Greetings and welcome to the Lattice Semiconductor fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rick Muscha, Vice President of Investor Relations. Thank you, Rick. You may begin. Thank you, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO, and Lorenzo Flores, Lattice's CFO. We'll provide a financial and business review of the fourth quarter of 2025 and the business outlook for the first quarter of 2026. If you have not obtained a copy of our earnings press release, it can be found at our company website in the Investor Relations section at latticessemi.com. I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions based on information that is currently available and that actual results may differ materially. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs, and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. This call includes and constitutes the company's official guidance for the first quarter of 2026. If at any time after this call we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call. We will refer primarily to non-GAAP financial measures during this call. By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the company's performance and underlying trends. For historical periods, we've provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations section of our website at latticessemi.com. Let me now turn the call over to our CEO, Ford Tamer. Thank you, Rick, and welcome everyone to our fourth quarter and full year 2025 earnings call. At the end of 2024, we told you what we're going to do, and over the last year, we did what we said. We accomplished that by delivering on our commitments: stabilizing the business, normalizing channel inventory, improving execution, and positioning Lattice to capitalize on two of the most powerful secular trends shaping our industry: Data Center AI and Physical AI. As we begin 2026, I'm most excited to see that low-power FPGAs are being widely adopted at an accelerating rate, becoming the everywhere companion chips. With the Super Bowl still fresh on everyone's mind, I will use a sports analogy. The primary processors, GPUs, custom AI accelerators, CPUs, and NPUs are the system's most valuable players, or MVPs. These MVPs are powerful but cannot win a game, let alone a championship, without a team. And Lattice is that team. We provide the FPGAs, those everywhere companion chips, that perform many of the critical system functions. These include boot, power sequencing, security, control, I/O expansion, board and rack management, leak detection, power and cooling, bridging, sensor aggregation, sensor fusion, preprocessing, and many other valuable system functions. We do this across both Data Center AI and Physical AI. We do this across all major markets: communications, compute, industrial, automotive, aerospace and defense, medical and consumer. And we do this across some of the world's fastest-growing applications: security, rack management, communication, quantum cryptography, humanoids, industrial automation, logistics, robotaxis, space, and AR/VR wearables. Those powerful companion chips provide pervasive interoperability across all these vital functions, markets, applications, and diverse suppliers. You can consider Lattice as Switzerland for data center and physical AI applications. The other big benefit of our companion chip strategy is that it drives sustainable, diversified growth across all markets and applications, which is helping us to deliver on our financial targets. And this companion role becomes foundational as AI workloads push system-level complexity higher and higher and drive to faster time to market, as AI servers disaggregate into processor boards, networking cards, security cards, power and cooling modules, storage, and other specialized blades. FPGAs show up everywhere in the data center. We are also seeing the same trend accelerating in physical AI. Intelligence is moving closer to the sensors where data is created. A single robot can have multiple vision sensors, including image, LIDAR, radar, and infrared, requiring fusion, aggregation, and preprocessing. In addition, humanoid robots could have dozens of motors, requiring high precision and low latency control. Companion chip FPGAs sit, besides those sensors and actuators, to synchronize high-bandwidth vision streams with real-time motion and deliver deterministic responses. And instead of software running on a microcontroller, Lattice FPGAs do this in hardware, making it easier to guarantee the same cycle-accurate responses every time. Finally, in some cases, FPGAs can also serve as the primary compute, such as signal processing, real-time networking, and what has become to be known as far-edge AI. We at Lattice define far-edge AI as near-sensor contextual AI with tiny or small self-contained models. And our momentum is building. For example, we recently won a design in a human-machine interface, or HMI, industrial robotics, and we are seeing the pull for applications under 1 TOPS and under 1 watt. We came out of our recent global sales conferences with strong momentum, reinforcing our optimistic outlook for 2026. We are seeing accelerated design-win momentum in both data center AI and physical AI. We are