Semtech Corporation reported net sales of $251.1 million for the first quarter of fiscal year 2026, marking a 22% increase compared to the same period last year. The company achieved a GAAP gross margin of 52.3%, up from 48.3% a year ago, while the non-GAAP adjusted gross margin reached 53.5%, compared to 49.8% in the previous year. The GAAP operating margin improved to 14.3%, and the non-GAAP adjusted operating margin was 19.0%. Additionally, the adjusted EBITDA margin increased to 22.1%, from 16.1% a year earlier. Semtech's GAAP diluted earnings per share stood at $0.22, compared to a loss of $0.36 in the prior year. The company also reported a non-GAAP adjusted diluted earnings per share of $0.38, up from $0.06 a year ago. These results reflect significant year-over-year growth and improvements across key financial metrics.