Semtech Files Form 12b-25 and Will Reschedule Its Second Quarter of Fiscal Year 2024 Earnings Release and Conference Call

Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems, and cloud connectivity service provider, announced today that it has filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission ("SEC") as it has determined that it will be unable to file its Form 10-Q for the period ended July 30, 2023 ("Q2 Form 10-Q") by its original due date of September 8, 2023. In addition, the Company will reschedule its earnings release and investor conference call for its second quarter of fiscal year 2024, previously scheduled for Thursday, September 7, 2023.

During the second quarter of fiscal year 2024, the Company determined it was required to perform an interim goodwill impairment test using a quantitative assessment. Despite working diligently in an effort to timely file its Q2 Form 10-Q, as of the date of this press release, the goodwill impairment assessment is not complete and is not expected to be completed by the original due date of the Q2 Form 10-Q. Additionally, the Company is working diligently to complete certain procedures to conclude whether a valuation allowance is to be recorded against certain deferred tax assets. These assessments require significant resources from the Company's financial, accounting and administrative personnel and, as a result, the Company requires additional time to complete the assessment and finalize the Q2 Form 10-Q.

The Company expects to file its Q2 Form 10-Q with the SEC as soon as practicable, and no later than September 13, 2023, in accordance with Rule 12b-25. The Company will make a subsequent announcement to schedule the date and time of its second quarter of fiscal year 2024 earnings release and conference call.

For more information, refer to the Form 12b-25 filed with the SEC on September 6, 2023, which is available under SEC Filings on Semtech's website at https://investors.semtech.com under NT 10-Q. The filing is also available directly at the SEC's website at www.sec.gov.

About Semtech

Semtech Corporation (Nasdaq: SMTC) is a high-performance semiconductor, IoT systems, and cloud connectivity service provider dedicated to delivering high-quality technology solutions that enable a smarter, more connected, and sustainable planet. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com or follow us on LinkedIn or X.

Forward-Looking and Cautionary Statements

All statements contained herein that are not statements of historical fact, including statements that use the words "expects" or other similar words or expressions, that describe Semtech's or its management's future plans, objectives or goals are "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements concerning the expected timing of the Q2 Form 10-Q. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors include management's ability to finalize certain assessments and related procedures required to complete the Q2 Form 10-Q prior to the extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended, and the risk factors set forth in Semtech's Annual Report on Form 10-K filed with the Securities and Exchange Commission (www.sec.gov) on March 30, 2023 as such risk factors may be updated, amended or superseded from time to time by subsequent reports that Semtech files with the Securities and Exchange Commission. Semtech assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.

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