excited about the future ahead with our tier-one customer deployments. Now, let me turn to the numbers. In Q4, we delivered $145.8 million in revenue, up 9.3% sequentially, our strongest sequential performance in seven years, and up 24.2% year-over-year. Full year revenue of $523.3 million was in line with expectations. Looking ahead, our Q1 revenue guidance of $165 million at the midpoint, representing over 37% year-over-year growth, reflects our confidence in a strong recovery and accelerated momentum. Our Q1 EPS guidance of $0.36 at the midpoint represents nearly 65% year-over-year growth, as we expect to continue to deliver earnings growth that is faster than revenue growth. As you can see, we've got a lot of positive operating leverage. We are operating on mature nodes, which means our capital spending is more reasonable than competitors' on-advanced nodes. This allows us to drive significantly faster EPS growth than revenue growth. New products remain a key driver for our long-term growth. In 2025, new product revenue grew approximately 70%. We remain on track for new product revenue to reach the mid-20% range as a percent of total revenue in 2026, entering the year with strong momentum as Nexus and Avant adoption continues to broaden. Given the scale of the opportunities ahead of us, Lattice is investing for the future accordingly. Our 2026 slogan, "Go big, be great," reflects our ambition and our commitment. We are making investments across silicon, software, systems, operations, and infrastructure to support growth at scale and to extend our leadership in small and mid-range FPGAs. In summary, 2025 was a year of disciplined execution and meaningful progress. We stabilized the business, built tremendous momentum in data center applications, advanced our product and software roadmap, and significantly improved operational performance, including the normalization of channel inventory. We enter 2026 with high confidence. That confidence is supported by a strong backlog, durable data center demand, industrial market returning to growth, expanding companion use cases, and continued new product ramps. Our focus remains on differentiated innovation, deeper customer engagement, and delivering long-term shareholder value. With that, I'll turn the call over to Lorenzo for a comprehensive review of our fourth quarter and full year results. Lorenzo. Thank you, Ford, and good afternoon, everyone. We will begin with a brief overview of our 2025 fiscal year performance, including our fourth quarter, followed by our first quarter 2026 outlook and our current framing of fiscal '26. For the full year 2025, we are pleased to report that Lattice delivered on expectations, with revenue, gross margin, operating profit, and EPS all in line with our outlook for the full year, including the fourth quarter. We did this while completing our transformation and investing in areas that we believe support long-term profitable growth. Our full year 2025 revenue increased 2.7% to $523.3 million, in line with expectations. Growth was driven by our platform successes across communications and computing, with revenue up 28%. This growth was partially offset by an 18% decline in revenue in industrial and automotive, which was expected as we successfully normalized channel inventory throughout the year. Our non-GAAP gross margin continues to reflect our value proposition to our customers and expanded 190 basis points to 69.3% in 2025. We improved revenue and gross margin in 2025, even as we reduced non-GAAP operating expense approximately 1% to $213.5 million. As we completed our restructuring, we made targeted investments in talent, infrastructure, and technology to give us a more robust and efficient platform to drive long-term growth. As a result, in 2025, our non-GAAP operating margin expanded 340 basis points, and our EBITDA margin increased 320 basis points to 35%. We delivered non-GAAP EPS growth of 17% to $1.05, demonstrating leverage in our business model by growing earnings faster than revenue. Other metrics improved accordingly. In 2025, GAAP net cash flow from operating activities increased to $175.1 million, up from $140.9 in 2024, with GAAP operating cash flow margin improving to 33.5%, up from 27.7% in 2024. Free cash flow in the full year 2025 was $133 million, with a 25.3% free cash flow margin, up from $120 million and 23.5% in 2024. Focusing specifically on Q4, our performance started the ramp we will continue into 2026. In Q4, revenue hit $145.8 million, an increase of 9.3% quarter-over-quarter and 24.2% on a year-over-year basis. Growth was driven by a record performance in communications and computing of 25% sequentially and 60% on a year-over-year basis. We are clearly benefiting from the exceptionally strong data center growth as Ford discussed. Q4 gross margin was 69.4%, slightly down from Q3 on a non-GAAP basis. Our gross margin, even as our mix shifted, continues to reflect the value and differentiation our products provide for our customers. Non-GAAP operating expense was up to $56.4 million, up roughly 5% sequentially and 7% on a year-over-year basis. As Ford and I have stated previously, we see significant near and long-term opportunities and are investing to