Lantronix (LTRX) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $49.1M, up 41% year-over-year and 19% sequentially.

• Fiscal 2024 revenue reached $160.3M, a 22% increase from the prior year.

• Q4 non-GAAP EPS rose to $0.15 from $0.06 year-over-year; GAAP EPS improved to $0.01 from $(0.05).

• Cash balance at year-end was $26.2M, up 95% from the prior year.

• Strong performance in enterprise, automotive, smart cities, and IoT System Solutions, with significant customer wins and product launches.

Financial highlights

• Q4 2024 revenue: $49.1M (record), up 41% year-over-year and 19% sequentially.

• Fiscal 2024 revenue: $160.3M, up 22% year-over-year.

• Q4 2024 non-GAAP net income: $5.8M ($0.15/share), up from $2.2M ($0.06/share) year-over-year.

• Q4 2024 GAAP net income: $386K ($0.01/share), compared to a loss of $1.7M ($0.05/share) year-over-year.

• Cash at year-end: $26.2M, up 95% year-over-year; $18.6M cash flow from operations.

Outlook and guidance

• Q1 2025 revenue expected between $34M–$38M; non-GAAP EPS $0.07–$0.11.

• Sequential revenue decline anticipated due to smart grid customer shipment timing; core revenue expected to grow 10% sequentially excluding this.

• Gross margin expected to improve to low-to-mid 40% range in Q1 2025 as inventory charges subside and product mix improves.