Lantronix Inc. Files 2024 Annual Report

TL;DR

Lantronix filed its 2024 10-K. Full financials and biz details inside.

AI Summary

Lantronix Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and business operations. The company, headquartered in Irvine, California, is involved in computer communications equipment. The filing provides detailed financial statements and disclosures for the fiscal years 2024, 2023, and 2022.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Lantronix Inc.'s financial health, strategic direction, and potential risks for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent volatility in the technology sector and the need for detailed financial analysis within the 10-K to assess specific company risks.

Key Numbers

• FY 2024 — Fiscal Year End (The primary period covered by the 10-K filing.)
• June 30, 2024 — Report Date (The end date of the fiscal year being reported.)
• September 9, 2024 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Lantronix Inc. (company) — Filer of the 10-K report
• Irvine, CA (location) — Company headquarters location
• June 30, 2024 (date) — Fiscal year end for the report
• 2024 (date) — Fiscal year
• 2023 (date) — Fiscal year
• 2022 (date) — Fiscal year

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value LTRX The Nasdaq Stock Marke

Filing Documents

• lantronix_i10k-063024.htm (10-K) — 1213KB
• lantronix_ex1033.htm (EX-10.33) — 89KB
• lantronix_ex1034.htm (EX-10.34) — 88KB
• lantronix_ex1035.htm (EX-10.35) — 56KB
• lantronix_ex1036.htm (EX-10.36) — 70KB
• lantronix_ex1037.htm (EX-10.37) — 66KB
• lantronix_ex1042.htm (EX-10.42) — 32KB
• lantronix_ex2101.htm (EX-21.1) — 4KB
• lantronix_ex2301.htm (EX-23.1) — 2KB
• lantronix_ex3101.htm (EX-31.1) — 11KB
• lantronix_ex3102.htm (EX-31.2) — 11KB
• lantronix_ex3201.htm (EX-32.1) — 7KB
• image_002.jpg (GRAPHIC) — 5KB
• image_001.jpg (GRAPHIC) — 4KB
• 0001683168-24-006264.txt ( ) — 7591KB
• ltrx-20240630.xsd (EX-101.SCH) — 53KB
• ltrx-20240630_cal.xml (EX-101.CAL) — 83KB
• ltrx-20240630_def.xml (EX-101.DEF) — 209KB
• ltrx-20240630_lab.xml (EX-101.LAB) — 462KB
• ltrx-20240630_pre.xml (EX-101.PRE) — 423KB
• lantronix_i10k-063024_htm.xml (XML) — 985KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions and Director Independence 38 Item 14. Principal Accountant Fees and Services 38 PART IV Item 15. Exhibits and Financial Statement Schedules 39 Item 16. Form 10-K Summary 42 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended June 30, 2024, or this Report, contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Report, or incorporated by reference into this Report, are forward-looking statements. Throughout this Report, we have attempted to identify forward-looking "anticipate," "expect," "estimate," "should," "continue," "potential," "plan," "forecasts," "goal," "seek," "intend," other forms of these words or similar words or expressions or the negative thereof. Additionally, statements concerning future matters such as our expected earnings, revenues, expenses and financial condition, our expectations with respect to the development of new products, expectations regarding the impact of the COVID-19 pandemic or similar outbreaks, and other statements regarding matters that are not historical are forward-looking We have based our forward-looking statements on management's current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee thei

BUSINESS

BUSINESS Overview Lantronix, Inc. is a global leader in compute and connectivity solutions, targeting high-growth industries such as Smart Cities, Automotive, and Enterprise markets. Our products and services empower companies to capitalize on the expanding internet of things ("IoT") market by delivering customizable solutions that address each layer of the IoT stack. Our portfolio is organized into three primary product lines: Embedded IoT Solutions, IoT Systems Solutions, and Software and Services. Each product line is designed to meet the demands of scalable, secure, and reliable IoT deployments. References in this Report to "fiscal 2024" refer to the fiscal year ended June 30, 2024, and references to "fiscal 2023" refer to the fiscal year ended June 30, 2023. In addition, unless the context suggests otherwise, all references in this Report to the "Company," "we," "our" and "us," refer to Lantronix, Inc. together with its subsidiaries. Our Strategy We focus on three high-potential vertical markets - smart cities, automotive and infotainment, and enterprise. We position ourselves in these markets to deliver complete solutions encompassing our hardware, software, device management, and design services to meet the evolving needs of our customers and address each layer of the IoT stack. Below are customer examples that highlight our impact: Smart Cities: We are partnering with a Smart Grid customer that deploys their solutions to enhance grid resiliency and flexibility through intelligence at the edge. We supply this customer an entire solution than includes our edge compute and connectivity solutions as well as our design services. This engagement underscores the ongoing value and scalability of our solutions within the growing smart city infrastructure market. Automotive: Lantronix is driving innovation in the automotive sector with our edge computing solution, currently powering infotainment systems in volume production for a Turkish automotive manufac

View Full Filing

View this 10-K filing on SEC EDGAR