expand our future leadership in the small and mid-range FPGA markets and our companionship program. Our Q4 non-GAAP operating margin expanded 170 basis points to 30.7%, and our EBITDA margin increased 90 basis points to 36.5%. Q4 non-GAAP EPS grew 14% quarter-over-quarter to $0.32, in line with our guidance. GAAP net cash flow from operating activities for the fourth quarter of 2025 increased to $57.6 million, up from $47 million in Q3, with a GAAP operating cash flow margin of 39.5%, up from 35.3% in Q3. Free cash flow in Q4 was $44 million, with a 30.2% free cash flow margin, up from $34 million and 25.2% in Q3. This remains a focus area for Lattice, and we expect the trend of increased free cash flow margin to continue. We are achieving these improvements while strategically investing in CapEx in support of R&D and operational improvement projects. One last point on results. We achieved our overall target level of channel inventory and are well positioned to benefit from growth in all the end markets we serve. Now, let me turn to capital allocation. Our balance sheet remains strong as our operations have improved our cash flow generation, and we remain debt-free. We have ready access to capital if we need it. This leaves us well positioned to navigate macro uncertainties and invest for future growth. Given our balance sheet strength and our business model, returning capital to shareholders remains a key component of our capital allocation strategy. For the full year 2025, we repurchased approximately 1.8 million shares or $100 million of the company's common stock. As we completed that repurchase program in Q4, our board of directors authorized the company to repurchase an additional $250 million of its outstanding common stock. Now for our guidance, which has our typical detail for Q1 2026 and additional commentary to help frame expectations for the full year 2026. For both Q1 and the full year 2026, our outlook reflects the exceptional strength we are currently seeing in demand. In Q1 2026, we expect revenue to grow into the range of $158 million-$172 million. At the midpoint of this range, this is 37% growth from Q1 2025 and 13% over the prior quarter. Gross margin is expected to be 69.5% ± 1% on a non-GAAP basis. Non-GAAP operating expense is expected to be between $59 million and $61 million. Most of the growth in OpEx will be in R&D and reflects disciplined investments to drive future growth. Income tax rate for Q1 is expected to be between 4%-6% on a non-GAAP basis. Non-GAAP EPS is expected to be in the range of $0.34-$0.38 per share. Regarding the full year, we begin 2026 excited about the catalyst driving multiple growth opportunities ahead of us. I would like to share with you our financial framework for the year. We have stated previously that we are highly confident that we will grow at least 20% year-over-year, and the start of the year indicates that we have improved visibility to growth above that. We plan to update you with more specific guidance as we move through the year. Our gross margin for the full year 2026 is expected to be in the same range as we are providing for Q1, with perhaps some fluctuations during the year as customer mix varies. On OpEx, we continue to see significant opportunities to expand our leadership in small and mid-range FPGAs. These investments, primarily in R&D, drive the increase in OpEx in Q1. We expect another increase in Q2, but then slower growth in the second half. We have a tight grip on the knobs and levers that control OpEx and will adjust as necessary to hit our profitability objectives. Our income tax rate is expected to be between 4% and 7% on a non-GAAP basis. With channel inventories now normalized, revenue in 2026 should more closely track consumption, setting up a strong environment for growth in 2026 and beyond. We will continue partnering with our channel to support end-customer demand while reducing channel inventory where appropriate. For internal inventory, we are deliberately building inventory to support this growth environment. Because we see such strong growth potential and our products have long lifecycles, we see a low risk of obsolescence. In closing, we remain focused on executing our strategy and making investments to strengthen our leadership in small and mid-range FPGAs. We are highly confident in driving revenue growth while growing EPS at a faster rate. Operator, that concludes our formal remarks. We can now open the call for questions. Thank you. We'll now be conducting a question-and-answer session. If you would like to ask a question, please press Star 1 on your telephone keypad. The confirmation tool will indicate your line is in the question queue. You may press Star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. One moment, please, while we pull for questions. Thank you. Our first question comes from the line of Ruben Roy with Stifel. Please proceed. Thank you, Ford and Lorenzo. Congrats on a strong finish to the year. I guess, for the first question, Ford, if you could walk us through, obviously, really strong server growth, and you've talked about sort of the dynamics in the data center and, I guess, the MVPs out there. Thinking about how you're looking at that