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. reports developments in Edge AI and Industrial IoT solutions for mission-critical applications, including intelligent computing, secure connectivity and remote management. Company news commonly covers fiscal results, investor conference participation, embedded compute expansion and product launches for autonomous systems, critical infrastructure, enterprise IT and smart-city networks.
Recurring product and market updates include Open-Q system-on-module platforms, the Drone Reference Platform, SmartSwitch.ai, SmartEdge gateways, and Power over Ethernet switches and media converters, including products from Transition Networks. Lantronix also announces collaborations involving NDAA-compliant drone components and edge-AI compute architectures for commercial and defense unmanned systems.
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.
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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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Lantronix Inc. (LTRX) reported a first quarter net revenue of $31.8 million, achieving a 15% year-over-year increase. The GAAP EPS stood at (0.05), an improvement from (0.08) a year prior. However, the non-GAAP EPS decreased to $0.07 from $0.08 year over year. The company raised its full year fiscal 2023 revenue guidance to a projected range of $155 million to $165 million, reflecting a 20% to 27% increase year-over-year. Non-GAAP EPS guidance was also increased to $0.41 to $0.46 per share, indicating a up to 39% growth.
Lantronix Inc. (NASDAQ: LTRX) plans to release its financial results for the first quarter of fiscal 2023, which ended on September 30, 2022, on November 9, 2022, after market close. The Company will host a conference call at 2:00 PM Pacific Time that day, accessible via phone or webcast. Investors can also replay the call after it concludes. Lantronix provides secure IoT and Remote Environment Management solutions, helping customers enhance efficiency through its services and products across various industries.
Lantronix Inc. (NASDAQ: LTRX) has launched new PNT Series GNSS Receiver Modules, enabling advanced positioning, tracking, and navigation features in consumer and commercial applications. The modules serve various sectors, including asset tracking, agriculture, and fleet management. With a projected growth of the GNSS market to USD $486 billion by 2031, demand for these capabilities is set to skyrocket. The PNT-SG3FS model is available now, while the PNT-SG4FM will be released soon, both designed to enhance the functionality of IoT products.
Lantronix Inc. (NASDAQ: LTRX) announced the launch of its new Managed Layer 2 Hardened Gigabit Ethernet PoE++ Switch, the LSS2200-8P, designed for IoT and IP devices in smart buildings and rugged environments. The switch features cloud-based management via ConsoleFlow, allowing real-time monitoring and management. It supports a total power budget of 720W with 90W PoE per port, catering to high-powered devices. The global market for smart buildings is expected to grow at a CAGR of 14.9%, reaching 34.4 million connected systems by 2024, enhancing prospects for Lantronix's IoT solutions.