Lantronix Inc. (Nasdaq: LTRX), a networking products maker that ran into share price trouble earlier this year, won a notable award that reflects collaboration with a key customer, the German firm Quantum Aviation Solutions.
The 2024 IoT Evolution Asset Tracking Award honors excellence in innovation utilizing Internet of Things technologies for automated tracking to increase efficiencies, reduce theft and make the best use of various assets. The award for Irvine-based Lantronix was based on a case study of Quantum Aviation, which handles baggage and fleet management for more than 80 global companies.
A long-standing customer of Lantronix telematic products, Frankfurt-based Quantum Aviation incorporated the Lantronix FOX3 series to gather real-time data for its fleet management software, which is installed at airports around the world.
With the FOX3 gateway, critical signals are collected and transferred to the Quantum software that provides immediate visibility, as well as historic analysis that supports increased efficiency and reduced cost.
Ursula Hess, CEO of Quantum Aviation, said the Lantronix system “gives our aviation customers access to critical information for real-time visibility and actions as well as long-term analytics.”
Revenue Up 25%
Lantronix is known for making chips that connect a variety of products to the internet, thus enabling remote monitoring of products like automobiles and underground fuel tanks.
Shares of Lantronix still haven’t recuperated from February when they dropped more than 40% after slashing its 2024 revenue outlook to a range of $155 million to $165 million. At press time, the shares were around $3.70 and a $139 million market cap.
Lantronix in April reported fiscal third-quarter net revenue rose 25% to $41.2 million for the three-month period ended March 31, while its loss per share narrowed to 1 cent from 8 cents. For the current fourth fiscal quarter, the company expects revenue in a range of $46.5 million to $51.5 million, implying growth of 33% to 48% and non-GAAP EPS of 12 cents to 18 cents per share.
Saleel Awsare, who became chief executive last November, has been hiring top executives in recent months. In March, he hired Kurt Hoff as its vice president for worldwide sales and in May Mathi Gurusamy as chief strategy officer.
Awsare came to Lantronix from Synaptics Inc., a provider of semiconductor products worldwide, where he had most recently served as senior vice president and general manager of its Enterprise and Mobile Division.
