGAs offer increased logic and memory resources, robust 3.3 V I/O support, and a differentiated security feature set with class-leading power efficiency and reliability. MachXO5D-NX™ FPGAs offer crypto-agile algorithms, hardware root of trust features with integrated flash, and fail-safe remote field updates for reliable and secure product lifecycle management. The latest addition to the family, MachXO5-NX TDQ™ FPGAs are the industry’s first secure control FPGAs with full Commercial National Security Algorithm ("CNSA") 2.0-compliant PQC support.
| Lattice FPGAs based on the Lattice Nexus™ 2 FPGA platform include:
| ● | Lattice Certus-N2™ – General purpose small FPGAs designed to solve key customer challenges by combining advanced connectivity, optimized power and performance, leading security, and small size, with an optimized feature set tailored to the needs of a wide range of small FPGA applications like system expandability, secure bridging, and AI enablement.

● | Lattice mid-range FPGA platform: Lattice’s mid-range FPGA platform, Lattice Avant™, was introduced in 2022. The Lattice Avant™ 16nm FinFET platform is purpose-built to bring the company’s power efficient architecture, small size, and performance leadership to mid-range FPGAs, offering best-in-class power efficiency, advanced connectivity, and optimized compute. Lattice mid-range FPGAs are targeted at applications requiring logic density from 150K SLCs ("System Logic Cells") to above 600K SLCs.
| Lattice FPGAs based on the Lattice Avant™ FPGA platform include:
| ● | Lattice Avant-E™ – Mid-range FPGAs designed to solve key customer challenges at the Edge by combining class-leading power efficiency, size and performance with an optimized feature set tailored to the needs of Edge applications like data processing and AI.
| ● | Lattice Avant-G™ – General purpose mid-range FPGAs that address a broad range of applications across multiple markets, offering class-leading power efficiency, small size, and optimized performance, with up to 12.5G SERDES, fast external memory support, class-leading bitstream encryption and authentication, and efficient edge AI processing capabilities.
| ● | Lattice Avant-X™ – Purpose-built mid-range FPGAs with advanced connectivity, including 25G SERDES supporting multi protocols including 25G Ethernet and PCIe 4.0 which are widely used in communications and high-speed industrial applications.

To enable our customers to get to market faster, we support our FPGAs with IP cores, reference designs, development kits, and design software. We are investing in our design software, such as Lattice Radiant™, to deliver best-in-class tools that enable predictable design convergence, and Lattice Propel™ for unparalleled ease in creating embedded processor-based designs. We have developed integrated system-level solution stacks, including Lattice Automate™ for industrial automation and robotics, Lattice mVision™ for low power embedded vision, Lattice ORAN™ for robust control data security, flexible fronthaul synchronization, and low power hardware acceleration for secure, adaptable, ORAN deployment, Lattice sensAI™ for Edge AI applications, Lattice Sentry™ for implementing hardware security, and Lattice Drive™ for advanced, flexible automotive system designs and applications. Further, we have edge AI application software such as Glance by Mirametrix™ that allows users to control the AI and computer vision experiences for a variety of edge applications, including client computing, industrial, and automotive applications.

We believe that Lattice has developed products and solutions with differentiated advantages. Depending on the application, we may compete with other FPGA vendors, as well as producers of ASICs, ASSPs, and microcontrollers, or may act as a companion chip to other chips.

Legacy Semiconductor Products

We also sell Video Connectivity ASSPs, although we are not developing new products in this area and their support requirements are minimal.

6

Table of Contents

IP Licensing and Services

Lattice has a broad set of technological capabilities and many U.S. and international patents. We generate revenue from our technology portfolio via upfront fees and on-going royalty payments through the following activities:

● | Standard IP Licensing - these activities include our participation in two consortia for the licensing of High-Definition Multimedia Interface™ ("HDMI") and Mobile High-Definition Link™ ("MHL") standard technologies to customers who adopt the technology into their products and voluntarily report their usage and royalties. The royalties are split among consortium members, including us.
● | IP Core Licensing - some customers need Lattice’s technology for specific functions or features, but for various reasons are not able to use our silicon solutions. In those cases, we may license our IP cores, which they can integrate into their own ASICs. In contrast to the use of consortia, these licensing activities are generally performed internally.
● | Patent Monetization - we consider sales of certain patents from our portfolio generally for technology that we are no longer actively developing. The revenue from these sales generally consists of upfront payments and potential future royalties.
● | IP Services - we undergo projects and design services for customers who wish to develop specific solutions that harness our proven technology and expertise.

Research and Development

We place a substantial emphasis on new product development, where return on investment is the key driver. We believe that continued investment in research and development is required to maintain and improve our competitive position. Our research and development activities are focused on new proprietary FPGA products, advanced packaging, existing product enhancements, software development tools, soft IP cores, and application focused hardware and software solutions. These research and development activities occur primarily at our sites in Hillsboro, Oregon; San Jose, California; Montreal, Canada; Shanghai, China; Metro Manila, Philippines; Pune, India; and Penang, Malaysia.

We believe that a continued commitment to research and development is essential to maintaining product leadership and providing a strong cadence of innovative new product offerings and, therefore, we expect to continue to make significant future investments in research and development.

Operations

We operate primarily as a fabless semiconductor provider and, therefore, we maintain strategic relationships with large, established semiconductor foundries to source our finished silicon wafers and manufacture our silicon products. This strategy allows us to focus our internal resources on product and market development and eliminate the fixed cost of owning and operating manufacturing facilities. We are able to take advantage of the ongoing advanced process technology development efforts of semiconductor foundries and apply those technologies when they become most economically beneficial to us and to our customers.

We rely on third party vendors to provide cost-effective and efficient supply chain services. Among other activities, these outsourced services relate to inventory management and warehousing, lead time management, order fulfillment, and the shipment of inventory to third party distributors.

Wafer Fabrication

Lattice partners with United Microelectronics Corporation ("UMC") and its subsidiary United Semiconductor Japan Corporation ("USJC") to manufacture our products on its 130nm, 90nm, 65nm, and 40nm CMOS process technologies, as well as embedded flash memory in these process nodes. We partner with Samsung Semiconductor ("Samsung") to develop and manufacture the first low-power FPGA on 28nm FD-SOI technology, which is used in our Nexus platform of FPGA products. We partner with Taiwan Semiconductor Manufacturing Company ("TSMC") to develop and manufacture on 16nm technology, which is used in our Avant and Nexus 2 platforms of FPGA products, and to manufacture our 350nm, 130nm, 55nm and 40nm products. We partner with Seiko Epson ("Epson") to manufacture our 500nm, 350nm, 250nm and 180nm products.

We source silicon wafers from our foundry partners, UMC, USJC, Samsung, TSMC, and Epson, pursuant to agreements with each company and their respective affiliates. We negotiate wafer volumes, prices, and other terms with our foundry partners and their respective affiliates on a periodic basis.

Assembly

All of our assembly and test operations are performed by industry-leading outsourced assembly and test suppliers ("OSATs") with our primary supplier being Advanced Semiconductor Engineering, Inc. ("ASE"). We perform certain test operations as well as reliability and quality assurance processes internally during the development process. We have achieved and maintained ISO9001:2015 Quality Management Systems Certification and released a line of products qualified to the AEC-Q100 Reliability Standard in support of Automotive product offerings in addition to ISO26262 certification on both Automotive products and software.

7

Table of Contents

After wafer fabrication and initial testing, we ship wafers to independent subcontractors for assembly. During assembly, wafers are separated into individual die and encapsulated in plastic packages. We have qualified two major assembly partners, ASE and Amkor Technology ("Amkor") and are second sourced where volume and customer requirements make it necessary. All ASE and Amkor manufacturing of our products is in Asia. We negotiate assembly prices, volumes, and other terms with our assembly partners and their respective affiliates on a periodic basis.

We currently offer an extensive list of standard products in lead (Pb) free packaging. Our lead-free products meet the European Parliament Directive entitled "Restrictions on the use of Hazardous Substances" ("RoHS"). A select and growing subset of our RoHS compliant products are also offered with a "Halogen Free" material set.

Testing (Sort and Final Test)

We electrically sort test the die on most wafers prior to shipment for assembly. Wafer sort testing is primarily performed by ASE in Taiwan and Malaysia, and by our second source King Yuan Electronics Company (“KYEC”) in Taiwan.

Following assembly, but prior to customer shipment, each product undergoes final testing and quality assurance procedures. Final testing is performed by ASE and Amkor.

Sales and Revenue

We generate revenue by monetizing our technology designs and patents through product and technology sales. This involves distribution channel and direct sales of silicon-based hardware and silicon-enabling products, as well as the licensing or sale of IP that we have developed or acquired, some of which we use in our products, and certain design services that we may provide.

Sales and Customers

We primarily sell our products to customers from Lattice Semiconductor Corporation or our wholly-owned subsidiary, Lattice SG Pte. Ltd. Independent distributors are significant customers, and a substantial portion of our sales are made into this channel. Additionally, we sell both directly and through a network of independent manufacturers' representatives. We also employ a direct sales management and field applications engineering organization to support our end customers and indirect sales resources. End customers for our products are primarily Original Equipment Manufacturers ("OEMs") in the Communications and Computing, Industrial and Automotive, and Consumer end markets. Our sales team attempts to drive multi-generational design wins within these OEMs and leverages our distribution partners to grow our broad customer base.

We provide global technical support to our end customers with engineering staff based at our headquarters, product development centers, and selected field sales offices. We maintain numerous domestic and international field sales offices in major metropolitan areas.

In fiscal years 2025, 2024, and 2023, sales to distributors accounted for approximately 84%, 89%, and 87%, respectively, of our net revenue. We depend on our distributors to sell our products to end customers, complete order fulfillment, and maintain sufficient inventory of our products. Our distributors also provide technical support and other value-added services to our end customers. We have one global distributor, and we also have regional distributors in Asia, Japan, Europe, and Israel. Additionally, we sell through four major e-commerce distributors. Revenue from foreign sales as a percentage of total revenue was 83% for fiscal 2025, and 82% for both fiscal 2024 and 2023. We assign revenue to geographies based on ship-to location of our customers. Both foreign and domestic sales are denominated in U.S. dollars.

Backlog

Our backlog consists of orders from distributors and certain OEMs that generally require delivery within the next year. Historically, our backlog has not been a predictor of future sales or customer demand for the following reasons:

● | Purchase orders, consistent with common industry practices, generally can be revised or canceled up to 60 days before the scheduled delivery date without significant penalty.
● | A portion of our revenue comes from our "turns business," where the product is ordered and delivered within the same quarter.

Seasonality

We periodically experience variability in our sales volumes and financial results due to seasonal trends in the end markets we serve, the cyclical nature of the semiconductor industry, and general economic conditions.

8

Table of Contents

IP, Patents, and Licensing

We seek to protect our products, technologies, and IP primarily through patents, trade secrets, copyrights, trademark registrations, licensing restrictions, confidentiality agreements, and other approaches designed to protect proprietary information. We hold numerous United States and international patents and have patent applications pending in the United States and internationally. In addition to protecting innovations designed into our products, our ownership and maintenance of patents is an important factor in the determination of our share of the royalties from the implementation of the HDMI standard. Our current patents will expire at various times over the next 20 years, subject to our payment of periodic maintenance fees. We believe that our patents have value, and we expect to file future patent applications in both the United States and abroad on significant inventions, as we deem appropriate. We have acquired various licenses from third parties to certain technologies that are implemented in IP cores or embedded in our products. These licenses support our continuing ability to make and sell these products to our customers. While our various IP rights are important to our success, we believe our business as a whole is not materially dependent on any particular patent or license, or any particular group of patents or licenses.

Human Capital Management

We provide a safe and positive work environment that emphasizes respect for individuals, ethical conduct, and learning and development that is facilitated by a direct employee engagement model. The health and safety of our employees is of utmost importance to us. We undertake appropriate actions to safeguard the health and well-being of our employees and our business. As of January 3, 2026, we had 1,174 employees worldwide.

We believe our employees are the foundation of our success and that our future growth depends, in part, on our ability to continue to attract and retain key executive, technical, sales, and management personnel. Due to our growth and cadence of new product introductions we are particularly focused on highly skilled engineers involved in the design, development, and support of new and existing products and processes. In order for us to attract the best talent, we provide a collaborative and innovative work environment, competitive compensation, and recognition to give our employees the opportunity to grow. We are focused on developing teams and continuing to build a culture that inspires leadership, encourages innovative thinking, and supports the development and advancement of all.

Our human capital management objectives include identifying, recruiting, incentivizing, and integrating our existing and future employees. We strive to attract and retain talented employees by offering competitive compensation and benefits that support their health, financial, and emotional well-being. Our compensation philosophy is based on rewarding each employee’s individual and team contributions and striving to achieve equal pay for equal work. We use a combination of fixed and variable pay including base salary, bonuses, performance awards, and stock-based compensation. The principal purposes of our equity incentive plans are to attract, retain, and motivate employees through the granting of stock-based compensation awards. We offer employees benefits that vary by country and are designed to address local laws and cultures and to be competitive in the marketplace.

Corporate Information and Public Information Availability

Our corporate headquarters are located at 5555 NE Moore Court, Hillsboro, Oregon 97124, and our website is www.latticesemi.com. Information contained or referenced on our website is not incorporated by reference into, and does not form a part of, this Annual Report on Form 10-K. Our common stock trades on the NASDAQ Global Select Market under the symbol LSCC.

We make available, free of charge through the Investor Relations section of our website at ir.latticesemi.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports and statements as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. You may also obtain free copies of these materials by contacting our Investor Relations Department at 5555 NE Moore Court, Hillsboro, Oregon 97124, telephone (503) 268-8000. Our SEC filings are also available at the SEC's website at www.sec.gov.

Our Investor Relations website also provides notifications of news or announcements regarding our financial performance and other items that may be material or of interest to our investors and for complying with our disclosure obligations under Regulation FD, including SEC filings, press releases, earnings releases, and webcasts of our earnings calls. Further, corporate governance information, including our corporate governance policies, director code of ethics, code of conduct, board committee charters, conflict minerals report and conflict minerals policy, is also available on the investor relations section of our website.

The content on any website referred to in this filing is not incorporated by reference into this filing unless expressly noted otherwise.

9

Table of Contents

ITEM 1A. Risk Factors

The following risk factors and all of the other information included in this Annual Report on Form 10-K should be carefully considered in their entirety before making an investment decision relating to our common stock. If any of the risks described below occur, our business, financial condition, operating results, and cash flows could be materially adversely affected, and the trading price of our common stock could decline. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and operating results. Effects from global business or political events, and the related impacts to economic and operating conditions, may further affect the volatility or degree of known and unknown risks.

Risk Factor Summary

Factors Related to Economic, Political, Legal & Regulatory Business Conditions

● | Economic, political, and business conditions related to our global business.
● | The impact of tariffs, trade restrictions, export controls, sanctions or similar actions on our global business.
● | Legal and regulatory conditions related to our global business.

Factors Related to Manufacturing our Products

● | Geopolitical exposure of our subcontractors that we rely on to supply silicon wafers, packaging, and testing to manufacture our semiconductor products.
● | Our achievement of continued yield and quality improvements to meet our internal cost and customer quality goals, and the potential impact of shortages in, or increased costs of, wafers and other materials.
● | Potential warranty claims and other costs related to our products.

Factors Related to Intellectual Property

● | Fluctuations in our revenue and margins caused by the intellectual property licensing component of our business strategy.
● | Material fluctuations in our revenue and gross margins caused by intermittent sales of patents and significant licensing transactions.
● | Our ability to protect our new and existing intellectual property rights.

Factors Related to Overall Business & Operations

● | Proper functioning of our information technology systems, including in response to data breaches, cyberattacks, or cyber-fraud.
● | Goodwill impairments and other impairments under U.S. GAAP that may impact our business.
● | Changes to financial accounting standards applicable to us and any related changes to our business practices.
● | Exposure to unanticipated tax consequences as a result of changes in effective tax rates, tax laws and our global organizational structure and operations.
● | Fluctuations in foreign currency exchange rates, and our foreign currency risk management and hedging activities.
● | Weakness in our internal control over financial reporting and business processes.
● | Our ability to compete with others to attract and retain key personnel, and any loss of, or inability to attract, such personnel.
● | Our failure to adequately foresee and insure against risks related to our business.
● | Limitations to our flexibility caused by incurring indebtedness.
● | Risks relating to the use or application of emerging technologies, including AI
● | The impact of climate and climate-related policies & regulations on our business.

Factors Related to Our Markets and Product Development

● | Cyclical market patterns and potential downturns in our industry or our end markets.
● | Our ability to develop and introduce new products that achieve customer and market acceptance.
● | Competition with companies that have significantly greater resources than us and numerous other product solutions.
● | Our reliance on independent contractors and third parties to provide key services in our product development and operations.

Factors Related to Our Sales and Revenue

● | Our dependence on our highly concentrated distributor model and our end customers.
● | Fluctuations in and the unpredictability of our business and our sales cycles.
● | Accounting requirements related to sales through our distribution channel.

General Risk Factors

● | The effects of inflationary pressures, interest rate fluctuations, and recessionary or economic slowdown risks.
● | Disruptions to our worldwide operations and supply chain due to natural or human-induced disasters.
● | The trading price of our common stock has been and may continue to be subject to volatility.
● | Disruption in and impacts of acquisitions, divestitures, strategic investments and strategic partnerships on our business.
● | The impact of actual and potential litigation and unfavorable results of legal proceedings on our business.
● | The impact of pandemics or widespread global health problems on our business.

10

Table of Contents

Factors Related to Economic, Political, Legal & Regulatory Business Conditions

Our global business operations expose us to various economic, political, and business risks, which could impact our business, operating results and financial condition.

We have significant domestic and international operations. Our international operations include foreign sales offices to support our international customers and distributors, which account for the majority of our revenue, and operational and research and development sites in China, the Philippines, Malaysia, India, and other Asian locations. In addition, we purchase our wafers from foreign foundries; have our commercial products assembled, packaged, and tested by subcontractors located outside of the United States; and rely on international service providers for a variety of services, including inventory management, lead time management, technical support, factory engagement meetings, and order fulfillment.

Worldwide political and economic conditions and events can have indirect and unpredictable effects on global economic conditions, customer demand, currency exchange rates, capital markets, and the operations of our customers, suppliers, and logistics partners. Any escalation of political unrest, deterioration in diplomatic relations, or expansion of regional or global sanctions could adversely affect global trade flows and supply chains and, in turn, negatively impact our business, operating results, and financial condition. For example, conflict in the Middle East, the continuing military conflict between Ukraine and Russia, as well as the financial and trade-related restrictions associated with Russia and Belarus and economic sanctions on certain individuals and entities in Russia and Belarus, and recent political developments and heightened uncertainty in Latin America, have increased geopolitical and economic volatility globally. These developments may result in new or expanded sanctions, trade restrictions, financial market disruptions, volatility in energy and commodity prices, and broader macroeconomic instability, and may further disrupt global supply chains and could result in shortages of key materials that our suppliers and foundry partners require to satisfy our needs. Additionally, the U.S. government has continued, and may increase, restrictions on the export of semiconductor- and supercomputer-related products, including semiconductor manufacturing equipment, which may restrict the ability to export, reexport, or otherwise transfer U.S.-controlled certain chips, products containing those chips, chip-related technology and software, and items related to semiconductor manufacturing worldwide without export authorization. In many cases, specific export licensing will be required and these licenses are subject to a policy of denial. China has responded by implementing additional export controls on products exported from China. These increasing restrictions, as well as additional future controls impacting the semiconductor ecosystem, may impact the global supply chain and could result in shortages of key materials that our suppliers and foundry partners require to satisfy our needs. Any deterioration in the relations between Taiwan and China, and other factors affecting military, political or economic conditions in Taiwan or elsewhere in Asia, could adversely impact our third-party manufacturing partners and suppliers located in the region, which could disrupt our business operations. Countries in Europe and Asia have proposed, or recently adopted, significant increases in their military budgets, reflecting heightened geopolitical tensions and security concerns. The outbreak of new, or expansion or prolongation of current, military conflicts could disrupt global trade, transportation routes, energy and commodity markets, and supply chains, increase macroeconomic volatility, and adversely affect demand for our products, the operations of our customers and suppliers, and our business and financial results. Furthermore, adverse macroeconomic conditions, such as inflation and labor shortages, may affect demand for our products or increase our product or labor costs, negatively impacting our revenues, gross margins, and overall financial results.

Our domestic and international business activities are subject to economic, political and regulatory risks, including: increased inflation; volatility in financial markets; fluctuations in consumer liquidity; changes in interest rates; price increases for materials and components; trade barriers or changes in trade policies; political instability; acts of war or terrorism; natural disasters; economic sanctions; weak economic conditions; environmental regulations; labor regulations; disruptions to labor markets; import and export regulations; tax or freight rates; duties; trade restrictions; interruptions in transportation or infrastructure; anti-corruption laws; domestic and foreign governmental regulations; potential vulnerability of and reduced protection for intellectual property; disruptions or delays in production or shipments; and instability or fluctuations in currency exchange rates, any of which could lead to decreased demand for our products or a change in our results of operation. Although our business has not been materially impacted by supply chain constraints, inflation, or labor market disruptions, events outside of our control could have a material adverse impact on our business, operating results, and financial condition in the future. Uncertainty about future political and economic conditions makes forecasting demand and providing guidance difficult. Accordingly, our expectations are subject to change without warning and investors are cautioned not to place undue reliance on them.

Our business could suffer as a result of tariffs, trade restrictions, export controls, sanctions or similar actions.

The imposition by the United States of tariffs, sanctions or other restrictions on goods exported from the United States or imported into the United States or countermeasures imposed in response to such government actions could adversely affect our operations or our ability to sell our products globally, which could adversely affect our operating results and financial condition.

11

Table of Contents

These restrictions include measures under United States’ authority under Section 232 of the Trade Expansion Act of 1962 to impose tariffs or other restrictions on imports deemed to threaten national security, including potentially with respect to semiconductors and products incorporating semiconductors. As a fabless semiconductor company that relies on a predominantly non-U.S. manufacturing and supply chain, the imposition of Section 232 measures could increase costs, disrupt supply chains, reduce customer demand, or place us at a competitive disadvantage relative to companies with different manufacturing footprints. Section 232 actions may be imposed with limited notice and could prompt retaliatory measures by other countries, further increasing global trade uncertainty and adversely affecting our business and financial results. In 2025, the U.S. Department of Commerce initiated a Section 232 national security investigation relating to semiconductors and semiconductor manufacturing equipment, and the outcome of that investigation, including any resulting tariffs, quotas, or other restrictions, is uncertain and could be implemented with limited notice. In January 2026, the President issued a proclamation under Section 232 imposing an immediate 25% tariff on certain advanced semiconductor articles and announcing that broader tariffs on semiconductors, semiconductor manufacturing equipment, and derivative products may follow. The United States has also implemented additional Section 232 tariffs on imports of various commodities, including articles of steel, aluminum, copper, and timber, as well as passenger vehicles, trucks, and automotive parts.

Beginning in 2018, the U.S. government imposed significant additional tariffs on many items imported from China, including under Section 301 of the Trade Act of 1974, and the scope and rates of these tariffs have fluctuated significantly, up to 100% on certain products (including a 50% tariff on certain Chinese semiconductor items beginning in early 2025). In late 2025, the U.S. Trade Representative concluded following an additional Section 301 trade investigation that China engaged in unfair trade acts, policies, and practices with respect to the semiconductor industry, and therefore will implement an additional Section 301 tariff on Chinese semiconductors, in addition to the existing 50% Section 301 tariff, beginning on June 23, 2027.

In addition, the U.S. government has imposed additional duties under other legal authorities, and applicable duties may be increased, reduced, suspended, reinstated, or otherwise changed, and in some cases may be cumulative with other applicable duties or trade remedies. These measures include a “fentanyl-related” tariff of 10-20% imposed on most Chinese origin goods since February 2025, as well as a 10%-125% “reciprocal” tariff imposed on many Chinese origin goods since April 2025, both issued pursuant to authorities asserted under the International Emergency Economic Powers Act (“IEEPA”). China responded by imposing or threatening to impose significant trade measures, including tariffs on many items imported from the United States and export controls restricting the export of gallium, germanium, and other rare earth materials to the United States. While these risks have been partially mitigated based on bilateral trade deals reached between the U.S. and China, which are currently in effect, these agreements are temporary and may be unstable. The February 2025 U.S. executive order contains provisions allowing for further increases in the scope and amount of tariffs in the event of retaliatory countermeasures, and the future of existing tariffs, and the possibility for new tariffs, remains very uncertain. Such escalations in these trade measures may directly impair our business by increasing trade-related costs or disrupting established supply chains and may indirectly impair our business by causing a negative effect on global economic conditions and financial markets. The ultimate impact of these trade measures is uncertain and may be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become effective, and the amount, scope, or nature of such trade measures.

Additional changes or threatened changes in U.S. trade measures have affected and may continue to affect trade involving additional countries, including countries in Europe. Each of these measures or threatened measures may instigate reciprocal countermeasures by affected countries, potentially accelerating further increases in trade measures. Certain announced or proposed tariffs have been delayed, modified, or made subject to negotiations, and there can be no assurance that such measures will not be implemented, expanded, reinstated, or increased. If the affected countries are unable to reach long-term agreements, or if the President were to impose significant new tariffs, the macroeconomic effect of any such tariffs could be significant. Tariffs or restrictions that specifically target imports of semiconductors or products incorporating semiconductors, including measures that could affect key manufacturing regions or supply chain routes (including under Section 232), could seriously and negatively affect our business and the U.S. economy overall. Certain tariffs have been imposed under emergency authorities, including IEEPA, and the legal authority for IEEPA-based tariffs has been the subject of significant litigation. In 2025, the Court of International Trade and the Federal Circuit held that IEEPA did not authorize certain tariffs, and the Supreme Court heard oral argument in November 2025 in consolidated cases addressing IEEPA tariff authority. Depending on the ultimate outcomes and any governmental responses, tariff regimes could change rapidly, including through replacement measures under other legal authorities and potential uncertainty regarding refunds or retroactive treatment.

The materials subject to these tariffs may impact the cost or availability of raw materials used by our suppliers or in our customers’ products. The imposition of further tariffs by the United States on a broader range of imports, or further retaliatory trade measures taken in response to additional tariffs, could increase costs in our supply chain or reduce demand of our customers’ products, either of which could adversely affect our results of operations. Any increase in trade-related costs associated with such measures may impair the profitability of such international production, may strain our suppliers’ ability to reliably provide inputs necessary to produce these items, may otherwise affect our partners’ abilities to provide our products at previously contracted prices, and may limit our ability to absorb increased costs without raising prices to our customers. Any such price increases could reduce customer demand, delay or cancel customer orders, or cause customers to seek alternative solutions, which could adversely affect our revenue, market share, and operating results. Our business and financial results could be negatively affected as a result.

