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Lantronix Inc. (Nasdaq: LTRX) is a global leader in Edge AI and Industrial Internet of Things ( IoT ) solutions, delivering intelligent computing, secure connectivity, and remote management for mission-critical applications. Serving high-growth markets, including smart cities, enterprise information technology ( IT ), and commercial and defense unmanned systems, we enable customers to optimize …
The business is unprofitable at the operating level (-8.95% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 23.3% YoY. Margins deteriorated 7.2pp alongside, both lines moving the wrong way.
Free cash flow declined 60% versus the prior year, cash generation momentum has weakened. ROIC dropped from -2.26% to -9.16%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$119M
▼ -23.3% YoY
Net Income (TTM)
-$7M
▼ -151.8% YoY
Op. Margin
-5.79%
▼ -7.2pp YoY
ROIC
-6.35%
▼ -6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$8M
▼ -60.5% YoY
Op. Cash Flow (TTM)
$9M
▼ -60.9% YoY
Net Debt
-$15M
Net Cash Position
Cash & Equiv.
$24M
5Y CAGR: +15.5%
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