Irvine-based Lantronix Narrows Loss
Thursday, August 25, 2016
Irvine-based Lantronix Inc. reported lower net losses in its most recent quarter and year; shares rose 15% after-hours Tuesday but declined on a sell-off in Wednesday trading
The company aims to provide secure data access and management in the emerging Internet of Things product category.
Its net loss narrowed to $247,000 on net revenue of $10.5 million in its most recent quarter. The latest results compared with a net loss of $1 million on net revenue of $10.2 million in the same period last year.
Its full-year 2016 net loss was $2 million on net revenue of $40.6 million compared with a net loss of $2.8 million on net revenue of $42.9 million year-over-year.
Lantronix said the 5% decline in annual revenue came as the company moves to newer generation products.
Lower revenue, “was primarily due to an 11% decline in legacy product sales, which was partially offset by 27% growth in new product sales,” a press release said.
Lantronix in the last quarter opened a software lab in India and got a $2 million equity investment from Hale Capital Partners in New York, with Martin Hale Jr., the investor’s chief executive, joining its board.
Lantronix had $6 million in cash and cash equivalents as of June 30.
Shares traded recently at a $23 million market cap.