12

Table of Contents

Our customers or suppliers could also become subject to U.S. regulatory scrutiny or export restrictions. For example, the U.S. Justice Department has in the past filed criminal charges against one of our customers in China and imposed a licensing requirement on this customer with a policy of denial for some items, which has limited our ability to do business with this customer. If any of our current or future customers or suppliers become subject to similar actions, whether through criminal enforcement, inclusion on restricted-party lists, or expanded licensing requirements, our ability to conduct business with them could be limited or eliminated. In 2020, the U.S. imposed additional regulatory restrictions on the sale of U.S. controlled technology to customers in China. These restrictions include establishing additional licensing requirements in order to sell U.S.-originated technology for certain applications or to companies that participate in the Chinese national security supply chain. These restrictions also limit the fabrication of devices for certain Chinese companies where U.S. technology is involved in the fabrication process. Furthermore, in August 2020 the U.S. established additional licensing requirements for one of our China customers and its affiliates that limit any sales of products to that customer or for that customer’s products absent a license. The U.S. government has continued to and is likely to continue to add additional Chinese companies to restricted or prohibited party lists or impose additional licensing requirements that we may be unable to meet in a timely manner or at all. Additionally, the U.S. government continued, and may expand, controls enacted in October 2022 restricting the ability to send certain products and technology related to semiconductors, semiconductor manufacturing, and supercomputing to China without an export license. In 2023 and 2024, the U.S. government expanded the list of advanced integrated circuits subject to heightened export controls, including certain hardware containing these specified integrated circuits, expanded the list of destinations requiring export authorization for such items, and added new restrictions based on the headquarters location of the parties involved. The U.S. government also continued, and may expand, the scope of restrictions on the development or production of advanced integrated circuits and certain semiconductor manufacturing equipment, certain AI-related computing technologies, and supercomputing in China and other countries, and may continue to expand or revise these controls, including through worldwide licensing requirements, end-use or end-user restrictions, reporting requirements, or enhanced due diligence expectations. The scope, implementation timing, and enforcement posture of such controls may change rapidly and with limited notice. Proposed regulations would expand these controls further and impose additional reporting requirements. Other foreign governments may in turn impose similar or more restrictive controls. These controls or any additional restrictions may impact our ability to export certain products to China or other countries, prohibit us from selling our products to certain of our customers, or impact our suppliers who may utilize facilities or equipment described in these controls. It also is possible that the Chinese government or other governments will retaliate in ways that could impact our business.

In addition to restrictions on the sale or shipment of products, U.S. export control laws and regulations may apply to the transfer, sharing, or access of certain technology, software, source code, technical data, or know-how for research, development, engineering, testing, or support purposes, including through electronic access, remote collaboration, or internal development activities outside of the United States. Such transfers or access may be deemed “exports” under applicable regulations, even when no product is sold and the activity is undertaken solely for internal development or cost-reduction purposes. As a result, our ability to expand, relocate, or optimize product development, engineering, or technical support activities in lower-cost or non-U.S. jurisdictions may be constrained by export licensing requirements, including requirements that are time-consuming, uncertain, subject to conditions, or subject to a policy of denial. If required licenses are delayed, denied, or granted only with restrictive conditions, we may be required to limit the scope of, delay, restructure, or forego certain development initiatives, incur additional compliance and administrative costs, or reallocate engineering resources to higher-cost locations. Any such limitations could reduce the expected benefits of our global development strategy, slow innovation, delay product development timelines, or adversely affect our operating efficiency and results of operations.

Where license requirements are imposed, there can be no assurance that the U.S. government will grant licenses to permit the continuation of business with these customers and our other operations. Future sanctions similar to those imposed in the past and to those recently imposed could adversely affect our ability to earn revenue from these and similar customers. In addition, the imposition of sanctions or other restrictions on customers in China may cause those customers to seek domestic alternatives to our products and those of other United States semiconductor companies. Further, the Chinese government has developed an unreliable entity list, which limits the ability of companies on the list to engage in business with Chinese customers. We cannot predict what impact these and future actions, sanctions or criminal charges could have on our customers or suppliers, and therefore our business. If any of our other customers or suppliers become subject to sanctions or other regulatory scrutiny, if our customers are affected by tariffs or other government trade restrictions, or if we become subject to retaliatory regulatory measures, our business and financial condition could be adversely affected.

13

Table of Contents

Our global business operations expose us to various legal and regulatory risks, which could impact our business, operating results and financial condition.

If we fail to comply with the many laws and regulations to which we are subject, both within the United States and internationally, we may be subject to significant fines, penalties or liabilities for noncompliance, which could harm our business and financial results. For example, we are subject to federal, state and foreign laws and regulations concerning data privacy and security, including the EU General Data Protection Regulation (“GDPR"), and U.S. state and local laws that govern the privacy and security of information, such as the California Consumer Privacy Act (“CCPA”). Other countries outside of the European Union, including the United Kingdom and China, also have enacted robust legislation addressing privacy, data protection, and cybersecurity and providing for substantial penalties for noncompliance. We are also subject to a wide range of other U.S. and international laws and regulations applicable to us, including anti-corruption and anti-bribery laws (such as the U.S. Foreign Corrupt Practices Act (“FCPA”)), export controls and economic sanctions, customs and trade compliance requirements, environmental, health and safety laws, product compliance and environmental regulations (such as restrictions on hazardous substances and electronic waste), conflict minerals and responsible sourcing requirements, competition and antitrust laws, employment and labor regulations, and tax laws and regulations. These and other regulatory frameworks are evolving rapidly, and we anticipate that our efforts to comply with evolving laws and regulations addressing privacy, data protection, and cybersecurity will be a rigorous and time-intensive process that may increase our cost of doing business and may require us to change our policies and practices. Additionally, as a public company, we are subject to the requirements of federal securities laws, requirements of the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules and regulations of the SEC, and the listing standards of the Nasdaq Stock Market. Noncompliance with these requirements could result in penalties, fines, liabilities, or reputational harm, which could harm our business or financial results. We are also subject to import/export regulations, rules regarding bulk data transfers, and applicable executive orders. These laws, regulations, and orders are complex, may change frequently and with limited notice, and have generally and may continue to become more stringent over time. Additionally, these local, national, and international regulatory frameworks and underlying rules and regulations may conflict with each other, resulting in uncertainty in their application or interpretation.

Any inability or perceived inability to adequately comply with applicable laws or regulations could result in claims, demands, and litigation by private actors or governmental authorities, investigations and other proceedings by governmental authorities, injunctive relief, fines, penalties, and other liabilities, any of which may harm our reputation and market position and could adversely affect our business, financial condition, and results of operations.

Factors Related to Manufacturing our Products

We rely on subcontractors to supply and fabricate silicon wafers and to perform assembly and test operations for our semiconductor products. If they are unable to do so on a timely and cost-effective basis in sufficient quantities and using competitive technologies, we may incur significant costs or delays.

We operate a primarily outsourced manufacturing business model that principally utilizes contract manufacturers, such as third-party wafer foundries. We rely on foundries in Japan, Korea and Taiwan to supply and fabricate silicon wafers for our semiconductor products, including Taiwan Semiconductor Manufacturing, Samsung Semiconductor, United Microelectronics Corporation, and Seiko Epson. We rely on our OSATs in Malaysia, Taiwan and Japan to support the packaging and test of our products, including Advanced Semiconductor Engineering and Amkor Technology. Our success is dependent upon our ability to successfully partner with our foundry and OSAT suppliers and their ability to produce wafers and finished semiconductor products with competitive prices and performance attributes, including smaller process geometries, which ability may be impacted by labor market disruptions and rising inflation. Further, geopolitical tensions in East Asia, including heightened tensions between China and Taiwan, present additional and significant risks to our outsourced manufacturing model, and any escalation of military conflict, trade restrictions, sanctions, blockades, or other disruptions in the region could adversely affect our foundry and OSAT partners, regional logistics and transportation networks, or the availability of materials, equipment, and labor necessary to support semiconductor manufacturing and testing.

Establishing, maintaining and managing multiple foundry and OSAT relationships requires the investment of management resources and costs, and we have limited ability to mitigate disruptions in the near term through alternative sourcing or internal production. Qualifying and establishing reliable production at acceptable yields with a new contract manufacturer is a lengthy and often expensive process, and there is no guarantee we could timely find alternative contract manufacturers or at all. If we fail to maintain our foundry and OSAT relationships, if these partners do not provide facilities and support for our development efforts, if they are insolvent or experience financial difficulty, if their operations are interrupted by a widespread public health hazard, or if we elect or are required to change foundries or OSATs, we may incur significant costs and delays. If our foundry or OSAT partners are unable to, or do not, manufacture sufficient quantities of our products at acceptable yields, we may be required to allocate the affected products among our customers, prematurely limit or discontinue the sales of certain products, or incur significant costs to transfer products to other foundries or OSATs, which could adversely affect our customer relationships and operating results. Further, our subcontractors are themselves subject to many of the same operational and business risks that we face and describe herein, including many operating in regions with significant geopolitical risk, that, if they occur and are disruptive to their operations, could adversely affect us.

14

Table of Contents

Our margins are dependent on our achieving continued yield and quality improvements, cost reductions, and the supply and cost of wafers and materials.

We rely on obtaining yield, quality, productivity, and logistic improvements and corresponding cost reductions in the manufacture of existing products and on introducing new products that incorporate advanced features and other price/performance factors that enable us to increase revenues while maintaining acceptable margins. To the extent that such cost reductions and new product introductions do not occur in a timely manner, because of inflation, increases in personnel costs, employee turnover, or other factors, or that our products experience significant quality or reliability issues, or do not achieve market acceptance or market acceptance at acceptable pricing, our margins, operating results, and financial condition could be materially adversely affected.

Furthermore, worldwide manufacturing capacity for our products may be impacted by many factors which may impact availability and cost. If the demand for silicon wafers or assembly material exceeds market supply, or if suppliers increase prices to cover the cost of rising inflation, our supply of silicon wafers or assembly material could quickly become limited or prohibitively expensive. A shortage in manufacturing capacity could hinder our ability to meet product demand and therefore reduce our revenue. Silicon wafers constitute a material portion of our product cost, and if we are unable to purchase wafers at favorable prices, due to supply constraints, inflation, or other factors, our margins, results of operations, and financial condition may be adversely affected.

We may be subject to warranty claims and other costs related to our products.

In general, we warrant our products for varying lengths of time against non-conformance to our specifications and certain other defects. From time to time, we may be subject to warranty and/or epidemic failure claims, disputes, or other assertions of product non-conformance by customers. Because our products, including hardware, software, and intellectual property cores, are highly complex and increasingly incorporate advanced technology, our quality assurance programs may not detect all defects, whether these are specific manufacturing defects affecting individual products or these are systemic defects that could affect numerous shipments. Our inability to detect a defect could result in a diversion of our engineering resources from product development efforts, increased engineering expenses to remediate the defect, and increased costs due to customer accommodation or inventory impairment charges. On occasion, we have also repaired or replaced certain components, made software fixes, or refunded the purchase price or license fee paid by our customers due to product or software defects. Our insurance may be inadequate to protect against these issues. If there are significant product defects, the costs to remediate such defects, net of reimbursed amounts from our vendors, if any, or to resolve warranty claims may adversely affect our financial condition and results of operations and may harm our reputation.

Factors Related to Intellectual Property

The intellectual property licensing component of our business strategy increases our business risk and fluctuation of our revenue and margins.

Our business strategy includes licensing our intellectual property to companies that incorporate it into their technologies that address multiple markets, including markets where we participate and compete. Our Licensing and services revenue may be impacted by the introduction of new technologies by customers in place of the technologies we license, changes in the law that may weaken our ability to prevent the use of our patented technology by others, the expiration of our patents, and changes of demand or selling prices for products using licensed patents. We cannot assure that our licensing customers will continue to license our technology on commercially favorable terms or at all, or that these customers will introduce and sell products incorporating our technology, accurately or timely report royalties owed to us, pay agreed upon royalties, honor agreed upon market restrictions, or maintain the confidentiality of our proprietary information, or will not infringe upon or misappropriate our intellectual property. Our intellectual property licensing agreements are complex and may depend upon many factors that require significant judgments, including completion of milestones, allocation of values to delivered items and customer acceptance.

Our sale of patents and intermittent significant licensing transactions can cause material fluctuations in our revenue and gross margins.

We have generated revenue from the sale of certain patents from our portfolio in the past, generally for non-core technology that we are no longer actively developing. Any future efforts to monetize our patent portfolio through sales of non-core patents may not realize adequate interest or prices for those patents. Accordingly, we cannot provide assurance that we will continue to generate revenue from these sales. In addition, although we seek to be strategic in our decisions to sell patents, we might incur reputational harm if a purchaser of our patents sues one of our customers for infringement of the purchased patent, and we might later decide to enter a space that requires the use of one or more of the patents we sold. In addition, as we sell groups of patents, we no longer have the opportunity to further sell or to license those patents and receive a continuing royalty stream.

15

Table of Contents

Our Licensing and services revenue fluctuates, sometimes significantly, from period to period because it is heavily dependent on a few key transactions being completed in a given period, the timing of which is difficult to predict and may not match our expectations. Licensing and services revenue may include revenue from the sales of patents, which may be difficult to complete and which may have complex terms for the payment which affects revenue recognition. Because of its high margin, the Licensing and services revenue portion of our overall revenue can have a disproportionate impact on gross profit and profitability. In addition, generating revenue from patent sales and intellectual property licenses is a lengthy and complex process that may last beyond the period in which our efforts begin, and the accounting rules governing the recognition of revenue from patent sales and intellectual property licensing transactions are increasingly complex and require significant judgment. As a result, the amount of license revenue recognized in any period may differ significantly from our expectations.

If we are unable to adequately protect our new and existing intellectual property rights globally, our financial results and our ability to compete effectively may suffer.

Our success depends in part on our proprietary technology, and we rely upon patent, copyright, trade secret, mask work, and trademark laws to protect our intellectual property globally. We intend to continue to protect our proprietary technology, however, we may be unsuccessful in asserting our intellectual property rights or such rights may be invalidated, violated, circumvented, or challenged. From time to time, third parties, including our competitors, have asserted against us patent, copyright, and other intellectual property rights to technologies that are important to us. Third parties may attempt to misappropriate our intellectual property through electronic or other means or assert infringement claims against us in the future. Such assertions by third parties may result in costly litigation, indemnity claims, or other legal actions, and we may not prevail in such matters or be able to license any valid and infringed patents from third parties on commercially reasonable terms. This could result in the loss of our ability to import and sell our products or require us to pay costly royalties to third parties in connection with sales of our products. Any infringement claim, indemnification claim, or impairment or loss of use of our intellectual property could materially adversely affect our financial condition and results of operations.

Factors Related to Overall Business & Operations

Our business depends on the use of information technology systems. A failure of these systems, cybersecurity incidents, or cyber-fraud may cause business disruptions, compromise our intellectual property or other sensitive information, or result in losses.

We rely on information technology ("IT") networks and systems to collect, process, maintain, use, share, disseminate, and dispose of our information and manage our operations, including financial reporting. Our IT systems are subject to power and telecommunication outages and other system failures and disruptions. Further, despite our security measures, our IT systems may be vulnerable to cybersecurity threats and suffer cybersecurity incidents. The frequency, sophistication and impact of cybersecurity threats continue to evolve, including through the use of AI-enabled tools by threat actors, which may increase the effectiveness of phishing, social engineering, fraud and other attacks. These systems are also supported by subcontractors and third-party providers who may also be subject to power and telecommunication outages or other general system failures and disruptions and cybersecurity threats and cybersecurity incidents. The legal, regulatory and contractual environments surrounding information security, data privacy, and data protection are complex and evolving. We continue to commit significant resources to implementing new systems to standardize our processes worldwide and to develop our capabilities in these areas. We are focused on realizing the full analytical functionality of these conversions, which can be extremely complex, in part, because of the wide range of legacy systems and processes that must be integrated.

In the normal course of business, we may implement new or updated IT systems and, as a result, we may experience delays or disruptions in the integration of these systems, or the related procedures or controls. The policies and security measures established with our IT systems may be vulnerable to cybersecurity incidents such as security breaches and cyberattacks, or cyber-fraud. We may also encounter corruption or loss of data, an inability to accurately process or record transactions, and security or technical reliability issues. All of these could harm our ability to conduct core operating functions such as processing invoices, shipping and receiving, recording and reporting financial and management information on a timely and accurate basis, and could impact our internal control compliance efforts. If the technical solution or end user training are inadequate, it could limit our ability to manufacture and ship products as planned. Moreover, the proper functioning of the internal processes that the IT systems and networks support relies on qualified employees. Competition for qualified employees is intense, global, and has increased across the global economy, and in particular in the United States. If we experience employee turnover, could lead to disruptions in our processes, inadequate end user training or difficulty updating our IT systems and networks.

16

Table of Contents

We maintain sensitive data on our networks and on the networks of our business partners and third-party providers, including proprietary and confidential information relating to our intellectual property, personnel, and business, and that of our customers and third-party providers. Companies have been increasingly subject to a wide variety of cybersecurity incidents such as cyberattacks, hacking, phishing, malware, ransomware, and other attempts to gain unauthorized access to systems or data, or to engage in fraudulent behavior. Cyberattacks have become more prevalent, sophisticated and much harder to detect and defend against and it is often difficult to anticipate or detect such incidents on a timely basis and to assess the damage caused by them. In addition, our agreements with third-party providers, including but not limited to the liability limitations and insurance provisions contained in such agreements, may be inadequate to cover the liability, if any, associated with any security breaches. Increasing geopolitical tensions or conflicts have also created, and may continue to create, a heightened risk of cyberattacks, and AI and other evolving technologies may also increase the prevalence and impact of cyberattacks. Our policies and security measures cannot guarantee security, and our IT infrastructure, including our networks and systems, may be vulnerable to security breaches and cybersecurity incidents, cyberattacks, or cyber-fraud. In the past, third parties have attempted to penetrate and/or infect our network and systems with malicious software and phishing attacks in an effort to gain access to our network and systems. In addition, we are subject to the risk of third parties falsifying invoices and similar fraud, including by obtaining unauthorized access to our vendors’ and business partners’ networks. Although past threats and incidents have not resulted in a material adverse effect, we may incur material losses related to cybersecurity and other threats or incidents in the future.

In some circumstances, we may partner with third-party providers and provide them with certain data, including sensitive data, or the ability to access or otherwise process such data. These third parties also face substantial security risks from a variety of sources. There can be no assurance that any security measures that we or our third-party service providers have implemented will be effective against current or future security threats, and we cannot guarantee that our systems and networks or those of our third-party service providers have not been breached or otherwise compromised, or that they and any software in our or their supply chains do not contain bugs, vulnerabilities, or compromised code that could result in a breach of or disruption to our systems and networks or the systems and networks of third parties that support us and our services. If any of our third-party providers fails to adopt or adhere to adequate data security practices, or suffers a security breach or incident, any data, including sensitive data, that we provide them or that they otherwise may access or process for us may be improperly accessed, used, disclosed, modified, lost, destroyed, or rendered unavailable. Any security breaches or incidents that we or our third-party providers may suffer could compromise our intellectual property, expose sensitive business information and otherwise result in unauthorized access to or disclosure, modification, misuse, loss, destruction, or other processing of sensitive information. We may need to expend significant financial and development resources to analyze, correct, eliminate, or work around errors or defects or to eliminate or otherwise address security vulnerabilities, and we and our third-party service providers may face difficulties or delays in identifying or otherwise responding to any potential security breach or incident. Third parties and supply chain participants also may be targeted with AI-enhanced attacks, and vulnerabilities in third-party software, services, or technology supply chains could provide additional avenues for compromise.

Further, the increase in cyberattacks has resulted in an increased focus on cybersecurity by certain government agencies. Any cyberattack or other security breach or cybersecurity incident that we or our third-party providers may suffer, or the perception that any such attack, breach, or incident has occurred, could result in a loss of customer confidence in our security measures, damage to our brand, reputation, and market position, result in unauthorized access to or disclosure, modification, misuse, loss, corruption, unavailability, or destruction of our data or other sensitive data that we or our third-party providers process or maintain, disrupt normal business operations, require us to spend material resources to investigate or correct any breach or incident and to prevent future security breaches and incidents, expose us to legal claims and liabilities, including litigation, regulatory investigations and enforcement actions, and indemnity obligations, and adversely affect our revenues and operating results. Further, any such actual or perceived breach or incident, and any claims, demands, litigation, or investigations or enforcement actions related to cybersecurity could cause us to incur significant remediation costs, result in product development delays, disrupt key business operations, and divert attention of management and key IT resources. In addition, we may incur loss as a result of cyber-fraud, such as those experienced by other companies by making unauthorized payments irrespective of robust internal controls.

Failure or disruptions of our IT systems or difficulties or delays in maintaining, managing, and integrating them could adversely affect our controls and procedures and could impact our ability to perform necessary operations, which could materially adversely affect our business.

The costs of maintaining our cybersecurity risk management program, as well as the costs of mitigating cybersecurity risks, are significant and are likely to increase in the future. These costs include, but are not limited to, maintaining software and services to prevent and detect cybersecurity threats and incidents, retaining the services of cybersecurity providers; compliance costs arising out of existing and future cybersecurity, data protection and privacy laws and regulations; and costs related to maintaining redundant networks, data backups and other damage-mitigation measures. We cannot be certain that our insurance coverage will be adequate for cybersecurity liabilities incurred and, will cover any indemnification claims against us relating to any incident, that insurance will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim.

17

Table of Contents

We regularly test for goodwill and other impairments as required under U.S. GAAP, and we may incur future impairments.
We are required under U.S. GAAP to test goodwill for possible impairment on an annual basis and to test goodwill and long-lived assets, including amortizable intangible assets, for impairment at any other time that circumstances arise indicating the carrying value may not be recoverable. For purposes of testing goodwill for impairment, the Company currently operates as one reporting unit: the core Lattice business, which includes intellectual property and semiconductor devices. There were no impairment charges to goodwill in fiscal years 2025, 2024, or 2023. There were no impairment charges to amortizable intangible assets in fiscal years 2025 or 2023. Impairment charges related to amortizable intangible assets from our acquisition of Mirametrix, Inc. ("Mirametrix") totaled approximately $13.9 million in fiscal year 2024. There is no certainty that future impairment tests will indicate that goodwill or amortizable intangible assets will be deemed recoverable. As we continue to review our business operations and test for impairment or in connection with possible sales of assets, we may have impairment charges in the future, which may be material.
Changes to financial accounting standards may affect our results of operations and could cause us to change our business practices.
We prepare our consolidated financial statements to conform to generally accepted accounting principles in the United States. These accounting principles are subject to interpretation by the American Institute of Certified Public Accountants, the SEC and various bodies formed to interpret and create accounting rules and regulations. Changes in these rules have occurred in the past and future changes to these rules, or in the guidance relating to interpretation and adoption of the rules, could have a material effect on our financial results and could affect portions of our business differently. Accounting standards also require us to make estimates and assumptions in connection with the preparation of our financial statements, and any changes to those estimates and assumptions could adversely affect our results of operations, cash flows and financial condition.

Changes in effective tax rates, tax laws and our global organizational structure and operations could expose us to unanticipated tax consequences.
We are subject to taxation in the United States and other countries. Certain tax positions may remain open to examination for several years. Challenges by tax authorities to our previous tax positions and intercompany transfer pricing arrangements, and continuing assessments of our tax exposures may have an adverse effect on our provision for income taxes and cash tax liability. We have a global tax structure that aligns our corporate structure with our global business operations, and we currently operate legal entities in multiple countries. We may choose to consolidate or integrate certain of these entities, and these integration activities, as well as changes in composition of our earnings in jurisdictions with different tax rates, may impact the taxes we pay or tax provision we record, which could adversely affect our results of operations. Furthermore, various levels of government are focused on tax reform and other legislative actions to increase tax revenue.
We also may be impacted by changes in the tax laws of the United States and foreign jurisdictions. U.S. and foreign tax legislation may be enacted, amended, or repealed from time to time, and such changes may have retroactive or prospective effects and may require significant interpretation or judgment in their application. A number of countries, as well as organizations such as the Organisation for Economic Co-operation and Development (“OECD”), which represents a coalition of member countries, support the 15% global minimum tax initiative, and have adopted or intend to adopt laws to implement this initiative. On January 5, 2026, the OECD announced a “side-by-side” elective safe harbor that would exempt electing U.S.-parented multinational entities from the fifteen percent global minimum tax for taxable years beginning on or after January 1, 2026. Such countries and organizations are also actively considering changes to existing laws or have proposed or enacted new laws with changes to numerous long-standing tax principles. Such changes, as well as changes in taxing jurisdictions’ administrative interpretations, decisions, policies, and positions, could have a material adverse effect on our business, results of operations, or financial condition. In addition, future effective tax rates could be affected by changes in the valuation of deferred tax assets and liabilities.
Fluctuations in foreign currency exchange rates, and our foreign currency risk management and hedging activities, could adversely affect our results of operations .
We have significant global operations, including foreign sales and service activities and international operating and research and development sites, and we rely on foreign suppliers and service providers. As a result, financial results may be exposed to fluctuations in foreign currency exchange rates. Foreign currency movements may affect, among other things, the U.S. dollar cost of operating expenses and headcount in foreign locations, the pricing and cost of goods and services purchased from non-U.S. suppliers, the competitiveness of our products in certain markets, and the U.S. dollar value of foreign currency denominated assets and liabilities. These impacts can be difficult to predict, may occur rapidly, and may adversely affect our gross margin and operating results. We may from time to time enter into foreign currency risk management transactions, including derivative instruments, in an effort to reduce the impact of foreign currency fluctuations on our financial results. However, these activities may not be effective, may be costly to implement and maintain, and may expose us to additional risks, including: (i) hedges that do not offset underlying exposures due to forecasting error, timing mismatches, changes in exposure profile, or market illiquidity; (ii) adverse accounting impacts, including additional earnings volatility due to ineffectiveness or changes in hedge accounting treatment; (iii) counterparty credit risk, settlement risk, collateral or liquidity requirements, and operational risk in executing, monitoring, and governing a hedging program; and (iv) reduced ability to benefit from favorable foreign currency movements. Even if we pursue hedging strategies, foreign currency fluctuations could still have a material adverse effect on our financial condition and results of operations.
18

Table of Contents

Weakness in our internal control over financial reporting and business processes could adversely affect our business and financial results.
We are required to maintain internal controls over financial reporting. We review these controls regularly and deficiencies may be identified from time t o time. In the future, we may identify material weaknesses in our internal controls over financial reporting. Any failure to maintain an effective system of internal controls over financial reporting could limit our ability to report our financial results accurately and timely, which could adversely affect our business, financial results, and stock price.
We must also maintain high quality business processes, and we also use third-party IT vendors and their business processes. We rely on our and their business processes to, among other things, coordinate with our suppliers, manage our supply chain efficiently, manufacture high quality products and comply with various laws and regulations. Any failure by us, or by our third-party IT vendors, to maintain high quality business processes, or to effectively adjust our or their business processes to changing circumstances and needs, could limit our ability to meet our business’ needs, which could adversely affect our business, financial results, and stock price.

