IRVINE, Calif. - Lantronix Inc. (NASDAQ: NASDAQ:LTRX), a provider of compute and connectivity solutions for the Internet of Things (IoT), announced a change in its financial leadership earlier today. The company's Chief Financial Officer, Jeremy Whitaker, has resigned effective last Thursday to assume the CFO position at a private enterprise. Lantronix has appointed Brent Stringham, who has served as the company's Controller since 2012, as the Interim CFO while a search for a permanent replacement is underway.
Stringham brings a wealth of financial experience to his interim role, having previously held leadership positions at Iteris (NASDAQ:ITI) Inc., Netlist (OTC:NLST) Inc., and Ernst & Young before joining Lantronix. To support the transition, the company has also engaged David McLennan, the former CFO of Sierra Wireless (NASDAQ:SWIR) Inc., as a consultant. McLennan, who retired in 2020, is recognized for his role in driving growth and international expansion in the technology sector.
Saleel Awsare, CEO of Lantronix, expressed his gratitude to Whitaker for his 18 years of service and his contributions to Lantronix's transformation into a global IoT leader. Awsare also conveyed his confidence in Stringham's and McLennan's capabilities to steer the company's financial future.
Whitaker, reflecting on his tenure, stated that his decision to leave followed the completion of the year-end results at Lantronix. He emphasized his belief that the company is well-positioned for continued success with a strong financial foundation.
Lantronix remains committed to delivering shareholder value and advancing its strategic objectives in the IoT industry. The company specializes in IoT solutions targeting sectors such as Smart Cities, Automotive, and Enterprise, offering products and services that enable companies to succeed in the IoT market.
This leadership change comes as the company aims to maintain its trajectory in a competitive and evolving industry. The information is based on a press release statement from Lantronix Inc.
In other recent news, Lantronix, Inc. reported record revenue and earnings per share (EPS) growth for its fiscal year 2024 fourth-quarter. The company saw a significant 41% year-over-year increase in its quarterly revenue, reaching $49.1 million, and a 150% growth in non-GAAP EPS compared to the same period last year. For the full fiscal year, Lantronix achieved a revenue of $160.3 million, a 22% growth year-over-year, and record non-GAAP earnings of $15.4 million, up 83% year-over-year.
The company's focus on Smart Cities, Automotive, and Enterprise verticals has driven this substantial growth. Lantronix has also announced a partnership with Qualcomm (NASDAQ:QCOM) on Edge AI computing projects and secured significant orders in the smart grid sector. For the first quarter of fiscal 2025, Lantronix expects revenue to be between $34 million and $38 million, with non-GAAP EPS between $0.07 and $0.11 per share.
These are among the recent developments for Lantronix, which is positioning itself for continued growth in its key vertical markets.
InvestingPro Insights
Amidst the executive transition at Lantronix Inc. (NASDAQ: LTRX), the company's financial outlook appears to be a blend of challenges and opportunities. According to InvestingPro data, Lantronix has shown an impressive revenue growth of 22.21% over the last twelve months as of Q4 2024. This growth is further highlighted by a significant quarterly revenue increase of 40.52% in Q4 2024, underscoring the company's expanding market presence in the IoT sector.
However, the company's profitability has been under scrutiny, as evidenced by a negative P/E ratio of -36.76, which has further declined to -48.69 when adjusted for the last twelve months as of Q4 2024. This reflects the challenges Lantronix faces in achieving profitability despite increasing revenues. The InvestingPro Tips suggest a mixed sentiment with analysts revising earnings downwards for the upcoming period, yet there's an expectation for net income growth this year. This dichotomy indicates a cautious but hopeful outlook on the company's financial performance.
Moreover, Lantronix's stock price has experienced volatility, which is consistent with the InvestingPro Tip highlighting the stock's price movements. Despite this, the company has managed to achieve strong returns over the past month, three months, and six months, with price total returns of 26.86%, 23.68%, and 29.07% respectively. This momentum could be indicative of investor confidence in the company's strategic direction and market opportunities.
InvestingPro offers additional insights into Lantronix's financial health, including the company's liquidity and debt management. Currently, Lantronix operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, which could provide some financial flexibility in its operations and investment strategies. For more detailed analysis and further InvestingPro Tips on Lantronix, interested readers can explore the full list of insights available at https://www.investing.com/pro/LTRX.
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