business going forward, we've heard a lot about server CPU strength from some of the CPU vendors. There have been some supply constraints in the mix. So maybe you could frame those dynamics as well as your growth relative to unit volumes versus dollars of content per server. Thank you. Thank you, Ruben. Yeah, we do see demand being strong for the foreseeable future. It's driven by the CapEx growth, it's driven by our attach rates, it's driven by the increased ASP, it's driven by the increased number of applications that we're finding in these servers. So at a high level, as we look at server units growing from, call it, the 15.3 million units total to, call it, 16.5 million units in 2026, our attach rate has been steadily going up every generation. So in the 2024 timeframe, we were in the mid-ones as far as attach rate. Last year, we were in the mid-twos, and this year we'll pass 3 units per server, FPGA units per server. So you multiply this by the number of server units, our attach rate growing, and our ASP is growing as well from the $3, call it, to above $4. You put all this together, and you could see that this is driving an overall very nice increase in that business. Great. Thanks for the detail, Ford. Lorenzo, maybe just to follow up on the guidance for Q1, very strong guidance. Can you walk us through sort of assumptions by segment? It sounds like we're finally seeing some recovery in industrials and automotive, and obviously, the communication and compute continues to grow. But maybe you could parse that out for us, please. Thank you. Yeah, I think in aggregate across the business, we're just very, very positive about the trends we're seeing underneath it. Of course, the comms and compute areas of our business are the leaders in our strength. But as we said, we've gotten our channel inventory down toward our target, and we expect to see growth there as well. Great. Thanks, guys. Thank you. Our next question comes from the line of Melissa Weathers with Deutsche Bank. Please proceed. Hi. Thank you for the question, and congrats on a nice outlook. I know it's taken a lot of work to get here. I guess I'm going to try on the revenue side. It doesn't sound like you guys are super willing to give full guidance for 2026, but last quarter, you indicated comms computing could be up 20%-40%, I think, and industrial up 5%-15%, if I remember right. You're starting off the year a lot stronger than that. Just in terms of magnitude, is there any other color you can help us with in how to think about which of those grows faster and maybe where total revenue growth could shake out for 2026? Yeah, we're very strong. Our conviction has increased on the demand in both segments, Melissa. So first, thank you for the question. And yes, the demand environment is much stronger now than it used to be three months ago across both the comms and compute and the industrial markets. So in the comms and compute, as we said, we are very well booked for the year and now booking into 2027, so great visibility. In the industrial automotive, where our shipping to the true demand, the inventory in the channel is under 3 and will be in the 2s in the Q1. So we're confident in the growth in both segments. Got it. Maybe as my follow-up, you spent a lot of time in your prepared remarks on the Physical AI opportunity. I think the companion piece and the attach rate in data centers is pretty easy for us to follow, but it's a bit harder for us to kind of figure out how big the Physical AI opportunity could be. So I don't know if you want to frame it in terms of a TAM or some kind of units framework, but any way for us to help us size how big this Physical AI piece could be because it seems like you're seeing a lot of momentum there. Yeah, we're seeing tremendous momentum there along with this companionship strategy. So we are very strong with companies like NVIDIA that we've publicly announced together the Holoscan reference design where we feed different video streams into the FPGA and into the NVIDIA processors. We've made some great progress in our companionship strategy with NXP along with the microprocessors. We had an event in Europe in January where the top industrial and automotive and telecom and aerospace defense companies in Europe joined us and NXP at a joint event where we launched the year. We're making progress with quite a few other partners on the sensor side, on the analog side, and others in the microprocessor side. So stay tuned on those. The potential expansion is vast because we are gaining share in markets where we were not big players. The best example is aerospace defense that has gone from very little content in 2024 to expect a very big year coming in in 2027 across all geographies: U.S., Europe, Asia. All geographies are observing some very strong design wins in aerospace defense with our new Rad-Hard and Rad-Tolerant designs. In industrial robotics, we continue to grow in industrial robotics and AMRs as well as humanoid. The humanoid opportunity is vast. We are winning across the board in vision. So we've done very well in vision and humanoids. And we have gotten two marquee designs on motor control, and we see this as a beachhead as a teaching customers on how we're