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IRVINE, Calif. - Lantronix Inc. (NASDAQ:LTRX), a technology company with a market capitalization of $117 million, announced Monday it has entered into a cooperation agreement with several stockholders, including Chain of Lakes Investment Fund LLC, resulting in the appointment of James (Jim) C. Auker to the company’s Board of Directors.
Under the agreement, Auker will be nominated for election at Lantronix’s 2025 Annual Meeting of Stockholders, which has not yet been scheduled.
"We appreciate the constructive discussions with Chain of Lakes and are pleased to welcome Jim Auker to our Board," said Saleel Awsare, CEO and president of Lantronix.
Tim O’Connell, chief investment officer of Chain of Lakes, stated: "We believe Jim Auker will be a strong addition to the Board and are confident his contributions will help guide Lantronix in its efforts to explore opportunities to enhance shareholder value."
The agreement includes customary standstill and voting commitments from Chain of Lakes, Haluk L. Bayraktar and Emre Aciksoz.
Lantronix, which describes itself as a provider of compute and connectivity IoT solutions, focuses on sectors including Smart Cities, Automotive and Enterprise markets. The company’s products aim to address various layers of IoT infrastructure.
The full agreement and additional information regarding Auker’s election to the Board will be filed with the U.S. Securities and Exchange Commission, according to the company’s statement based on a press release.
In other recent news, Lantronix Inc. reported its third-quarter fiscal year 2025 earnings, revealing a shortfall in both earnings per share and revenue compared to analyst expectations. The company posted an EPS of $0.03, missing the forecast of $0.08, while revenue reached $28.5 million against a projected $34.09 million. Despite the earnings miss, Lantronix is focusing on edge AI solutions and reducing its manufacturing footprint in China, aiming for double-digit growth in fiscal year 2026. In a separate development, Lantronix has secured a multi-year agreement with a major U.S. mobile network operator to manage over 50,000 backup power systems, utilizing its Edge gateways and cloud-based software for remote monitoring.
Additionally, Lantronix announced the appointment of Sailesh Chittipeddi, Ph.D., as an independent director to its Board, expanding the board to five members. Dr. Chittipeddi brings extensive experience in the industrial, IoT, and infrastructure sectors. Meanwhile, Needham analysts revised their price target for Lantronix to $4.50 from $5.50, maintaining a Buy rating despite the company’s mixed earnings report. The revision reflects ongoing challenges, including a halt in procurement from a key customer and weak performance in the EMEA region. Lantronix’s strategic pivot towards edge AI and compute applications, along with its recent financial results, highlight its efforts to navigate market challenges while seeking new growth avenues.
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