We compete with others to attract and retain key personnel, and any loss of, or inability to attract, such personnel could adversely affect our ability to compete effectively.

We depend on the efforts and abilities of certain key members of management and other technical personnel. Our future success depends, in part, upon our ability to retain such personnel and attract and retain other highly qualified personnel, particularly product engineers who can respond to market demands and required product innovation. Competition for such personnel has been increasing generally throughout the economy, and we may not be successful in hiring or retaining new or existing qualified personnel. In recent years, we have conducted worldwide reductions in force, and we periodically conduct targeted workforce reductions, which could cause disruptions in our operations, negatively affect employee morale, and make us a less attractive employer in the market for new talent. If we lose existing qualified personnel or are unable to hire new qualified personnel, as needed, we could have difficulty competing in our highly competitive and innovative environment.

Further, changes in immigration laws and regulations, or their administration or enforcement, may impair our ability to attract and retain qualified engineering personnel. In the U.S., where a portion of our research and development teams are located, tightening of immigration controls may adversely affect the employment status of non-U.S. engineers and other key technical employees or further impact our ability to hire new non-U.S. employees. Moreover, certain immigration policies in the U.S. may make it more difficult for us to recruit and retain highly skilled foreign national graduates of universities in the U.S., additionally limiting the pool of available talent, including in certain international markets where we operate and where competition for skilled engineering and technical talent is particularly strong, such as parts of Asia.

Our success also depends significantly on the contributions of our senior management team. We have undergone senior management transitions in the past, and may experience such transitions in the future. Effective succession planning is important for our long-term success. Failure to ensure effective transfers of knowledge and smooth transitions involving senior management could hinder our strategic planning and execution. None of our senior management is bound by written employment contracts. The loss of any of our senior management or any inability to find suitable replacements could harm our ability to implement our business strategy and respond to the rapidly changing market conditions in which we operate.

Our insurance may not adequately cover certain risks and, as a result, our financial condition and results may be adversely affected.

We carry insurance customary for companies in our industry, including, but not limited to, liability, property, and casualty; workers' compensation; cyber liability; and business interruption insurance. We also insure our employees for basic medical expenses. In addition, we have insurance contracts that provide director and officer liability coverage for our directors and officers. Other than the specific areas mentioned above, we are self-insured with respect to most other risks and exposures, and the insurance we carry in many cases is subject to a significant policy deductible or other limitation before coverage applies. Based on management's assessment and judgment, we have determined that it is more cost effective to self-insure against certain risks than to incur the insurance premium costs. The risks and exposures for which we self-insure include, but are not limited to, certain natural disasters, certain product defects, certain matters for which we indemnify third parties, political risk, certain theft, patent infringement, and employment practice matters. Should there be a catastrophic loss due to an uninsured event (such as an earthquake) or a loss due to adverse occurrences in any area in which we are self-insured, our financial condition or operating results could be adversely affected.

19

Table of Contents

We may incur indebtedness which could reduce our strategic flexibility and liquidity and may have other adverse effects on our results of operations.

Our amended and restated credit agreement, dated September 1, 2022 (the “2022 Credit Agreement”) allows us to draw up to $200 million. The level of committed capacity available to us under the revolving credit facility may limit our financial flexibility, including our ability to respond to adverse economic conditions, fund working capital needs, pursue strategic initiatives or acquisitions, or address unforeseen operational or regulatory challenges. While as of January 3, 2026, we had no borrowings outstanding under the 2022 Credit Agreement, the incurrence of indebtedness could impact the Company. Our obligations under the 2022 Credit Agreement are guaranteed by certain of our U.S. subsidiaries meeting materiality thresholds set forth in the 2022 Credit Agreement, and the revolving loans under the 2022 Credit Agreement may be reborrowed and repaid at our discretion, with any remaining outstanding principal amount due and payable on the maturity date of the revolving loan facility on September 1, 2027. Our ability to meet our debt service obligations depends upon our operating and financial performance, which is subject to general economic and competitive conditions and to financial, business and other factors affecting our operations, many of which are beyond our control. If we are unable to service our debt, we may need to sell material assets, restructure or refinance our debt, increase our borrowing capacity, or incur additional indebtedness, or seek additional equity capital. Prevailing economic conditions and global credit markets could adversely impact our ability to sell material assets, restructure or refinance our debt on terms acceptable to us, or at all, or we may not be able to restructure or refinance our debt without incurring significant additional fees and expenses.

The 2022 Credit Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and our subsidiaries to, among other things, incur debt, grant liens, undergo certain fundamental changes, make investments, make certain restricted payments, dispose of assets, enter into transactions with affiliates, and enter into burdensome agreements, in each case, subject to limitations and exceptions set forth in the 2022 Credit Agreement. We are also required to maintain compliance with a total net leverage ratio and an interest coverage ratio, in each case, determined in accordance with the terms of the 2022 Credit Agreement.

The amount and terms of our indebtedness, as well as our credit rating, could have important consequences, including the following:

● | we may be more vulnerable to economic downturns, less able to withstand competitive pressures, and less flexible in responding to changing business and economic conditions;
● | our cash flow from operations may be allocated to the payment of outstanding indebtedness, and not to research and development, operations or business growth;
● | we might not generate sufficient cash flow from operations or other sources to enable us to meet our payment obligations under the facility and to fund other liquidity needs;
● | our ability to make distributions to our stockholders in a sale or liquidation may be limited until any balance on the facility is repaid in full; and
● | our ability to incur additional debt, including for working capital, acquisitions, or other needs, is more limited.

If we breach a loan covenant, the lenders could accelerate the repayment of the facility. We might not have sufficient assets to repay our indebtedness upon acceleration. If we are unable to repay or refinance the indebtedness upon acceleration or at maturity, the lenders could initiate a bankruptcy proceeding against us or collection proceedings with respect to our assets and subsidiaries securing the facility, which could materially decrease the value of our common stock.

Unfavorable or uncertain market conditions and risks relating to the adoption, use or application of emerging technologies, including AI, by our customers and in our business, may impact financial results and could result in reputational and financial harm and liability.

The adoption of AI solutions and other emerging technologies may not develop in the manner or in the time periods we anticipate and as these markets are still developing and continue to evolve, demand for products and solutions related to or that support such technologies may be unpredictable and may vary significantly from one period to another. In addition, market enthusiasm and capital spending for AI-related infrastructure and applications may be cyclical or volatile. If customers or end markets materially reduce, delay or redirect spending (including due to macroeconomic conditions, budget constraints, changes in technology architectures, or a perceived overbuild of AI capacity), demand for our products, including companion products used in AI solutions, could be adversely affected.

These markets may also not develop as anticipated if AI training and inference costs drop materially due to customer adoption of less expensive alternative technologies or approaches, or if customers achieve desired performance using alternative solutions that reduce the need for certain components. Even if these markets evolve in the manner we anticipate, if we do not have timely, competitively priced and market-accepted products available to meet customer needs in these areas, we may miss significant opportunities and our business, financial condition and results of operations could be materially and adversely affected.

Our efforts to comply with applicable laws and regulations worldwide related to AI, data use, privacy, cybersecurity, product safety and related topics, and unfavorable developments in evolving laws and regulations worldwide relating to these matters, may increase the costs associated with developing, marketing and supporting products and solutions used in AI applications and may limit adoption. For example, various jurisdictions have proposed, and in certain cases enacted, legislation restricting the use of AI or imposing obligations in connection with its use, including by addressing forms of automated decision-making.

20

Table of Contents

Concerns relating to the responsible use of new and evolving technologies, such as AI, in our and our customers’ products and services may result in reputational and financial harm and liability. We and our customers are increasingly building AI capabilities into many products and services. AI poses emerging ethical issues and presents risks and challenges that could affect its adoption, and therefore our business. These concerns may include alleged bias or inaccuracies, security vulnerabilities, misuse by end users or third parties, or impacts on privacy, intellectual property or other legal rights. In addition, regulatory and investor scrutiny of public statements regarding AI capabilities and plans continues to evolve, and any actual or perceived deficiencies in our AI governance, or any inaccurate or incomplete statements, could result in litigation, regulatory inquiries or enforcement actions, reputational harm and additional compliance costs. If we or our customers enable or offer solutions that draw controversy due to their perceived or actual impact on society, such as AI solutions that have unintended consequences or are controversial, we may experience reputational harm, competitive harm or legal liability.

Additionally, while we restrict the use of third-party and open source AI tools, such as ChatGPT, the internal governance of the adoption of these technologies can be challenging, and our employees and consultants may use these tools on an unauthorized basis and our partners may use these tools, which poses additional risks relating to the protection of data, including the potential exposure of our proprietary confidential information to unauthorized recipients and the misuse of our or third-party intellectual property. Use of AI tools may result in allegations or claims against us related to violation of third-party intellectual property rights, unauthorized access to or use of proprietary information and failure to comply with open source software requirements. AI tools may also produce inaccurate responses that could lead to errors in our decision-making, product development or other business activities, which could have a negative impact on our business, operating results and financial condition. Our ability to mitigate these risks will depend on our continued maintaining, training, monitoring and enforcement of appropriate policies and procedures governing the use of AI tools, and the results of any such use, by us or our partners.

Climate and climate-related policies and regulations may have a long-term impact on our business.

Climate-related risks are inherent wherever our business is conducted. Global climate causes, and is projected to continue to cause, an increase in the frequency and intensity of certain natural disasters and adverse weather, such as power outages and grid instability, drought or other water scarcity, wildfires, storms, sea-level rise, flooding, severe heat, and severe cold, occurring more frequently or with greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, and local, national and international climate policies and regulations, any of which could result in disruptions to us, our suppliers, vendors, customers and logistics hubs, and may impact employees’ abilities to commute or to work from home effectively. These disruptions could make it more difficult and costly for us to deliver our products and services, obtain components or other supplies through our supply chain, maintain, or resume operations or perform other critical corporate functions, and could reduce customer demand for our products and services.

The increasing concern over climate could also result in transition risks such as shifting customer preferences. Changing customer preferences may result in increased expectations regarding our solutions, products, and services, including the use of packaging materials and other components in our products and their environmental impact. These expectations may cause us to incur additional costs or make other changes to our operations to respond to them, which could adversely affect our financial results. If we fail to manage transition risks and customer expectations in an effective manner, customer demand for our solutions, products, and services could diminish, and our profitability could suffer. Concerns over climate, as well as the adoption of new laws or regulations, may also impact market dynamics and may result in shifts in customer expectations, preferences, or requirements, which may require us to change our practices or incur increased costs or adversely impact customer demand for our products and services.

Additionally, concerns over climate have resulted in, and are expected to continue to result in, the adoption of legal and regulatory requirements designed to address climate, as well as legal and regulatory requirements requiring certain climate-related disclosures. Where new laws or regulations are more stringent than current legal or regulatory requirements, we may experience increased compliance burdens and costs to meet such obligations. These laws could cause us to incur additional direct costs for compliance, as well as indirect costs resulting from our customers, suppliers or both incurring additional compliance costs that are passed on to us. These legal and regulatory requirements, as well as investor expectations, on corporate environmental and social responsibility practices and disclosure, are subject to change, can be unpredictable, and may be difficult and expensive for us to comply with, given the complexity of our supply chain and our significant outsourced manufacturing. If we are unable to comply, or are unable to cause our suppliers or subcontractors to comply, with such policies or provisions or meet the requirements of our customers and investors, customers may stop purchasing products form us or an investor may sell their shares, and may take legal action against us, which could harm our reputation, revenue, and results of operations.

Climate dynamics also may reduce the availability or increase the cost of insurance for these negative impacts of natural disasters by contributing to an increase in the incidence and severity of such natural disasters. Ultimately, the impacts of climate, whether involving physical risks (such as disruptions resulting from climate-related events or rising sea levels) or transition risks (such as regulatory changes, changes in market dynamics or increased operating costs, including the cost of insurance) are expected to be widespread and unpredictable and may materially adversely affect our business and financial results.

21

Table of Contents

Factors Related to Our Markets and Product Development

The semiconductor industry routinely experiences cyclical market patterns and our products are used across different end markets. A significant downturn in the industry or in any of these end markets could cause a meaningful reduction in demand for our products and adversely affect our operating results.

The semiconductor industry is highly cyclical and subject to downturns, such as we have seen recently, and our revenue and gross margin can fluctuate significantly due to such downturns. These downturns can be severe and prolonged and can result in price erosion and weak demand for our products. Weak demand for our products resulting from general economic conditions affecting the end markets we serve, or the semiconductor industry specifically, and reduced spending by our customers can result, and in the past has resulted, in diminished product demand, high inventory levels, erosion of average selling prices, excess and obsolete inventories and corresponding inventory write-downs. Our expense levels are based, in part, on our expectations of future sales. Many of our expenses, particularly those relating to facilities, capital equipment, and other overhead, are relatively fixed. We might be unable to reduce spending quickly enough to compensate for reductions in sales. Accordingly, shortfalls in sales could adversely affect our operating results. Furthermore, any significant upturn in the semiconductor industry could result in increased competition for access to raw materials and third-party service providers.

In addition to cyclical downturn risk, the semiconductor industry can also experience rapid and unpredictable upturns. If demand rebounds faster than our ability to secure manufacturing capacity, components, materials, or qualified personnel, or to scale our operations efficiently, we may face supply constraints, higher costs, lost revenue opportunities, competitive disadvantage, or an inability to meet customer requirements or delivery schedules.

Additionally, our products are used across different end markets, and demand for our products is difficult to predict and may vary within or among our Industrial and Automotive, Communications and Computing, and Consumer end markets. Our target markets may not grow or develop as we currently expect, and demand may increase or change in one or more of our end markets, and changes in demand may reduce our revenue, lower our gross margin and affect our operating results. We have experienced concentrations of revenue at certain customers and within certain end markets, and we regularly compete for design opportunities at these customers and within these markets. Any deterioration in these end markets, reductions in the magnitude of revenue streams, our inability to meet design and pricing requirements, or volatility in demand for our products could lead to a reduction in our revenue and adversely affect our operating results. Our success in our end markets depends on many factors, including the strength or financial performance of the customers in our end markets, our ability to timely meet rapidly changing product requirements, market needs, and our ability to maintain design wins across different markets and customers to dampen the effects of market volatility. The dynamics of the markets in which we operate make prediction of and timely reaction to such events difficult.

In addition, expectations and front-loaded investment related to AI may increase the magnitude and volatility of semiconductor industry cycles, making downturns more abrupt or recoveries more uneven. Recent industry investment and customer spending patterns have been influenced by heightened interest in AI and AI-related applications. To the extent that current levels of investment in AI-related infrastructure, products, or end-market demand reflect expectations that are not ultimately realized, or if customer spending related to AI moderates, is delayed, or declines more rapidly than anticipated, the semiconductor industry could experience an accelerated or more pronounced downturn.

Due to these and other factors, our past results may not be reliable predictors of our future results. If we are unable to accomplish any of the foregoing, or to offset the volatility of cyclical changes in the semiconductor industry or our end markets through diversification into other markets, these factors could materially and adversely affect our business, financial condition, and operating results.

Our success and future revenue depend on our ability to develop and introduce new products that achieve customer and market acceptance.

We compete in a dynamic environment characterized by rapid technology and product evolution, generally followed by a relatively longer process of ramping up to volume production on advanced technologies. Our end customers’ continued use of our products is frequently reevaluated, as certain of our customers' product life cycles are relatively short and they continually develop new products. The selection process for our products to be included in our customers' new products is highly competitive. There are no guarantees that our products will be included in the next generation of products introduced by these customers. Additionally, our markets are also characterized by evolving industry standards and increased demand for more features and performance, which requires higher levels of integration and more advanced process technology. Our competitive position and success depend on our ability to innovate, develop, and introduce new products that compete effectively on the basis of price, density, functionality, power consumption, form factor, and performance, and our ability to address the evolving needs of the markets we serve, among other things. With increased introduction of new products, we expect revenue related to mature products to decline over time in a normal product life cycle. As a result, we may be increasingly dependent on revenue derived from our newer products.

22

Table of Contents

Our future growth and the success of new product introductions depend upon numerous factors, including:

● | timely completion and introduction of new product designs;
● | ability to generate new design opportunities and design wins, including those which result in sales of significant volume;
● | achievement of necessary volume of production to achieve acceptable cost;
● | availability of specialized field application engineering resources supporting demand creation and customer adoption of new products;
● | ability to utilize advanced manufacturing process technologies;
● | achieving acceptable yields and obtaining adequate production capacity from our wafer foundries and assembly and test subcontractors;
● | the avoidance or management of significant quality or reliability issues;
● | ability to obtain advanced packaging;
● | availability of supporting software design tools;
● | utilization of predefined IP logic;
● | customer acceptance of advanced features in our new products; and
● | market acceptance of our customers' products.

The failure of any of these factors, among others, could adversely affect our product innovation, development and introduction efforts and our financial condition and results of operations.

We compete against companies that have significantly greater resources than us and numerous other product solutions.

The semiconductor industry is highly competitive and many of our direct and indirect competitors have substantially greater financial, technological, manufacturing, marketing, and sales resources than us. While consolidation has occurred and may continue to occur in our industry, resulting in some competitors having greater scale, resources, or synergies, the industry has also experienced, and may continue to experience, restructurings, divestitures, or spin-offs of business units into independent companies. Such transactions may result in competitors that are more focused on particular markets or product lines, have increased strategic flexibility, or are more willing to invest aggressively or compete on pricing, which could intensify competition in certain segments. Whether through consolidation or deconsolidation, these industry dynamics could place us at a competitive disadvantage, including the ability to attract qualified employee or incorporate higher costs into product and service prices. We also expect to face additional competition from new entrants in our markets, which may include both large domestic and international semiconductor manufacturers, as well as smaller, emerging companies. We currently compete directly with companies that have licensed our technology or have developed similar products, as well as numerous semiconductor companies that offer products based on alternative solutions, such as applications processor, application specific standard product, microcontroller, analog, and digital signal processing technologies. Competition from these semiconductor companies may intensify as we offer more products in any of our end markets. These competitors include established, multinational semiconductor companies, as well as emerging companies. Additionally, our competitors may operate under more favorable regulatory environments or benefit from economic polices (such as subsidies or other protectionism) that provide them with additional competitive advantages.

We depend on independent contractors and third parties to provide key services in our product development and operations, and any disruption of their services, or an increase in cost of these services, could negatively impact our financial condition and results of operations.

We depend on subcontractors to provide cost effective and efficient services in our product development and supply chain functions, including test and assembly services, software and hardware development, support of intellectual property cores, inventory management, lead time management, technical support, and order fulfillment.

Our operations and operating results may be adversely affected if we experience problems with our subcontractors that impact the delivery of product to our customers. These problems may include: schedule delays or defects in software or hardware development deliverables; prolonged inability to obtain wafers or packaging materials with competitive performance and cost attributes; inability to achieve adequate yields or timely delivery; inability to meet customer timelines or demands; disruption or defects in assembly, test, or shipping services; or delays in stabilizing manufacturing processes or ramping up volume for new products. If our third-party supply chain providers were to reduce or discontinue services for us or their operations are disrupted as a result of a fire, earthquake, act of terrorism, political unrest, governmental uncertainty, war, disease, or other natural disaster or catastrophic event, weak economic conditions, inflation, recession, labor market disruptions, or any other reason, our financial condition and results of operations could be adversely affected.

23

Table of Contents

Factors Related to Our Sales and Revenue

Our revenues depend on a highly concentrated distribution model to sell to our end customers. An adverse change in these relationships with, or performance of, our distributors, or any reduction in the use of our products by our end customers, could harm our sales and significantly decrease our revenue.

We depend on a highly concentrated distribution model to sell our products to end customers, complete order fulfillment, maintain sufficient inventory of our products and provide services to our end customers. In fiscal 2025, revenue attributable to sales to distributors accounted for 84% of our total revenue, and two distributors accounted for approximately 69% of total revenue. As a result, our business is particularly dependent on the continued performance, financial condition, operational capabilities, and strategic priorities of a limited number of distributors. We have significant outstanding receivables with our top distributors, and expect our distribution model to generate a significant portion of our revenue in the future. Any adverse change to our relationships or agreements with our distributors, a failure by one or more of our distributors to perform its obligations to us, a reduction in a distributor's business volume with us, any reduction in pricing on products sold to any key customer or distributor, or consolidation in the distribution industry, could have a material impact on our business, including a reduction in our access to certain end customers, our ability to sell our products, or our financial results.

If our relationships with any material customers were to diminish, if these customers were to develop their own solutions or adopt alternative solutions or competitors' solutions, if any one or more of our material customers were to experience significantly adverse financial conditions, including as a result of inflation, economic slowdown or recession, or labor market disruptions, or if as a result of trade disputes or sanctions these customers were restricted from purchasing our products, our results could be adversely affected.

In addition, the inability of customers to obtain credit, the insolvency of one or more customers, or tariffs applicable to our customers’ products, could impact our sales. Any of these effects could impact our ability to effectively manage inventory levels and collect receivables, require additional restructuring actions, and decrease our revenue and profitability.

The nature of our business and length of our sales cycle makes our revenue, gross margin, net income, and inventory subject to fluctuation and difficult to accurately predict.

A number of factors, including how products are manufactured to support end markets, yield, wafer pricing, cost of packaging raw materials, product mix, market acceptance of our new products, competitive pricing dynamics, product quality, geographic and/or end market mix, and pricing strategies, can cause our revenue, gross margins, net income, and inventory to fluctuate significantly either positively or negatively from period to period.

We have limited visibility into the demand for our products, particularly new products, because demand for our products depends upon our products being designed into our end customers' products and those products achieving market acceptance. During our sales cycle, our customers typically test and evaluate our products prior to deciding to include our products into the design of their own products, and then require additional time to begin volume production of their products. This lengthy sales cycle may cause us to incur significant expenses, which could be exacerbated by rising inflation, significant production delays, or additional inventory costs before we receive a customer order that may be delayed or never get placed. A key strategic customer may demand certain design or production resources to meet their requirements or work on a specific solution, which could cause delays in our normal development schedule and result in significant investment of our resources or missed opportunities with other potential customers. We may incur these expenses without generating revenue from our products to offset the expenses.

While our sales cycles are typically long, our average product life cycles can be short as a result of the rapidly changing technology environment in which we operate. From time to time, our inventory levels may be higher than historical norms due to inventory build decisions aimed at meeting expected demand, ramping for new products, reducing direct material cost, or enabling responsiveness to expected demand. In the event the expected demand does not materialize, or if our short sales cycle does not generate sufficient revenue, we may be subject to incremental excess and obsolescence costs.

These factors make it difficult for us to accurately forecast future sales and project quarterly revenues. The difficulty in forecasting future sales weakens our ability to project our inventory requirements, which could result, and in the past has resulted, in inventory write-downs or failure to meet customer product demands in a timely manner. While we may issue guidance, difficulty in forecasting financial performance, relative customer and product mix, and the unpredictability of unknown variables and their impact on our financial performance may impair the accuracy of our forward-looking financial measures.

24

Table of Contents

Accounting requirements related to sales through our distribution channel could result in our reporting revenue in excess of demand.

Revenue recognition standards require recognition of revenue based on estimates and may require us to record revenue from distributors that is in excess of actual end customer demand. Because we have limited ability to forecast inventory levels of our end customers, we depend on the timeliness and accuracy of resale reports from our distributors. Late or inaccurate resale reports could reduce the quality or timeliness of information available to us for forecasting channel inventory and end-customer demand, mask significant build-up of inventories in our distribution channel, and impact our ability to accurately forecast future sales. An inventory build-up in our distribution channel could result in a slowdown in orders, requests for returns from customers, or requests to move out planned shipments. If actual end-customer demand or distributor inventory levels differ from our estimates, future recorded revenue and operating results could be adversely impacted and we may be required to adjust shipment volumes, pricing, or channel terms in subsequent periods. Any failure to manage these challenges could disrupt or reduce sales of our products and adversely affect our financial results.

General Risk Factors

We a re subject to the effects of inflationary pressures, interest rate fluctuations, and recessionary or economic slowdown risks .

Global economic conditions have recently experienced historically high levels of inflation, and there is ongoing concern about the potential for recession and/or economic slowdown. While inflation has moderated in certain regions and categories, cost pressures remain uneven and persistent, particularly for labor, energy, transportation, and certain materials and services. Recent inflation caused by global supply chain disruptions, strong economic recovery and associated widespread demand for goods, and government stimulus packages, among other factors, continues to impact our business. For instance, global supply chain disruptions have resulted in shortages in materials and services. Such shortages have resulted in inflationary cost increases for labor, materials, and services across the economy, and could continue to cause costs to increase as well as scarcity of certain products. In addition, the cumulative effects of prior inflation and related monetary policy responses, including higher interest rates and tighter credit conditions, continue to affect global economic conditions and customer spending behavior. To the extent inflation, or government responses to inflation, results in rising interest rates and has other adverse effects on the market, including the possibility of recession, it may adversely affect our consolidated financial condition and results of operations.

Business disruptions could seriously harm our future revenue, cash flows, and financial condition and increase our costs and expenses.

Our worldwide operations and supply chain could be disrupted by natural or human-induced disasters including, but not limited to, earthquakes, tsunamis, or floods; hurricanes, cyclones, or typhoons; fires, or other extreme weather conditions; power or water shortages; telecommunications failures; materials scarcity and price volatility; manufacturing equipment failures; IT system failures; cybersecurity attacks; data breaches; medical epidemics or pandemics; terrorist acts, civil unrest, military actions, conflicts, or wars; or other natural or man-made disasters or catastrophic events.

The occurrence of any of these business disruptions could adversely affect our competitive position and result in significant losses, decrease demand for our products, seriously harm our revenue, profitability and financial condition, increase our costs and expenses, make it difficult or impossible to provide services or deliver products to our customers or to receive components from our suppliers, create delays and inefficiencies in our supply chain, result in the need to impose employee travel restrictions, and require substantial expenditures and recovery time in order to fully resume operations. The impacts and frequency of any of the above could furthermore be exacerbated by climate dynamics, particularly in countries where we, or our suppliers or customers, operate that have limited infrastructure and disaster recovery resources.

Our operations and those of our significant suppliers and distributors could be adversely affected if manufacturing, logistics, or other operations in key locations, including logistics hubs in Asia, are disrupted for any reason, such as those described above or other economic, business, labor, environmental, public health, regulatory or political reasons. In addition, even if our operations are unaffected or recover quickly, if our customers cannot timely resume their own operations due to a catastrophic event, they may reduce or cancel their orders, or these events could otherwise result in a decrease in demand for our products.