going to make progress because the latency, determinism, parallel performance, accuracy of an FPGA hardware-based solution is vastly superior to the alternative. And so we're very excited about what humanoids can mean for us as a market going into 2027. We've also made great progress in robotaxis. So we have a win in robotaxi that we're, again, very excited about going into 2027. We're making progress in medical, in telecom across the board and physical AI. So I think it's hard to give you as clear of a metric as we can on the server because the applications are so much more diverse and a much more broad base across our 11,000 customer and really broad-based channel reach. But we're very excited about the opportunity in industrial and with the event coming in in 2027. Great. Thanks for having us. Starting this year in 2026. Yeah. Thank you. Our next question comes from the line of Quinn Bolton with Needham & Company. Please proceed. Hey, guys. I'll take a shot at 2026. Just looking at the segment guidance you guys talked about last quarter of 20%-40% in comms and compute and the 5%-15% in industrial and automotive, it looks like just based on the strength of the first quarter guide, you're probably tracking to at least the high end of those ranges, if not above. I'm wondering if that's the right way to think about growth in the respective segments, or do you think that one of the segments is significantly stronger than what you were thinking 90 days ago? Yeah. Hey, Quinn, thanks for pointing out that we talked about this 90 days ago. I think you all should have picked up during our commentary our confidence and the basis of our outlook has strengthened considerably over the last 90 days. So I think the overall view that the comms and compute will be fastest growing of our end market sets remains, but we're also seeing improvement across the board in our industrial end markets as well and in all geographies. Yeah, Quinn, the one thing I'd point out is that if you use the high end of the guidance we gave you last quarter, you still don't get to the revenue we need to get to this. So you can imagine we're at the higher end or above the high end on both markets. Yeah, I was thinking you're probably at the higher end since you beat Marge by almost $20 million relative to consensus. Okay, thanks for that clarification. And then I guess maybe Ford, you mentioned in response to one of the questions that you're pretty much all the way booked through 2026 in comms and compute, starting to book into 2027. Can you just talk about one kind of lead times? Are they stretching out? Are you comfortable with lead times? And given that you're already booking out to 2027, is there any indication that you may be starting to pick up double ordering given that you're booking that far out at this point? Yeah, Quinn, as you can imagine, this is a very important question. We spent a lot of time as a management team, as our channel partner, with our customers across the globe really digging into this question. And we, at this point, do not believe there's double ordering. I mean, we believe what's given us confidence is these orders are being scheduled throughout the year. So it's not like these are all bunching up in Q1. This is scheduled throughout 2026 and into 2027. So you could see 5, 6 quarters out as far as orders. Obviously, the lead times have increased for us and everybody else in the industry. We have been very forthcoming and proactive with our customers in pointing out these increased lead times. And I think we're doing a service to our customer by pointing these out. We're seeing competitors that may not be as forthcoming. We're being very forthcoming and making sure that we work hand in hand with our suppliers and our customers to deal with the situation. We've been ordering substrate and putting incremental orders in place since the summer. So we've been, for the past six months now, increasing our orders to our suppliers, and it's putting us in a good shape to weather this next few months. Excellent. Thank you, Ford. Thank you. Our next question comes from the line of Christopher Rolland with Susquehanna. Please proceed. Hey, guys. Thank you for the question. Maybe just piggybacking Quinn's around inventory as well. I think INA was perhaps a little bit disappointing last quarter. Do you think there was some inventory burn there? And then looking forward, is this a trough growth rate, and we build from here, potentially even with some inventory build on top of that? What do you guys view as kind of the normalized no-inventory burn quarterly rate for INA that we can build off of? Thank you. Yeah. So I'll give you the construct that we look at it. One is the overall inventory number that we talked about was obviously our aggregated number at the end of the year across all of our end markets and our distributors. And if you go back to where we started, it worked down first in comms and compute and then, as you pointed out, in industrial and auto. And what we have seen now is kind of a drive in some cases across all end markets from our channel partners to build inventory. So we're going to continue to manage it down with the end objective not really being channel