Lantronix Reports Year-over-Year Revenue Growth of 9 percent

Lantronix (NASDAQ:LTRX) announced results for fourth quarter and fiscal year ended June 30, 2018 with the company reporting year-over-year-revenue growth of nine percent.

Lantronix, a global provider of secure data access and management solutions for the industrial Internet of Things reported net revenue of US$12 million for the fourth quarter.

As quoted in the press release:

Financial Highlights for Fourth Quarter of Fiscal 2018

• Gross profit margin of 57.1%, compared with 51.3% for the fourth quarter of fiscal 2017
• GAAP net income of $752,000, or $0.04 per share, the third consecutive quarter of GAAP profitability
• Non-GAAP net income of $1.2 million, the tenth consecutive quarter of non-GAAP profitability

Financial Highlights for Fiscal Year 2018

• Net revenue of $45.6 million, an increase of 2% from fiscal year 2017
• Gross profit margin of 55.7%, an improvement of 300 basis points from fiscal year 2017
• GAAP net income of $680,000, or $0.04 per share, compared with GAAP net loss of $277,000, or $0.02 per share in fiscal year 2017
• Non-GAAP net income of $2.9 million, compared with non-GAAP net income of $1.6 million in fiscal year 2017
• Cash and cash equivalents grew to $9.6 million, an increase of 19% from fiscal year 2017
• IoT and IT management product line revenue grew by 6% and 4%, respectively

“We finished fiscal year 2018 with solid momentum that we can build on in the new year. We continued to make progress on our IoT strategy and laid the foundation for accelerating our growth,” said Jeffrey Benck, Lantronix president and CEO. “Reflecting on the year, we grew the business again, expanded gross margins by 300 basis points and nearly doubled our non-GAAP net income over FY17. I am also proud of the team for achieving our first full year of GAAP profitability in 18 years.”

Click here for the full text release.