Lantronix Achieves Record Growth in Fiscal Year 2024 Results
Record Earnings Highlight Lantronix's Growth
In a remarkable quarter, Lantronix Inc. (NASDAQ: LTRX), a recognized leader in connectivity IoT solutions, reported net revenue reaching $49.1 million for the fourth quarter. This figure represents a significant sequential increase of 19% alongside a commendable year-over-year growth of 41%. These impressive earnings distinctly showcase the company's resilience and strategic growth within the rapidly evolving IoT market.
Enhanced Financial Performance
Lantronix's financial results for the fourth quarter reveal a GAAP Earnings Per Share (EPS) of $0.01, illustrating a notable improvement compared to a loss of ($0.05) from the previous year. The Non-GAAP EPS surged to $0.15, marking a striking 150% rise from the previous year’s value of $0.06. This outstanding performance is a clear indication of the effective management and operational strategies employed by the company.
Annual Revenue Growth
Over the course of the fiscal year 2024, Lantronix achieved an annual net revenue of $160.3 million, a solid 22% increase from the prior year. The annual GAAP EPS exhibited a turnaround as well, moving to ($0.12) from the previous ($0.25). Furthermore, the Non-GAAP EPS for the year rose to $0.40, showcasing a robust growth of 74% compared to the previous annual figure of $0.23. These results reflect a strategic alignment with market needs and consumer demands.
Strong Cash Position
As of the end of June 2024, Lantronix confirmed a cash balance of $26.2 million, indicating an impressive 95% increase from the year prior. This solid cash position enhances the company’s capabilities for future investments, innovation, and potential acquisitions in the rapidly growing IoT sector.
Forward Guidance and Market Outlook
Looking ahead to the first fiscal quarter of 2025, Lantronix anticipates revenues between $34 million to $38 million, with non-GAAP EPS projected between $0.07 to $0.11 per share. Such projections align well with the company's expanding operational and market footprint in the IoT landscape.
Upcoming Engagements
Management will engage with investors via a conference call and audio webcast to discuss the quarterly results. Investors can join the live call or access the simultaneous webcast through the investor relations segment of Lantronix’s website, ensuring ongoing transparency and engagement with shareholders.
About Lantronix
Lantronix Inc. is at the forefront of compute and connectivity IoT solutions, tackling high-growth industries such as Smart Cities, Automotive, and Enterprise. The company delivers tailored solutions designed to empower businesses leveraging IoT technologies. Its portfolio includes cutting-edge solutions like Intelligent Substations, Infotainment systems, and advanced out-of-band management tools essential for cloud and edge computing.
Frequently Asked Questions
What financial results did Lantronix report for Q4 2024?
Lantronix reported a net revenue of $49.1 million for Q4 2024, up 19% sequentially and 41% year-over-year.
How did Lantronix's annual revenue perform in 2024?
The company achieved an annual net revenue of $160.3 million, marking a 22% increase from the previous year.
What is the expected revenue for the first fiscal quarter of 2025?
Lantronix anticipates revenue between $34 million and $38 million for Q1 of fiscal 2025.
What improvements were seen in EPS for the fourth quarter?
GAAP EPS improved to $0.01, while non-GAAP EPS was reported at $0.15, reflecting a 150% increase from the previous year.
How has Lantronix positioned itself in the IoT market?
Lantronix continues to innovate and provide tailored solutions for IoT, targeting industries specific to Smart Cities, Automotive, and Enterprise sectors.
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