Semtech delivered a solid QQ3 2025 quarter with robust top-line momentum and meaningful margin expansion, led by data-center and infrastructure end-markets. Reported net sales of $236.8 million rose 9.97% QoQ, and YoY growth was supported by a diversified end-market mix and ongoing ramp in CopperEdge/ACC-related products. Management reiterated a constructive near-term outlook for gross margin and operating leverage, guiding Q4 net sales of about $250 million (±$5 million) and a gross margin around 52.8% (±50 bps) with a mid-teens operating margin trajectory. However, GAAP results remained pressured by a significant net expense component, resulting in a net loss of $7.6 million for the quarter and negative earnings per share of $0.10. The company continues to prioritize debt reduction, evidenced by debt repayments totaling $15 million post-quarter and a cash balance of $136.5 million at quarter-end, implying a net debt position of roughly $1.05 billion. The strategic core remains expanding AI/data-center related chip interconnects (CopperEdge/ACC, LPO, and related transceivers), expanding LoRa/IoT adoption, and ongoing portfolio rationalization to fund growth while reducing leverage.