Lantronix Reports First Quarter Fiscal 2019 Net Revenue of US$12.3M

Lantronix (NASDAQ:LTRX) reported net revenue of US$12.3 million in its first quarter results fiscal 2019 results that ended on September 30, 2018.

The company registered an 16 percent growth in its net revenue as compared to same period in 2018.

As quoted in the press release:
“I am very pleased with our first quarter results. On a year-over-year basis, we delivered double digit revenue growth and significantly improved our bottom line” said Jeff Benck, Lantronix CEO. “I am excited about our successful public offering that doubled our cash position and enables us to pursue a growth strategy that could include acquisitions.”

Financial Highlights for First Quarter of Fiscal 2019

• Net revenue of $12.3 million, an increase of 16% from the first quarter of fiscal 2018
• Gross profit margin of 54.9%, an improvement of more than 200 basis points from the first quarter of fiscal 2018
• GAAP net loss of $83,000, or $0.00 per share, an 87% year-over-year improvement in GAAP net loss
• Non-GAAP net income of $883,000, or $0.04 per share, a 189% year-over-year increase in non-GAAP net income
• Increased cash position to $18.9 million as of September 30, 2018 after closing a successful public offering

Operational and Product Highlights

• In July, the company’s new centralized management software for out-of-band networks, ConsoleFlow™ powered by MACH10® was recognized by CRN as one of the Top 8 Cool Products at Cisco Live
• In August, the company announced that it had joined the Microsoft Azure Certified for Internet of Things (IoT) program, ensuring customers get IoT solutions up and running quickly with hardware and software that has been pre-tested and verified to work with Microsoft Azure IoT services
• In August, Lantronix was added to the LD Micro Index, which tracks daily activity of representative microcap companies with market capitalizations between $50 million and $300 million
• In August, Fathi Hakam joined the company as the new vice president of engineering. Mr. Hakam brings a wealth of experience from engineering leadership roles he has held in the tech industry, including delivering solutions for OEMs in the networking and wireless space
• In September, the company announced an underwritten public offering of 2,500,000 shares of its common stock at a price to the public of $4.00 per share, for gross proceeds of $10 million
• In September, the company reached a patent settlement with USR IoT in Europe, as part of which USR IoT agreed to cease and desist SuperPort sales
• Most recently, in October, the company announced the new ConsoleFlow™ Cloud Edition, the industry’s only centralized out-of-band management software that provides VPN-free access to console managers and IT equipment

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