Lantronix Inc (NASDAQ:LTRX)
Lantronix Inc (NASDAQ:LTRX), a company that specializes in the management of information technology (IT) assets and Internet of Things as well as provision of secure data access has reported its financial results for the third quarter of the 2017 fiscal year.
In the financial results announced, Lantronix Inc (NASDAQ:LTRX) reported $11.5 million in net revenue and 55.5% gross profit margin. During the third quarter of the 2017 fiscal year, the company reported $162,000 or $0.01 per share in GAAP net loss. Non-GAAP net income stood at $484,000 during the period. The company’s operating activities raised a total of $627,000 in cash. The company’s cash and cash equivalents were$7.4 million.
Lantronix Inc (NASDAQ:LTRX) reported a 16% increase in net revenue for the third quarter of fiscal 2017 from what was reported during the same time the previous fiscal year. It also reported 3% increase from what was reported in the second quarter of the 2017 fiscal year. Sales for Internet of Things products went up by 14% during the period in comparison to what was reported for the same time in the previous fiscal year. The company reported 93% increase in sales from its IT Management products in the third quarter of the 2017 fiscal year compared to what the company reported during the third quarter of 2016.
Lantronix Inc (NASDAQ:LTRX), in January, launched a technology review of the MACH10™ software platform. This is a multi-dimensional management software mechanism built to exclusively allow IoT OEMs to expeditiously and profitably offer web-scale IoT services and applications.
In February, Shahram Mehraban, landed an IoT veteran from Intel as its Vice President in charge of marketing. Before joining Lantronix, Shahram worked at Intel’s IoT Group as chief of staff of the industrial and energy solutions division and marketing director. He is credited with expanding the company’s visibility in the key IoT verticals in addition to being a member of the IoT executive team which designed the next generation solutions for the industrial IoT market.
Lantronix Inc (NASDAQ:LTRX) in March undertook a review of its xPico 200 product line of IoT gateways at the Embedded World 2017 which took place in Nürnberg, Germany. The xPico 200 line of products is a collection of highly advanced and innovative networking intelligence and enterprise security. It works with the MACH10 management software platform developed by Lantronix.
In a statement, Lantronix president and CEO Jeffrey Benck said the company managed to deliver a year-over-year growth of 16%. He added that the company increased its market share as far as console management is concerned.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.