inventory, but getting to the right levels of customer support and responsiveness. So there will be times when it might have to go up to support demand that's expected, and there'll be times when we're going to continue to manage it down tactically. So I don't think it would be actually that useful to give you another number to baseline off of. Okay. Thank you. And then, Ford, maybe a two-parter for you. I think you gave some data that was server CPU, but I was wondering if you could maybe talk about FPGA to XPU or AI processor attach rates, where they've been and where you think they're going. And lastly, you've talked about Lattice being a larger company, perhaps via acquiring new IP and capabilities. I was wondering if maybe you could give us an update there, particularly in light of TI buying Silicon Labs. Yeah, Chris, good question. I talked about the number of server units, not the number of server CPUs. So the 15.3 million units in 2025 going 16.5 is our estimate based on market research of the number of server units TAM. Out of that total TAM, we have said in the past that our attach rate in 2025 was about 12% AI server is what we've seen, and it seems to be about correct. The 12% AI servers corresponded to a roughly high teens, call it 20% of revenue. So it gives you a feel that the AI server percent of revenue is higher than the traditional servers. Recently, we've seen a nice pickup in traditional servers. So traditional servers even are growing faster than expected. So across the board, we're seeing some nice growth. On the inorganic side, we have actually completed four little tuck-ins that we have not publicly discussed. They're all small IP and software type of tuck-ins. We're still working on a few more of these tuck-ins. Software tools, IP solutions, enablement is what we're investing right now. We'll continue to do these small tuck-ins. The larger acquisition is something we want to do, but we want to take our time to do the right one. All the stars have to align. It has to make sense strategically, accretion. We need to want to all work together. There's a lot of different factors, but we're not in a hurry. As you could see, the business is very strong. We'll do it at the right time. Thank you, Ford. Thank you. As a reminder, to ask a question, please press star one. Our next question comes from the line of Kevin Garrigan with Jefferies. Please proceed. Yeah. Hey, guys. Let me echo my congrats on the strong results. Hey, as you continue to gain share and companion chips in the data center, are you seeing any increased competitive pressure or pricing aggression from some of your competitors trying to reclaim these sockets? So, Kevin, we based our strategy on the customer. So we always go customer first. We make sure that we sit with our customers, understand how we're going to provide a solution that will provide the maximum benefit, enable them to grow their revenue, increase their success in the marketplace. And we are very, very focused on providing them low power, small size, low cost, fast boot time, longevity, a whole bunch of attributes that we believe differentiate us in the small and mid-range FPGA compared to competitors. So we have seen our market share grow, and we expect it to continue to grow. And so in that small to mid-range FPGA, we feel very strong in our market share and convicted about where we are. Got it. Okay. Yeah, that makes a ton of sense. And then, Ford, as you look out to the rest of 2026, I mean, you guys are firing on all cylinders. What keeps you up at night? What could potentially kind of derail the Lattice story? I think at this point, what keeps us up at night is our own self. So we just need some very ambitious plans on what we're investing in and what we need to execute and deliver on and extremely focused on delivering to those plans. We want to make sure that we have the supply for our customer. We want to make sure we continue to be a good partner in what we call the three S's, the solutions, support, and supply. And so these three S's are very important to us, especially in an environment like today where the supply is short. So we're spending a lot of time ensuring that we provide the correct supply. And we want to continue to be good partners. So I think the biggest thing we worry about is our own self-executing to our plans that are pretty ambitious. Yep. Yeah, that makes a ton of sense. Okay. Perfect. I appreciate the color. Congrats again on the results. Thanks, Kevin. Thank you. Our next question comes from the line of David Williams with Benchmark Company. Please proceed. Apologies. Our next question comes from the line of Gary Mobley with Loop Capital. Please proceed. Hey, guys. Thanks for taking my question. Last quarter, I think you mentioned a record level of design wins measured in lifetime value. I'm just curious how those tallied in the fourth quarter. And then as you sort of look back on fiscal year 2025 and tally the lifetime value of all those design wins, what kind of revenue growth rate - excuse me - is that supportive of? Yeah. Thank you, Gary. We have continued to get to record design wins. So every quarter, we continue to get to record design wins. We had another record design win