The Compute Modules are Raspberry Pis in a flexible form factor, targeted for use in industrial applications. The Compute Module 3 Lite is based on the Raspberry Pi 3, but comes without the 4GB eMMC flash.
The Compute Module 3 Lite contains the same components as the Raspberry Pi 3 (the BCM2837 processor and 1GB RAM), integrated on a small 67.6mm x 31mm board, which fits into a standard DDR2 SODIMM slot.