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Digi International Inc. (DGII) is a leading global provider specializing in machine-to-machine (M2M) and Internet of Things (IoT) connectivity products and services. Headquartered in Minnesota, Digi International has been a cornerstone in the field since its foundation in 1985. The company is committed to helping customers create next-generation connected products and manage critical communications infrastructures in demanding environments.
Digi International operates through two primary segments: IoT Products and Services and IoT Solutions. The IoT Products and Services segment focuses on delivering distinct communications products and communication product development services. This includes embedded modules, off-the-shelf routers, gateways, and network products that are known for their relentless reliability and exceptional performance and security.
The IoT Solutions segment caters to different needs by offering wireless temperature and environmental condition monitoring services, as well as employee task management services. This allows customers to efficiently manage their connected products and assets across a broad range of mission-critical industry applications.
Over the years, Digi International has successfully connected over 100 million devices, showcasing its extensive experience and capability in the field. The company's cloud-based software and professional services are designed to enhance the operational efficiency of its clients' connected assets. Digi's product offerings are aimed at industries that require high levels of reliability and security in their communication networks.
Geographically, Digi International generates a significant portion of its revenue from its operations in the United States. Additionally, the company has a notable presence in Europe, the Middle East, Africa, and other parts of the world. This broad geographical footprint allows Digi to serve a diverse range of customers and industries globally.
Recent Achievements and Current Projects:
- Continued expansion of IoT connectivity solutions to meet the evolving needs of various industries.
- Development of new embedded modules and off-the-shelf routers to enhance communication reliability and security.
- Investments in cloud-based software to provide better data management and analytics capabilities for clients.
- Strategic partnerships with key technology providers to drive innovation and deliver comprehensive solutions.
Whether it's through their industry-leading products or their commitment to customer success, Digi International Inc. remains at the forefront of M2M and IoT innovations.
Digi International (NASDAQ: DGII) will announce its third fiscal quarter 2024 financial results on August 7, 2024, after market close at approximately 4:00 p.m. ET.
CEO Ron Konezny and CFO Jamie Loch will host a conference call at 5:00 p.m. ET the same day to discuss the results and take questions.
This marks a change from the previous quarter's format, where the conference call occurred the next morning.
Participants can pre-register for the call to obtain a dial-in number and passcode. A live webcast and replay of the call will be available through Digi's investor relations section on their website.
Lowes Foods, part of Alex Lee, has partnered with SmartSense by Digi to enhance its food safety and operational efficiency. The collaboration will see SmartSense's IoT solutions implemented across 141 Lowes Foods locations, monitoring over 5,000 assets. This strategic decision aims to reduce product loss, improve employee productivity, and boost customer satisfaction. SmartSense's technology replaces manual processes with automated workflows, ensuring proactive asset maintenance and food safety compliance. This partnership is expected to significantly enhance the overall guest experience and return on investment for Lowes Foods.
SmartSense by Digi has announced significant renewals and upgrades with major grocery chains Jerry’s Foods, Knowlan’s Fresh Foods, and Giant Eagle. These partnerships focus on enhancing food safety and operational efficiency through IoT technology. Jerry's Foods, expanding its reach with SmartSense over seven years, has improved store visibility and food quality across 23 locations. Knowlan's Super Markets has utilized SmartSense’s digital monitoring across 10 stores to ensure high food safety standards. Giant Eagle, leveraging 32,000 SmartSense devices, has enhanced food safety and compliance across its 182 grocery stores and 128 convenience stores, protecting $72 million worth of products in 2023. These renewals and upgrades highlight the grocers' commitment to superior food safety and customer satisfaction.
Digi International, a global IoT connectivity provider, won a patent infringement case against NimbeLink , a subsidiary of Airgain Inc. The U.S. District Court invalidated all patent claims against Digi related to NimbeLink's Skywire cellular modems. This ruling follows a previous dismissal of NimbeLink's contract claims. Digi's President, Ron Konezny, expressed satisfaction with the Court's decision.
Digi International reported second fiscal quarter 2024 results with revenue of $108 million, 3% decrease from the previous year. Net income was $4 million, down from $6 million. Gross profit margin increased to 57.9%. Cash flow from operations was $13 million. Annualized Recurring Revenue (ARR) reached $110 million, up 11%. Operating income and adjusted EBITDA remained flat year over year. IoT Product & Services segment revenue decreased by $2.5 million, while IoT Solutions segment revenue decreased by $0.9 million. The company reiterated its commitment to doubling ARR and Adjusted EBITDA to $200 million in the next five years. However, the third fiscal quarter 2024 revenue is estimated to be $103 million to $107 million with a projected 5% ARR growth for the fiscal year. Adjusted EBITDA is expected to be between $24.0 million and $25.5 million.
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