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Lantronix Inc Reports Net Loss of $8.98 million for Fiscal Year 2023
By USInMinutes - Sep 12, 2023, 07:52 PM ET
Last Updated - Sep 12, 2023, 07:52 PM EDT
Annual Revenue of $131.19 million
LANTRONIX INC [LTRX], a leading provider of secure data access and management solutions, has announced its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $8.98 million for the year, compared to a net loss of $5.36 million in the previous year. Despite the challenging market conditions, Lantronix achieved annual revenue of $131.19 million, representing a slight increase from the previous year.
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Financial Performance
Lantronix's financial performance during the fiscal year 2023 was impacted by various factors. The gross profit for the year stood at $56.26 million, a marginal increase from $55.59 million in the previous year. However, the company's operating expenses rose to $62.94 million from $60.60 million in the previous year, primarily due to higher selling, general and administrative expenses. This resulted in a loss from operations of $6.67 million for the year.
Revenue Growth
Despite the challenges, Lantronix managed to achieve a moderate revenue growth of approximately 1% during the fiscal year 2023. The company's consistent focus on product innovation and expansion into new markets helped drive its revenue growth. Lantronix's strong product portfolio, including its secure data access and management solutions, continued to attract customers in industries such as healthcare, industrial automation, and transportation.
Financial Stability
Lantronix maintained a stable financial position during the fiscal year 2023. The company's total assets increased to $151.62 million, compared to $137.37 million in the previous year. Lantronix's total liabilities also increased to $74.07 million, primarily driven by higher accounts payable and other current liabilities. However, the company's stockholders' equity remained relatively stable at $77.56 million.
Earnings Per Share
The basic and diluted loss per share for the fiscal year 2023 stood at $0.24, compared to a loss per share of $0.15 in the previous year. The increase in loss per share can be attributed to the higher net loss for the year. Lantronix's management remains focused on cost control and operational efficiency to improve its earnings per share in the future.
Outlook
Looking ahead, Lantronix is optimistic about its future growth prospects. The company's continued investment in research and development, along with strategic partnerships and acquisitions, is expected to drive innovation and expand its market reach. Lantronix's ongoing initiatives to enhance its product offerings and provide value-added solutions to its customers position it well for long-term success.
In conclusion, Lantronix Inc reported a net loss of $8.98 million for the fiscal year 2023, reflecting the challenging market conditions. However, the company achieved moderate revenue growth and maintained a stable financial position. Lantronix remains focused on driving innovation, expanding its market presence, and improving its financial performance in the future.
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