Business
Lantronix Reports Fourth Quarter and Fiscal Year Ended 2019 Financial Results
IRVINE, Calif., Sept. 10, 2019 (GLOBE NEWSWIRE) -- Lantronix, Inc. (NASDAQ: LTRX), a global provider of secure data access and management solutions for the
About this update from Lantronix, Inc.
[{"type":"text","content":"IRVINE, Calif., Sept. 10, 2019 (GLOBE NEWSWIRE) -- Lantronix, Inc. (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today reported results for the fourth quarter and fiscal year ended June 30, 2019.\n Financial Highlights for Fourth Quarter of Fiscal 2019 Net revenue of $10.2 millionGross profit margin of 56.6%GAAP net loss of $1.5 million, or $0.06 per share. Included in the GAAP net loss were approximately $1.5 million of expenses related to acquisition, severance, and asset impairment costsNon-GAAP net income of $722 thousand, or $0.03 per share Financial Highlights for Fiscal Year 2019 Net revenue of $46.9 millionGross profit margin of 56.0%GAAP net loss of $408,000, or $0.02 per shareNon-GAAP net income of $3.7 million, or $0.16 per share Fiscal Year 2020 Outlook Net revenue growth of 15% or greaterNon-GAAP net income per share growth of 30% or greater First Quarter Fiscal 2020 Guidance Net revenue of $12 to $13 millionNon-GAAP net income (loss) per share of ($0.03) to $0.00 Operational Highlights In July, the company announced that it acquired all of the businesses of Maestro & FALCOM Holdings Limited (Maestro), a leader in wireless IoT with a strong focus on cellular connectivity. Maestro designs, manufactures, and sells state of the art Global Navigation Satellite System (GNSS) receivers, trackers, modems, routers, and gateways ideally suited to numerous M2M and IoT applications, including industrial automation and Supervisory Control And Data Acquisition (SCADA), energy and metering, tracking and automotive.Paul Pickle joined the Company as its new President and CEO in April 2019. Prior to joining Lantronix, Mr. Pickle served as the President and COO of the Microsemi Corporation, a leading provider of semiconductor and system solutions, from November 2013 until Microsemi was acquired by Microchip Technology Inc. in May 2018 for an enterprise value of $10.15 billion. In June, the company announced that Jonathan Shipman had joined Lantronix as vice president of strategy. Prior to joining Lantronix, Jonathan had a tenured career at Twitch (acquired by Amazon), YouTube, and eBay. His responsibilities spanned global initiatives across infrastructure, procurement, engineering, product strategy, programmatic advertising, and emerging market content st...