Breaking News: Lantronix Inc. Board Member Christa Steele Steps Down Ahead of 2024 Annual Meeting
In a recent SEC filing, Lantronix Inc. (NASDAQ:) announced that board member Christa Steele will not seek re-election, effective at the company's 2024 annual meeting. Steele cited other commitments as the reason for her departure, with Lantronix's President and CEO praising her contributions. Following her exit, the board will be reduced to five directors.
This development comes as Lantronix, a technology company based in Irvine, California, continues to navigate the competitive tech landscape. Investors are closely monitoring how this board transition will impact the company's future strategy and governance. In other news, Lantronix has seen changes in its financial leadership, reporting record growth in earnings and revenue.
For the fiscal year 2024 fourth quarter, Lantronix reported a 41% increase in revenue year-over-year, reaching $49.1 million, and a 150% growth in non-GAAP EPS. The full fiscal year saw revenue of $160.3 million, a 22% growth year-over-year, and record non-GAAP earnings of $15.4 million, up 83% year-over-year. The company's growth is attributed to key vertical markets like Smart Cities, Automotive, and Enterprise.
Looking ahead to fiscal 2025, Lantronix expects revenue between $34 million and $38 million, with non-GAAP EPS between $0.07 and $0.11 per share. Despite the recent challenges, including Steele's departure, InvestingPro data indicates positive indicators for Lantronix. The company's stock price movements have been volatile, with a market capitalization of $147.42 million and strong revenue growth.
For a deeper analysis of Lantronix's financial health and market position, InvestingPro offers 10 additional tips. Stay tuned for more updates on Lantronix and its performance in the ever-evolving tech sector.