• Semtech average gross margin for 2023 was 54.64%, a 13.24% decline from 2022.
• Semtech average gross margin for 2022 was 62.98%, a 4.41% decline from 2021.
• Semtech average gross margin for 2021 was 60.32%, a 1.36% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.