Lantronix Inc. (NASDAQ: LTRX), a global provider of secure turnkey
solutions for the Industrial Internet of Things (IoT) and the
Intelligent IT market, today announced that Paul Pickle will be
resigning from his role as president and chief executive officer
and as a director of Lantronix to pursue another opportunity as the
chief executive officer of Semtech Corporation (Nasdaq: SMTC). Mr.
Pickle’s resignation will be effective as of a date yet to be
determined, between June 8, 2023, and June 29, 2023. Until the
effective date of his resignation, Mr. Pickle will continue in his
current officer and director roles while the company conducts a
search for a new CEO. If a new CEO has not been appointed by Mr.
Pickle’s last day with the company, the company’s chief financial
officer, Jeremy Whitaker, will serve as interim chief executive
officer of the company until the board of directors appoints a new
permanent CEO. Mr. Whitaker also served as the company’s interim
CEO for brief periods during 2015 and 2019 and will continue to
serve as CFO of the company, a position he has held since September
2011.
Since Mr. Pickle’s appointment as Lantronix’s CEO in April 2019,
he has grown the company from approximately $47 million in
annual net revenue as of the end of fiscal 2019 to an expected
revenue in a range of $175 million to $185 million for fiscal 2024,
including record revenue results for a number of quarters during
that period.
“My decision to pursue another opportunity was very difficult.
The growth numbers speak for themselves, and I am very proud of the
accomplishments of the team at Lantronix and the growth strategy
that the company has in place,” stated Mr. Pickle. “I remain a
significant Lantronix shareholder and have full confidence in the
management team to keep executing on our plans for the benefit of
all shareholders,” he added.
Chairman Paul Folino said, “The Lantronix board of directors
would like to thank Paul for his service to the company and wishes
him success in his new position. We recognize and appreciate Paul’s
leadership and lasting contributions to Lantronix. We are fortunate
to continue to have a world-class leadership team in place,
including our CFO Jeremy Whitaker, who is poised, if needed, to act
as interim CEO. We believe that Jeremy, with the rest of the team,
will continue to execute on the company’s growth strategies and
achieve our recently projected revenue guidance for fiscal 2024 in
the range of $175 million to $185 million.”
About Lantronix
Lantronix Inc. is a global provider of secure turnkey solutions
for the Internet of Things (IoT) and Remote Environment Management
(REM), offering Software as a Service (SaaS), connectivity
services, engineering services and intelligent hardware.
Lantronix enables its customers to accelerate time to market and
increase operational up-time and efficiency by providing reliable,
secure and connected Intelligent Edge IoT and Remote Management
Gateway solutions.
Lantronix’s products and services dramatically simplify the
creation, development, deployment and management of IoT and IT
projects across Robotics, Automotive, Wearables, Video
Conferencing, Industrial, Medical, Logistics, Smart Cities,
Security, Retail, Branch Office, Server Room, and Datacenter
applications. For more information, visit the Lantronix
website.
Learn more at the Lantronix blog, which features industry
discussion and updates. Follow Lantronix on Twitter, view our
YouTube video library or connect with us on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking
statements, including statements concerning our revenue
expectations for fiscal 2024 and our expectations for continued
execution of our growth strategies. These forward-looking
statements are intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform
Act of 1995. We have based our forward-looking statements on our
current expectations and projections about trends affecting our
business and industry and other future events. Although we do not
make forward-looking statements unless we believe we have a
reasonable basis for doing so, we cannot guarantee their accuracy.
Forward-looking statements are subject to substantial risks and
uncertainties that could cause our results or experiences, or
future business, financial condition, results of operations or
performance, to differ materially from our historical results or
those expressed or implied in any forward-looking statement
contained in this news release. Other factors which could have a
material adverse effect on our operations and future prospects or
which could cause actual results to differ materially from our
expectations include, but are not limited to: the effects of
negative or worsening regional and worldwide economic conditions or
market instability on our business, including effects on purchasing
decisions by our customers; any failure by the United States
Government to resolve the issues related to the debt ceiling;
issues relating to the stability of our financial and banking
institution; our ability to successfully convert our backlog and
current demand; the impact of the COVID-19 pandemic,
including the emergence of new more contagious and/or
vaccine-resistant strains of the virus and the impact of
vaccination efforts, including the efficacy and public acceptance
of vaccinations, on our business, employees, supply and
distribution chains and the global economy; our ability to mitigate
any disruption in our and our suppliers’ and vendors’ supply chains
due to the COVID-19 pandemic, the war between Ukraine and Russia or
other causes; our ability to successfully implement our
acquisitions strategy or integrate acquired companies; uncertainty
as to the future profitability of acquired businesses, and delays
in the realization of, or the failure to realize, any accretion
from acquisition transactions; acquiring, managing and integrating
new operations, businesses or assets, and the associated diversion
of management attention or other related costs or difficulties; our
ability to continue to generate revenue from products sold into
mature markets; our ability to develop, market, and sell new
products; our ability to succeed with our new software offerings;
fluctuations in our revenue due to the project-based timing of
orders from certain customers; unpredictable timing of our revenues
due to the lengthy sales cycle for our products and services and
potential delays in customer completion of projects; our ability to
accurately forecast future demand for our products; delays in
qualifying revisions of existing products; constraints or delays in
the supply of, or quality control issues with, certain materials or
components; difficulties associated with the delivery, quality or
cost of our products from our contract manufacturers or suppliers;
risks related to the outsourcing of manufacturing and international
operations; difficulties associated with our distributors or
resellers; intense competition in our industry and resultant
downward price pressure; rises in inventory levels and inventory
obsolescence; undetected software or hardware errors or defects in
our products; cybersecurity risks; our ability to obtain
appropriate industry certifications or approvals from governmental
regulatory bodies; changes in applicable U.S. and foreign
government laws, regulations, and tariffs; our ability to protect
patents and other proprietary rights and avoid infringement of
others’ proprietary technology rights; the level of our
indebtedness, our ability to service our indebtedness and the
restrictions in our debt agreements; our ability to attract and
retain qualified management; and any additional factors included in
our Report on Form 10-K for the fiscal year ended June 30, 2022,
filed with the Securities and Exchange Commission (the “SEC”) on
Aug. 29, 2022, including in the section entitled “Risk Factors” in
Item 1A of Part I of that report; in our Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2023, filed with the
SEC on May 10, 2023, including in the section entitled “Risk
Factors” in Item 1A of Part II of such report; and in our other
public filings with the SEC. In addition, actual results may differ
as a result of additional risks and uncertainties of which we are
currently unaware or which we do not currently view as material to
our business. For these reasons, investors are cautioned not to
place undue reliance on any forward-looking statements. The
forward-looking statements we make speak only as of the date on
which they are made. We expressly disclaim any intent or obligation
to update any forward-looking statements after the date hereof to
conform such statements to actual results or to changes in our
opinions or expectations, except as required by applicable law or
the rules of the Nasdaq Stock Market LLC. If we do update or
correct any forward-looking statements, investors should not
conclude that we will make additional updates or corrections.
© 2023 Lantronix, Inc. All rights reserved.
Lantronix is a registered trademark.
Lantronix Investor Relations
Contact: Jeremy
WhitakerChief Financial Officerinvestors@lantronix.com
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