quarter in Q4. And so we continue to tally a larger number of design wins that are going to production this year, next year, and 2028. So that sets us up for a multi-year growth, supporting at least a 25% growth. Appreciate that, Ford. I don't know how important this is or not, but I did notice that the revenue bracket in the guide this quarter is $14 million. It's normally $10 million. Is there anything to call out there? Is there sort of a maybe if you can just sort of look at the puts and takes or give the puts and takes for the lower end versus the high end of the guidance range? No, really, there's a couple of aspects of it. One is just the quantitative view. As the revenue grows higher, you're looking at a similar band around the center point, and you get to a higher number. The other is there are, as we look at what the revenue potential is, when we were preparing it, you had different potential scenarios into what we would be delivering to customers and what timing it would go through the quarter. So I would say we're really, really comfortable with the midpoint. And so I think the issue is how the linearity looks during the quarter. But we've just looked at that, and we're very comfortable with that as well. Thank you. Appreciate it. Thank you. As a reminder, to ask a question, please press star one. Our next question comes from the line of Joshua Buchalter with TD Cowen. Please proceed. Hey, guys. Thanks for taking my question and congrats on the results and guidance. I think a lot of my peers have tried to get some more color forward-looking and failed. So maybe I'll try to go backwards. If we look back at 2025 in the comms and computing segment, can you maybe walk through some of the growth drivers that took you from a sub-60% growth rate in one Q to above 90% in four Q? Anything give us maybe rank ordering some key sockets or whether we could think of GPU versus CPU versus ASIC or order of magnitude of how much the PC headwind was in the beginning of the year? Just any help as we think about how you guys are aligned moving forward would, I think, be very helpful. Thank you. Yeah, for sure. So at a high level, if you look at how we helped to try and frame the growth in the comms and compute, we did break up the growth in server from the growth in wired comms, right? So the growth in server year-on-year was 85%. And so you could see this is our fastest growing segment was the server segment in the comms and compute. The second one, the overall comms growth was 61%, but within that, this includes wireless. So the wired comms is ahead of that. So you could see the number two growth vector is the wired comms. And then within those two so if server is number one and the wired comms is number two, within the server, the fastest growing piece is the AI server piece of that business. And on the AI server piece of that business, we discussed the various factors. So we discussed, number one, the CapEx. So CapEx growing into the year and CapEx at the end of the year was significantly higher than entering the year. And we've seen the same phenomena happening. In the past three months, it seems like, Josh, this is going even faster. So we got into December thinking that 2026 CapEx for the top five hyperscaler would be $500 billion. In January, we thought it'd be closer to $580 billion. And post-earnings, now it's at $740 billion. So just within a space of December, January, and early February, we've seen now that that number increased significantly. We had the same phenomena entering 2025 and ending 2025. So that CapEx number kept growing through the year. Number 2, we have design win with all of the GPUs as well as the AI accelerators. And every generation, our content increases. So as you go from a generation of NVIDIA to the next one, as you grow a generation of TPU, a generation of Meta and Amazon and Microsoft, all of our attach rates are growing from one generation to the next. So as you grow through the year and the new generation get introduced, that's a number 2. Number 3 is the ASP. ASP, as you go, we have new parts that are being adopted for security. So we have a bunch of new applications. So we entered the year, for example, with strong application boot, power sequencing control, I/O connectivity, which is the bread and butter of FPGA. As we progress through the year, we start being adopted for more attestation and more Post-Quantum Cryptography and leakage. Leakage detection is an application that we discovered the second half of the year and is being rolled out because we're such a good latency in being able to detect a leak and stop the leak that we're being rolled out as soon as they find out because it's a very critical piece of this AI infrastructure. So these attach rates continue to grow. And as these attach rates continue to grow and we go to these larger type of security type of application is driving the attach rate for larger FPGAs, which then means it's a larger ASP. So you could see the compounding effect of all these factors together driving to a higher and higher donor factor. You're going to see this continue in 2026 and 2027, all right? We're excited about where this takes us in the future. Thank you for all the color there. For