Shares of Irvine-based Lantronix Inc. fell 8.4% after it reported fiscal fourth quarter results and issued a first quarter guidance.
The maker of Internet of Things products reported an adjusted profit of 1 cent a share as sales fell 41% to $28.8 million for the fourth-quarter that ended June 30. Analysts expected a 1 cent adjusted profit on sales of $28.5 million.
It forecasts fiscal first quarter revenue of $28.5 million to $30.5 million and an adjusted profit of 2 cents to 4 cents a share. Analysts are expecting 3 cents on sales of $29.6 million.
“Fiscal 2025 was a year of strategic transformation for Lantronix, one in which we executed with discipline, streamlined our operations and made targeted investments in high-value markets,” Lantronix Chief Executive Saleel Awsare said in a statement.
In after-hours trading, the shares declined to $3.38. Prior to the report, the shares had almost doubled since a 52-week low in April to $3.71 and a $144 million market cap.
