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Lantronix Reports Results for First Quarter of Fiscal 2025

GlobeNewswire LogoGlobeNewswire11h ago

Lantronix Reports Results for First Quarter of Fiscal 2025 - GlobeNewswire

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Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand;  the impact of the COVID-19 pandemic or another pandemic or similar outbreak, including the emergence of new more contagious and/or vaccine-resistant strains, on our business, employees, supply and distribution chains and the global economy; our ability to successfully implement our acquisitions strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S.and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the "SEC”) on Sept.9, 2024, including in the section entitled "Risk Factors” in Item 1A of Part I of that report, and in our other public filings with the SEC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)         Three Months Ended  September 30, June 30, September 30,   2024   2024   2023 Net revenue $34,423  $49,075  $33,031 Cost of revenue  19,948   30,353   18,934 Gross profit  14,475   18,722   14,097 Operating expenses:      Selling, general and administrative  9,496   11,059   9,170 Research and development  4,956   5,265   5,106 Restructuring, severance and related charges  900   523   20 Fair value remeasurement of earnout consideration  -   -   (9)Amortization of intangible assets  1,251   1,310   1,384 Total operating expenses  16,603   18,157   15,671 Income (loss) from operations  (2,128)  565   (1,574)Interest expense, net  (119)  (175)  (338)Other income (loss), net  (37)  9   19 Income (loss) before income taxes  (2,284)  399   (1,893)Provision (benefit) for income taxes  218   13   (7)Net income (loss) $(2,502) $386  $(1,886)Net income (loss) per share - basic $(0.07) $0.01  $(0.05)Net income (loss) per share - diluted $(0.07) $0.01  $(0.05)Weighted-average common shares - basic  38,024   37,697   36,982 Weighted-average common shares - diluted  38,024   38,096   36,982         LANTRONIX, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)        September 30, June 30,   2024   2024 Assets    Current assets:    Cash and cash equivalents $26,395  $26,237 Accounts receivable, net  30,801   31,279 Inventories, net  29,533   27,698 Contract manufacturers' receivables  2,722   1,401 Prepaid expenses and other current assets  3,169   2,335 Total current assets  92,620   88,950 Property and equipment, net  3,642   4,016 Goodwill  27,824   27,824 Intangible assets, net  4,000   5,251 Lease right-of-use assets  9,165   9,567 Other assets  607   600 Total assets $137,858  $136,208      Liabilities and stockholders' equity    Current liabilities:    Accounts payable $17,149  $10,347 Accrued payroll and related expenses  3,440   5,836 Current portion of long-term debt, net  3,057   3,002 Other current liabilities  11,859   10,971 Total current liabilities  35,505   30,156 Long-term debt, net  12,409   13,219 Other non-current liabilities  11,014   11,478 Total liabilities  58,928   54,853      Commitments and contingencies         Stockholders' equity:    Common stock  4   4 Additional paid-in capital  304,078   304,001 Accumulated deficit  (225,523)  (223,021)Accumulated other comprehensive income  371   371 Total stockholders' equity  78,930   81,355 Total liabilities and stockholders' equity $137,858  $136,208       LANTRONIX, INC.

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Article Details

Author / Journalist: Lantronix, Inc.

Category: Technology

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Published On: 2024-11-07 @ 21:15:00 (11 hours ago)

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