25

Table of Contents

The trading price of our common stock has been and may continue to be subject to volatility in response to a variety of factors.

Our common stock has experienced particularly substantial price volatility in the past, including price movements that have been more pronounced than those of the broader market, and may continue to do so in the future. Additionally, the technology industry and the stock market as a whole has experienced extreme volatility that often has been unrelated to the performance of particular companies. The trading price of our common stock has and may continue to fluctuate widely and rapidly due to various factors, including, but not limited to, actual or anticipated fluctuations in our financial condition and operating results; changes in financial estimates by us or financial or other market estimates and ratings by securities and other analysts; our ability to develop new products, enter new market segments, gain market share, manage cybersecurity and litigation risk, diversify our customer base, and successfully secure manufacturing capacity; news regarding our products or products of our competitors; any mergers, acquisitions or divestitures of assets undertaken by us; inflationary conditions, interest rate changes, and recessionary concerns; regulatory changes to international trade policies, economic sanctions, or export controls, such as new licensing requirements for exporting certain chip-related technology to China; terrorist acts or acts of war, including the ongoing conflict between Ukraine and Russia; epidemics and pandemics; trading activity in our common stock, including stock repurchases, actions by institutional or other large stockholders, or our inclusion in market indices; or general economic, industry, and market conditions worldwide. In addition, investor expectations regarding emerging technology trends, including AI, anticipated changes in industry cycles, or potential strategic transactions, whether or not ultimately realized, may contribute to heightened volatility in our stock price.

The volatility of our stock may cause the value of a stockholder’s investment to change rapidly. Investors in our common stock may not realize any return on their investment in us and may lose some or all of their investment. Additionally, if our stock price declines, it may be more difficult for us to raise capital and may have other adverse effects on our business. Stock price fluctuations could impact the value of our equity compensation, which could affect our ability to recruit and retain employees. Volatility in the trading price of our common stock could also result in the filing of securities class action litigation matters, which could result in substantial costs and the diversion of management time and resources. For these reasons, investors should not rely on recent or historical trends to predict future trading prices of our common stock, financial condition, results of operations, or cash flows.

Acquisitions, divestitures, strategic investments and strategic partnerships could disrupt our business and adversely affect our financial condition and operating results.

We actively evaluate and may continue to pursue growth opportunities by acquiring complementary businesses, solutions or technologies through strategic transactions, investments or partnerships. The identification, evaluation, negotiation, and pursuit of such transactions, strategic investments or strategic partnership candidates requires significant management time and attention and involves substantial costs, including fees paid to financial advisors, consultants, legal counsel, and other third parties, regardless of whether any transaction is ultimately consummated. If such strategic transactions require us to seek additional debt or equity financing, we may not be able to obtain such financing on terms favorable to us or at all, and such transaction may adversely affect our liquidity, capital structure, and overall financial flexibility. We may also choose to divest certain non-core assets, which divestitures could lead to charges against earnings and may expose us to additional liabilities and risks. Any strategic transaction might not strengthen our competitive position, may increase some of our risks, and may be viewed negatively by our customers, partners or investors. Even if we successfully complete a strategic transaction, we may not be able to effectively integrate the acquired business, technology, systems, control environment, solutions, personnel or operations into our business or global tax structure. We may experience unexpected changes in how we are required to account for strategic transactions pursuant to U.S. GAAP and may not achieve the anticipated benefits of any strategic transaction. We may incur unexpected costs, obligations, claims or liabilities that we incur during the strategic transaction or that we assume from the acquired company, or we may discover adverse conditions post acquisition for which we have limited or no recourse, including but not limited to those related to intellectual property, litigation, regulatory compliance, taxes, indemnification obligations, or accounting treatment, each of which may require us to make significant judgments and estimates under U.S. GAAP that could affect our reported financial results. In addition, we may be required to incur restructuring charges, impairment charges, or other costs in connection with any transaction. We may also be subject to increased scrutiny by regulators, customers, partners, and investors in connection with strategic transactions, and any perceived failure to execute effectively could adversely affect our reputation and market position. We may also be a target for unsolicited acquisition or business combination offers. Appropriately reviewing and responding to any such offer can be costly and complex, and diverts the efforts and attention of management.

Litigation and unfavorable results of legal proceedings could adversely affect our financial condition and operating results.

From time to time, we are subject to various legal proceedings and claims that arise out of the ordinary conduct of our business. Certain claims may not yet be resolved, including but not limited to any that are discussed under Note 14 - Contingencies to our Consolidated Financial Statements in Part II, Item 8 of this report, and additional claims may arise in the future. Results of legal proceedings cannot be predicted with certainty. Regardless of merit or outcome, claims or litigation may be both time-consuming and disruptive to our operations and cause significant expense and diversion of management attention and we may enter into material settlements to avoid these risks. Should we fail to prevail in certain matters or enter into a material settlement, we may be faced with significant monetary damages or injunctive relief against us that could materially and adversely affect our financial condition and operating results and certain portions of our business, and any insurance coverage we maintain may be insufficient to cover all costs, damages, or liabilities associated with such matters.

26

Table of Contents

Pandemics or other widespread public health problems could adversely affect our business, results of operations, and financial condition in a material way.

Pandemics, epidemics or other widespread public health problems could negatively impact our business. Outbreaks have resulted, and could again result, in significant government measures to control the spread of disease, including, among others, restrictions on travel, manufacturing, and the movement of employees. Jurisdictions in which we operate have had varying responses to pandemic and other widespread public health problems and the impact of such responses is difficult to anticipate. If, for example, pandemics were to occur in ways that significantly disrupt the manufacture, shipment, and buying patterns of our products or the products of our customers, this may materially negatively impact our operating results, including revenue, gross margins, operating margins, cash flows and other operating results, and our overall business. Disruptions to manufacturing and shipping could also constrain our supplies, leading to operational delays, disruptions and inflationary pressures. Our customers may also experience closures of their manufacturing facilities or inability to obtain other components, either of which could negatively impact demand for our solutions.

The ultimate impact of a pandemic on our operations and financial performance depends on many factors that are not within our control, including, but not limited, to: governmental, business, and individuals’ responses; general economic uncertainty in key global markets; volatility in financial markets, labor markets, and supply chains; global economic conditions and levels of economic growth; and the pace of recovery when the pandemic subsides. Pandemics may negatively impact the overall economy and, as a result of the foregoing, could negatively impact our operating results and may do so in a material way. In particular, pandemics or other widespread public health problems may increase or change the severity of our other risks reported in this Annual Report on Form 10-K.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Our cybersecurity risk management process is a component of our overall enterprise risk management process, through which our Chief Executive Officer and other members of senior management assess, identify, and manage material risks from cybersecurity threats we face. Our cybersecurity process seeks to protect our information systems by managing and reducing material risks from cybersecurity threats and by responding to and mitigating cybersecurity incidents. The Board of Directors (the “Board”), and the Audit Committee of the Board (the “Audit Committee”), provide oversight of our cybersecurity risk management process. The Audit Committee reviews our cybersecurity program and cybersecurity risk management process quarterly, and our Board reviews our cybersecurity program annually. Our cybersecurity program is directly managed by the Chief Information Officer (“CIO”), who is experienced in information systems and cybersecurity and whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture, and processes. The CIO provides routine updates to our Board and Audit Committee, as well as our Chief Executive Officer and other members of our senior management. These updates cover the Company’s material cybersecurity threats, the status of projects to strengthen our cybersecurity posture, and assessments of the cybersecurity program. Our cybersecurity risk management process is evaluated by internal and external cybersecurity experts, and the material results of those reviews are reported to senior management and the Board and Audit Committee as part of their oversight role. We also engage with third-party service providers deemed to have subject matter expertise in cybersecurity matters, industry participants, and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our cybersecurity policies and processes. We require each third-party service provider to certify that they implement and maintain appropriate security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect us. We use various tools and methodologies to manage cybersecurity risk and to prevent, detect, and mitigate cybersecurity incidents. Our tools and methodologies are tested regularly, including vulnerability scans, red-teaming exercises and other penetration testing, and review of cybersecurity threat intelligence feeds. We face risks from cybersecurity threats that could have a material adverse effect on our business, financial condition, results of operations, cash flows or reputation. We have experienced, and will continue to experience, cybersecurity incidents in the normal course of our business. However, prior cybersecurity incidents have not had a material adverse effect on our business, financial condition, results of operations, or cash flows. See “Risk Factors – Factors Related to Overall Business & Operations – Our business depends on the use of information technology systems. A failure of these systems, cybersecurity incidents, or cyber-fraud may cause business disruptions, compromise our intellectual property or other sensitive information, or result in losses.”

27

Table of Contents

Item 2. Properties

We lease a 47,800 square foot space in Hillsboro, Oregon as our corporate headquarters and a research and development facility through October 2028. In San Jose, California, we lease 98,874 square feet through November 2033, which we use for research and development, engineering support, administrative, and other operational purposes.

In Metro Manila, Philippines, we lease a total of 50,503 square feet through May 2035 and another 8,333 square feet through March 2029 for research and development, operations, and administrative facilities. In Pune, India, we lease 42,728 square feet through March 2029 for research and development. In Penang, Malaysia, we lease 28,161 square feet through September 2029 for research and development and operations facilities. In Shanghai, China, we lease 24,251 square feet through February 2028 primarily for research and development operations. We also lease office facilities in multiple other metropolitan locations for our domestic and international sales staff. We believe that our existing facilities are suitable and adequate for our current and foreseeable future needs.

Item 3. Legal Proceedings

The information contained under the heading "Legal Matters" in Note 14 - Contingencies to our Consolidated Financial Statements in Part II, Item 8 of this report is incorporated by reference into this Part I, Item 3. Also, see “Litigation and unfavorable results of legal proceedings could adversely affect our financial condition and operating results” in “Risk Factors” in Item 1A of Part I of this Annual Report on Form 10-K.

Item 4. Mine Safety Disclosures

Not applicable.

28

Table of Contents

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Market Information

Our common stock is traded on the NASDAQ Global Select Market under the symbol "LSCC".

Holders

As of February 9, 2026, we had approximately 137 stockholders of record.

Dividends

The payment of dividends on our common stock is within the discretion of our Board of Directors. We intend to retain earnings to finance our business. We have never paid cash dividends.

Recent Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

On December 9, 2024, we announced that our Board of Directors had approved a stock repurchase program pursuant to which up to $100 million of outstanding common stock could be repurchased from time to time (the "2025 Repurchase Program"). The duration of the 2025 Repurchase Program was through December 31, 2025. During the fourth quarter of fiscal 2025, we repurchased 217,506 shares for $14.1 million, or an average price paid per share of $65.03. All repurchases were open market transactions funded from available working capital. All shares repurchased pursuant to the 2025 Repurchase Program were retired upon settlement. During fiscal year 2025, we repurchased a total of 1,763,053 shares for $100.0 million, or an average price paid per share of $56.72.

On December 5, 2025, we announced that our Board of Directors had approved a stock repurchase program pursuant to which up to an additional $250 million of outstanding common stock could be repurchased from time to time (the "2026 Repurchase Program"). The 2026 Repurchase Program has no termination date and may be suspended or discontinued at any time. No shares were repurchased under the 2026 Repurchase Program during the fourth quarter of fiscal 2025.

The following table contains information regarding our repurchases of our common stock that is registered pursuant to Section 12 of the Securities Exchange Act of 1934 during the fourth quarter of fiscal 2025:

Period |  | Total Number of Shares Purchased |  |  | Average Price Paid per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) |  |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs ($M) (b) |
September 28, 2025 through October 25, 2025 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 14.1 |
October 26, 2025 through November 22, 2025 |  |  | 217,506 |  |  | $ | 65.03 |  |  |  | 217,506 |  |  | $ | — |
November 22, 2025 through January 3, 2026 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 250.0 |
Total |  |  | 217,506 |  |  | $ | 65.03 |  |  |  | 217,506 |  |  | $ | 250.0 |

(a) |  | All repurchases during the quarter were open-market transactions funded from available working capital made under the authorization from our Board of Directors to purchase up to $100.0 million of our common stock announced December 9, 2024.
(b) |  | At January 3, 2026, this amount consists of the remaining portion of the $250 million authorization that was announced December 5, 2025.

29

Table of Contents

Comparison of Total Cumulative Stockholder Return

The following graph shows the five-year comparison of cumulative stockholder return on our common stock, the Standard and Poor's (“S&P”) 500 Index and the Philadelphia Semiconductor Index (“PHLX”) from December 2020 through December 2025. Cumulative stockholder return assumes $100 invested at the beginning of the period in our common stock, the S&P and PHLX. Historical stock price performance is not necessarily indicative of future stock price performance.

Lattice Cumulative Stockholder Return

Item 6. Reserved

30

Table of Contents

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Lattice develops technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses. Lattice is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the Communications, Computing, Industrial, Automotive, and Consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure, and connected world.

Lattice has focused its strategy on delivering programmable logic products and related solutions based on low power, small size, and ease of use. We also serve our customers with IP licensing and various other services. Our product development activities include new proprietary products, advanced packaging, existing product enhancements, software development tools, soft IP, and system solutions for high-growth applications such as Edge AI, wireless and wireline infrastructure, platform security, and factory automation.

This discussion and analysis of financial condition and results of operations should be read in conjunction with our consolidated financial statements and accompanying notes included in Part II, Item 8. "Financial Statements and Supplementary Data" of this report. Discussions of results for prior periods (fiscal 2024 compared to fiscal 2023) are incorporated by reference from our Annual Report on Form 10-K for the year ended December 28, 2024.

Critical Accounting Policies and Use of Estimates

Critical accounting policies are those that are both most important to the portrayal of a company's financial condition and results of operations, and that require management's most difficult, subjective, and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, actual results may differ materially from these estimates under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis.

We believe the following accounting policies and the related estimates are critical in the portrayal of our financial condition and results of operations, and require management's most difficult, subjective, or complex judgments. See Note 1 - Basis of Presentation and Significant Accounting Policies to our Consolidated Financial Statements in Part II, Item 8 of this report for further information on the significant accounting policies and methods used in the preparation of the consolidated financial statements.

Revenue from Contracts with Customers

We recognize revenue upon satisfaction of performance obligations when control of promised goods or services has been transferred to our customers. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. For revenue recognized on both sales to distributors and related to royalties, the amount of consideration we expect to be entitled to receive is based on estimates that require assumptions and judgments relating to trends in recent and historical activity. See Note 1 - Basis of Presentation and Significant Accounting Policies to our Consolidated Financial Statements in Part II, Item 8 of this report for further information on our recognition of revenue. Sales to most distributors are made under terms allowing certain price adjustments upon sale to their end customers and limited rights of return of our products held in their inventory. The revenue recognized based on estimated price adjustments and stock rotation reserves may be materially different from the actual consideration received if the actual distributor price adjustments and stock rotation returns differ significantly from the historical trends used in the estimates.

31

Table of Contents

Inventories and Cost of Revenue

Inventories are stated at the lower of actual cost (determined using the first-in, first-out method) or net realizable value. We review and set standard costs quarterly to approximate current actual manufacturing costs. Our manufacturing overhead standards for product costs are calculated assuming full absorption of actual costs. The valuation of inventory requires us to estimate excess or obsolete inventory. Material assumptions we use to estimate necessary inventory carrying value adjustments can be unique to each product and are based on specific facts and circumstances. In determining provisions for excess or obsolete products, we consider assumptions such as changes in business and economic conditions, projected customer demand for our products, and changes in technology or customer requirements. The creation of such provisions results in a write-down of inventory to net realizable value and a charge to Cost of revenue. If in any period we anticipate a change in assumptions such as future market or economic conditions to be less favorable than our previous estimates, additional inventory write-downs may be required and would be reflected in Cost of revenue, resulting in a negative impact to our gross margin in that period. If in any period we are able to sell inventories that had been written down to a level below the ultimate realized selling price in a previous period, related revenue would be recorded with a lower or no offsetting charge to Cost of revenue resulting in a net benefit to our gross margin in that period.

Accounting for Income Taxes

We are required to estimate our provision for income taxes and amounts ultimately payable or recoverable in numerous tax jurisdictions around the world. These estimates involve significant judgment and interpretations of regulations and are inherently complex. Resolution of income tax treatments in individual jurisdictions may not be known for many years after completion of the applicable year. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse.

Valuation allowances are provided to reduce deferred tax assets to an amount that in management’s judgment is more-likely-than-not to be recoverable against future taxable income. The determination of a valuation allowance and when it should be released requires complex judgment. In assessing the ability to realize deferred tax assets, we regularly evaluate both positive and negative evidence that may exist and consider whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In determining the need to establish or maintain a valuation allowance, we consider the four sources of jurisdictional taxable income: (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carryforwards; (iii) taxable income in prior carryback year(s) if carryback is permitted under the tax law; and (iv) viable and prudent tax planning strategies.

We continue to maintain a full valuation allowance against our state deferred tax assets due to insufficient income sources. We will continue to evaluate both positive and negative evidence in future periods to determine if we will realize the deferred tax assets. The amount of the deferred tax asset considered realizable could be adjusted if sufficient positive evidence exists. We do not maintain a valuation allowance on a significant portion of our U.S. Federal deferred tax assets or in any foreign jurisdictions as we have concluded that it is more likely than not that we will realize those net deferred tax assets in the future periods.

As part of our regular financial review process, we also assess the likelihood that our tax reporting positions will ultimately be sustained on examination by the taxing authorities, based on the technical merits of the position. To the extent it is determined it is more likely than not (a likelihood of more than 50 percent) that some portion or all of a tax reporting position will ultimately not be recognized and sustained, a provision for unrecognized tax benefit is provided by either reducing the applicable deferred tax asset or accruing an income tax liability. Our judgment regarding the sustainability of our tax reporting positions may change in the future due to changes in U.S. or international tax laws and other factors. These changes, if any, may require material adjustments to the related deferred tax assets or accrued income tax liabilities and an accompanying reduction or increase in income tax expense which may result in a corresponding increase or decrease in net income in the period when such determinations are made. The expiration of statutes of limitations may decrease our uncertain tax positions.

We recognize the tax impact of including certain foreign earnings in U.S. taxable income as a period cost. We recognize deferred income taxes for local country income and withholding taxes that could be incurred on distributions of certain non-U.S. earnings or for outside basis differences in our subsidiaries, where we do not plan to indefinitely reinvest such earnings and basis differences.

32

Table of Contents

Results of Operations

Key elements of our Consolidated Statements of Operations, including as a percentage of revenue, are presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Revenue |  | $ | 523,262 |  |  |  | 100.0 | % |  | $ | 509,401 |  |  |  | 100.0 | % |  | $ | 737,154 |  |  |  | 100.0 | %
Gross margin |  |  | 356,943 |  |  |  | 68.2 |  |  |  | 340,400 |  |  |  | 66.8 |  |  |  | 514,670 |  |  |  | 69.8 |
Research and development |  |  | 187,983 |  |  |  | 35.9 |  |  |  | 159,302 |  |  |  | 31.3 |  |  |  | 159,770 |  |  |  | 21.7 |
Selling, general and, administrative |  |  | 153,632 |  |  |  | 29.4 |  |  |  | 116,942 |  |  |  | 23.0 |  |  |  | 137,244 |  |  |  | 18.6 |
Amortization of acquired intangible assets |  |  | 52 |  |  |  | 0.0 |  |  |  | 3,479 |  |  |  | 0.7 |  |  |  | 3,478 |  |  |  | 0.5 |
Restructuring and other |  |  | 4,044 |  |  |  | 0.8 |  |  |  | 12,291 |  |  |  | 2.4 |  |  |  | 1,908 |  |  |  | 0.3 |
Impairment of acquired intangible assets |  |  | — |  |  |  | — |  |  |  | 13,929 |  |  |  | 2.7 |  |  |  | — |  |  |  | — |
Income from operations |  | $ | 11,232 |  |  |  | 2.1 | % |  | $ | 34,457 |  |  |  | 6.8 | % |  | $ | 212,270 |  |  |  | 28.8 | %

Revenue

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Revenue |  | $ | 523,262 |  |  | $ | 509,401 |  |  | $ | 737,154 |  |  |  | 2.7 | % |  |  | (30.9 | )%

Revenue increased $13.9 million, or 3%, in fiscal 2025 compared to fiscal 2024, primarily due to stronger demand in data center applications, including general-purpose and AI-specific servers, as well as wireline networking components, partially offset by softer Industrial and Automotive end market demand and from continued inventory normalization by customers.

Revenue by End Market

We sell our products globally to a broad base of customers in three primary end market groups: Communications and Computing, Industrial and Automotive, and Consumer. Across our end markets, our products are increasingly used in AI-related applications, including device usage in AI-optimized servers in data centers, AI-enabled PCs, and AI-enabled robotics and ADAS systems, among others. We also provide IP licensing and services to these end markets.

Within these end markets, there are multiple drivers, including:

| • | Communications and Computing: data center servers and networking equipment, client computing platforms, and wireless and wireline communications infrastructure deployments.
| • | Industrial and Automotive: factory automation, robotics, automotive electronics, and industrial IoT.
| • | Consumer: smart home, prosumer, and other applications.

The end market data we use is derived from data provided to us by our distributors and end customers. With a diverse base of customers who may manufacture end products spanning multiple end markets, the assignment of revenue to a specific end market requires the use of judgment. We also recognize certain revenue for which end customers and end markets are not yet known. We assign this revenue first to a specific end market using historical and anticipated usage of the specific products, if possible, and allocate the remainder to the end markets based on either historical usage for each product family or industry application data for certain product types.

The following are examples of end market applications for the fiscal years presented:

Communications and Computing | Industrial and Automotive | Consumer
Wireless | Security and Surveillance | Cameras
Wireline | Machine Vision | Displays
Data Networking | Industrial Automation | Wearables
Server Computing | Robotics | Televisions
Client Computing | Automotive | Home Theater
Data Storage | Drones | Sound Systems
Cloud | Factory Automation |
Hyperscalers |  |

33

Table of Contents

The composition of our revenue by end market is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Communications and Computing |  | $ | 292,716 |  |  |  | 55.9 | % |  | $ | 228,145 |  |  |  | 44.8 | % |  | $ | 257,536 |  |  |  | 34.9 | % |  |  | 28.3 | % |  |  | (11.4 | )%
Industrial and Automotive |  |  | 193,965 |  |  |  | 37.1 |  |  |  | 236,949 |  |  |  | 46.5 |  |  |  | 433,482 |  |  |  | 58.8 |  |  |  | (18.1 | ) |  |  | (45.3 | )
Consumer |  |  | 36,581 |  |  |  | 7.0 |  |  |  | 44,307 |  |  |  | 8.7 |  |  |  | 46,136 |  |  |  | 6.3 |  |  |  | (17.4 | ) |  |  | (4.0 | )
Total revenue |  | $ | 523,262 |  |  |  | 100.0 | % |  | $ | 509,401 |  |  |  | 100.0 | % |  | $ | 737,154 |  |  |  | 100.0 | % |  |  | 2.7 | % |  |  | (30.9 | )%

Revenue from the Communications and Computing end market increased by 28% in fiscal 2025 compared to fiscal 2024 primarily due to stronger demand in data center applications, including general-purpose and AI-specific servers, as well as wireline networking components.

Revenue from the Industrial and Automotive end market decreased by 18% in fiscal 2025 compared to fiscal 2024, primarily due to softer end market demand and from continued inventory normalization by customers.

While we do not consider AI applications as a distinct end market, we expect AI-related revenue to grow over the next few years based on the growing pipeline of AI-related design wins in a diverse set of applications across all three of our end market segments.

Revenue by Geography

We have a diverse base of customers where distributors represent a significant portion of our total revenue. Our revenue by geographical market is based on the ship-to location of our customers, which can vary from time to time. Revenue in all regions for fiscal 2025 compared to fiscal 2024 has been impacted by the global macroeconomic environment.

The composition of our revenue by geography is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Asia |  | $ | 353,699 |  |  |  | 67.6 | % |  | $ | 332,747 |  |  |  | 65.3 | % |  | $ | 443,765 |  |  |  | 60.2 | % |  |  | 6.3 | % |  |  | (25.0 | )%
Americas |  |  | 102,758 |  |  |  | 19.6 |  |  |  | 101,217 |  |  |  | 19.9 |  |  |  | 145,839 |  |  |  | 19.8 |  |  |  | 1.5 |  |  |  | (30.6 | )
Europe |  |  | 66,805 |  |  |  | 12.8 |  |  |  | 75,437 |  |  |  | 14.8 |  |  |  | 147,550 |  |  |  | 20.0 |  |  |  | (11.4 | ) |  |  | (48.9 | )
Total revenue |  | $ | 523,262 |  |  |  | 100.0 | % |  | $ | 509,401 |  |  |  | 100.0 | % |  | $ | 737,154 |  |  |  | 100.0 | % |  |  | 2.7 | % |  |  | (30.9 | )%

Revenue from Customers

We sell our products to independent distributors and directly to customers. Distributors have historically accounted for a significant portion of our total revenue, and the distributors noted below individually accounted for more than 10% of our total revenue in certain periods covered by this report.

The composition of our revenue by customer is presented in the following table:

|  | % of Total Revenue |
|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
|  | 2026 |  |  | 2024 |  |  | 2023 |
Distributor A |  |  | 30.9 | % |  |  | 33.3 | % |  |  | 31.6 | %
Distributor B |  |  | 37.9 |  |  |  | 31.2 |  |  |  | 20.5 |
Distributor C |  |  | 3.8 |  |  |  | 11.2 |  |  |  | 10.8 |
Distributor D |  |  | — |  |  |  | 3.5 |  |  |  | 12.6 |
Other distributors |  |  | 11.2 |  |  |  | 10.2 |  |  |  | 11.9 |
All distributors |  |  | 83.8 |  |  |  | 89.4 |  |  |  | 87.4 |
Direct customers |  |  | 16.2 |  |  |  | 10.6 |  |  |  | 12.6 |
Total revenue |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %

34

Table of Contents

Gross margin

The composition of our gross margin, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Gross margin |  | $ | 356,943 |  |  | $ | 340,400 |  |  | $ | 514,670 |
Gross margin percentage |  |  | 68.2 | % |  |  | 66.8 | % |  |  | 69.8 | %

Gross margin percentage increased 140 basis points from fiscal 2024 to fiscal 2025. Higher margins resulted primarily from the non-recurrence of an approximately $7.0 million one-time charge for expiring production materials in the prior year. Gross margin also benefitted from changes in product mix between the periods, partially offset by higher stock-based compensation associated with market and performance-based awards in the current year.

Operating Expenses

Operating expenses increased year-over-year primarily due to higher stock-based compensation in the current year periods; excluding stock-based compensation, operating expenses decreased year-over-year. See Note 10 – Stock-Based Compensation Plans for additional details.

