Business
Lantronix Reports First Quarter Fiscal 2021 Results
First Quarter Net Revenue Was $17.1 Million, Up 35% From the Prior Year, Down 1% SequentiallyGAAP Gross Margin Improved 1,040 Basis Points to 48.1%
About this update from Lantronix, Inc.
[{"type":"text","content":"First Quarter Net Revenue Was $17.1 Million, Up 35% From the Prior Year, Down 1% SequentiallyGAAP Gross Margin Improved 1,040 Basis Points to 48.1% Sequentially GAAP EPS Improved to ($0.01) per ShareNon-GAAP EPS Was $0.05 per share, Driven by Gross Margin Strength, Integration, and Expense ControlsCompany Reiterates Fiscal 2021 Revenue Growth Target of 20%-25% and Non-GAAP EPS Growth of 120-160% IRVINE, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Lantronix, Inc. (NASDAQ: LTRX), a global provider of software as a service (“SaaS”), engineering services, and intelligent hardware for the Internet of Things (IoT) and Remote Environment Management (REM), today reported results for the first quarter of fiscal 2021 that ended September 30, 2020.\n Net revenue totaled $17.1 million, up 35 percent year over year and down 1 percent sequentially. GAAP EPS improved to ($0.01), compared to ($0.06) in the prior fiscal quarter. Non-GAAP EPS was $0.05, compared to $0.04 in the prior fiscal quarter. “Profitability improved nicely in the first quarter, driven by gross margin strength, ongoing integrations and rigorous expense controls,” stated Paul Pickle, president and CEO of Lantronix. “While supply chain disruptions related to COVID-19 continue to impact our ability to meet customer demand, opportunities are on the rise and we remain confident in our 2021 revenue and earnings forecasts.” Business Outlook Due to the ongoing uncertainties caused by the COVID-19 pandemic that continue to impact supply chains, Lantronix has transitioned from specific quarterly guidance in favor of annual growth targets. For the full year fiscal 2021, the company continues to expect year over year revenue growth of 20-25 percent, with non-GAAP EPS growth on the order of 120-160 percent. Conference Call and WebcastLantronix will host an investor conference call and audio webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its results for the first quarter of fiscal 2021 that ended Sept. 30, 2020. To access the live conference call, investors should dial 1-844-802-2442 (US) or 1-412-317-5135 (international) and indicate that they are participating in the Lantronix Q1 FY 2021 call. The webcast will be available simultaneously via the investor relations section of the Company’s website at www.lantronix.com. Investors can access a replay of the conf...