my follow-up, maybe I'm screwing up the arithmetic, but if I apply that 70% new product growth rate to, I think, the mid-teens level you hit in 2024, I'm getting comfortably over 20% exposure from new products in 2025 already. I guess any help you can give us on where you expect new products to land in 2026? I think you said more than 20%. Are new products is part of this just that pre-Nexus parts are coming back now that they're corrected, or should we still expect new products to outgrow pre-Nexus parts? Thank you. Yeah. So your math is correct. You've done the right math, so good job. We did pass the 20%. We're in the low-20s% as a total percentage. So you're right. That 70% year-on-year growth puts us in the low-20s% as a percent of total revenue in 2025. And we expect that to go in the mid- to high-20s% in 2026. Okay. Thank you. Thank you. Our next question comes from the line of Srinivasan Pajjuri with RBC Capital Markets. Please proceed. Thank you. Congrats, guys, on a solid quarter. I joined a little late, so apologize if these questions have been asked and answered. So, Ford, my question is on the supply side. I know you talked about demand being much better than expected. So just wondering if you're seeing any supply constraints on your side or any other component shortages such as memory, etc., if those shortages are having any impact in your view on your business. Yeah. So I'll answer. The first part of the answer was already answered. I'll answer it again. And the second part is new, Srinivasan. So thank you for the question. So first, on the supply side, as I said, we are committed to our customer in three S's, the support, supply, and solutions. And we've been ordering more materials since the summer and have seen the lead time increase consistently from first half of last year to second half of last year to end of last year to now even increase very, very fast, continue to increase. We've been very forthcoming with our customers and given a really heads-up on this. And we're in relatively good shape, but there's obviously areas like substrate and assembly that are very tight across the board. We're working with our customers, with our suppliers, with our partners in the channel partners to make sure that we do the right allocations and make sure that nobody's lying down. But it's definitely a very tight situation right now. On the second part of your question, which you asked about the memory, we've asked this question now many, many times to our customers, and they assure us that they've got supply agreements with their memory supplier that the forecast into Lattice are comprehending that memory supply situation. So we've obviously spent a lot of time on this to make sure that our demand was solid, and we are being assured by all the major cloud service provider, OEMs, ODMs that they've got the supply locked in with their supply agreements. Got it. Got it. Ford, at a high level, strategically, you seem a bit more open to larger M&A. So just curious what the criteria would be for you because I don't know if there are a lot of FPGA companies out there that you could look at. So I'm just curious what are some of the metrics and what sort of end markets, etc. Then also, one of the concerns that in the industry is that we need approval, regulatory approval, particularly from China for any sort of a larger deal. Do you think the environment is changing when it comes to the regulatory side? Thank you. Yeah. Thank you, Srinivasan. So I did answer the question. I'll answer it again, which is we actually have done a number of small tuck-ins. We did 4 small tuck-ins on the softer tools and IP that we haven't publicly announced because they're small. And we're working on a couple more of those. So we really like these small tuck-ins because they do not require approval and are pretty strategic, they're pretty accretive, and are adding some very important skills and IP to our toolset and our team. So we've done them. We'll continue to do them, and no regulatory approval needed. For the large M&A, we've been open about the fact that we would do one in the future, but we're not in a hurry. A whole bunch of factors have to align. The stars have to align, which is, number one, it has to be strategic. Number two, it has to be accretive. Number three, the business model has to make sense. And number four, the teams have to get along, and we need to have some synergies, both top line, bottom line, product roadmap. So all these factors make it difficult, and regulatory is one extra one. So we're going to be patient. And right now, the good news is the business is extremely strong on the organic side, so we're not in a hurry to do one. Thanks, Ford. Good luck. Thank you. There are no further questions at this time. I'd like to turn the floor back over to Rick Muscha for any closing remarks. Thanks, everyone, for joining us on the call today. We'll be attending the following investor events this quarter: the Susquehanna Technology Conference in New York City on February 26th and the Morgan Stanley Technology, Media, and Telecom Conference in San Francisco on March 4th. This completes our call. Thank you very much for your participation, and have a great evening.