Research and Development Expense

The composition of our Research and development expense, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 187,983 |  |  | $ | 159,302 |  |  | $ | 159,770 |  |  |  | 18.0 | % |  |  | (0.3 | )%
Percentage of revenue |  |  | 35.9 | % |  |  | 31.3 | % |  |  | 21.7 | % |  |  |  |  |  |  |  |

Research and development expense includes headcount-related costs, including cash- and stock-based compensation and benefits, R&D equipment expenses, engineering wafers, licenses, and outside engineering services. These expenditures are for the design of new products, IP cores, processes, packaging, and software solutions.

The increase in Research and development expense for fiscal 2025 compared to fiscal 2024 was primarily due to higher stock-based compensation associated with market-based and performance-based awards in the current year periods coupled with the prior year reduction in stock compensation expense from the forfeiture of equity awards by departing executives.

We believe that investing in research and development is important to delivering innovative products to our customers. We expect research and development expense to increase in the future, but to decline as a percentage of revenue.

Selling, General, and Administrative Expense

The composition of our Selling, general, and administrative expense, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Selling, general, and administrative |  | $ | 153,632 |  |  | $ | 116,942 |  |  | $ | 137,244 |  |  |  | 31.4 | % |  |  | (14.8 | )%
Percentage of revenue |  |  | 29.4 | % |  |  | 23.0 | % |  |  | 18.6 | % |  |  |  |  |  |  |  |

Selling, general, and administrative expense includes headcount-related costs, including cash- and stock-based compensation and benefits, related to selling, general, and administrative employees, commissions, depreciation, professional and outside services, trade show, and travel expenses.

The increase in Selling, general, and administrative expense for fiscal 2025 compared to fiscal 2024 was primarily due to higher stock-based compensation associated with market-based and performance-based awards in the current year periods coupled with the prior year reduction in stock compensation expense from the forfeiture of equity awards by departing executives.

35

Table of Contents

Amortization of Acquired Intangible Assets

The composition of our Amortization of acquired intangible assets, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Amortization of acquired intangible assets |  | $ | 52 |  |  | $ | 3,479 |  |  | $ | 3,478 |  |  |  | (98.5 | )% |  |  | 0.0 | %
Percentage of revenue |  |  | 0.0 | % |  |  | 0.7 | % |  |  | 0.5 | % |  |  |  |  |  |  |  |

The decrease in Amortization of acquired intangible assets for fiscal 2025 compared to fiscal 2024 was primarily due to the full impairment of the Mirametrix intangible assets in the fourth quarter of fiscal 2024.

Restructuring and other

The composition of our Restructuring activity, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Restructuring and other |  | $ | 4,044 |  |  | $ | 12,291 |  |  | $ | 1,908 |  |  |  | (67.1 | )% |  |  | 100+% |
Percentage of revenue |  |  | 0.8 | % |  |  | 2.4 | % |  |  | 0.3 | % |  |  |  |  |  |  |  |

Restructuring and other activity is generally comprised of expenses resulting from workforce reductions, cancellation of contracts, and consolidation of our facilities. Details of our restructuring plans and expenses incurred under them are discussed in Note 8 - Restructuring to our Consolidated Financial Statements in Part II, Item 8 of this report.

Restructuring costs decreased in fiscal 2025 compared to fiscal 2024 primarily due to lower costs in the current year for severance under the Q3 2024 Plan as compared to higher costs in the prior year for severance under both the Q3 2024 and Q3 2023 Plans.

Interest Income (Expense), net

The composition of our Interest income (expense), net, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Interest income (expense), net |  | $ | 2,896 |  |  | $ | 3,948 |  |  | $ | 2,041 |  |  |  | (26.6 | )% |  |  | 93.4 | %
Percentage of revenue |  |  | 0.6 | % |  |  | 0.8 | % |  |  | 0.3 | % |  |  |  |  |  |  |  |

Interest income (expense) for fiscal 2025 compared to fiscal 2024 decreased primarily due to lower interest rates on cash and cash equivalents between the periods.

36

Table of Contents

Other Income (Expense), net

The composition of our Other income (expense), net, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Other income (expense), net |  | $ | (751 | ) |  | $ | (2,176 | ) |  | $ | 545 |  |  |  | (65.5 | )% |  |  | 100+% |
Percentage of revenue |  |  | (0.1 | )% |  |  | (0.4 | )% |  |  | 0.1 | % |  |  |  |  |  |  |  |

For fiscal 2025 compared to fiscal 2024, the change in Other income (expense), net was primarily due to a $2.0 million write-off of a non-recoverable cost-method investment in the prior year period, and to foreign currency effects.

Income Taxes

The composition of our Income tax (benefit) expense is presented in the following table:

|  | Year Ended |  |  |  |  |  |  |  |  |
|  | January 3, |  |  | December 28, |  |  | December 30, |  |  | % Change in |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |
Income tax expense (benefit) |  | $ | 10,293 |  |  | $ | (24,902 | ) |  | $ | (44,205 | ) |  |  | (141.3 | )% |  |  | (43.7 | )%

Our income tax expense (benefit) for fiscal 2025 was driven primarily by nondeductible expenses related to stock‑based compensation, partially offset by federal tax credits. The income tax benefit in fiscal 2024 includes $27.7 million of income tax benefits due to the expiration of statutes of limitations that reduced our uncertain tax positions, combined with federal tax credits and the impact of stock‑based compensation.

We updated our evaluation of the valuation allowance position in the United States through January 3, 2026. In making this evaluation, we considered our operating environment and estimates about our ability to generate taxable income in future periods within the United States. As a result of our consistent and continued profitability over the preceding three-year period and our expectations about generating sufficient U.S. Federal taxable income, we have determined that there is sufficient evidence that our U.S. Federal deferred tax assets are more likely than not to be realized.

We continue to maintain a full valuation allowance against our state deferred tax assets due to insufficient income sources. We will continue to evaluate both positive and negative evidence in future periods to determine if we will realize those deferred tax assets. The amount of the deferred tax asset considered realizable could be adjusted if sufficient positive evidence exists. We do not maintain a valuation allowance in any foreign jurisdictions as we have concluded that it is more likely than not that we will realize those net deferred tax assets in the future periods. Details of our deferred tax assets and valuation allowance are discussed in Note 12 - Income Taxes to our Consolidated Financial Statements in Part II, Item 8 of this report.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net income before net interest income (expense), income tax expense (benefit), depreciation and amortization, stock-based compensation, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to: legal expense outside the ordinary course of business, transformation charges incurred in connection with our multi‑year strategic initiative to realign our organizational structure and modernize our technology platforms, restructuring, impairments, and other charges, if applicable for the periods presented.

We believe that the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides useful information in understanding and evaluating our operating results in the same manner as our management and our Board of Directors. Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison.

37

Table of Contents

There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated in accordance with GAAP. Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these potential capital expenditures. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items, as in the future we may incur expenses similar to the adjustments in this presentation. Evaluation of our performance should consider Adjusted EBITDA alongside other financial performance measures, including our net income and other GAAP results.

A reconciliation of Net income to Adjusted EBITDA, including as a percentage of revenue, is presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
GAAP Net income |  | $ | 3,084 |  |  | $ | 61,131 |  |  | $ | 259,061 |
GAAP Net income margin |  |  | 0.6 | % |  |  | 12.0 | % |  |  | 35.1 | %
Interest (income) expense, net |  |  | (2,896 | ) |  |  | (3,948 | ) |  |  | (2,041 | )
Income tax expense (benefit) |  |  | 10,293 |  |  |  | (24,902 | ) |  |  | (44,205 | )
Amortization of acquired intangible assets |  |  | 52 |  |  |  | 3,479 |  |  |  | 3,478 |
Depreciation and other amortization |  |  | 34,333 |  |  |  | 34,502 |  |  |  | 30,562 |
Stock-based compensation (1) |  |  | 116,294 |  |  |  | 53,718 |  |  |  | 71,952 |
Incentive compensation to be settled in equity (2) |  |  | 6,605 |  |  |  | — |  |  |  | — |
Transformation charges |  |  | 5,388 |  |  |  | 2,770 |  |  |  | — |
Legal expenses (3) |  |  | 1,107 |  |  |  | 5,248 |  |  |  | 3,928 |
Restructuring and other |  |  | 4,044 |  |  |  | 12,291 |  |  |  | 1,908 |
Impairment charges |  |  | 3,497 |  |  |  | 13,929 |  |  |  | — |
Other EBITDA adjustments |  |  | 1,154 |  |  |  | 3,748 |  |  |  | 44 |
Adjusted EBITDA |  | $ | 182,955 |  |  | $ | 161,966 |  |  | $ | 324,687 |
Adjusted EBITDA margin |  |  | 35.0 | % |  |  | 31.8 | % |  |  | 44.0 | %

(1) |  | Includes stock-based compensation and related payroll tax expenses.
(2) |  | Includes accruals for the portion of our annual incentive plan that we intend to settle in equity.
(3) |  | Includes legal expenses outside the ordinary course of business, including those incurred defending against claims described in our 2024 10-K.

Adjusted EBITDA increased for fiscal 2025 compared to fiscal 2024 primarily as a result of higher revenue, the non-recurrence of an approximately $7.0 million one-time charge for expiring production materials in the prior year, and lower costs for outside services.

Liquidity and Capital Resources

The following sections discuss material changes in our financial condition from the end of fiscal 2024, including the effects of changes in our Consolidated Balance Sheets, and the effects of our credit arrangements and contractual obligations on our liquidity and capital resources. There continues to be uncertainty around the extent of market volatility, inflationary pressures, interest rate changes, recessionary concerns, uncertainty in the financial and banking industry, and geopolitical tension, which may impact our liquidity and working capital needs in future periods.

We have historically financed our operating and capital resource requirements through cash flows from operations, and from the issuance of long-term debt to fund acquisitions. Cash provided by or used in operating activities will fluctuate from period to period due to fluctuations in operating results, the timing and collection of accounts receivable, and required inventory levels, among other things.

We believe that our financial resources, including current cash and cash equivalents, cash flow from operating activities, and our credit facilities, will be sufficient to meet our liquidity and working capital needs through at least the next 12 months. On September 1, 2022, we entered into our 2022 Credit Agreement, as described in Note 7 - Long-Term Debt to our Consolidated Financial Statements in Part II, Item 8 of this report. As of January 3, 2026, we did not have significant long-term commitments for capital expenditures. For further information on our cash commitments for operating lease liabilities, see Note 9 - Leases to our Consolidated Financial Statements in Part II, Item 8 of this report.

In the future, we may continue to consider acquisition opportunities to further extend our product or technology portfolios and further expand our product offerings. In connection with funding capital expenditures, acquisitions, securing additional wafer supply, increasing our working capital, or other operations, we may seek to obtain equity or additional debt financing. We may also seek to obtain equity or additional debt financing if we experience downturns or cyclical fluctuations in our business that are more severe or longer than we anticipated when determining our current working capital needs.

38

Table of Contents

Liquidity

Cash and cash equivalents

(In thousands) |  | January 3, 2026 |  |  | December 28, 2024 |  |  | $ Change |  |  | % Change |
Cash and cash equivalents |  | $ | 133,886 |  |  | $ | 136,291 |  |  | $ | (2,405 | ) |  |  | (1.8 | )%

As of January 3, 2026, we had Cash and cash equivalents of $133.9 million, of which approximately $73.6 million was held by our foreign subsidiaries. We manage our global cash requirements considering, among other things, (i) available funds among our subsidiaries through which we conduct business, (ii) the geographic location of our liquidity needs, and (iii) the cost to access international cash balances. The repatriation of non-US earnings may require us to withhold and pay foreign income tax on dividends. This should not result in our recording significant additional tax expense as we have accrued expense based on current withholding rates. As of January 3, 2026, we could access all cash held by our foreign subsidiaries without incurring significant additional expense.

The net decrease in Cash and cash equivalents of $2.4 million between December 28, 2024 and January 3, 2026 was primarily driven by cash flows from the following activities:

Operating activities — Cash provided by operating activities results from net income adjusted for certain non-cash items and changes in assets and liabilities. Cash provided by operating activities was $175.1 million in fiscal 2025 compared to $140.9 million in fiscal 2024. This increase of $34.2 million was primarily driven by $17.9 million more cash provided by net income adjusted for non-cash items coupled with $16.3 million of net changes in working capital.

Investing activities — Investing cash flows consist primarily of transactions related to capital expenditures and payments for software and intellectual property licenses. Net cash used by investing activities in fiscal 2025 was $62.3 million compared to $37.7 million in fiscal 2024.

Financing activities — Financing cash flows consist primarily of repurchases of common stock, tax payments related to the net share settlement of restricted stock units, and proceeds from the acquisition of common stock under our employee stock purchase plan. Net cash used by financing activities in fiscal 2025 was $115.7 million compared to $94.5 million in fiscal 2024. This $21.2 million increase was due to the following activities. During fiscal 2025, we repurchased approximately 1.8 million shares of common stock for $100.0 million compared to fiscal 2024, where we repurchased approximately 1.1 million shares of common stock for $67.0 million. Payments for tax withholdings on vesting of RSUs partially offset by purchases under the employee stock purchase plan used net cash flows of $15.7 million in fiscal 2025, a decrease of approximately $11.8 million from the net $27.5 million used in fiscal 2024.

Accounts receivable, net

(In thousands) |  | January 3, 2026 |  |  | December 28, 2024 |  |  | $ Change |  |  | % Change |
Accounts receivable, net |  | $ | 102,277 |  |  | $ | 81,060 |  |  | $ | 21,217 |  |  |  | 26.2 | %
Days sales outstanding |  |  | 64 |  |  |  | 63 |  |  |  | 1 |  |  |  |  |

Accounts receivable, net as of January 3, 2026 increased by approximately $21.2 million, or approximately 26%, compared to December 28, 2024. This increase was due to order scheduling through the fourth quarter. We calculate Days sales outstanding on the basis of a 365-day year as Accounts receivable, net at the end of the quarter divided by sales during the quarter annualized and then multiplied by 365.

Inventories

(In thousands) |  | January 3, 2026 |  |  | December 28, 2024 |  |  | $ Change |  |  | % Change |
Inventories |  | $ | 89,202 |  |  | $ | 103,410 |  |  | $ | (14,208 | ) |  |  | (13.7 | )%
Days of inventory on hand |  |  | 178 |  |  |  | 207 |  |  |  | (29 | ) |  |  |  |

Inventories as of January 3, 2026 decreased $14.2 million, or approximately 14%, compared to December 28, 2024 primarily as a result of our continued optimization of inventory to efficient levels for the business, which also decreased Days of inventory on hand over the period.

The Days of inventory on hand ratio compares the inventory balance at the end of a quarter to the cost of sales in that quarter. We calculate Days of inventory on hand on the basis of a 365-day year as Inventories at the end of the quarter divided by Cost of sales during the quarter annualized and then multiplied by 365.

39

Table of Contents

Credit Arrangements

On September 1, 2022, we entered into our 2022 Credit Agreement. The details of this arrangement are described in Note 7 - Long-Term Debt to our Consolidated Financial Statements in Part II, Item 8 of this report. As of January 3, 2026, we had no used or unused credit arrangements beyond the secured revolving loan facility described in the 2022 Credit Agreement.

Share Repurchase Program

See "Issuer Purchases of Equity Securities" under Part II, Item 5 of this Annual Report on Form 10-K for more information about the share repurchase program.

New Accounting Pronouncements

The information contained under the heading "New Accounting Pronouncements" in Note 1 - Basis of Presentation and Significant Accounting Policies to our Consolidated Financial Statements in Part II, Item 8 of this report is incorporated by reference into this Part II, Item 7.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange rates and interest rates. We assess these risks on a regular basis and have established policies that are designed to protect against the adverse effects of these and other potential exposures.

Foreign Currency Exchange Rate Risk

While our revenues and the majority of our expenses are denominated in U.S. dollars, our financial position and results of operations are subject to foreign currency exchange rate risk as a result of having various international subsidiary and branch operations. Historically, exposure to foreign currency exchange rate risk has not had a material impact on our results from operations. We may enter into foreign currency forward exchange contracts in relation to certain activities, which mitigate the foreign currency exchange rate exposure from an economic perspective and may be designated as "effective" hedges under U.S. GAAP.

Interest Rate Risk

Interest Income

Our interest income is sensitive to changes in the general level of interest rates. As of January 3, 2026, a hypothetical 100 basis point change in interest rates would have resulted in less than $1.5 million change in interest income.

Interest Expense

We may be exposed to interest rate risk via the terms of our 2022 Credit Agreement, which specifies an interest rate on revolving loans that consists of a variable-rate of interest and an applicable margin. While we have drawn from this credit facility in the past, we have no borrowings outstanding as of January 3, 2026. If we borrow from the credit facility in the future, we will again be exposed to interest rate fluctuations.

40

Table of Contents

Item 8. Financial Statements and Supplementary Data

Index to Consolidated Financial Statements: |  | Page
Consolidated Statements of Operations |  | 42
Consolidated Statements of Comprehensive Income |  | 43
Consolidated Balance Sheets |  | 44
Consolidated Statements of Cash Flows |  | 45
Consolidated Statements of Stockholders' Equity |  | 46
Notes to Consolidated Financial Statements |  | 47
Reports of Independent Registered Public Accounting Firm (Ernst & Young LLP) | (PCAOB ID: 42) | 67

41

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands, except per share data) |  | 2026 |  |  | 2024 |  |  | 2023 |
Revenue |  | $ | 523,262 |  |  | $ | 509,401 |  |  | $ | 737,154 |
Cost of revenue |  |  | 166,319 |  |  |  | 169,001 |  |  |  | 222,484 |
Gross margin |  |  | 356,943 |  |  |  | 340,400 |  |  |  | 514,670 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 187,983 |  |  |  | 159,302 |  |  |  | 159,770 |
Selling, general, and administrative |  |  | 153,632 |  |  |  | 116,942 |  |  |  | 137,244 |
Amortization of acquired intangible assets |  |  | 52 |  |  |  | 3,479 |  |  |  | 3,478 |
Restructuring and other |  |  | 4,044 |  |  |  | 12,291 |  |  |  | 1,908 |
Impairment of acquired intangible assets |  |  | — |  |  |  | 13,929 |  |  |  | — |
Total operating expenses |  |  | 345,711 |  |  |  | 305,943 |  |  |  | 302,400 |
Income (loss) from operations |  |  | 11,232 |  |  |  | 34,457 |  |  |  | 212,270 |
Interest income (expense), net |  |  | 2,896 |  |  |  | 3,948 |  |  |  | 2,041 |
Other income (expense), net |  |  | (751 | ) |  |  | (2,176 | ) |  |  | 545 |
Income (loss) before income taxes |  |  | 13,377 |  |  |  | 36,229 |  |  |  | 214,856 |
Income tax expense (benefit) |  |  | 10,293 |  |  |  | (24,902 | ) |  |  | (44,205 | )
Net income |  | $ | 3,084 |  |  | $ | 61,131 |  |  | $ | 259,061 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.02 |  |  | $ | 0.44 |  |  | $ | 1.88 |
Diluted |  | $ | 0.02 |  |  | $ | 0.44 |  |  | $ | 1.85 |
Shares used in per share calculations: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 137,091 |  |  |  | 137,623 |  |  |  | 137,694 |
Diluted |  |  | 138,238 |  |  |  | 138,322 |  |  |  | 139,790 |

The accompanying notes are an integral part of these Consolidated Financial Statements.

42

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Net income |  | $ | 3,084 |  |  | $ | 61,131 |  |  | $ | 259,061 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment |  |  | 159 |  |  |  | (694 | ) |  |  | (16 | )
Change in actuarial valuation of defined benefit pension, net of tax |  |  | 540 |  |  |  | (242 | ) |  |  | (476 | )
Comprehensive income |  | $ | 3,783 |  |  | $ | 60,195 |  |  | $ | 258,569 |

The accompanying notes are an integral part of these Consolidated Financial Statements.

43

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

CONSOLIDATED BALANCE SHEETS

|  | January 3, |  |  | December 28, |
(In thousands, except share and par value data) |  | 2026 |  |  | 2024 |
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 133,886 |  |  | $ | 136,291 |
Accounts receivable, net |  |  | 102,277 |  |  |  | 81,060 |
Inventories, net |  |  | 89,202 |  |  |  | 103,410 |
Prepaid expenses and other current assets |  |  | 38,509 |  |  |  | 44,073 |
Total current assets |  |  | 363,874 |  |  |  | 364,834 |
Property and equipment, less accumulated depreciation of $123,654 at January 3, 2026 and $125,901 at December 28, 2024 |  |  | 77,032 |  |  |  | 52,988 |
Operating lease right-of-use assets |  |  | 39,459 |  |  |  | 13,870 |
Intangible assets, net |  |  | 4,143 |  |  |  | 4,587 |
Goodwill |  |  | 315,358 |  |  |  | 315,358 |
Deferred income taxes |  |  | 62,675 |  |  |  | 66,980 |
Other long-term assets |  |  | 20,579 |  |  |  | 25,286 |
Total assets |  | $ | 883,120 |  |  | $ | 843,903 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 56,518 |  |  | $ | 36,828 |
Accrued liabilities |  |  | 30,594 |  |  |  | 45,638 |
Accrued payroll obligations |  |  | 30,561 |  |  |  | 17,156 |
Total current liabilities |  |  | 117,673 |  |  |  | 99,622 |
Long-term operating lease liabilities, net of current portion |  |  | 36,127 |  |  |  | 9,433 |
Other long-term liabilities |  |  | 15,266 |  |  |  | 23,916 |
Total liabilities |  |  | 169,066 |  |  |  | 132,971 |
Contingencies (Note 14) |  |  |  |  |  |  |  |
Stockholders' equity: |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued and outstanding |  |  | — |  |  |  | — |
Common stock, $.01 par value, 300,000,000 shares authorized; 136,771,000 shares issued and outstanding as of January 3, 2026 and 137,704,000 shares issued and outstanding as of December 28, 2024 |  |  | 1,368 |  |  |  | 1,377 |
Additional paid-in capital |  |  | 503,647 |  |  |  | 504,299 |
Retained earnings |  |  | 212,182 |  |  |  | 209,098 |
Accumulated other comprehensive loss |  |  | (3,143 | ) |  |  | (3,842 | )
Total stockholders' equity |  |  | 714,054 |  |  |  | 710,932 |
Total liabilities and stockholders' equity |  | $ | 883,120 |  |  | $ | 843,903 |

The accompanying notes are an integral part of these Consolidated Financial Statements.

44

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 3,084 |  |  | $ | 61,131 |  |  | $ | 259,061 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 35,481 |  |  |  | 38,737 |  |  |  | 34,432 |
Stock-based compensation expense |  |  | 115,613 |  |  |  | 52,985 |  |  |  | 70,197 |
Change in deferred income tax provision |  |  | 5,187 |  |  |  | (12,069 | ) |  |  | (58,614 | )
Change in noncurrent taxes payable |  |  | (384 | ) |  |  | (19,370 | ) |  |  | 299 |
Amortization of right-of-use assets |  |  | 6,834 |  |  |  | 7,530 |  |  |  | 6,764 |
Impairment charges |  |  | 3,497 |  |  |  | 13,929 |  |  |  | — |
Charge for expiring production materials |  |  | — |  |  |  | 7,019 |  |  |  | — |
Other non-cash adjustments |  |  | 1,124 |  |  |  | 2,690 |  |  |  | 253 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | (21,217 | ) |  |  | 23,313 |  |  |  | (10,355 | )
Inventories, net |  |  | 14,208 |  |  |  | (4,584 | ) |  |  | 11,549 |
Prepaid expenses and other assets |  |  | 5,364 |  |  |  | (11,065 | ) |  |  | (6,001 | )
Accounts payable |  |  | 19,690 |  |  |  | 2,341 |  |  |  | (7,549 | )
Accrued liabilities |  |  | (19,540 | ) |  |  | (3,515 | ) |  |  | (12,963 | )
Accrued payroll obligations |  |  | 13,405 |  |  |  | (9,709 | ) |  |  | (10,005 | )
Operating lease liabilities, current and long-term portions |  |  | (7,239 | ) |  |  | (8,487 | ) |  |  | (7,480 | )
Net cash provided by (used in) operating activities |  |  | 175,107 |  |  |  | 140,876 |  |  |  | 269,588 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (42,527 | ) |  |  | (20,985 | ) |  |  | (20,098 | )
Cash paid for software and intellectual property licenses |  |  | (19,781 | ) |  |  | (16,708 | ) |  |  | (13,152 | )
Net cash provided by (used in) investing activities |  |  | (62,308 | ) |  |  | (37,693 | ) |  |  | (33,250 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock unit tax withholdings |  |  | (23,285 | ) |  |  | (33,646 | ) |  |  | (52,078 | )
Proceeds from issuance of common stock |  |  | 7,588 |  |  |  | 6,184 |  |  |  | 8,365 |
Repurchase of common stock |  |  | (100,000 | ) |  |  | (66,998 | ) |  |  | (80,004 | )
Repayment of long-term debt |  |  | — |  |  |  | — |  |  |  | (130,000 | )
Net cash provided by (used in) financing activities |  |  | (115,697 | ) |  |  | (94,460 | ) |  |  | (253,717 | )
Effect of exchange rate change on cash |  |  | 493 |  |  |  | (749 | ) |  |  | (26 | )
Net increase (decrease) in cash and cash equivalents |  |  | (2,405 | ) |  |  | 7,974 |  |  |  | (17,405 | )
Beginning cash and cash equivalents |  |  | 136,291 |  |  |  | 128,317 |  |  |  | 145,722 |
Ending cash and cash equivalents |  | $ | 133,886 |  |  | $ | 136,291 |  |  | $ | 128,317 |
Supplemental disclosure of cash flow information and non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | — |  |  | $ | — |  |  | $ | 3,240 |
Income taxes paid, net of refunds |  | $ | 7,768 |  |  | $ | 8,587 |  |  | $ | 15,754 |
Operating lease payments |  | $ | 8,330 |  |  | $ | 9,567 |  |  | $ | 8,344 |
Accrued purchases of plant and equipment |  | $ | 6,768 |  |  | $ | 2,132 |  |  | $ | 392 |
Operating lease right-of-use assets obtained in exchange for lease obligations |  | $ | 32,548 |  |  | $ | 7,428 |  |  | $ | 3,718 |

The accompanying notes are an integral part of these Consolidated Financial Statements.

