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SEMTECH FOR IMMEDIATE RELEASE Contact : Anojja Shah Semtech Corporation ( 630 ) 390-6413 webir@semtech.com Exhibit 99.1 Semtech Announces Third Quarter of Fiscal Year 2023 Results CAMARILLO , Calif . , November 30 , 2022 - Semtech Corporation ( Nasdaq : SMTC ) , a leading global supplier of high - performance analog and mixed - signal semiconductors and advanced algorithms , today reported unaudited financial results for its third quarter of fiscal year 2023 , which ended October 30 , 2022 . Highlights for the Third Quarter of Fiscal Year 2023 • • . • • Net sales of $ 177.6 million , a decrease of 15.1 % sequentially and 8.9 % year - over - year Record GAAP gross margin of 65.1 % and record Non - GAAP gross margin of 65.5 % GAAP and non - GAAP diluted earnings per share of $ 0.36 and $ 0.65 , respectively Tri - Edge ™ selected by a major North American Hyperscale Data Center Provider in a new , high volume , multi - year program Amazon Web Services , Inc. ( " AWS " ) integrates LoRa Cloud ™ Geolocation capabilities into the AWS loT Core for asset tracking solutions on AWS Cooperating with the U.S. Department of Justice ( the " DOJ " ) on the second request in connection with the proposed acquisition of Sierra Wireless , Inc. ( " Sierra Wireless " ) and working to close as quickly as possible Issued $ 319.5 million principal amount of 1.625 % Convertible Senior Notes due 2027 in a private placement Results on a GAAP basis for the Third Fiscal Quarter 2023 Net sales were $ 177.6 million . • • GAAP Gross margin was 65.1 % GAAP SG & A expense was $ 42.4 million GAAP R & D expense was $ 35.2 million GAAP Operating margin was 21.0 % GAAP Interest expense was $ 9.0 million - more -