Slide 1: Quarterly Earnings Presentation Q1'27
QUARTERLY EARNINGS PRESENTATION Q1’27 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q1’27
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry,
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this presentation includes select non-GAAP financial measures. The Company's non-GAAP measures of adjusted gross margin, total semiconductor products gross margin, adjusted pro
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures In this presentation, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segme
Slide 5: Q1'27 Results
Q1’27 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’27 Q1’27
Slide 6: Q1'27 Summary
Q1’27 Summary "Semtech is off to an exceptional start in fiscal year 2027, delivering record quarterly results and expanding design wins across our data center and LoRa® businesses," said Hong Hou, president and chief executive officer. "As FiberEdge and CopperEdge 1.6T revenues layer onto our stron
Slide 7: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record Q1'27 data center net sales of $71.6m, +14% Q/Q and +39% Y/Y; driven by substantially increased customer engagement, portfolio alignment, and supply assurance • 800G FiberEdge market leadership stre
Slide 8: High-End Consumer End Market
High-End Consumer End Market Circuit Protection, PerSe® and Force Sensing • TVS net sales growth continues to outpace underlying handset volumes, with ongoing share gains and content Q1’27 NET SALES expansion at the world’s largest premium-tier handset manufacturers • Expanding TVS franchise beyond
Slide 9: Industrial End Market
Industrial End Market LoRa®, Modules, Routers and Gateways, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • Q1’27 LoRa®-enabled net sales of $44.5m, +12% Q/Q and +14% Y/Y; growth driven by expansion across Smart Utilities, Smart Building, Smart City and asset mana
Slide 10: CEO Message
Q1’27 HIGHLIGHTS 1 Strong start with momentum building in our data center and LoRa® businesses 2 Strong sequential and year-over-year net sales and earnings growth 3 Robust foundation to solidify and expand our market presence CEO Message FOCUSING ON FISCAL YEAR 2027 CORE PRIORITIES 1 2 3 Accelerati
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q1’27 Q4’26 Q1’26 Net sales $ 291.0 $ 274.4 $ 251.1 Gross margin 52.0 % 50.4 % 52.3 % Operating expenses, net $ 125.7 $ 156.5 $ 95.3 Operating income (loss) $ 25.8 $ (18.3) $ 36.0 Operating margin 8.9 % (6.7) % 14.
Slide 12: Q2'27 Outlook
Q2’27 OUTLOOK 12 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’27 Q1’27
Slide 13: Q2'27 Outlook
Q2’27 Outlook $328m +27% 54.0% 62.1% $0.61 +49% Adj. Gross Margin* Semiconductor Products Net Sales (Midpoint) Adj. Diluted EPS* Y/Y (Midpoint) Gross Margin* (Midpoint) Y/Y +/- $5.0m (Midpoint) +/- $0.02 +/- 50bps +/- 50bps Data Center LoRa® & TVS Strategic Highlights • Outlook for record growth, +3
Slide 14: Q&A
Q&A 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’27 Q1’27
Slide 15: Supplemental Information
SUPPLEMENTAL INFORMATION 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’27 Q1’27
Slide 16: Q2'27 Outlook
Q2’27 Outlook* (in millions, except per share data) Net sales $ 328.0 +/- $ 5.0 Non-GAAP Financial Measures Adjusted gross margin* 54.0 % +/- 50 bps Total semiconductor products gross margin* 62.1 % +/- 50 bps Adjusted operating expenses, net* $ 105.2 +/- $ 2.0 Adjusted operating income* $ 71.9 +/-
Slide 17: Net Sales Schedules
Net Sales Schedules END MARKET Q1’27 Q4’26 Q3’26 Q2’26 Q1’26 Infrastructure $98.8 $86.3 $77.9 $73.4 $72.8 High-End Consumer 38.4 36.6 41.9 41.2 35.4 Industrial 153.9 151.4 147.2 143.0 142.8 Total $291.0 $274.4 $267.0 $257.6 $251.1 REPORTABLE SEGMENT Q1’27 Q4’26 Q3’26 Q2’26 Q1’26 Signal Integrity $10
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 102.0 $ 100.8 $ 202.8 $ 88.3 $ — $ 291.0 Segment cost of sales 38.0 41.6 79.6 56.7 3.3 139.6 Segment gross profi
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 90.7 $ 93.7 $ 184.5 $ 89.9 $ — $ 274.4 Segment cost of sales 29.5 41.0 70.6 61.5 4.0 136.1 Segment gross profit
Slide 20: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 73.5 $ 90.6 $ 164.1 $ 86.9 $ — $ 251.1 Segment cost of sales 25.4 34.2 59.5 57.0 3.2 119.8 Segment gross profit
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Q4’26 Q1’26 Operating expenses, net (GAAP) $ 125.7 $ 156.5 $ 95.3 Share-based compensation (25.3) (15.8) (6.1) Intangible amortization (0.3) (0.2) (0.1) Transaction and integration related costs, net (2.8) (2.6) (1.1) Restructuring and other reserves,
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Q4’26 Q1’26 Operating income (loss) (GAAP) $ 25.8 $ (18.3) $ 36.0 Share-based compensation 26.4 16.5 6.8 Intangible amortization 2.1 2.7 2.4 Transaction and integration related costs, net 2.8 2.6 1.1 Restructuring and other reserves, net 1.2 0.7 1.2 L
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Q4’26 Q1’26 Operating margin (GAAP) 8.9 % (6.7) % 14.3 % Share-based compensation 9.1 % 6.0 % 2.7 % Intangible amortization 0.7 % 1.0 % 1.0 % Transaction and integration related costs, net 0.9 % 1.0 % 0.4 % Restructuring and other reserves, net 0.4 %
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Q4’26 Q1’26 Net income (loss) (GAAP) $ 26.6 $ (29.8) $ 19.3 Adjustments to GAAP net income (loss): Share-based compensation 26.4 16.5 6.8 Intangible amortization 2.1 2.7 2.4 Transaction and integration related costs, net 2.8 2.6 1.1 Restructuring and
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Q4’26 Q1’26 Operating margin (GAAP) 8.9 % (6.7) % 14.3 % Share-based compensation 9.1 % 6.0 % 2.7 % Depreciation and amortization 3.1 % 3.7 % 4.1 % Transaction and integration related costs, net 0.9 % 1.0 % 0.4 % Restructuring and other reserves, net
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results LTM FY’27 FY’26 FY’25 Q1’27 Q4’26 Q1’26 Q1’27 Q4’26 Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Net (loss) income (GAAP) $ (33.2) $ (40.4) $ (119.4) $ 26.6 $ (29.8) $ (2.9) $ (27.1) $ 19.3 $ 39.1 $ (7.6) $ (170.3) Interest expense 35.9 40.6 73.4 1.9 1.8 27.0 5.2 6.
Slide 27: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table Estimated Incremental Dilutive Shares 2027 1.625% Notes 2030 0.000% notes Total Average GAAP Non-GAAP # of GAAP Non-GAAP Warrants GAAP Non-GAAP Stock # of Conversion # of Warrant Dilutive Dilutive # of Conversion Capped Capped Dilutive Dilutive # of + Capped D
Slide 28: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table The incremental dilutive shares from the 1.625% Convertible Senior Notes due 2027 (the "2027 Notes") and the 0% Convertible Senior Notes due 2030 (the “2030 Notes") collectively (the "Notes") is calculated using the prices in the Average Stock Price column. Th
Slide 29: Thank You
THANK YOU Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. Copyright © 2026 Semtech Corporation. All rights reserved. 29 | QUARTERLY EARNINGS PRESENTATION | Q1’27