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IRVINE, Calif. - Lantronix Inc. (NASDAQ: NASDAQ:LTRX), a company specializing in AI Edge Intelligence for the Internet of Things (IoT), announced today that Philip Brace has stepped down from its board of directors to assume the role of chief executive officer at Skyworks Solutions Inc (NASDAQ:SWKS). Brace’s departure from the board is effective immediately. The announcement comes as Lantronix’s stock shows strong momentum, with a recent weekly gain of nearly 8%. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $5 to $7.50 per share.
Brace, who joined the Lantronix board in August 2023, leaves behind a legacy of contributions to the company’s technology strategies. During his tenure, he was recognized for his extensive experience spanning the semiconductor, server, IoT, and storage industries. His previous leadership roles include serving as president and CEO of Sierra Wireless (NASDAQ:SWIR) Inc. from July 2021 to January 2023. InvestingPro analysis indicates the company maintains a healthy financial position with a current ratio of 2.61, suggesting strong liquidity to meet short-term obligations.
Saleel Awsare, president and CEO of Lantronix, expressed gratitude for Brace’s contributions, noting the value of his expertise in corporate governance and the successful navigation of complex issues. Hoshi Printer, Chairman of the Board at Lantronix, echoed Awsare’s sentiments, emphasizing Brace’s impact on the board’s counsel.
In response to his departure, Brace thanked the Lantronix leadership and expressed confidence in the company’s continued growth under Awsare’s guidance.
Lantronix, headquartered in Irvine, California, focuses on delivering IoT solutions that enable AI Edge Intelligence across various markets, including Smart Cities, Enterprise, and Transportation. The company is known for its Intelligent Substations infrastructure, Infotainment systems, Video Surveillance, and advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.
This transition marks a significant career move for Brace and a new chapter for both Lantronix and Skyworks Solutions Inc. The information for this news article is based on a press release statement from Lantronix, Inc.
In other recent news, Lantronix Inc. has seen a series of developments. The company reported a modest 4% year-over-year revenue increase to $34.4 million for the first quarter of fiscal year 2025, with non-GAAP earnings per share (EPS) standing at $0.06. The company also announced the appointment of Brent Stringham as the new chief financial officer. Stringham, with the company since 2012, brings a solid financial background to his new role, according to CEO Saleel Awsare.
In a strategic move, Lantronix completed the acquisition of NetComm Wireless Pty Ltd, a subsidiary of DZS Inc., to bolster its Enterprise IoT portfolio with advanced 5G technology. The deal, valued at $6.5 million in cash, is expected to contribute between $6 million and $7 million in revenue during the 2024 calendar year. Canaccord Genuity, while revising its price target for Lantronix to $5.00 from the previous $7.50, retained a Buy rating on the company’s shares, citing potential future acquisitions and orders from key customers as growth prospects.
These recent developments underscore Lantronix’s commitment to strengthening its position in the IoT industry. As the company navigates through these changes, it continues to focus on profitable growth and innovation in Edge intelligence.
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