45

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Retained |  |  |  | Accumulated |  |  |  |  |
|  | Common Stock |  |  | Additional |  |  | Earnings |  |  | Other |  |  |  |  |
|  | ($.01 par value) |  |  | Paid-in |  |  | (Accumulated |  |  | Comprehensive |  |  |  |  |
(In thousands, except par value data) |  | Shares |  |  | Amount |  |  | Capital |  |  | Deficit) |  |  | Income (Loss) |  |  | Total |
Balances, December 31, 2022 |  |  | 137,099 |  |  | $ | 1,371 |  |  | $ | 599,300 |  |  | $ | (111,094 | ) |  | $ | (2,414 | ) |  | $ | 487,163 |
Components of comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 259,061 |  |  |  | — |  |  |  | 259,061 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (492 | ) |  |  | (492 | )
Total comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 258,569 |
Common stock issued in connection with employee equity incentive awards, net of shares withheld for employee taxes |  |  | 1,465 |  |  |  | 14 |  |  |  | (43,727 | ) |  |  | — |  |  |  | — |  |  |  | (43,713 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 70,197 |  |  |  | — |  |  |  | — |  |  |  | 70,197 |
Repurchase of common stock |  |  | (1,224 | ) |  |  | (12 | ) |  |  | (80,184 | ) |  |  | — |  |  |  | — |  |  |  | (80,196 | )
Balances, December 30, 2023 |  |  | 137,340 |  |  | $ | 1,373 |  |  | $ | 545,586 |  |  | $ | 147,967 |  |  | $ | (2,906 | ) |  | $ | 692,020 |
Components of comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61,131 |  |  |  | — |  |  |  | 61,131 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (936 | ) |  |  | (936 | )
Total comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60,195 |
Common stock issued in connection with employee equity incentive awards, net of shares withheld for employee taxes |  |  | 1,509 |  |  |  | 15 |  |  |  | (27,477 | ) |  |  | — |  |  |  | — |  |  |  | (27,462 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 52,985 |  |  |  | — |  |  |  | — |  |  |  | 52,985 |
Repurchase of common stock |  |  | (1,145 | ) |  |  | (11 | ) |  |  | (66,795 | ) |  |  | — |  |  |  | — |  |  |  | (66,806 | )
Balances, December 28, 2024 |  |  | 137,704 |  |  | $ | 1,377 |  |  | $ | 504,299 |  |  | $ | 209,098 |  |  | $ | (3,842 | ) |  | $ | 710,932 |
Components of comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,084 |  |  |  | — |  |  |  | 3,084 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 699 |  |  |  | 699 |
Total comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,783 |
Common stock issued in connection with employee equity incentive awards, net of shares withheld for employee taxes |  |  | 830 |  |  |  | 8 |  |  |  | (15,705 | ) |  |  | — |  |  |  | — |  |  |  | (15,697 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 115,613 |  |  |  | — |  |  |  | — |  |  |  | 115,613 |
Repurchase of common stock |  |  | (1,763 | ) |  |  | (17 | ) |  |  | (100,560 | ) |  |  | — |  |  |  | — |  |  |  | (100,577 | )
Balances, January 3, 2026 |  |  | 136,771 |  |  | $ | 1,368 |  |  | $ | 503,647 |  |  | $ | 212,182 |  |  | $ | (3,143 | ) |  | $ | 714,054 |

The accompanying notes are an integral part of these Consolidated Financial Statements.

46

Table of Contents

LATTICE SEMICONDUCTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). They include the accounts of Lattice and its subsidiaries after the elimination of all intercompany balances and transactions.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, the actual results that we experience may differ materially from these estimates under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis.

Certain prior year balances have been reclassified to conform to the current year’s presentation.

Fiscal Reporting Periods

We report based on a 52 or 53-week fiscal year ending on the Saturday closest to December 31. Our fiscal 2025 was a 53-week year that ended on January 3, 2026. Our fiscal 2024 and 2023 were both 52-week years that ended on December 28, 2024 and December 30, 2023, respectively. Our fiscal 2026 will be a 52-week year and will end on January 2, 2027. All references to quarterly or annual financial results are references to the results for the relevant fiscal period.

Concentrations of Risk

Potential exposure to concentrations of risk may impact revenue, trade accounts receivable, cash and cash equivalents, and supply of wafers for our new products.

Sales to distributors have historically accounted for a significant portion of our total revenue. Certain of our largest distributors each account for more than 10% of our total revenue and our net accounts receivable. Revenue attributable to distributors as a percentage of total revenue is presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
|  | 2026 |  |  | 2024 |  |  | 2023 |
Distributor A |  |  | 31 | % |  |  | 33 | % |  |  | 32 | %
Distributor B |  |  | 38 |  |  |  | 31 |  |  |  | 21 |
Distributor C |  |  | 4 |  |  |  | 11 |  |  |  | 11 |
Distributor D |  |  | — |  |  |  | 4 |  |  |  | 13 |
Other distributors |  |  | 11 |  |  |  | 10 |  |  |  | 10 |
Revenue attributable to distributors |  |  | 84 | % |  |  | 89 | % |  |  | 87 | %

Certain of our distributors accounted for more than 10% of net accounts receivable at the dates presented. At January 3, 2026 and December 28, 2024, Distributor A accounted for approximately 28% and 36%, respectively, and Distributor B accounted for approximately 62% and 45%, respectively.

Concentration of credit risk with respect to trade accounts receivable is mitigated by our credit and collection process including active management of collections, credit limits, routine credit evaluations for essentially all customers, and secure transactions with letters of credit or advance payments where appropriate. We regularly review our allowance for doubtful accounts and the aging of our accounts receivable.

We limit our risk exposure related to cash and cash equivalents by placing our cash with high credit quality financial institutions. At times, such deposits may exceed Federal Deposit Insurance Corporation insurance limits. We have not experienced any losses on our deposits of cash and cash equivalents.

We rely on a limited number of foundries for our wafer purchases. We seek to mitigate the concentration of supply risk by establishing, maintaining, and managing multiple foundry relationships; however, certain of our products are sourced from a single foundry and changing from one foundry to another can have a significant cost, or create delays in production or shipments, among other factors.

47

Table of Contents

Cash and Cash Equivalents

We consider all investments that are readily convertible into cash and that have original maturities of three months or less to be cash equivalents. Cash equivalents consist primarily of highly liquid investments in time deposits or money market accounts and are carried at cost, which approximates fair value.

Foreign Exchange and Translation of Foreign Currencies

While our revenues and the majority of our expenses are denominated in U.S. dollars, we also have international subsidiaries and branch operations that conduct some transactions in currencies that differ from the functional currency of that entity. Gains or losses from foreign exchange rate fluctuations on balances denominated in currencies that differ from the functional currencies are reflected in Other income (expense), net.

We translate accounts denominated in foreign currencies in accordance with ASC 830, “Foreign Currency Matters,” using the current rate method under which asset and liability accounts are translated at the current rate, while stockholders' equity accounts are translated at the appropriate historical rates, and revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments related to the consolidation of foreign subsidiary financial statements are reflected in Accumulated other comprehensive loss in Stockholders' equity (See our Consolidated Statements of Stockholders' Equity).

Revenue Recognition

Under the terms of ASC 606, "Revenue from Contracts with Customers", we recognize revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. For sales to distributors, we have concluded that our contracts are with the distributor, rather than with the distributor’s end customer, as we hold a contract bearing enforceable rights and obligations only with the distributor. Our revenue is derived primarily from sales of silicon-based products, with additional revenue from sales of silicon-enabling products. We consider customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. For each contract, we consider our promise to transfer each distinct product to be the identified performance obligations. Revenue for product sales is recognized at the time of product shipment, as determined by the agreed upon contract shipping terms.

Our Licensing and services revenue is comprised of revenue from our IP core licensing activity, patent monetization activities, design services, and royalty and adopter fee revenue from our standards activities. These activities are complementary to our product sales and help us to monetize our IP associated with our technology and standards. We consider licensing arrangements with our customers and agreements with the standards consortia of which we are a member to be the contract. For each contract, we consider the promise to deliver a license that grants the customer the right to use the IP, as well as any professional services provided under the contract, as distinct performance obligations. We recognize license revenue at the point in time that control of the license transfers to the customer, which is generally upon delivery, or as usage occurs.

We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on an analysis of historical rebate claims over a period of time considered adequate to account for current pricing and business trends. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within Accrued liabilities. Revenue related to licensing and services, which includes HDMI and MHL standards revenue, as well as certain IP licenses, includes variable consideration in the form of usage-based royalties.

We generally provide an assurance warranty that our products will substantially conform to the published specifications for twelve months from the date of shipment. In some cases, the warranty period may be longer than twelve months. We do not separately price or sell the assurance warranty. Our liability is limited to either a credit equal to the purchase price or replacement of the defective part. Under the practical expedient provided by ASC 340, we generally expense sales commissions when incurred because the amortization period would be less than one year. We record these costs within Selling, general, and administrative expenses. Substantially all of our performance obligations are satisfied within twelve months.

48

Table of Contents

Inventories and Cost of Revenue

Inventories are stated at the lower of actual cost (determined using the first-in, first-out method) or net realizable value. We review and set standard costs quarterly to approximate current actual manufacturing costs. Our manufacturing overhead standards for product costs are calculated assuming full absorption of actual costs. The valuation of inventory requires us to estimate excess or obsolete inventory. Material assumptions we use to estimate necessary inventory carrying value adjustments can be unique to each product and are based on specific facts and circumstances. In determining provisions for excess or obsolete products, we consider assumptions such as changes in business and economic conditions, projected customer demand for our products, and changes in technology or customer requirements. The creation of such provisions results in a write-down of inventory to net realizable value and a charge to Cost of revenue. Lower of cost or net realizable value is based on assumptions such as recent historical sales activity and selling prices, as well as estimates of future sales activity and selling prices. Shipping and handling costs are included in Cost of revenue in our Consolidated Statements of Operations.

Property and Equipment

Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, generally three to seven years for equipment and software, and one to five years for tooling. Leasehold improvements are amortized over the shorter of the non-cancellable lease term or the estimated useful life of the assets. We capitalize costs for the fabrication of masks used by our foundry partners to manufacture our products. The capitalized mask costs begin depreciating to Cost of revenue once the products go into production, and depreciation is straight-lined over a three-year period, which is the expected useful life of the mask. Upon disposal of property and equipment, the accounts are relieved of the costs and related accumulated depreciation and amortization, and resulting gains or losses are reflected in the Consolidated Statements of Operations for recognized gains and losses. Repair and maintenance costs are expensed as incurred.

Business Combinations

Business combinations are accounted for using the acquisition method of accounting, under which we allocate the purchase price paid for a company to identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Goodwill is measured as the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable tangible and intangible assets acquired and liabilities assumed requires management to make assumptions, estimates, and judgments that are based on all available information, including comparable market data and information obtained from our management and the management of the acquired companies. The estimation of the fair values of the intangible assets requires significant judgment and the use of valuation techniques including primarily the income approach. Consideration is given to all relevant factors that might affect the fair value such as estimates of future revenues and costs, present value factors, and the estimated useful lives of intangible assets. We expense acquisition-related costs in the period incurred.

Impairment of Long-Lived Assets

Long-lived assets, which consist primarily of property and equipment, amortizable intangible assets, and right-of-use assets, are carried on our financial statements based on their cost less accumulated depreciation or amortization. We monitor the carrying value of our long-lived assets for potential impairment and test the recoverability of such assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. These events or changes in circumstances, including management decisions pertaining to such assets, are referred to as impairment indicators. If an impairment indicator occurs, we perform a test of recoverability by comparing the carrying value of the asset group to its undiscounted expected future cash flows. If the carrying values are in excess of undiscounted expected future cash flows, we measure any impairment by comparing the fair value of the asset group to its carrying value. Fair value is generally determined by considering (i) internally developed discounted projected cash flow analysis of the asset group; (ii) actual third-party valuations; and/or (iii) information available regarding the current market for similar asset groups. If the fair value of the asset group is determined to be less than the carrying amount of the asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs and is included in our Consolidated Statements of Operations. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized, which could impact our ability to accurately assess whether an asset has been impaired.

Valuation of Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is not amortized, but is instead tested for impairment annually during the fourth quarter and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. When evaluating whether goodwill is impaired, we make a qualitative assessment to determine if it is more likely than not that the reporting unit's fair value is less than the carrying amount. If the qualitative assessment determines that it is more likely than not that the fair value is less than the carrying amount, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, then goodwill impairment exists for the reporting unit. The impairment loss, if any, is recognized for the amount by which the carrying value exceeds the fair value. If the fair value of the reporting unit exceeds its carrying value, no further impairment analysis is needed. For purposes of testing goodwill for impairment, we currently operate as a single reporting unit.

49

Table of Contents

Leases

We account for leases under the terms of ASC 842, "Leases," which requires lessees to record assets and liabilities on the balance sheet for all leases with terms longer than 12 months. Under this guidance, we apply the practical expedient to not separate lease and non-lease components for all asset classes.

Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we determine the present value of lease payments using an incremental borrowing rate based on information from our commercial bank for an equivalent borrowing and term in the respective region as of the lease commencement date. At inception, we determine if an arrangement is a lease, if it includes options to extend or terminate the lease, and if it is reasonably certain that we will exercise the options. Lease cost, representing lease payments over the term of the lease and any capitalizable direct costs less any incentives received, is recognized on a straight-line basis over the lease term as lease expense. We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center.

The exercise of lease renewal options is at our sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and lease payment obligation, respectively. For our leases that contain variable lease payments, residual value guarantees, or restrictive covenants, we have concluded that these inputs are not significant to the determination of the ROU asset and lease liability.

Research and Development

Research and development expenses include costs for compensation and benefits, engineering wafers, depreciation and amortization, licenses and masks, and outside engineering services. These expenditures are for the design of new products, intellectual property cores, processes, packaging, and software solutions. Research and development costs are generally expensed as incurred, with certain licensed technology agreements capitalized as intangible assets and amortized to Research and development expense over their estimated useful lives.

Restructuring

Expenses associated with exit or disposal activities are recognized when incurred under ASC 420, “Exit or Disposal Cost Obligations,” for everything except severance expenses and vacated leased facilities. Because we have a history of paying severance benefits, the cost of severance benefits associated with a restructuring plan is recorded when such costs are probable and the amount can be reasonably estimated in accordance with ASC 712, “Compensation - Nonretirement Postemployment Benefits.” When leased facilities are vacated, the amount of any ROU asset impairment is calculated in accordance with ASC 360, "Property, Plant, and Equipment" and recorded as a part of Restructuring. Expenses from other exit or disposal activities, including the cancellation of software contracts and engineering tools or the abandonment of long-lived assets, are recorded as a part of Restructuring.

Accounting for Income Taxes

We are required to estimate our provision for income taxes and amounts ultimately payable or recoverable in numerous tax jurisdictions around the world. These estimates involve significant judgment and interpretations of regulations and are inherently complex. Resolution of income tax treatments in individual jurisdictions may not be known for many years after completion of the applicable year. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Valuation allowances are provided to reduce deferred tax assets to an amount that in management’s judgment is more-likely-than-not to be recoverable against future taxable income. The determination of a valuation allowance and when it should be released requires complex judgment.

In assessing the ability to realize deferred tax assets, we evaluate both positive and negative evidence that may exist and consider whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Any adjustment to the net deferred tax asset valuation allowance is recorded in the Consolidated Statements of Operations for the period that the adjustment is determined to be required.

50

Table of Contents

Our income tax calculations are based on application of the respective U.S. federal, state or foreign tax law. Our tax filings, however, are subject to audit by the relevant tax authorities. Accordingly, we recognize tax liabilities based upon our estimate of whether, and the extent to which, additional taxes will be due when such estimates are more-likely-than-not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. To the extent the final tax liabilities are different than the amounts originally accrued, the increases or decreases as well as any interest or penalties are recorded as income tax expense or benefit in the Consolidated Statements of Operations. We recognize the tax impact of including certain foreign earnings in U.S. taxable income as a period cost.

Stock-Based Compensation

We estimate the fair value of stock-based awards consistent with the provisions of ASC 718, “Compensation - Stock Compensation” and recognize stock-based compensation expense on a straight-line basis over the requisite service period, with forfeitures accounted for as they occur. We value restricted stock units ("RSUs") restricted stock awards ("RSAs") using the closing market price on the date of grant, and we value our employee stock purchase plan ("ESPP") using the Black-Scholes option pricing model. We have also granted RSUs with a market condition or a performance condition to certain executives. The terms of these grants, including achievement criteria and vesting schedules, are detailed under the heading "Market-Based and Performance-Based Awards — Grants" in Note 10 - Stock-Based Compensation Plans. Our current practice is to issue new shares to satisfy ESPP purchases. For RSUs, we issue new shares when awards vest and withhold a portion of these shares on behalf of employees to satisfy the minimum statutory tax withholding requirements.

New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This new guidance requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of income statement. The ASU may be applied prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of adoption of this new guidance on our consolidated financial statements disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU is intended to simplify the recognition and disclosure guidance related to capitalized internal-use software costs by removing all references to software development project stages and introducing a more judgment-based framework. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. This standard may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of adoption of this new guidance on our consolidated financial statements and disclosures.

Note 2 - Net Income Per Share

We compute basic earnings per share based on the weighted average number of shares of common stock outstanding during the period. We compute diluted earnings per share based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period, if applicable. Potentially dilutive shares of common stock from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs and RSAs, and the assumed issuance of common stock under the stock purchase plan.

Our calculation of potentially dilutive shares includes the number of shares from our equity awards with market conditions or performance conditions that would be issuable under the terms of such awards at the end of the reporting period. For equity awards with a market condition, the number of shares included in the diluted share count as of the end of each period presented is determined by measuring the achievement of the market condition as of the end of the respective reporting periods. For equity awards with a performance condition, the number of shares that qualified for vesting as of the end of each period presented are included in the diluted share count when the condition for their issuance was satisfied by the end of the respective reporting periods. See "Note 10 - Stock-Based Compensation Plans" to our consolidated financial statements for further discussion of our equity awards with market conditions or performance conditions.

51

Table of Contents

A summary of basic and diluted Net income per share is presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands, except per share data) |  | 2026 |  |  | 2024 |  |  | 2023 |
Net income |  | $ | 3,084 |  |  | $ | 61,131 |  |  | $ | 259,061 |
Shares used in basic Net income per share |  |  | 137,091 |  |  |  | 137,623 |  |  |  | 137,694 |
Dilutive effect of employee equity incentive awards |  |  | 1,147 |  |  |  | 699 |  |  |  | 2,096 |
Shares used in diluted Net income per share |  |  | 138,238 |  |  |  | 138,322 |  |  |  | 139,790 |
Basic Net income per share |  | $ | 0.02 |  |  | $ | 0.44 |  |  | $ | 1.88 |
Diluted Net income per share |  | $ | 0.02 |  |  | $ | 0.44 |  |  | $ | 1.85 |

The computation of diluted Net income per share excludes the effects of employee equity incentive plans that are antidilutive, aggregating to approximately 0.7 million, 1.0 million, and 0.4 million, respectively, in fiscal 2025, 2024, and 2023.

Note 3 - Revenue from Contracts with Customers

Disaggregation of Revenue

The following tables provide information about revenue from contracts with customers disaggregated by channel and by geographical market. Revenue is attributed to geographic regions based on the ship-to location of the customer. The Greater China geography includes revenue associated with shipments to both Hong Kong and mainland China. Products shipped to Hong Kong may subsequently be transferred to mainland China or other destinations, and products shipped to mainland China may similarly move through intermediary locations

|  | Year Ended |
Revenue by Channel |  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Distributors |  | $ | 438,455 |  |  |  | 84 | % |  | $ | 455,160 |  |  |  | 89 | % |  | $ | 644,181 |  |  |  | 87 | %
Direct |  |  | 84,807 |  |  |  | 16 | % |  |  | 54,241 |  |  |  | 11 | % |  |  | 92,973 |  |  |  | 13 | %
Total revenue |  | $ | 523,262 |  |  |  | 100 | % |  | $ | 509,401 |  |  |  | 100 | % |  | $ | 737,154 |  |  |  | 100 | %
Revenue by Geographical Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater China |  | $ | 273,246 |  |  |  | 52 | % |  | $ | 206,380 |  |  |  | 40 | % |  |  | 239,192 |  |  |  | 32 | %
Japan |  |  | 28,602 |  |  |  | 6 | % |  |  | 81,043 |  |  |  | 16 | % |  |  | 110,403 |  |  |  | 15 | %
Other Asia |  |  | 51,851 |  |  |  | 10 | % |  |  | 45,324 |  |  |  | 9 | % |  |  | 94,170 |  |  |  | 13 | %
Asia |  |  | 353,699 |  |  |  | 68 | % |  |  | 332,747 |  |  |  | 65 | % |  |  | 443,765 |  |  |  | 60 | %
Americas |  |  | 102,758 |  |  |  | 19 | % |  |  | 101,217 |  |  |  | 20 | % |  |  | 145,839 |  |  |  | 20 | %
Europe |  |  | 66,805 |  |  |  | 13 | % |  |  | 75,437 |  |  |  | 15 | % |  |  | 147,550 |  |  |  | 20 | %
Total revenue |  | $ | 523,262 |  |  |  | 100 | % |  | $ | 509,401 |  |  |  | 100 | % |  | $ | 737,154 |  |  |  | 100 | %

52

Table of Contents

Contract Balances

Our contract assets relate primarily to our rights to consideration for licenses and royalties due to us as a member of the HDMI Founders consortium. The balance results primarily from the amount of estimated revenue related to HDMI that we have recognized to date, but which has not yet been distributed to us by the HDMI licensing agent. Contract assets are recorded in Prepaid expenses and other current assets in our Consolidated Balance Sheets.

The following table summarizes activity during the periods presented:

(In thousands) |  |  |  |
Contract assets as of December 30, 2023 |  | $ | 11,194 |
Revenues recorded during the period |  |  | 14,408 |
Transferred to Accounts receivable or collected |  |  | (7,724 | )
Contract assets as of December 28, 2024 |  | $ | 17,878 |
Revenues recorded during the period |  |  | 25,854 |
Transferred to Accounts receivable or collected |  |  | (36,063 | )
Contract assets as of January 3, 2026 |  | $ | 7,669 |

Contract liabilities are included in Accrued liabilities on our Consolidated Balance Sheets. The following table summarizes activity during the periods presented:

(In thousands) |  |  |  |
Contract liabilities as of December 30, 2023 |  | $ | 5,304 |
Unperformed performance obligations |  |  | 6,945 |
Accruals for estimated future stock rotation and scrap returns |  |  | 13,051 |
Less: Release of accruals for recognized stock rotation and scrap returns |  |  | (14,118 | )
Contract liabilities as of December 28, 2024 |  | $ | 11,182 |
Revenue recognized from satisfied performance obligations |  |  | (6,945 | )
Accruals for estimated future stock rotation and scrap returns |  |  | 6,131 |
Less: Release of accruals for recognized stock rotation and scrap returns |  |  | (6,362 | )
Contract liabilities as of January 3, 2026 |  | $ | 4,006 |

Note 4 - Balance Sheet Components

Accounts Receivable

Accounts receivable do not bear interest and are shown net of an allowance for expected lifetime credit losses, which reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine this allowance through an assessment of known troubled accounts, analysis of our accounts receivable aging, historical experience, expectations for future economic conditions, management judgment, and other available evidence.

|  | January 3, |  |  | December 28, |
(In thousands) |  | 2026 |  |  | 2024 |
Accounts receivable |  | $ | 102,277 |  |  | $ | 81,060 |
Less: Allowance for credit losses |  |  | — |  |  |  | — |
Accounts receivable, net |  | $ | 102,277 |  |  | $ | 81,060 |

We had no material bad debt expense in fiscal 2025, 2024, or 2023.

Inventories

|  | January 3, |  |  | December 28, |
(In thousands) |  | 2026 |  |  | 2024 |
Work in progress |  | $ | 69,031 |  |  | $ | 82,273 |
Finished goods |  |  | 20,171 |  |  |  | 21,137 |
Total inventories, net |  | $ | 89,202 |  |  | $ | 103,410 |

53

Table of Contents

Accrued Liabilities

Included in Accrued liabilities in the Consolidated Balance Sheets are the following balances:

|  | January 3, |  |  | December 28, |
(In thousands) |  | 2026 |  |  | 2024 |
Current portion of liability for non-cancellable contracts |  | $ | 13,296 |  |  | $ | 13,534 |
Contract liabilities |  |  | 4,006 |  |  |  | 11,182 |
Liability for expiring production materials |  |  | 1,714 |  |  |  | 7,019 |
Current portion of operating lease liabilities |  |  | 5,980 |  |  |  | 5,818 |
Other accrued liabilities |  |  | 5,598 |  |  |  | 8,085 |
Total accrued liabilities |  | $ | 30,594 |  |  | $ | 45,638 |

Other Long-Term Liabilities

Included in Other long-term liabilities in the Consolidated Balance Sheets are the following balances:

|  | January 3, |  |  | December 28, |
(In thousands) |  | 2026 |  |  | 2024 |
Long-term portion of liability for non-cancellable contracts |  | $ | 8,962 |  |  | $ | 16,022 |
Other long-term liabilities |  |  | 6,304 |  |  |  | 7,894 |
Total other long-term liabilities |  | $ | 15,266 |  |  | $ | 23,916 |

Note 5 - Property and Equipment

|  | January 3, |  |  | December 28, |
(In thousands) |  | 2026 |  |  | 2024 |
Production equipment and software |  | $ | 186,653 |  |  | $ | 161,525 |
Leasehold improvements |  |  | 12,190 |  |  |  | 15,387 |
Office furniture and equipment |  |  | 1,843 |  |  |  | 1,977 |
|  |  | 200,686 |  |  |  | 178,889 |
Accumulated depreciation and amortization |  |  | (123,654 | ) |  |  | (125,901 | )
Total property and equipment, net |  | $ | 77,032 |  |  | $ | 52,988 |

For fiscal years 2025, 2024, and 2023 depreciation and amortization expense for property and equipment was $19.9 million, $19.3 million, and $17.3 million, respectively.

Property and Equipment – Geographic Information

Our Property and equipment, net by country at the end of each period was as follows:

|  | January 3, |  |  | December 28, |
(In thousands) |  | 2026 |  |  | 2024 |
United States |  | $ | 40,338 |  |  | $ | 26,578 |
Taiwan |  |  | 11,524 |  |  |  | 11,234 |
Philippines |  |  | 6,544 |  |  |  | 6,086 |
India |  |  | 11,825 |  |  |  | 2,165 |
China |  |  | 2,552 |  |  |  | 2,504 |
Other |  |  | 4,249 |  |  |  | 4,421 |
Total foreign property and equipment, net |  |  | 36,694 |  |  |  | 26,410 |
Total property and equipment, net |  | $ | 77,032 |  |  | $ | 52,988 |

54

Table of Contents

Note 6 - Intangible Assets and Goodwill

In connection with our previous acquisitions, we have recorded identifiable intangible assets related to existing technology, customer relationships, and trade name / trademarks. We amortize the intangible assets using the straight-line method over their estimated useful lives. Additionally, we have entered into license agreements for third-party technology and recorded them as intangible assets. These licenses are being amortized to Research and development expense over their estimated useful lives. No impairment charges relating to acquired intangible assets were recorded for fiscal 2025 or 2023. In fiscal 2024, we recorded an impairment charge of $13.9 million relating to acquired intangible assets.

