Earnings call transcript: Lantronix Q2 FY2025 misses EPS, stock falls

Lantronix (NASDAQ:LTRX) Inc., a provider of IoT and connectivity solutions, reported its financial results for the second quarter of fiscal year 2025. The company reported a non-GAAP earnings per share (EPS) of $0.04, falling short of the analysts’ forecast of $0.10. Revenue for the quarter came in at $31.2 million, also below the anticipated $38.56 million. Following these results, Lantronix’s stock fell by 10.48% in after-hours trading, closing at $3.76. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculation, with analysts maintaining a strong buy consensus and a potential upside of 31%.

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Key Takeaways

• Lantronix reported a 16% year-over-year decrease in revenue.
• The company missed EPS and revenue forecasts significantly.
• Stock price dropped by over 10% in after-hours trading.
• Lantronix continues to focus on edge AI and IoT product development.
• Cost reduction initiatives have been substantially completed.

Company Performance

Lantronix’s performance in Q2 FY2025 reflects significant challenges, with a 16% decline in revenue compared to the same period last year. The company maintains a healthy financial position with a current ratio of 2.61, operating with a moderate debt level at 32% of equity. Despite these setbacks, the company remains committed to its strategic initiatives in edge computing and IoT, highlighted by its recent acquisition of NetComm IoT products and ongoing product development with Qualcomm (NASDAQ:QCOM). InvestingPro data shows the company’s overall financial health score is "GOOD," with particularly strong marks in relative value and growth potential.

Financial Highlights

• Revenue: $31.2 million, a 16% decrease year-over-year.
• Non-GAAP EPS: $0.04.
• GAAP Gross Margin: 42.6%.
• Non-GAAP Gross Margin: 43.2%.
• Operating Cash Flow: $3 million over the past six months.

Earnings vs. Forecast

Lantronix reported an EPS of $0.04, missing the forecasted $0.10 by 60%. Revenue also fell short of expectations by approximately 19%, with actual figures at $31.2 million compared to the forecasted $38.56 million. This marks a notable deviation from market expectations and suggests potential challenges in meeting future financial targets.

Market Reaction

Following the earnings announcement, Lantronix’s stock experienced a sharp decline of 10.48% in after-hours trading, closing at $3.76. This movement reflects investor concerns over the company’s ability to meet financial expectations amidst a challenging market environment. The stock has fluctuated between a 52-week high of $5.97 and a low of $2.485, indicating significant volatility. InvestingPro data reveals a beta of 1.94, confirming high volatility, though the stock has shown resilience with an 8.53% return over the past week and a 13.21% gain over six months.

Access the comprehensive Pro Research Report for Lantronix, part of InvestingPro’s coverage of 1,400+ US stocks, for detailed analysis of the company’s volatility patterns and growth prospects.

Outlook & Guidance

Looking forward, Lantronix has provided Q3 FY2025 revenue guidance between $27 million and $31 million, with an EPS range of $0.01 to $0.05. The company anticipates a 12% growth rate and expects gross margins to approach 45%. These projections underscore Lantronix’s focus on strategic growth despite current headwinds.

Executive Commentary

CEO Salil Hausray emphasized the company’s strategic positioning in the edge AI market, stating, "We are strategically positioning ourselves to capitalize on this megatrend." He also highlighted the increasing role of AI at the device level, saying, "More and more inference is going to run on the device making AI more accessible."

Risks and Challenges

• Slower-than-expected rollout for smart grid customers.
• Transitioning manufacturing away from China poses logistical challenges.
• Economic pressures may impact the edge AI and IoT markets.
• Potential market saturation in key verticals like enterprise and smart cities.
• Currency fluctuations could affect international revenue streams.

Q&A

During the Q&A session, analysts raised concerns about the slower rollout of smart grid solutions and the impact of transitioning manufacturing locations. Questions also focused on growth expectations for out-of-band management and potential opportunities in the European smart grid market.

Full transcript - Lantronix Inc (LTRX) Q2 2025:

Conference Operator: Good day, and welcome to the Fiscal twenty twenty five Second Quarter Results Conference Call. All participants will be in listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Brent Stringham, Chief Financial Officer.

Please go ahead.

