Welcome to our dedicated page for Lantronix news (Ticker: LTRX), a resource for investors and traders seeking the latest updates and insights on Lantronix stock.
Lantronix Inc. (NASDAQ: LTRX) is a global provider of secure data access and management solutions, focusing on the Internet of Things (IoT) and intelligent information technology assets. With over two decades of expertise in developing robust machine-to-machine (M2M) technologies, Lantronix has positioned itself as a pioneer in enabling companies to deploy and manage IoT projects efficiently, while ensuring secure data access for applications and individuals.
Lantronix organizes its products and solutions into three primary categories: IoT Solutions, IoT System Solutions, and Software & Services. The company's embedded IoT solutions segment is the key revenue driver, catering to diverse industries such as healthcare, industrial, security, energy, transportation, and governmental sectors. Lantronix's geographical markets include the Americas, Europe, the Middle East, Africa, and the Asia Pacific Japan region, with the Americas contributing the majority of its total revenue.
Recently, Lantronix reported its first quarter of fiscal 2024 results, highlighting net revenue of $33.0 million, a 4% increase year-over-year. The company projects revenue for fiscal year 2024 to range between $175 million to $185 million, with expected non-GAAP EPS between $0.50 and $0.60 per share. Lantronix's strategic initiatives include the Percepxion platform, which accelerates IoT edge device deployments with features such as zero-touch automated provisioning and comprehensive device lifecycle management.
Lantronix’s financial condition remains stable, with a focus on non-GAAP financial measures to provide clearer insights into its operational trends. Non-GAAP net income excludes several elements like share-based compensation and restructuring charges. The SNAP 8 Gen 3 Mobile Platform exemplifies Lantronix’s commitment to innovation, delivering nearly double the AI performance of its predecessor and enabling sophisticated AI solutions in robotics and edge AI.
The company's recent launch of the FOX4 and Bolero 43 Edge Compute Trackers, alongside the Tracx browser-based fleet management hub, underscores its adaptive approach to meet the evolving needs of the telematics market. Lantronix’s ongoing projects and partnerships, such as those with Qualcomm, reinforce its market position as a leader in IoT connectivity and edge computing solutions.
As Lantronix continues to innovate and expand its product offerings, it remains a key player in enabling the next wave of IoT advancements, driving secure, scalable, and intelligent solutions across a multitude of industries.
Lantronix has been recognized as one of the “10 Coolest IoT Hardware Companies” in the 2023 CRN Internet of Things 50 list, placing it among industry giants such as Cisco, Dell Technologies, and Nvidia. The firm specializes in secure turnkey solutions for the Industrial Internet of Things (IoT) and Intelligent IT market. CRN highlights Lantronix's innovative hardware and its impact on the rapidly growing IoT sector. The company aims to help organizations enhance efficiency, productivity, and new business opportunities through cutting-edge technology. According to a Bain & Company report, organizations implementing IoT solutions are projected to see a 20% growth in proofs of concept by 2026, with revenue increases of up to 40%.
Lantronix Inc. (NASDAQ: LTRX) announced the launch of its X300 Compact Gateway IoT Solution, designed for secure, mission-critical applications. This all-in-one package combines gateway hardware with a subscription service, including centralized device management, cellular data, enhanced security, and expert support. According to Berg Insights, the market for cellular IoT gateways is expected to grow significantly, with a forecasted value of $2.18 billion by 2026. The X300 Gateway will be showcased at ISC West in Las Vegas from March 28-31, 2023.
Lantronix Inc. (NASDAQ: LTRX) has announced the release of new Open-Q 2210RB and 4210RB System-in-Package (SIP) chipset modules, enhancing its robotics portfolio. The modules, powered by Qualcomm's QRB2210 and QRB4210 SoCs, are designed for industrial IoT applications, promising lower power consumption and better performance. The Open-Q RB1 and RB2 Development Kits support rapid prototyping, catering to developers' needs. With an expected growth of 260 million service robots by 2026, this strategic advancement aims to simplify product design and accelerate time-to-market. Lantronix also offers engineering services to bolster IoT product development.
Lantronix Inc. (NASDAQ: LTRX) announced its second quarter fiscal 2023 results, reporting net revenue of $31.5 million, a 6% decline year-over-year, and a 1% decrease sequentially. The GAAP EPS was ($0.07), improving from ($0.08) in the previous year, while non-GAAP EPS was $0.04, down from $0.10 year-over-year. For the full fiscal year 2023, the company anticipates revenues between $135 million and $145 million, forecasting a growth of 4% to 12% year-over-year. However, non-GAAP EPS guidance is projected at $0.27 to $0.33, reflecting a potential decline of 22% year-over-year.
Lantronix (NASDAQ: LTRX) announced it will release financial results for its fiscal 2023 second quarter, ending December 31, 2022, after market close on February 9, 2023. The management will conduct an investor conference call at 2:00 PM PT (5:00 PM ET) on the same day. Investors can participate by calling 1-844-802-2442 (US) or 1-412-317-5135 (international). A replay of the call will be available at around 7:00 PM PT, and a telephonic replay will be accessible until February 16, 2023. Lantronix is a provider of secure IoT solutions, offering various services including Software as a Service (SaaS) and connectivity services.
Lantronix Inc. (NASDAQ: LTRX) has expanded its Open-Q chipset family with new Open-Q 2290CS and Open-Q 4290CS System-in-Package (SIP) modules, designed for industrial IoT applications. These modules utilize Qualcomm's advanced heterogenous compute architecture, promising enhanced performance and connectivity. The SIP modules are footprint compatible, aiding hardware flexibility. Additionally, the System on Module (SoM) market is projected to grow from over $1 billion in 2022 to $5 billion by 2032, with a 15% CAGR. CEO Paul Pickle emphasized the importance of Qualcomm technology in supporting rapid IoT product development.
Lantronix Inc. (NASDAQ: LTRX) appointed Eric Bass as vice president of Engineering, effective Jan. 30, 2023, bringing over 25 years of design and engineering experience. Previously, Bass held senior roles at CEVA and Microsemi Corporation, where he led significant technology initiatives. As part of his induction, he will receive 59,267 restricted share units (RSUs) and 100,000 stock options. The RSUs will vest over four years, with the first batch vesting on March 1, 2024. The options will also vest over three years based on a designated exercise price.
Lantronix Inc. (NASDAQ: LTRX) announced a significant production contract with Gridspertise for Quantum Edge units, marking the largest order in the company's history.
The contract's increased value results from customer-driven design changes, enhancing Lantronix's revenue prospects. However, this has postponed pilot production, leading to a revised revenue forecast of $135 million to $145 million for fiscal 2023, reflecting a 4% to 12% year-over-year growth. The company anticipates reporting preliminary revenue of $31 million to $32 million for Q2 2023. Significant revenue from this contract is now expected in fiscal 2024, impacting current revenue recognition timelines.
Lantronix (NASDAQ: LTRX) announced that its CFO, Jeremy Whitaker, will present at the 25th Annual Needham Virtual Growth Conference on Jan. 11, 2023, at 2:15 p.m. EST. A live webcast will be available, with a replay accessible for 30 days post-event. In-person meetings are also scheduled for Jan. 10 and 11. Lantronix provides secure turnkey solutions for the Industrial Internet of Things (IoT) and Intelligent IT markets, enhancing operational efficiency and time to market.
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