The following tables summarize the details of our Intangible assets, net as of January 3, 2026 and December 28, 2024:

|  | January 3, 2026 |
(In thousands) |  | Weighted Average Amortization Period (in years) |  |  | Gross |  |  | Accumulated Amortization |  |  | Intangible assets, net |
Existing technology |  |  | 7.0 |  |  | $ | 125,037 |  |  | $ | (124,539 | ) |  | $ | 498 |
Customer relationships |  |  | — |  |  |  | 32,734 |  |  |  | (32,734 | ) |  |  | — |
Trade name / trademarks |  |  | — |  |  |  | 1,500 |  |  |  | (1,500 | ) |  |  | — |
Licensed technology |  |  | 5.0 |  |  |  | 10,618 |  |  |  | (6,973 | ) |  |  | 3,645 |
Total identified intangible assets |  |  |  |  |  | $ | 169,889 |  |  | $ | (165,746 | ) |  | $ | 4,143 |

|  | December 28, 2024 |
(In thousands) |  | Weighted Average Amortization Period (in years) |  |  | Gross |  |  | Accumulated Amortization |  |  | Intangible assets, net |
Existing technology |  |  | — |  |  | $ | 124,487 |  |  | $ | (124,487 | ) |  | $ | — |
Customer relationships |  |  | — |  |  |  | 32,734 |  |  |  | (32,734 | ) |  |  | — |
Trade name / trademarks |  |  | — |  |  |  | 1,500 |  |  |  | (1,500 | ) |  |  | — |
Licensed technology |  |  | 5.4 |  |  |  | 9,366 |  |  |  | (4,779 | ) |  |  | 4,587 |
Total identified intangible assets |  |  |  |  |  | $ | 168,087 |  |  | $ | (163,500 | ) |  | $ | 4,587 |

We recorded amortization expense related to intangible assets on the Consolidated Statements of Operations as presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,194 |  |  | $ | 1,218 |  |  | $ | 1,074 |
Amortization of acquired intangible assets |  |  | 52 |  |  |  | 3,479 |  |  |  | 3,478 |
|  | $ | 2,246 |  |  | $ | 4,697 |  |  | $ | 4,552 |

The annual expected amortization expense related to intangible assets is as follows:

Fiscal year |  | (In thousands) |
2026 |  | $ | 2,232 |
2027 |  |  | 1,456 |
2028 |  |  | 193 |
2029 |  |  | 79 |
2030 |  |  | 79 |
Thereafter |  |  | 104 |
Total |  | $ | 4,143 |

55

Table of Contents

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets. The goodwill balance at January 3, 2026 is comprised of approximately $315.4 million from prior acquisitions. No impairment charges relating to goodwill were recorded for fiscal 2025, 2024, or 2023.

Note 7 - Long-Term Debt

On September 1, 2022, we entered into an Amended and Restated Credit Agreement (the “2022 Credit Agreement”), which provides for a five-year secured revolving loan facility with an aggregate principal amount of up to $350 million. We have a zero drawn balance on this facility and, effective December 10, 2025, we deliberately reduced the aggregate available principal amount from up to $350 million to up to $200 million. This reduction lowered our carrying costs. We intend to use the revolving loan facility for working capital and general corporate purposes as appropriate.

At our option, the revolving loans accrue interest at a per annum rate based on ranges determined by our consolidated total leverage ratio of either (i) the base rate (as defined in the 2022 Credit Agreement) plus a margin ranging from 0.25% to 1.00%, or (ii) the adjusted Term Secured Overnight Financing Rate ("SOFR") for interest periods of 1, 3 or 6 months plus a margin ranging from 1.25% to 2.00%. Interest is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of an interest period (or at each three-month interval in the case of loans with interest periods greater than three months) in the case of loans bearing interest at the adjusted Term SOFR. In addition, we pay a quarterly commitment fee of 0.20% on the unused portion of the revolving facility.

The revolving loans under the 2022 Credit Agreement may be repaid and reborrowed at our discretion, with any remaining outstanding principal amount due and payable on the maturity date of the revolving loan on September 1, 2027. At January 3, 2026 and December 28, 2024, we had no borrowings outstanding under the 2022 Credit Agreement.

Interest expense related to our long-term debt is included in Interest expense on our Consolidated Statements of Operations as follows:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Contractual interest |  | $ | — |  |  | $ | — |  |  | $ | 2,701 |
Amortization of original issuance discount and debt costs |  |  | 264 |  |  |  | 266 |  |  |  | 266 |
Total interest expense related to long-term debt |  | $ | 264 |  |  | $ | 266 |  |  | $ | 2,967 |

Note 8 - Restructuring

In the third quarter of 2024, our management commenced an internal restructuring plan ("the Q3 2024 Plan"), which includes a global workforce reduction. Under this plan, we incurred restructuring costs of approximately $3.4 million and $7.6 million, respectively, in fiscal 2025 and 2024. Under this plan, approximately $11.0 million of total costs have been incurred through January 3, 2026. The Q3 2024 Plan is expected to be largely complete by the end of the first quarter of fiscal year 2026.

In the third quarter of 2023, our management approved and executed an internal restructuring plan (the “Q3 2023 Plan”), which included a targeted workforce reduction intended to reorganize critical roles and focus skillsets in key growth markets.

We incurred no restructuring costs during fiscal 2025, and incurred restructuring costs of approximately $5.3 million and $2.0 million, respectively, in fiscal 2024 and 2023. Under this plan, approximately $7.3 million of total costs have been incurred through January 3, 2026. All actions planned under the Q3 2023 plan have been implemented.

Other restructuring activity in the periods presented consisted of expense adjustments on previous plans. Costs and adjustments on restructuring plans are recorded to Restructuring and other on our Consolidated Statements of Operations. The restructuring accrual balance is presented in Accrued liabilities and in Other long-term liabilities on our Consolidated Balance Sheets.

56

Table of Contents

The following table displays the activity related to our restructuring plans:

(In thousands) |  | Severance & Related |  |  | Lease Termination & Fixed Assets |  |  | Other (1) |  |  | Total |
Accrued Restructuring at December 31, 2022 |  | $ | 400 |  |  | $ | 5,892 |  |  | $ | 640 |  |  | $ | 6,932 |
Restructuring |  |  | 1,848 |  |  |  | 56 |  |  |  | 4 |  |  |  | 1,908 |
Costs paid or otherwise settled |  |  | (758 | ) |  |  | (1,440 | ) |  |  | (24 | ) |  |  | (2,222 | )
Accrued Restructuring at December 30, 2023 |  | $ | 1,490 |  |  | $ | 4,508 |  |  | $ | 620 |  |  | $ | 6,618 |
Restructuring |  |  | 12,896 |  |  |  | 15 |  |  |  | (620 | ) |  |  | 12,291 |
Costs paid or otherwise settled |  |  | (12,481 | ) |  |  | (1,559 | ) |  |  | — |  |  |  | (14,040 | )
Accrued Restructuring at December 28, 2024 |  | $ | 1,905 |  |  | $ | 2,964 |  |  | $ | — |  |  | $ | 4,869 |
Restructuring |  |  | 3,438 |  |  |  | 50 |  |  |  | — |  |  |  | 3,488 |
Costs paid or otherwise settled |  |  | (4,387 | ) |  |  | (3,014 | ) |  |  | — |  |  |  | (7,401 | )
Accrued Restructuring at January 3, 2026 |  | $ | 956 |  |  | $ | — |  |  | $ | — |  |  | $ | 956 |

| (1) | Includes termination fees on the cancellation of certain contracts

Note 9 - Leases

We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center, all of which are leased under operating leases that expire at various times through 2035. Our leases have remaining lease terms of less than 1 year to 10 years, some of which include options to extend for up to 5 years, and some of which include options to terminate within 1 year. The weighted-average remaining lease term was 6.4 years and the weighted-average discount rate was 4.9% as of January 3, 2026. We recorded fixed operating lease expense of $8.1 million, $8.5 million, and $7.8 million, respectively, for fiscal 2025, 2024, and 2023.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during fiscal 2025:

Operating lease right-of-use assets |  | (In thousands) |
Balance as of December 28, 2024 |  | $ | 13,870 |
Right-of-use assets obtained for new or renewed lease contracts during the period |  |  | 32,548 |
Amortization of right-of-use assets during the period |  |  | (6,834 | )
Adjustments for present value and foreign currency effects |  |  | (125 | )
Balance as of January 3, 2026 |  | $ | 39,459 |

Operating lease liabilities |  | (In thousands) |
Balance as of December 28, 2024 |  | $ | 15,251 |
Lease liabilities accrued for new or renewed lease contracts during the period |  |  | 32,548 |
Lease liability for renewed lease on facility restructured prior to adoption of ASC 842 |  |  | 1,547 |
Accretion of lease liabilities |  |  | 1,250 |
Operating cash used for payments on lease liabilities |  |  | (8,330 | )
Adjustments for present value and foreign currency effects |  |  | (159 | )
Balance as of January 3, 2026 |  |  | 42,107 |
Less: Current portion of operating lease liabilities (included in Accrued liabilities) |  |  | (5,980 | )
Long-term operating lease liabilities, net of current portion |  | $ | 36,127 |

57

Table of Contents

Maturities of operating lease liabilities as of January 3, 2026 are as follows:

Fiscal year |  | (In thousands) |
2026 |  | $ | 7,798 |
2027 |  |  | 8,570 |
2028 |  |  | 7,821 |
2029 |  |  | 5,424 |
2030 |  |  | 5,457 |
Thereafter |  |  | 14,718 |
Total lease payments |  |  | 49,788 |
Less: amount representing interest |  |  | (7,681 | )
Total lease liabilities |  | $ | 42,107 |

Note 10 - Stock-Based Compensation Plans

Employee and Director Restricted Stock and ESPP Plans

As of January 3, 2026, we have three active equity incentive plans, including the "2023 Equity Incentive Plan" and the "2011 Non-Employee Director Equity Incentive Plan", under which shares remain available for grants to employees and non-employee directors, respectively. We also have the “2025 Inducement Equity Plan”, under which shares will be available for grants to new hire employees. Restricted stock unit ("RSU"), and restricted stock award ("RSA") grants are part of our equity compensation practices for employees who receive equity grants. RSUs and RSAs generally vest quarterly over a four-year period beginning on the grant date.

We also maintain the 2012 Employee Stock Purchase Plan ("2012 ESPP"), pursuant to which eligible employees may contribute through payroll deductions up to 10% of base compensation, subject to certain income limits, to purchase shares of our common stock. The purchase price of the shares is the lower of 85% of the fair market value of the stock at the beginning of each six-month offering period or 85% of the fair market value at the end of such period. We have treated the 2012 ESPP as a compensatory plan. At January 3, 2026, a total of 0.7 million shares of our common stock were available for future purchases under the 2012 ESPP.

At January 3, 2026, a total of 4.9 million shares of our common stock were available for future grants under the 2023 Equity Incentive Plan and the 2011 Non‑Employee Director Equity Incentive Plan. At the same date, 1.3 million shares were available for issuance under the 2025 Inducement Equity Plan, which is a standalone, non‑shareholder‑approved plan that may be used only for inducement awards to new hires. The 2023 Equity Incentive Plan, 2011 Non‑Employee Director Equity Incentive Plan, and the 2025 Inducement Equity Plan do not have any fungible share‑counting provisions. Shares subject to performance‑based restricted stock units that are not delivered due to failure to meet the maximum payout threshold generally become available for re‑issuance under the applicable equity incentive plans.

Stock-Based Compensation Expense

Total stock-based compensation expense included in our Consolidated Statements of Operations is presented in the following table:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Cost of revenue |  | $ | 5,363 |  |  | $ | 2,731 |  |  | $ | 4,506 |
Research and development |  |  | 49,873 |  |  |  | 29,033 |  |  |  | 27,782 |
Selling, general, and administrative |  |  | 60,377 |  |  |  | 21,221 |  |  |  | 37,909 |
Total stock-based compensation |  | $ | 115,613 |  |  | $ | 52,985 |  |  | $ | 70,197 |

The income tax benefit related to total stock-based compensation expense was $8.5 million, $6.3 million, and $7.6 million, respectively, for fiscal 2025, 2024, and 2023, which is reflected in Income tax expense (benefit) in the Consolidated Statements of Operations. There was no income tax benefit related to awards vested during 2025 due to shortfalls (actual tax deductions were lower than the U.S. GAAP compensation cost). The income tax benefit related to awards vested or exercised during fiscal 2024 and 2023, respectively, was $1.7 million and $10.4 million. These amounts do not include the indirect effects of stock-based compensation, which primarily relate to the R&D tax credit.

58

Table of Contents

Employee Stock Purchase Plan

The fair values of the shares expected to be issued under the employee stock purchase plan were estimated using the Black-Scholes valuation model and the assumptions noted in the following table. The expected volatility of ESPP shares is based on the daily historical volatility of our stock price, measured over the ESPP purchase period. The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term closest to the expected term of the offering period. Dividend yield has no valuation impact, as we have not paid any cash dividends since inception and do not intend to pay any cash dividends in the foreseeable future.

The following table summarizes the assumptions used in the valuation of ESPP compensation for the periods presented:

|  | Year Ended
|  | January 3, |  | December 28, |  | December 30,
|  | 2026 |  | 2024 |  | 2023
Employee Stock Purchase Plan |  |  |  |  |  |
Weighted average expected volatility |  | 41.6% |  | 52.6% |  | 48.2%
Weighted average risk-free interest rate |  | 3.95% |  | 4.88% |  | 5.37%
Expected term (in months) |  | 6 |  | 6 |  | 6

The weighted average fair values for the ESPP, calculated using the Black-Scholes option pricing model with the noted assumptions for the ESPP, were $18.30, $15.50, and $24.38 for fiscal years 2025, 2024, and 2023, respectively.

Compensation expense for the ESPP is recognized using the straight-line method. We recorded stock-based compensation expense related to the ESPP of approximately $2.3 million, $1.8 million, and $2.2 million in fiscal 2025, 2024, and 2023, respectively.

Time-Based Restricted Stock Unit Awards and Restricted Stock Awards

The following table summarizes the activity for our time-based RSUs and RSAs for the year ended January 3, 2026:

(Shares in thousands) |  | Shares |  |  | Weighted average grant date fair value |
Balance, December 28, 2024 |  |  | 2,692 |  |  | $ | 63.78 |
Granted |  |  | 1,841 |  |  |  | 51.54 |
Vested |  |  | (982 | ) |  |  | 64.55 |
Forfeited or expired |  |  | (296 | ) |  |  | 62.92 |
Balance, January 3, 2026 |  |  | 3,255 |  |  | $ | 56.71 |

At January 3, 2026, there was $162.9 million of unrecognized compensation expense related to unvested time-based RSUs and RSAs. Compensation expense for RSUs and RSAs is recognized using the straight-line method over the related vesting period. In fiscal 2025, 2024, and 2023, we recorded stock-based compensation expense related to time-based RSUs and RSAs of approximately $70.2 million, $51.8 million, and $41.5 million, respectively.

Market-Based and Performance-Based Awards

In 2023 through 2025, we granted awards of RSUs with either a market condition or a performance condition to certain executives.

Market-Based and Performance-Based Awards — Grants

In fiscal 2025, 2024, and 2023, we granted awards of RSUs with a market condition to certain executives. Under the terms of these grants, the RSUs with a market condition vest over a three-year period based on the Company's total shareholder return ("TSR") relative to the Russell 3000 index, which condition is measured for the grants on either the third anniversary of the grant date, or equally on the first, second, and third anniversary of the grant date, depending on the executive. The awards may vest at 250% or 200%, depending on the executive, if the 75th percentile of the market condition is achieved, with 100% of the units vesting at the 55th percentile, zero vesting if relative TSR is below the 25th percentile, and vesting scaling for achievement between the 25th and 75th percentile.

In fiscal 2025, we also granted awards of RSUs with a performance condition to certain executives. Under the terms of these grants, the RSUs with a performance condition will vest if the Company achieves year-over-year revenue growth in excess of the Gartner Non-Memory Semiconductor Revenue Growth benchmark, and the number of shares that vest will scale based on achievement of year-over-year revenue growth compared to certain targets, with maximum vesting up to 250%.

59

Table of Contents

During fiscal 2025, the Compensation Committee of the Board of Directors approved a modification to the performance condition periods and vesting criteria associated with these revenue growth performance awards and similar awards that were granted to certain executives in fiscal 2024 to align the awards with the Company's growth strategy. The modification extended the beginning and end dates of each measurement period by one year, such that the performance condition will be measured annually after each fiscal year-end for one-fourth of the grants with the first measurement period beginning in fiscal 2026 and the last measurement period ending at the end of fiscal 2029. Additionally, the awards were modified such that the measurement and vesting for each tranche will occur on the later of the filing date of the Company’s Annual Report on Form 10-K for the applicable measurement period, or the date the Gartner Non-Memory Semiconductor Revenue Growth benchmark is published. Vesting of these awards occurs approximately 4 months after the end of each measurement period. All other terms of the modified awards including the size of the awards and performance criteria remain the same. This modification had no material impact on stock-based compensation expense upon adoption.

Also during fiscal 2025, we granted additional awards of RSUs with a performance condition to the majority of our employee population. Under the terms of these grants, the RSUs with a performance condition will vest if the Company achieves year-over-year revenue growth targets, and the number of shares vested will scale for achievement of year-over-year revenue growth compared to certain targets, with maximum vesting up to 200% depending on the employee's level. The performance condition will be measured annually after each fiscal year-end for one-half of the grants with the first measurement period beginning in fiscal 2026 and the last measurement period ending at the end of fiscal 2027. Vesting of these awards occurs approximately 4 months after the end of each measurement period.

In fiscal 2024, we also granted awards of RSUs with a performance condition to certain executives. Under the terms of these grants, the RSUs with a performance condition will vest if the Company achieves year-over-year revenue growth in excess of an industry benchmark, and the number of shares vested will scale for achievement of year-over-year revenue growth compared to certain targets, with maximum vesting up to 250%. The performance condition will be measured annually after each fiscal year-end for one-fourth of the grants beginning in fiscal 2025 through the end of fiscal 2028. Vesting of these awards occurs 13 months after the end of each measurement period and the entire award cannot be fully earned until five and a half years from grant date.

In fiscal 2024, we also granted awards of RSUs with a market condition to our new chief executive officer with vesting tied to the Company's stock price appreciation. The number of shares that become eligible to vest can range from 25% to 250% of the target number of shares, based on the Company's stock price growth over the 6-year service period, which ranges from 25% to 200% stock price growth calculated based on the simple average of the closing Company share price for the trailing 60 trading days up to and including the measurement date. No vesting occurs for stock price growth below 25%. Vesting will occur annually after 3 years for a portion of the vesting eligible RSUs.

Market-Based and Performance-Based Awards — Vesting

During fiscal 2025, the market condition for awards granted to certain executives in previous years exceeded the 55th percentile of their TSR condition, and these awards vested at 134%. Also during 2025, the third tranche of awards granted in fiscal 2021 and 2022 with a year-over-year revenue growth performance condition vested at the 116.3% level of achievement, based on the Company's year-over-year revenue growth performance as of December 30, 2023. For the fourth tranche of these awards, the Company did not meet the year-over-year revenue growth performance criteria as of December 28, 2024.
During fiscal 2024, the market condition for the majority of awards granted to certain executives in previous years exceeded the 75th percentile of their TSR condition, and these awards vested at 250% or 200%, as applicable for the respective executive. One award achieved the 54th percentile of its TSR condition and vested at approximately 97%, while one award did not meet its minimum TSR threshold for vesting. Also during 2024, the second tranche of awards granted in fiscal 2021 and 2022 with a year-over-year revenue growth performance condition vested at the 200% level of achievement, as the Company met the maximum year-over-year revenue growth performance criteria as of December 31, 2022, and the 13-month vesting period had been met. For the third tranche of these awards, the Company met the year-over-year revenue growth performance criteria at the 116.3% level of achievement as of December 30, 2023.
During fiscal 2023, the market condition for awards granted to certain executives in previous years exceeded the 75th percentile of their TSR condition, and applicable tranches of these awards vested at 250% or 200% for the respective executives. Also during 2023, the first tranche of awards granted in fiscal 2021 with a year-over-year revenue growth performance condition vested at the 200% level of achievement, as the Company met the maximum year-over-year revenue growth performance criteria as of January 1, 2022, and the 13-month vesting period had been met.

Market-Based and Performance-Based Awards — Compensation Expense

For our awards with a market condition or a performance condition, we incurred stock compensation expense in fiscal 2025 of approximately $43.1 million. In fiscal 2024, we recorded benefits from forfeitures of approximately $29.0 million due to executive departures, partially offset by stock compensation expense of approximately $28.4 million. In fiscal 2023, we incurred stock-based compensation expense of approximately $26.4 million. These amounts are recorded as components of total stock-based compensation. At January 3, 2026, there was $66.2 million of unrecognized compensation expense related to unvested RSUs with a market condition or a performance condition. Awards with a market condition were valued using Monte Carlo simulation models.

60

Table of Contents

The following table summarizes the assumptions used at the grant date in the valuation of RSUs with a market condition:

|  | Year Ended
|  | January 3, |  | December 28, |  | December 30,
|  | 2026 |  | 2024 |  | 2023
Executive RSUs with a market condition |  |  |  |  |  |
Weighted average expected volatility |  | 52.75% to 53.01% |  | 51.04% to 53.96% |  | 50.97% to 54.31%
Weighted average risk-free interest rate |  | 3.95% to 4.25% |  | 3.39% to 4.53% |  | 4.28% to 4.59%
Expected term (years) |  | 3 |  | 3 to 6 |  | 3

The valuation of RSUs with a performance condition is based on the closing market price on the date of grant.

The following table summarizes the activity for our awards with a market condition or performance condition:

(Shares in thousands) |  | Shares |  |  | Weighted average grant date fair value |
Balance, December 28, 2024 |  |  | 1,593 |  |  | $ | 62.24 |
Granted |  |  | 833 |  |  |  | 60.32 |
Effect of vesting multiplier |  |  | 19 |  |  |  |  |
Vested |  |  | (101 | ) |  |  | 75.87 |
Canceled |  |  | (229 | ) |  |  | 72.66 |
Balance, January 3, 2026 |  |  | 2,115 |  |  | $ | 59.69 |

Note 11 - Common Stock Repurchase Program

On December 9, 2024, we announced that our Board of Directors had approved a stock repurchase program pursuant to which up to $100 million of outstanding common stock could be repurchased from time to time (the "2025 Repurchase Program"). The duration of the 2025 Repurchase Program was through December 31, 2025. During the fourth quarter of fiscal 2025, we repurchased 217,506 shares for $14.1 million, or an average price paid per share of $65.03. All repurchases were open market transactions funded from available working capital. All shares repurchased pursuant to the 2025 Repurchase Program were retired upon settlement. We repurchased a total of 1,763,053 shares for $100.0 million, or an average price paid per share of $56.72, during fiscal year 2025.

On December 5, 2025, we announced that our Board of Directors had approved a stock repurchase program pursuant to which up to an additional $250 million of outstanding common stock could be repurchased from time to time (the "2026 Repurchase Program"). The 2026 Repurchase Program has no termination date and may be suspended or discontinued at any time. No shares were repurchased under the 2026 Repurchase Program during the fourth quarter of fiscal 2025.

Note 12 - Income Taxes

We are subject to federal and state income tax as well as income tax in the various foreign jurisdictions in which we operate.

The domestic and foreign components of Income before income taxes were as follows:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Domestic |  | $ | (1,792 | ) |  | $ | 2,595 |  |  | $ | 55,069 |
Foreign |  |  | 15,169 |  |  |  | 33,634 |  |  |  | 159,787 |
Income before taxes |  | $ | 13,377 |  |  | $ | 36,229 |  |  | $ | 214,856 |

61

Table of Contents

The components of Income tax expense (benefit) are as follows:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,317 |  |  | $ | (15,866 | ) |  | $ | 10,331 |
State |  |  | (10 | ) |  |  | 460 |  |  |  | 1,059 |
Foreign |  |  | 2,799 |  |  |  | 2,573 |  |  |  | 3,019 |
|  |  | 5,106 |  |  |  | (12,833 | ) |  |  | 14,409 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 4,912 |  |  |  | (7,530 | ) |  |  | (56,323 | )
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | 275 |  |  |  | (4,539 | ) |  |  | (2,291 | )
|  |  | 5,187 |  |  |  | (12,069 | ) |  |  | (58,614 | )
Income tax expense (benefit) |  | $ | 10,293 |  |  | $ | (24,902 | ) |  | $ | (44,205 | )

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which require greater disaggregation of income tax disclosures around the effective rate reconciliation. The guidance in this update is effective for fiscal years beginning after December 15, 2024, and the Company adopted it prospectively for the year ended January 3, 2026. Income tax expense (benefit) for the year ended January 3, 2026 differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:

|  | Year Ended |
|  | January 3, 2026 |
(In thousands) |  | Amount |  |  | %
U.S Federal Statutory Tax Rate |  | $ | 2,809 |  |  |  | 21.0 |
State Income Taxes, Net of Federal Benefit* |  |  | (4 | ) |  |  | — |
Foreign Tax Effects |  |  |  |  |  |  |  |
Bermuda |  |  |  |  |  |  |  |
Statutory tax rate difference between Bermuda and United States |  |  | (360 | ) |  |  | (2.7 | )
Taiwan |  |  |  |  |  |  |  |
Withholding tax |  |  | 1,239 |  |  |  | 9.3 |
Canada |  |  |  |  |  |  |  |
Research and Development tax credits |  |  | (226 | ) |  |  | (1.7 | )
Stock-based payment awards |  |  | 683 |  |  |  | 5.1 |
Other |  |  | (142 | ) |  |  | (1.1 | )
Other |  |  | 570 |  |  |  | 4.1 |
Effects of Changes in Tax Law |  |  | — |  |  |  | — |
Nontaxable or Nondeductible Items |  |  |  |  |  |  |  |
Stock-based compensation |  |  | 15,271 |  |  |  | 114.2 |
Other |  |  | 132 |  |  |  | 1.0 |
Effects of Cross Border Tax Effects |  |  |  |  |  |  |  |
Global Intangible low-taxed income |  |  | (196 | ) |  |  | (1.5 | )
Foreign-Derived Intangible Income |  |  | (2,243 | ) |  |  | (16.8 | )
Subpart F Income |  |  | 1,027 |  |  |  | 7.7 |
Tax Credits |  |  |  |  |  |  |  |
R&D Credits |  |  | (2,400 | ) |  |  | (17.9 | )
Foreign Tax Credits |  |  | (7,180 | ) |  |  | (53.7 | )
Change in Valuation Allowance |  |  | 627 |  |  |  | 4.7 |
Changes in Unrecognized Tax Benefits |  |  | (6 | ) |  |  | — |
Other |  |  | 692 |  |  |  | 5.2 |
Effective Tax Rate |  | $ | 10,293 |  |  |  | 76.9 |

*State taxes in Oregon made up the majority (greater than 50 percent) of the tax effect in this category.