Brent Stringham, Chief Financial Officer, Lantronix: Good afternoon and thank you for joining our quarterly earnings call. Joining me on the call today is our President and Chief Executive Officer, Salil Hausray. A live and archived webcast of today’s call will be available on the company’s website. In addition, you can find the call in details for the phone replay in today’s earnings release. During this call, management may make forward looking statements, which involve risks and uncertainties that could cause our results to differ materially from management’s current expectations.

We encourage you to review the cautionary statements and risk factors contained in the earnings release, which was furnished to the SEC today and is available on our website and in the company’s SEC filings such as its 10 K and 10 Qs. Lantronix undertakes no obligation to revise or update publicly any forward looking statements to reflect future events or circumstances. Please refer to the news release and the financial information in the Investor Relations section of our website for additional details that will supplement management’s commentary. Furthermore, during the call, the company will discuss non GAAP financial measures. Today’s earnings release, which is posted in the Investor Relations section of our website, describes the differences between our non GAAP and GAAP reporting and presents reconciliations for the non GAAP financial measures that we use.

With that, I’ll now turn the call over to Mr. David.

Salil Hausray, President and Chief Executive Officer, Lantronix: Thank you, everybody. We reported revenue of $31,200,000 for the second quarter of fiscal twenty twenty five and our non GAAP EPS was $0.04 Both metrics were solidly within the guidance range. Brent Stringham, our newly appointed CFO will be providing more details on the second quarter financial results shortly. On the call today, I would like to cover four topics an update of our NetPalm acquisition, which closed in late December expected growth of the Edge AI market and comments from CES in Las Vegas our strengthening relationship and AI developments with Qualcomm and an update of our internal cost saving initiatives. First, we are pleased with the strategic acquisition of Dedcom for $6,500,000 which expands our Connect business with four gs and five gs gateways.

The integration process is going well and we are working closely with our supply chain partners to fill orders for their blue chip customers. We recently met with several key customers at CES including Vodafone (NASDAQ:VOD), NetComm’s largest customer. We believe we are off to a good start and are excited about the growth prospects for the business. Australia and New Zealand present greenfield opportunities for us and we’re exploring new cross selling opportunities for Lantronix. To help us grow our Connect product offerings and integrate NetComm’s gateway line, we hired Daniel Kwan to head up our industrial IoT group.

Daniel would play a pivotal role in integrating AI into our new IoT devices and gateways for industrial and enterprise customers. With over twenty years of experience in Industrial IoT and wireless communications, including his most recent role as Vice President and General Manager at Multitek Systems in Minnesota, we are delighted to have him join the team. Second, a recent Gartner (NYSE:IT) report highlights a significant shift towards edge computing. By 2025, ’70 ’5 percent of data is expected to be captured at the edge of the network, up from 25% in 2018. Additionally, more than 50% of enterprise generated data will be processed outside traditional data centers by 2028 as compared to only 25% in 2018.

This trend represents a substantial market opportunity with Edge AI and machine learning projected to be a $76,000,000,000 market by 02/1931. Lantronix is strategically positioning itself to capitalize on this megatrend by focusing on compute and connect and get Through both organic growth and strategic acquisitions, LandTrendics aims to be the picks and shovels of the edge AI build out. We provide the necessary hardware, software and services to enable edge AI applications, helping customers deploy IoT edge solutions more efficiently. We showcased our edge intelligence technology to our key customers and partners at CES and received enthusiastic feedback. Third, we continue to strengthen our strong collaboration with Qualcomm and Edge Intelligence and some broader AI initiatives.

For example, we are integrating Qualcomm’s advanced AI framework into our Landtronics Edge AI systems to enhance modeling and real time analytics. We are positioned as one of Qualcomm’s key partners for Edge AI, supporting their AI Hub program and their expansion into mid tier and enterprise customers. For example, new opportunities include working on prototype solutions for banking institutions to test customer traffic analytics, working with an electronics manufacturer for quality control and predictive maintenance, and working with a large agriculture customer to explore real time monitoring and maintenance for advanced farming footprint. While we invest in edge AI solutions, we remain very focused on securing new customers and design wins. Several of note to share are.

In out of band management, we are shipping to a large enterprise ready AI data center business that is deploying our top of rack solution including hardware, software and services that enable out of band management or remote configuration, fast recovery and maintenance of the customers’ AI cloud service. This is critical for maintaining access to their assets at all times. In compute, we recently secured a design win with a U. S. Based drone manufacturer.

