Fiscal year 2022 represented a record performance for Semtech with net sales up 24%, non-GAAP operating income up 45% and non-GAAP EPS up 49%. In addition, two of our three main products groups achieved record revenue years. While our revenue performance was very impressive, our FY22 non-GAAP Gross Margins, which achieved a record 63.3%, were even more remarkable and demonstrate the sustainability of our model and the differentiated value of our products. Topping off this record year was the 71% annual growth in cash flow from operations to 27.4% of revenue.

The increasing global adoption of our LoRa® devices is evidence of the insight, technology investment thesis and patience of both the management team and the board of directors. The LoRaWAN® standard has now been recognized by the ITU as an international standard for low power wide area networks (LPWAN) that enable Internet of Things (IoT) networks to make a smarter, more connected planet. Our Wireless and Sensing Products Group achieved record revenues in FY22 driven by a record LoRa enabled business.

Additionally, our portfolio of low power, optical connectivity solutions targeted at data centers, wireless base stations and passive optical networking systems led to record revenues for our Signal Integrity Products Group as the demand for higher bandwidth connectivity increased across all communications markets. The Covid-driven “work from home” environment, together with new applications such as artificial intelligence, autonomous driving and virtual reality, has expanded the need for higher bandwidth networks resulting in increased demand for Semtech’s high performance signal integrity products.

This year, we appointed a Chief ESG officer to define the vision, strategy and execution plan for the company’s environmental, social and governance efforts. This marked a key milestone in the company’s advancement of ESG initiatives and internal Green Programs designed to drive more sustainable long-term results.

Finally, the circular economy’s drive to reduce waste and encourage reuse of electronics, as well as the use of advanced lithography chips in electronic systems, has benefited the growth of our Protection Products Group, which is very well positioned to take advantage of secular trends over the next five years.

We continue to invest in secular trends that enable a smarter, more sustainable planet, higher bandwidth and greater mobility. Through the efforts of our leadership team, the dedication of our employees, and strong demand for our innovative products, we were able to finish fiscal year 2022 strongly, exceed our annual business plan, and are very well positioned for future success.

Mohan Maheswaran
President and Chief Executive Officer


Semtech remains focused on furthering our role as leading provider of disruptuive technology platforms that enable our customers to deliver solutions to create a smarter, connected and sustainable planet.

Semtech's LoRa devices and the LoRaWAN standard serve as the building blocks for a variety of environmentally friendly IoT applications that maximize efficiencies, reduce operating expenses and better manage our precious natural resources.

The technology is increasingly becoming the first choice for design engineers responsible for developing cutting edge IoT applications for many reasons: reliability, security, scalability, and the ability to operate over long distances using a fraction of the power that other platforms require.

In just a few years, LoRa and LoRaWAN have evolved from an innovation stage to mainstream maturity to mass adoption.


countries with LoRaWAN networks deployed


public network operators


in use



Here are just a few "smart" advancements being made across a variety of industries:


Precision irrigation systems help growers improve yields, optimize water usage and improve stewardship of lands. Solutions are scalable to cover large farming operations with microblock-level monitoring and control of local irrigation, taking into consideration soil conditions, plant stage and weather data at a level of granularity and accuracy not previously possible.

Cold Chain Logistics

A fresh approach to cold chain management allows transportation, retail and pharmaceutical companies to remotely and non-invasively monitor the product temperature of perishable food and medicine during the entire chain of custody—from processing and production to storage and delivery. Automated and continuous temperature monitoring systems in refrigerated equipment improve the safety and security of high-value goods while reducing waste.

Utility Management

Water, gas, heat, and electric utility service providers are utilizing automated and monitoring applications to replace labor-intensive processes that reduce consumption and ensure a timely response to critical issues. Easy-to-install sensors placed into existing outdoor and indoor infrastructures offer strong connectivity in dense city environments for remote meter reading, leak and failure detection, predictive analytics, theft prevention, and resource management.

Tracking Endangered Species

Without a way to intelligently track endangered species, rangers have difficulty fending off poachers in many of Africa's and Asia's national parks. Innovative conservation companies have successfully deployed cost-effective networks, providing 2,000 square kilometers of long-distance connectivity coverage. Animals wear collars or tags with battery and solar powered geolocation tracking sensors that connect to the Cloud and provide real-time location, health and breeding data to ensure a better chance of survival.


