Record Gross Margin
The company achieved a non-GAAP gross margin of 69%, reflecting a 690 basis point increase compared to Q4, demonstrating resilience and financial discipline.
Strong Design Win Momentum
Record levels of new design wins on small and mid-range FPGAs, with revenue from new products growing at a strong double-digit pace both sequentially and year-on-year.
Positive Performance in Key Segments
Communications and computing experienced its first year-on-year growth in two years, and industrial and automotive grew 6% sequentially.
Successful Stock Buyback Program
Approximately $25 million of common stock was repurchased, reducing dilution by 4.6%, with $75 million remaining under the current Board authorization.
Strong Free Cash Flow
Free cash flow in Q1 was $23.3 million with a 19.4% free cash flow margin.