We are providing our production ready computing modules that are embedded in the drones for short range reconnaissance by the military. The system is TAA compliant. In Connect, we are building on our strong relationship with a leading telecom provider to deliver gateway and routers to manufacturers of critical infrastructure assets such as generators and power plants. Our intelligent gateway allows customers to increase the operational readiness, reducing operating costs and improving alerts and reporting. Finally, regarding the cost reduction initiatives we spoke about last quarter, I’m pleased to report that we are on track and made good progress in the fiscal second quarter.

These initiatives are now substantially complete. Our process of consolidating our seven geographic locations down to four centers of excellence is progressing with HiPay for operations and hardware Hyderabad for software and firmware Vancouver for software and Qualcomm initiatives Minneapolis for operations and United States certified warehousing. We are making these changes to better serve our customers, help our future growth initiatives and streamline operations. In addition to the four centers of excellence, we’re retaining a small administrative head office in Irvine. With that, I will now turn the call over to Brent to provide you with the quarterly financial review.

Thank you, Saleel.

Brent Stringham, Chief Financial Officer, Lantronix: I will review the financial results and some business highlights for our second quarter of fiscal year twenty twenty five before commenting on our financial outlook for the third quarter of fiscal twenty twenty five. For FQ2 twenty twenty five, we reported revenue of $31,200,000 dollars which was near the midpoint of our guidance range. This did not include any revenue from the acquisition of the NetComm IoT products as the transaction closed right at the end of the quarter. As expected, revenue was down sequentially from the prior quarter, principally due to lower volume from our largest automotive customer and slightly lower activity in our enterprise vertical market. On a year over year basis, revenue in FQ2 twenty twenty five was down approximately $5,900,000 or 16% as we saw lower activity in some of our out of band management and switch products.

GAAP gross margin was 42.6% in FQ2 twenty twenty five compared to 42.1% in the prior quarter and 40.6% in the year ago quarter. Non GAAP gross margin was 43.2% in FQ2 twenty twenty five compared to 42.6% in the prior quarter and 41.6 in the year ago quarter. The sequential improvement in gross margin reflects favorable product mix toward higher margin system solution products. GAAP operating expenses for FQ2 twenty twenty five were $15,400,000 compared to $16,800,000 in the year ago quarter and $16,600,000 in the prior quarter. Similarly, our non GAAP OpEx for FQ2 twenty twenty five was down by approximately $700,000 compared to the year ago quarter and down approximately $600,000 sequentially, reflecting the progress we’re making on cost reductions, which I will speak more about in a moment.

GAAP net loss was $2,400,000 or $0.06 per share during FQ2 twenty twenty five compared to GAAP net loss of $2,600,000 or $0.07 per share in the year ago quarter. Non GAAP net income was $1,800,000 or $0.04 per share during FQ2 twenty twenty five compared to non GAAP net income of $3,000,000 or $0.08 per share in the year ago quarter. Further to Saleel’s comments regarding our cost reduction initiatives, activities to reduce our operating costs have been substantially completed as of last month in January. We reported in the prior quarter that we expected these initiatives to result in quarterly non GAAP OpEx in the range of 11,250,000 to $11,750,000 and on a full year basis reduced fiscal twenty twenty five OpEx by $4,500,000 compared to fiscal twenty twenty four. With the initiatives implemented to date, we are on track to deliver these cost reductions.

Note this quarterly OpEx estimate did not include incremental costs attributable to the acquisition of the NetComm IoT products, which we currently expect to add approximately $300,000 to $400,000 per quarter. Turning to the balance sheet, we ended FQ2 twenty twenty five with cash and cash equivalents of $19,200,000 which includes the disbursement of $6,500,000 in late December for the acquisition of the NetComm IoT products. For the six month period ended 12/31/2024, we generated positive operating cash flow of 3,000,000 Net inventories decreased slightly to $29,100,000,000 dollars as of FQ2 twenty twenty five as compared to $29,500,000 in the prior quarter. Now for the outlook. For the third quarter of fiscal twenty twenty five, we expect revenue to be in the range of $27,000,000 to $31,000,000 We’re expecting sequentially lower revenue in FQ3, primarily reflecting a slower than anticipated rollout by our large smart grid customer in Europe.