Balance Sheet Data (in thousands)

FY2018 FY2019 FY2020 FY2021 FY2022
Cash and cash equivalents $ 307,923 $ 312,120 $ 293,324 $ 268,891 $ 279,601
Working capital $ 335,024 $ 355,390 $ 362,095 $ 365,155 $ 373,896
Total assets $ 1,086,114 $ 1,062,780 $ 1,052,433 $ 1,082,102 $ 1,130,911
Long-term debt, less current portion $ 211,114 $ 192,845 $ 194,743 $ 179,195 $ 171,676
Other long-term liabilities $ 83,441 $ 57,441 $ 81,849 $ 94,381 $ 93,061
Total stockholders' equity $ 665,351 $ 682,580 $ 676,954 $ 698,743 $ 737,584


Semtech Leadership Team

Mohan R. Maheswaran
President and Chief Executive Officer

Charles B. Ammann
Executive Vice President, Chief Legal
Officer and Chief Environmental,
Social and Governance (ESG) Officer

Gary M. Beauchamp
Executive Vice President
and General Manager,
Signal Integrity Products Group

Chris H. Chang
Senior Vice President, Corporate Marketing
and Sales, Asia Pacific

Emeka N. Chukwu
Executive Vice President
and Chief Financial Officer

Alistair W. Fulton
Senior Vice President and General Manager,
Wireless and Sensing Products Group

Norris Powell
Senior Vice President and
Chief Human Resources Officer

Madhu Rayabhari
Senior Vice President and General Manager,
Protection Products Group

Mike W. Rodensky
Senior Vice President,
Sales, Americas and EMEA

Asaf Silberstein
Executive Vice President, Worldwide
Operations and Information Technology

J. Michael Wilson
Executive Vice President,
and Chief Quality Officer

Board Members

Rockell N. Hankin
Chairman of the Board, Nominating and Governance
Committee Chair, Semtech Corporation; Chairman of the
Board, The Kavli Foundation; Investor

Martin S.J. Burvill
Executive positions, Verizon, MCI Communications,
Nexagent, Internap, Racal Telecom, British Telecom,
and S.I.T.A.

Rodolpho C. Cardenuto
President, Applications Group of Vonage; Former SVP Sales,
Magic Leap; Executive positions, SAP, Hewlett-Packard, Vesper,
and Nextel

Bruce C. Edwards
Compensation Committee Chair, Semtech Corporation; CEO,
Palagon Partners, LLC; Former Director, Lantronix, lnc.; Former
Chairman and Director, Emulex Corporation

Saar Gillai
Independent board director and CEO advisor to multiple
startups; Executive mentor, Merryck & Co.; Executive
positions, Teridion, Hewlett Packard, 3Com, Enfora, Tropos
Networks and Cisco Systems; Director, Xilinx, Inc., and Liquid

Ye Jane Li
Strategic Advisor, Diversis Capital, LLC; Former COO, Huawei
Enterprise USA, Inc.; Director, PDF Solutions, CTS Corporation, ServicePower, and Knowles Corporation

James T. Lindstrom
Audit Committee Chair, Semtech Corporation; Former COO and
CFO of Kilopass Technology, lnc.; Former CFO of eSilicon

Paula LuPriore
CEO and Co-founder, WujiTech, Inc.; Executive positions, Asyst
Technologies, Inc. and IBM; Director, Wujitech, Inc.

Mohan R. Maheswaran
President and Chief Executive Officer, Semtech Corporation

Sylvia Summers
Board Member, Aristocrat Leisure Limited;
Former CEO, President and Director, Trident Microsystems, Inc.

Transfer Agent

462 South 4th Street, Ste. 1600
Louisville, KY 40202
Shareholder Inquiries: 877-868-8019
Foreign Shareholders: 781-575-2879


Ticker Symbol: SMTC

Corporate Headquarters

200 Flynn Road
Camarillo, CA 93012
Telephone: 805-498-2111

Corporate Website


Contact Web E-Mail


Semtech, the Semtech logo and LoRa® are registered trademarks or service marks of Semtech Corporation or its affiliates. LoRaWAN® is a registered trademark.