Digi International Inc - DGII STOCK NEWS

Digi International Inc. disclosed its exposure to Silicon Valley Bank (SVB) following its closure by the California Department of Financial Protection and Innovation on March 10, 2023. Digi has deposits over $2 million at SVB, making up about 5% of its cash and cash equivalents, which are largely uninsured. Although the FDIC will provide an advance dividend to uninsured depositors, recovery of funds from SVB remains uncertain. Despite this situation, Digi's remaining cash exceeding $35 million is primarily held at BMO Harris Bank, and the company believes it has sufficient cash flow to meet operational needs for the next 12 months.

Digi International (NASDAQ: DGII) has launched new versions of its Digi IX10 cellular router at DistribuTECH 2023. This advanced router facilitates the deployment of private cellular networks for electric utilities, utilizing CBRS Band 48 and Anterix Band 8 900 MHz. The Digi IX10 features enhanced reliability, security, and flexibility for industrial applications, including grid modernization and remote monitoring. This addition supports Digi's commitment to improving connectivity for utilities, essential for critical infrastructure data transmission. The product is complemented by the Digi Remote Manager for device orchestration.

Opengear, a Digi International company (NASDAQ: DGII), has launched two new models, CM8196-10G and CM8148-10G, expanding its CM8100 family of secure Out-of-Band management solutions. These devices offer advanced features such as a REST API for automation, hardware-based security with TPM 2.0, and increased connectivity with 10Gb SFP+ uplinks. The CM8196-10G supports up to 96 serial ports in a 2RU form factor, while the CM8148-10G offers 48 serial ports in 1RU. This release aims to simplify management in complex IT environments, enabling efficient deployment and maintenance for large data centers. Opengear continues to prioritize customer needs and market trends.

Digi International Inc. (Nasdaq: DGII) reported record revenues of $109 million for the first fiscal quarter ended December 31, 2022, marking a 30% increase compared to the previous year. The gross profit margin was 56.3%, slightly down from 56.8%, while net income per diluted share rose significantly to $0.16, an increase of 433%. Adjusted EPS also increased by 33% to $0.48. Annualized Recurring Revenue (ARR) reached $96 million, an 8% increase. The company anticipates revenues of $105 million to $109 million for the second quarter, reflecting strong demand as supply chain conditions improve.

Digi International (NASDAQ: DGII) has launched two new software service offerings: Digi ConnectCore Cloud Services and Digi ConnectCore Security Services. These services enhance the manageability and security of IoT applications, enabling OEMs to perform over-the-air updates, remote diagnostics, and security monitoring. The ConnectCore MP15 system-on-module, powered by the STM32MP157C microprocessor from STMicroelectronics, is now available in developer kits. Together, these solutions aim to provide a comprehensive software foundation for connected devices, improving product quality and customer experience in various sectors, including healthcare and transportation.

Digi International (NASDAQ: DGII) has launched Digi Containers, enhancing its edge-to-cloud software stack anchored by Digi Remote Manager. This new software enables developers to create and operate custom applications on Digi cellular routers running DAL OS, leveraging edge computing for low latency and real-time responsiveness. The service supports Lightweight Linux Containers for optimal performance and includes key features such as portability, scalability, increased security, speed, and efficiency. Additionally, Digi has upgraded its Digi intelliFlow application to improve network analytics.

SmartSense by Digi, a unit of Digi International (NASDAQ: DGII), has launched its new IoT Sensing-as-a-Service open platform strategy aimed at enhancing interoperability within retailer technology ecosystems. This initiative allows for better integration with third-party devices and enterprise management systems. The platform will be showcased at NRF 2023 Retail’s Big Show from January 15-17, 2023, promising streamlined data extraction, improved hardware investment returns, and easy compatibility with diverse sensing devices to address unique customer needs.

Digi International (NASDAQ: DGII) will announce its financial results for Q1 2023 on February 2, 2023, before market opening at 8:00 a.m. ET. CEO Ron Konezny and CFO Jamie Loch will host a conference call at 10:00 a.m. ET to discuss the results and answer questions. Interested participants can pre-register for the call or access a live webcast through Digi's investor relations website. A replay will be available shortly after the call and can be accessed for approximately one year.

SmartSense by Digi, part of Digi International (NASDAQ: DGII), announced key developments ahead of the NRF 2023 Retail's Big Show in New York. Highlights include an executive leadership change with Guy Yehiav appointed President, strengthened customer relationships with companies like Giant Eagle and DIG Restaurants, and recognition as a Top Software & Technology Provider. Additionally, the company formed customer advisory boards to enhance service delivery in healthcare and food sectors. SmartSense aims to leverage its IoT solutions to drive significant business outcomes in 2023.