We anticipate resuming shipments once the initial deployment is complete. The revenue impact in FQ3 is partially offset by expected organic growth in gateways, routers and out of band management. As a result, we’re expecting non GAAP EPS in the range of $0.01 to $0.05 per share in FQ3. On a general housekeeping note, when filing our Form 10 Q for the current quarter, we also intend to file a Form S3 registration statement, which renews our existing shelf registration that recently expired. This is consistent with the company’s long standing practice.

Salil Hausray, President and Chief Executive Officer, Lantronix: Thanks, Brent. In conclusion, I believe Lantronix has the key asset of computing connect to drive edge intelligence. We will continue to focus on three key verticals enterprise, smart cities, which includes critical infrastructure and transportation. And as new reports indicate, more and more data traffic will be generated at the edge of the network with a higher percentage of processing happening there because it’s secure and it makes for a fast and efficient decision making rather than doing data back and forth to the cloud. We are very well positioned for this megatrend.

While we have experienced the effects of customer concentration, we set our corporate strategy, focused the business, executed well operationally, while delivering consistent profitability. We are driving ahead with Edge AI solutions, securing new design wins, integrating the newly acquired assets from NetComm and positioning the company for exciting future growth. With that, we complete our prepared remarks for today. So I’ll now turn it over to the operator to conduct our Q and A session. Thank you.

Thank you.

Conference Operator: We will now begin the question and answer session. And our first question comes from Jason Schmidt with Lake Street. Please go ahead.

Analyst: Hey guys, thanks for taking

Jason Schmidt, Analyst, Lake Street: my questions. I just want to focus on your smart grid customer. I know fiscal ’twenty five was always going to be that transition year. But just based on your commentary on how the March is shaking out, have your thoughts changed about potential follow on orders from this customer later this calendar year?

Salil Hausray, President and Chief Executive Officer, Lantronix: Jason, it’s Salil. Thanks for that question. Our thoughts haven’t changed around the SmartGift customer. As you know, we shipped to Gridspertise. You’ve said that in the past.

They then work with Enel (BIT:ENEI) on the rollout, and we are kind of need to just work around with them on the rollout. So, we are sole sourced. We are continuing to work with them closely, and I’m going to be visiting them shortly in Europe. So not a lot of change on the future. They’ve been committing to us that longer term, they know about the size of the opportunities, and I believe we’ve spoken to that in the past.

But right now, it’s a matter of getting the rollout done.

Jason Schmidt, Analyst, Lake Street: Okay. That makes sense. And any update on sort of the opportunity here in North America?

Salil Hausray, President and Chief Executive Officer, Lantronix: Up to my recent discussions with them, they have two pilots going on, one in the Carolinas and one in the Northeast.

Jason Schmidt, Analyst, Lake Street: Perfect. And then just the last one from me and I’ll jump back into queue. How should we think about gross margin trending the remaining kind of fiscal twenty twenty five here?

Brent Stringham, Chief Financial Officer, Lantronix: Yes. Hi, Jason. This is Brent. Thanks for the question. As you know, margins are pretty heavily dependent on our product mix.

And we expect at least the next quarter’s non GAAP gross margin to be to come in slightly higher than what we saw here in FQ2.

Jason Schmidt, Analyst, Lake Street: Okay, perfect. Thanks a lot, guys.

Salil Hausray, President and Chief Executive Officer, Lantronix: Thanks Jason. Thanks for the questions.

Conference Operator: The next question comes from George Giannakos with Canaccord Genuity. Please go ahead.

Analyst: Thank you for taking my questions. Good afternoon. I was wondering first if you can talk a little bit more about what’s happening in your out of band business, any color and how you expect that to proceed into the March? Thank you.

Salil Hausray, President and Chief Executive Officer, Lantronix: Thanks for the question, George. I spoke about auto band. Let me give you like a specific case that I said in my prepared remarks. We got a design win and we’re shipping to AI edge data center where our box sits at the top of the rack. So that’s good as you see the data center build out happen.

And without getting into the specifics, we expect it to grow from Q2 fiscal, which ended in December, to Q3 fiscal, which is going to be ending in March.

Analyst: Great. But in the December, what did you see? I think you mentioned on the call there was some weakness in out of band. Can you just talk a little bit about what happened there and any verticals specifically that were impacted?

