Business
Lantronix Updates Revenue Guidance for the Third Quarter of Fiscal 2020
IRVINE, Calif., March 11, 2020 (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., March 11, 2020 (GLOBE NEWSWIRE) -- Lantronix, Inc. (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today updated its guidance for the third quarter of fiscal 2020 ending March 31, 2020.\n Our quarterly guidance provided on February 12, 2020 reflected our best estimate available at that time of the impact COVID-19 could have on our business. Since that date, we have experienced supply chain shortages more severe than initially expected as our overseas contract manufacturers have struggled to get back to full capacity following the extended Chinese New Year holiday, the rapid spread of the virus worldwide, and the growing number of quarantines related to COVID-19. While quarter to date we have seen no material order cancellations, demand has slowed as our customers struggle with the same disruptions. As a result of these factors and the overall uncertainty in the economy and our markets, we are revising our outlook for the third quarter of fiscal 2020. Revised Business Outlook For the third quarter of fiscal 2020, Lantronix now expects net revenue of $15 to $17 million. “While the near-term disruption to our business as a result of COVID-19 is unfortunate, the transformation of Lantronix moves forward undaunted,” said Paul Pickle, president and CEO of Lantronix. “The integration of newly-acquired Intrinsyc is progressing well and we have seen some upside in demand for a few fast-growing intelligent edge applications, thus validating our game plan. We anticipate that, as the threat of COVID-19 ultimately subsides, Lantronix will emerge as a stronger IoT player.” Conference Call and Webcast Lantronix 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 updated guidance for the third quarter of fiscal 2020 that ends March 31, 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 March 2020 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 conference call starting at approximately 5:00 p.m. Pacific Time today at www.lantronix.com. ...