• Semtech average gross margin for 2024 was 36.03%, a 34.06% increase from 2023.
• 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.

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.