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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