Salil Hausray, President and Chief Executive Officer, Lantronix: The weakness was primarily with some one government related entity.

Analyst: Thank you. And then moving maybe to auto, can you just talk about a little bit about your progress with TOG and also whether you have been able to leverage that into additional conversations with other OEMs?

Salil Hausray, President and Chief Executive Officer, Lantronix: Yes. So, TOG, our relationship is good. They’ve gone through some soft pockets, but we are anticipating to be very well engaged with them. More importantly, we have started to ship a new product to them for their new upcoming car. So good work going on there.

We’re also working with them on some services business as they move to the new levels of Android. So we are as I said in the past, we’ve been two of the cars. In Europe, as you know, we’ve been working with one truck manufacturer and that’s ongoing. That’s the update on the automotive side, George. And thank you for that.

Analyst: Thank you so much.

Conference Operator: And our next question comes from Ryan Coons with Needham. Please go ahead. Great. Thanks for the question.

Ryan Coons, Analyst, Needham: I want to expand the question around smart grid and your opportunities there as it relates apart from what Gridspertise is doing, I know you’ve got your own product there. How do you look at that market? Where do you see opportunities? Is it a different competitive playing field than your traditional scene? Maybe just high level reflections on the smart grid opportunity, particularly in light of modernization and new power needs from AI infrastructure?

Thanks.

Salil Hausray, President and Chief Executive Officer, Lantronix: Yes. Hey, great question, Ryan. And this really dwells into how we think about the company longer term and about the future growth that I talked about, which is around AI. And when I had spoken at CES and maybe when I had even come to your conference, we talked about our smart LV box, which is a Edge box using a Qualcomm SoM that we’ve created adding our firmware software really defining how the grid is managed at the Edge device. So this could be sitting at a low voltage substation or even if you go further, even at your house.

But right now, our focus is around the low voltage substations where you decide where the power needs to be sent, decide, hey, is Salil at home or not? So it kind of is doing a lot of the traffic management of how the power comes. And we believe we’ve got a POC happening in Europe, which is we are progressing well. And then once we finish that and start going after more customers, I expect to see some results in that. And again, this is using a Qualcomm SAWM for getting after the Power at the Edge device.

You’ll be able to see this one shortly again at Embedded World at the Qualcomm suite.

Ryan Coons, Analyst, Needham: That’s really helpful. That’s really great. And is that a different set of competitors than you typically face in the smart grid arena? And in terms of channels, would you develop new channels for this market, folks that are more aligned at the utility business?

Salil Hausray, President and Chief Executive Officer, Lantronix: Yes. So we’re looking at the channels that we want to develop in that. And specifically, we’re going to focus a little bit in Europe because you’ve got some traction in that area. And we talked about our biggest smart grid customer, they’re also interested in it because they also believe they want to go one more level from the medium voltage substation to the low voltage substation. It’s early days, but we’re also engaged with them.

So that would be one channel and then we would have some of our own channels that our sales team is working on.

Ryan Coons, Analyst, Needham: Great. Super. And I guess in terms of your legacy business in switching and out of band, I mean how do you think about that in the big picture of is that a low growth TAM at all or do you think it’s going to be a headwind as far as your opportunity for your traditional products?

Salil Hausray, President and Chief Executive Officer, Lantronix: Yes. Great question, right? So if I think about Compute and Connect, and you specifically talked about switching and out of band. I’ll take out of band for a minute. Out of band, we expect this to be a growing business for us.

And it’s higher than corporate gross margins, as we’ve said before. We have services on ARR with it. So we like it. And we believe as the data center build out happens, we are going to benefit from that. So that’s number one.

The switches, media converters, some of the other businesses that we have, I believe our market share is not large. Thus, I see an opportunity for us moving forward to grow some of that from the base that we are at. And you’d say, hey, why are you getting confidence around it? I’m seeing some good traction in North America, primarily because we are a Western supplier. That’s becoming more and more important now.

Ryan Coons, Analyst, Needham: Okay. That’s great, Salud. Thanks for that color.

Salil Hausray, President and Chief Executive Officer, Lantronix: Appreciate it. Thank you, Ryan.

Conference Operator: And the next question comes from Scott Searle with Roth Capital. Please go ahead.