The increase in provision for income taxes in fiscal year 2025 compared to fiscal year 2024 was primarily due to nondeductible stock compensation and the recognition of uncertain tax benefits in the previous year.

62

Table of Contents

As previously disclosed for the years ended December 28, 2024 and December 30, 2023, prior to the adoption of ASU 2023-09, income tax expense (benefit) differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:

|  | Year Ended
|  | December 28, |  | December 30,
|  | 2024 |  | 2023
|  | % |  | %
Statutory federal rate |  | 21 |  | 21
Adjustments for tax effects of: |  |  |  |
State taxes, net |  | (8) |  | (1)
Federal tax credits |  | (16) |  | (4)
Stock-based compensation |  | 9 |  | (2)
Foreign rate differential |  | (25) |  | (15)
U.S. tax on foreign operations |  | 18 |  | 9
Valuation allowance |  | 10 |  | (29)
Change in uncertain tax benefit accrual |  | (75) |  | —
Other |  | (3) |  | —
Effective income tax rate |  | (69) |  | (21)

The decrease in benefit for income taxes in fiscal year 2024 compared to fiscal year 2023 was primarily due to the release of the US federal valuation allowance in fiscal year 2023 and the recognition of uncertain tax benefits in fiscal year 2024.

On July 4, 2025, the United States enacted tax legislation (the “Tax Act”). The Tax Act includes significant provisions, such as the permanent extension of certain expiring provisions of The 2017 Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates with certain provisions effective in 2025. The impacts of provisions effective in 2025 have been incorporated into the income tax provision in fiscal 2025 and did not have a material impact on our effective tax rate.

We updated our evaluation of the valuation allowance position in the United States through January 3, 2026 and concluded that we should continue to maintain a full valuation allowance against our state deferred tax assets due to insufficient income sources. We will continue to evaluate both positive and negative evidence in future periods to determine if we will realize the deferred tax assets. The amount of the deferred tax asset considered realizable could be adjusted if sufficient positive evidence exists. We don't have a valuation allowance on a significant portion of our U.S. Federal deferred tax assets or in any foreign jurisdictions as we have concluded that it is more likely than not that we will realize the net deferred tax assets in the future periods.

The components of our net deferred tax assets and liabilities are as follows:

(In thousands) |  | January 3, 2026 |  |  | December 28, 2024 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carry forwards |  | $ | 12,291 |  |  | $ | 13,332 |
Tax credit carry forwards |  |  | 104,199 |  |  |  | 100,820 |
Accrued liabilities and reserves |  |  | 25,136 |  |  |  | 26,638 |
Stock-based and deferred compensation |  |  | 3,107 |  |  |  | 2,238 |
Lease liability |  |  | 8,106 |  |  |  | 3,831 |
Other |  |  | 3,467 |  |  |  | 5,483 |
Total deferred tax assets |  |  | 156,306 |  |  |  | 152,342 |
Less: valuation allowance |  |  | (86,268 | ) |  |  | (82,684 | )
Net deferred tax assets |  |  | 70,038 |  |  |  | 69,658 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unremitted earnings |  |  | 1,568 |  |  |  | 720 |
Right of use asset |  |  | 7,596 |  |  |  | 3,486 |
Other |  |  | 1,469 |  |  |  | 826 |
Total deferred tax liabilities |  |  | 10,633 |  |  |  | 5,032 |
Net deferred taxes |  | $ | 59,405 |  |  | $ | 64,626 |
Reported as: |  |  |  |  |  |  |  |
Deferred tax assets |  | $ | 62,675 |  |  | $ | 66,980 |
Deferred tax liabilities (included in Other long-term liabilities) |  |  | (3,270 | ) |  |  | (2,354 | )
Net deferred taxes |  | $ | 59,405 |  |  | $ | 64,626 |

63

Table of Contents

The following table displays the activity related to changes in our valuation allowance for deferred tax assets:

Fiscal Years Ended |  | Balance at beginning |  |  | Charged (Credit) to costs and |  |  | Charged (credit) to other |  |  | Balance at end of |
(In thousands) |  | of period |  |  | expenses |  |  | accounts |  |  | period |
January 3, 2026 |  | $ | 82,684 |  |  | $ | 3,584 |  |  | $ | — |  |  | $ | 86,268 |
December 28, 2024 |  | $ | 79,100 |  |  | $ | 3,584 |  |  | $ | — |  |  | $ | 82,684 |
December 30, 2023 |  | $ | 140,533 |  |  | $ | (61,433 | ) |  | $ | — |  |  | $ | 79,100 |

As of January 3, 2026, we had U.S. federal net operating loss ("NOL") carryforwards (pretax) of approximately $5.7 million which will expire between 2027 and 2031. We had state NOL carryforwards (pretax) of approximately $125.5 million that substantially all expire at various dates from 2026 through 2044. We also had federal credit carryforwards of $47.4 million that expire at various dates from 2036 through 2045, and $88.2 million state credit carryforwards of which substantially all do not expire.

Future utilization of federal and state net operating losses and tax credit carryforwards may be limited if cumulative changes to ownership exceed 50% within any three-year period, which has not occurred through fiscal 2025. However, if there is a significant change in ownership, future tax attribute utilization may be limited and NOL carryforwards and/or R&D credits will be reduced to reflect the limitation.

At January 3, 2026 and December 28, 2024, our unrecognized tax benefits associated with uncertain tax positions were $30.1 million, and $29.3 million, respectively, of which $27.0 million and $26.3 million, respectively, if recognized, would affect the effective tax rate, subject to valuation allowance. As of January 3, 2026 and December 28, 2024, interest and penalties associated with unrecognized tax benefits were $0.3 million and $0.4 million, respectively, which are not reflected in the table below. We accrue interest and penalties related to uncertain tax positions in Income tax expense.

The following table summarizes the changes to unrecognized tax benefits for the fiscal years presented:

|  | (In thousands) |
Balance at January 1, 2023 |  | $ | 58,889 |
Additions based on tax positions related to the current year |  |  | 2,247 |
Additions based on tax positions of prior years |  |  | 1,128 |
Reductions for tax positions of prior years |  |  | (156 | )
Reduction as a result of lapse of applicable statute of limitations |  |  | (696 | )
Balance at December 30, 2023 |  |  | 61,412 |
Additions based on tax positions related to the current year |  |  | 3,362 |
Additions based on tax positions of prior years |  |  | 552 |
Reductions for tax positions of prior years |  |  | — |
Reduction as a result of lapse of applicable statute of limitations |  |  | (36,028 | )
Balance at December 28, 2024 |  |  | 29,298 |
Additions based on tax positions related to the current year |  |  | 1,083 |
Additions based on tax positions of prior years |  |  | 113 |
Reductions for tax positions of prior years |  |  | — |
Reduction as a result of lapse of applicable statute of limitations |  |  | (440 | )
Balance at January 3, 2026 |  | $ | 30,054 |

Our liability for uncertain tax positions (including penalties and interest) was $2.1 million and $2.5 million at January 3, 2026 and December 28, 2024, respectively, and is recorded as a component of Other long-term liabilities on our Consolidated Balance Sheets.

The years that remain subject to examination are 2022 for federal income taxes, 2021 for state income taxes, and 2020 for foreign income taxes, including years ending thereafter. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses or tax credits were generated and carried forward, and make adjustments up to the amount of the net operating losses or credit carryforward amount.

64

Table of Contents

Cash Taxes Paid

The Company adopted ASU 2023- 09, Income Taxes (Topic 740) prospectively for the year ended January 3, 2026 and included the following table as a result of our adoption, which presents Income taxes paid, net of refunds, as follows:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Federal |  | $ | 3,006 |  |  | $ | 2,113 |  |  | $ | 9,780 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Minnesota |  |  | — |  |  |  | 574 |  |  |  | — |
Oregon |  |  | 459 |  |  |  | 730 |  |  |  | — |
Other |  |  | (26 | ) |  |  | 113 |  |  |  | 1,299 |
Total State |  |  | 433 |  |  |  | 1,417 |  |  |  | 1,299 |
Foreign: |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | (1,035 | ) |  |  | — |  |  |  | — |
China |  |  | 703 |  |  |  | 1,432 |  |  |  | — |
Netherlands |  |  | — |  |  |  | 439 |  |  |  | — |
Singapore |  |  | 1,218 |  |  |  | 1,666 |  |  |  | 1,624 |
Taiwan |  |  | 1,996 |  |  |  | — |  |  |  | 1,372 |
Other |  |  | 1,447 |  |  |  | 1,520 |  |  |  | 1,679 |
Total Foreign |  |  | 4,329 |  |  |  | 5,057 |  |  |  | 4,675 |
Income taxes paid, net of refunds |  | $ | 7,768 |  |  | $ | 8,587 |  |  | $ | 15,754 |

Note 13 - Employee Benefit Plans

Qualified Investment Plan

In 1990, we adopted a 401(k) tax-deferred savings plan, which provides all employees in the United States who meet certain eligibility requirements with an opportunity to accumulate funds for retirement. Participants may contribute up to the amount allowable as a deduction for federal income tax purposes. The plan does not allow investments in the Company's common stock. The plan allows for the Company to make discretionary matching contributions in cash. We recorded matching contributions of approximately $2.7 million, $2.8 million, and $3.1 million in fiscal years 2025, 2024, and 2023, respectively.

Corporate Incentive Plan

For fiscal 2025, 2024, and 2023, the Board of Directors of the Company, upon the recommendation of the Compensation Committee, approved the Corporate Incentive Plan (the “CIP”) for the respective fiscal year. The chief executive officer, other executive officers, and other members of senior management, including vice presidents and director-level employees, together with all other employees of the Company not on the Company's sales incentive plan are eligible to participate in the CIP. Under the CIP, individual cash or equity incentive payments for the eligible employees will be based both on Company financial performance, as measured by achievement of operating income (before incentive plan accruals) and revenue goals within specified ranges established by the Compensation Committee, and Company performance, as measured by the achievement of personal management objectives. The Compensation Committee determines the performance of the chief executive officer, the chief financial officer and other participants based on the achievement of the management objectives established by the Compensation Committee during the first quarter of the respective fiscal year. We recorded approximately $16.6 million, $1.6 million, and $15.0 million of expense under the CIP in fiscal 2025, 2024, and 2023, respectively.

Under our Corporate Incentive Plan, incentive payments may be made in cash or in shares of our Common Stock, or a combination of both, as determined at the discretion of the Compensation Committee of our Board of Directors. To the extent incentive payments are settled in equity under the 2023 Equity Incentive Plan, the number of RSUs to be issued is determined by dividing the eligible employee’s incentive payment value by the 30-calendar day average closing price of our Common Stock during the period ending the day before the date of settlement. Under this methodology, the value of RSUs issued on the settlement date could differ from the incentive payment value accrued.

65

Table of Contents

Note 14 - Contingencies

Legal Proceedings

From time to time, we are exposed to certain additional asserted and unasserted potential claims. We review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, we then accrue a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to pending claims and litigation and may revise estimates.

Note 15 - Segment Reporting

ASC 280, Segment Reporting, establishes standards for the manner in which companies report financial information about operating segments, products, services, geographic areas and major customers. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer.

As of January 3, 2026, we have determined that the Company operates in a single operating and reportable segment: the core Lattice business, which includes silicon-based and silicon-enabling products, evaluation boards, development hardware, and related intellectual property licensing, services, and sales. Our CODM reviews operating results and financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

The following table sets forth the Company’s revenue, significant expenses, and net income by its single operating and reportable segment:

|  | Year Ended |
|  | January 3, |  |  | December 28, |  |  | December 30, |
(In thousands) |  | 2026 |  |  | 2024 |  |  | 2023 |
Revenue |  | $ | 523,262 |  |  | $ | 509,401 |  |  | $ | 737,154 |
Cost of revenue |  | $ | 166,319 |  |  | $ | 169,001 |  |  | $ | 222,484 |
Gross margin |  | $ | 356,943 |  |  | $ | 340,400 |  |  | $ | 514,670 |
Total operating expenses |  | $ | 345,711 |  |  | $ | 305,943 |  |  | $ | 302,400 |
Net income |  | $ | 3,084 |  |  | $ | 61,131 |  |  | $ | 259,061 |

66

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Lattice Semiconductor Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Lattice Semiconductor Corporation (the Company) as of January 3, 2026 and December 28, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended January 3, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at January 3, 2026 and December 28, 2024, and the results of its operations and its cash flows for each of the three years in the period ended January 3, 2026, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 3, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 13, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

|  | Inventory Valuation
Description of the Matter |  | The Company's net inventory totaled $89.2 million as of January 3, 2026. As explained in “Note 1 - Basis of Presentation and Significant Accounting Policies” within the consolidated financial statements, the Company records inventory at the lower of cost or net realizable value, and writes down inventories to net realizable value if it is obsolete or if quantities are in excess of projected customer demand.
Auditing management’s inventory excess and obsolescence reserves was challenging because the calculation of the estimate is complex as it considers a number of factors that are affected by market and economic conditions, such as customer demand and product lifecycle.
How We Addressed the Matter in Our Audit |  | We evaluated and tested the design and operating effectiveness of the Company's internal controls over the calculation of excess and obsolete inventory, including the determination and application of the assumptions used to estimate the excess and obsolescence reserve.
Our audit procedures included, among others, evaluating the assumptions and the underlying data used in management's excess and obsolete inventory assessment. We evaluated inventory levels compared to projected customer demand, historical sales, and product lifecycle. We also assessed the historical accuracy of management's estimates and performed sensitivity analyses to evaluate the changes in inventory valuation that would result from changes in assumptions.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2020.

San Jose, California

February 13, 2026

67

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Lattice Semiconductor Corporation

Opinion on Internal Control Over Financial Reporting

We have audited Lattice Semiconductor Corporation’s internal control over financial reporting as of January 3, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Lattice Semiconductor Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of January 3, 2026, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of January 3, 2026 and December 28, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended January 3, 2026, and the related notes and our report dated February 13, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

San Jose, California

February 13, 2026

68

Table of Contents

Item 9. Changes in and Disagreements with Accountants On Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

In connection with the filing of this Annual Report on Form 10-K, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of January 3, 2026. These disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that we accumulate and communicate correct information to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls are effective as of January 3, 2026.

Management's Report on Internal Control Over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) or 15d-15(f) under the Securities Exchange Act of 1934. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding reliability of financial reporting and the preparation and fair presentation of published financial statements for external purposes in accordance with generally accepted accounting principles.

Our internal control over financial reporting includes those policies and procedures that:

| (i) | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
| (ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
| (iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

We do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met, and may not prevent or detect misstatements. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's internal control over financial reporting as of January 3, 2026. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013). Based on this assessment, management concluded that, as of January 3, 2026, the Company's internal control over financial reporting was effective.

Ernst & Young LLP, our independent registered public accounting firm, has audited the Company's internal control over financial reporting and has issued its opinion on the effectiveness of the Company's internal control over financial reporting, which appears on page 68 in this Annual Report on Form 10-K.

69

Table of Contents

Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting (as defined in Rules 13a-15(f) under the Exchange Act) that occurred during the fourth quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

Rule 10b5-1 Trading Plans

On November 19, 2025, Tonya Stevens, Corporate Vice President and Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense condition of Rule 10b5-1(c), pursuant to which an estimated aggregate of 19,095 shares of our Common Stock may be sold. The aggregate number of shares sold may differ based on tax withholdings for vesting stock awards, actual market achievement for performance RSUs, and actual number of future shares purchased under the Employee Stock Purchase Plan. The duration of the trading arrangement is until December 31, 2026, or earlier if all transactions under the trading arrangement are completed.

On December 3, 2025, Esam Elashmawi, Senior Vice President and Chief Strategy and Marketing Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense condition of Rule 10b5-1(c), pursuant to which an estimated aggregate of 38,000 shares of our Common Stock may be sold. The aggregate number of shares sold may differ based on tax withholdings for vesting stock awards, actual market achievement for performance RSUs, and actual number of future shares purchased under the Employee Stock Purchase Plan. The duration of the trading arrangement is until November 20, 2026, or earlier if all transactions under the trading arrangement are completed.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

PART III

Certain information required by Part III is incorporated by reference from our definitive proxy statement (the “Proxy Statement”) for the 2026 Annual Meeting of Stockholders, pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, which we will file not later than 120 days after the end of the fiscal year covered by this report. With the exception of the information expressly incorporated by reference from the Proxy Statement, the Proxy Statement is not to be deemed filed as a part of this report.

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after January 3, 2026.

Information about our Corporate Governance Policies and written committee charters for our Audit Committee, Compensation Committee, and Nominating and Governance Committee are available free of charge on the Company's website at www.latticesemi.com and are available in print to any shareholder upon request.

We have adopted a Code of Conduct that applies to all of our directors, employees, including our principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions, consultants, contractors, and agents. The Code of Conduct is posted on our website at www.latticesemi.com. In fiscal 2022, we rescinded our Director Code of Ethics and expanded our Code of Conduct to cover directors, consultants, and agents. In addition, we revised our Code of Conduct to provide general guidance on how to handle ethical business decisions, and to expand and/or clarify provisions in the Code of Conduct related to antitrust, conflicts of interest, improper conduct and activities, and public disclosures. We also revised our Corporate Governance Policies to incorporate any items previously addressed in the Director Code of Conduct that the revised Code of Conduct did not address. Amendments to the Code of Conduct or any grant of a waiver from a provision of the Code of Conduct requiring disclosure under applicable SEC rules, if any, will be disclosed on our website at www.latticesemi.com.

70

Table of Contents

Insider Trading Policy

We have adopted an insider trading policy governing the purchase, sale, and other dispositions of our securities by our directors, officers, employees and other individuals associated with us that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards. A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

The Company complies with insider trading laws, rules and regulations and any applicable listing standards in any transactions involving its own securities.

Item 11. Executive Compensation

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after January 3, 2026.

Clawback Policy

We have adopted a written compensation recovery policy in accordance with applicable Nasdaq rules, a copy of which is filed as exhibit 97.1 to this Annual Report on Form 10-K. The policy provides that the Company will seek to recover any incentive-based compensation erroneously awarded to any current or former executive officer due to the material noncompliance with any financial reporting requirement under the securities laws during the three completed fiscal years immediately preceding the date the Company determines that an accounting restatement is required.

Disclosure Policies and Practices Related to the Grant of Equity Awards Close in Time to the Release of Material Nonpublic Information

We do not grant stock options or similar awards as part of our standard equity compensation programs. Certain of the performance-based restricted stock units awarded to Mr. Tamer have a stock price appreciation component, and were not granted within a period of four business days before or one business day after the filing of a Form 10-Q, Form 10-K, or Form 8-K that disclosed material non-public information, other than the Form 8-K related to the appointment of Mr. Tamer as our CEO. No other named executive officer was awarded options or similar awards during the fiscal year ended January 3, 2026. We do not schedule equity award grants in anticipation of the release of material non-public information, nor does we time the release of material non-public information based on equity grant dates.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after January 3, 2026.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after January 3, 2026.

Item 14. Principal Accountant Fees and Services

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after January 3, 2026.

71

Table of Contents

PART IV

Item 15. Exhibits

(a) List of Documents Filed as Part of this Report

(1) All financial statements

The following financial statements are filed as part of this report under Item 8.

Consolidated Financial Statements: | Page
Consolidated Statements of Operations | 42
Consolidated Statements of Comprehensive Income | 43
Consolidated Balance Sheets | 44
Consolidated Statements of Cash Flows | 45
Consolidated Statements of Stockholders' Equity | 46
Notes to Consolidated Financial Statements | 47

All other schedules have been omitted because the required information is included in the Consolidated Financial Statements or the notes thereto, or is not applicable or required.

(2) Exhibits

Exhibit Number |  | Description
3.1 |  | The Company’s Restated Certificate of Incorporation, as amended on June 4, 2009 (Incorporated by reference to Exhibit 3.1 filed with the Company's Current Report on Form 8-K filed June 4, 2009).
3.2 |  | The Company’s Bylaws, as amended as of December 14, 2023 (Incorporated by reference to Exhibit 3.1 filed with the Company's Current Report on Form 8-K filed December 15, 2023).
4.1 |  | Description of Securities (Incorporated by reference to Exhibit 4.1 filed with the Company's Annual Report on Form 10-K filed on February 16, 2024).
10.1* |  | Form of Indemnification Agreement executed by each director and executive officer of the Company and certain other officers and employees of the Company and its subsidiaries (Incorporated by reference to Exhibit 10.41 filed with the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2004).
10.2* |  | Form of Notice of Grant of Restricted Stock Units to Executive Officer (Incorporated by reference to Exhibit 99.1 filed with the Company’s Current Report on Form 8-K filed on February 8, 2007).
10.3* |  | Lattice Semiconductor Corporation 2012 Employee Stock Purchase Plan (Incorporated by reference to Annex 1 to the Company's Definitive Proxy Statement on Schedule 14A for the 2012 Annual Meeting of Stockholders filed on April 12, 2012).
10.4* |  | Lattice Semiconductor Corporation 2011 Non-Employee Director Equity Incentive Plan (Incorporated by reference to Exhibit 99.2 filed with the Company’s Registration Statement on Form S-8 filed June 25, 2019).
10.5* |  | Form of 2011 Non-Employee Director Equity Incentive Plan Outside Director Option Agreement (Incorporated by reference to Exhibit 10.5 filed with the Company's Annual Report on Form 10-K filed on February 17, 2023).
10.6* |  | Form of 2011 Non-Employee Director Equity Incentive Plan Restricted Stock Unit Agreement (Incorporated by reference to Exhibit 10.6 filed with the Company's Annual Report on Form 10-K filed on February 17, 2023).

* | Management contract or compensatory plan or arrangement required to be filed as an Exhibit to this Annual Report on Form 10-K pursuant to Item 15(b) thereof.

72

Table of Contents

Exhibit Number |  | Description
10.7* |  | Lattice Semiconductor Corporation 2023 Equity Incentive Plan and related form agreements (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Current Report on Form 8-K, filed with the Commission on May 8, 2023).
10.8* |  | Lattice Semiconductor Corporation 2023 Equity Incentive Plan Form of Restricted Stock Award Agreement (Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on November 4, 2024).
10.9* |  | Lattice Semiconductor Corporation 2023 Equity Incentive Plan Form of Restricted Stock Unit Award Agreement (Performance-Based) (Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on November 4, 2024).
10.10 |  | Lattice Semiconductor Corporation Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K, filed with the Commission on May 8, 2023).
10.11 |  | Amended and Restated Credit Agreement, dated as of September 1, 2022, by and among Lattice Semiconductor Corporation, as borrower, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent (Incorporated by reference to Exhibit 10.1 filed with the Company's Current Report on Form 8-K filed September 2, 2022).
10.12* |  | Lattice Semiconductor Corporation 2023 Cash Incentive Plan (Incorporated by reference to Exhibit 10.12 filed with the Company's Annual Report on Form 10-K filed on February 16, 2024).
10.13* |  | Lattice Semiconductor Corporation 2024 Corporate Incentive Plan (Incorporated by reference to Exhibit 10.14 filed with the Company's Annual Report on Form 10-K filed on February 14, 2025).
10.14* |  | Lattice Semiconductor Corporation 2025 Corporate Incentive Plan.
10.15* |  | Form of Amended Employment Agreement (Incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K filed on February 24, 2020).
10.16* |  | Offer Letter with Ford Tamer, dated September 14, 2024 (Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on September 16, 2024).
10.17* |  | 2025 Inducement Equity Incentive Plan and related form agreements (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K, filed with the Commission on January 10, 2025).
10.18* |  | Employment Agreement with Lorenzo Flores, entered into as of February 10, 2025 (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K, filed with the Commission on February 10, 2025).
19.1 |  | Lattice Semiconductor Corporation Insider Trading Policy. (Incorporated by reference to Exhibit 19.1 filed with the Company's Annual Report on Form 10-K filed on February 14, 2025).
21.1 |  | Subsidiaries of the Registrant.
23.1 |  | Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP).
24.1 |  | Power of Attorney (reference is made to the signature page hereto).

* | Management contract or compensatory plan or arrangement required to be filed as an Exhibit to this Annual Report on Form 10-K pursuant to Item 15(b) thereof.

73

Table of Contents

Exhibit Number |  | Description
31.1 |  | Certification of Chief Executive Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 |  | Certification of Chief Financial Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 |  | Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97.1 |  | Lattice Semiconductor Corporation Compensation Recovery Policy (Incorporated by reference to Exhibit 97.1 filed with the Company’s Annual Report on Form 10-K filed on February 16, 2024).
101.INS |  | Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover Page Interactive Data File - formatted in Inline XBRL and included in Exhibit 101

74

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LATTICE SEMICONDUCTOR CORPORATION
(Registrant) |
By: | /s/ Lorenzo A. Flores
| Lorenzo A. Flores Senior Vice President, Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)
Date: | February 13, 2026

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ford Tamer and Lorenzo A. Flores, or either of them, his or her attorneys-in-fact, each with the power of substitution, for such person in any and all capacities, to sign any amendments to this report and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that either of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities indicated and on the dates indicated:

Signature | Title | Date
/s/ Ford Tamer |  | February 13, 2026
Ford Tamer | President, Chief Executive Officer, and Director |
| (Principal Executive Officer) |
/s/ Lorenzo A. Flores |  | February 13, 2026
Lorenzo A. Flores | Senior Vice President, Chief Financial Officer |
| (Principal Financial Officer) |
/s/ Tonya Stevens |  | February 13, 2026
Tonya Stevens | Corporate Vice President Chief Accounting Officer |
| (Principal Accounting Officer) |
/s/ Robin Abrams |  | February 13, 2026
Robin Abrams | Director |
/s/ Doug Bettinger |  | February 13, 2026
Doug Bettinger | Director |
/s/ Que Thanh Dallara |  | February 13, 2026
Que Thanh Dallara | Director |
/s/ John Forsyth |  | February 13, 2026
John Forsyth | Director |
/s/ Mark Jensen |  | February 13, 2026
Mark Jensen | Director |
/s/ James Lederer |  | February 13, 2026
James Lederer | Director |
/s/ Jeff Richardson |  | February 13, 2026
Jeff Richardson | Director |
/s/ Elizabeth Schwarting |  | February 13, 2026
Elizabeth Schwarting | Director |

75