Scott Searle, Analyst, Roth Capital: Hey, good afternoon. Thanks for taking my questions. Hey, Sully, maybe just

Salil Hausray, President and Chief Executive Officer, Lantronix: to quickly follow-up on the out

Scott Searle, Analyst, Roth Capital: of band management opportunity. I wonder if you

Brent Stringham, Chief Financial Officer, Lantronix: could frame what you think

Scott Searle, Analyst, Roth Capital: the growth rate is going forward? And then on the Edge AI opportunity, I know it’s very early days, but it seems like there was some good traction coming out of CES. Can you just provide a little bit more color on design cycles, metrics that we should be paying attention to and how this will start to ramp up in fiscal ’twenty six?

Salil Hausray, President and Chief Executive Officer, Lantronix: Yes. So let me take the Edge AI first and then we’ll go to AutoBand. Edge AI, Scott, we had good momentum out of CES. I spoke specifically about three customer programs that we’re working on. One is for the banking industry, and I think you saw that demo when you were at our suite of CES.

The other one is around a manufacturing where they’ve got predictive maintenance that they’re looking at the existing box that we’ve added some technology in. And the last one is really with farming. So in fiscal twenty twenty six, we will start to see green shoots and we anticipate to have revenue in fiscal twenty twenty six in these areas. I don’t know whether you saw the news that Qualcomm also spoke about it yesterday that more and more inference is going to run on the device making AI more accessible and customizable. And we’re going to be right there with that.

So I’m expecting to see growth. And the industry is talking about a 12% growth rate. So I expect we should be in that area, if you may. And out of band management, sorry. Let me get to that.

Out of band management should be growing more at the rate that we talked about, 10%, twelve %. The market is about $400,000,000 to $500,000,000 as I’ve spoken in the past. And the reason we like it, high gross margins, very sticky, and it’s a differentiated sale for Lanctronics.

Scott Searle, Analyst, Roth Capital: Great. And if I could just to follow-up on supply chain issues. Obviously, it’s a key topic of discussion in the broader community right now. But could you kind of take us through some of your exposures, how the current or potential tariff environment impacts you or does it impact you? Thanks.

Salil Hausray, President and Chief Executive Officer, Lantronix: Great question and thank you for asking me that, Scott. So on the tariff side of it, we have initiatives in place to address potential tariff increases. We are in the process of transitioning the majority our manufacturing out of China in the near term, Scott. And I’m very confident this is not going to have any material impact on our business.

Conference Operator: And the next question comes from Christian Schwab with Craig Hallum Capital Group. Please go ahead.

Analyst: Hey, guys. Most of my questions have been answered.

Salil Hausray, President and Chief Executive Officer, Lantronix: I just have one. You kind

Analyst: of ended the conference call talking about exciting growth to come. I’m just wondering if you could kind of frame that on a multiyear basis for us what you are expecting

Salil Hausray, President and Chief Executive Officer, Lantronix: or as far You got cut out at the end, Christian, but I think you were talking about the growth that we are focused on. So we anticipate we expect that we should be growing around the 12% rate. That’s what we are planning on. And once some of these edge AI things hit, we should start growing faster than that in the longer term.

Analyst: Great. And then as far as

Salil Hausray, President and Chief Executive Officer, Lantronix: Let me make one more add to that. I believe the NetComm asset is also going to be additive to that. Sorry, please go ahead, sir.

Analyst: Yes, no worries. So my last question is just gross margins. Would you say gross margins stay kind of at the level that you’re kind of guiding to March? Or do you see something more aspirational in the future?

Brent Stringham, Chief Financial Officer, Lantronix: Yes, Christian, this is Brent. We think in the near term, especially this next quarter Q3, we expect gross margins to be slightly higher than what we saw here in Q2, especially given the mix that we’re projecting for that quarter and shortly thereafter in the quarters to come.

Salil Hausray, President and Chief Executive Officer, Lantronix: And Krishna, if you think about longer term, we anticipate the margins to keep improving closer to the 45% rate without giving too much color. But yes, we are really seeing that happening. We’ve got a laser focus on the supply chain right now.

Conference Operator: This concludes our question and answer session. I would like to turn the conference back over to

Salil Hausray, President and Chief Executive Officer, Lantronix: Yes. Thank you everyone for joining our call. We are always available for more discussions. Thank you again. Bye bye.

Conference Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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