Lantronix Inc. (NASDAQ:LTRX), a leader in secure data access and management solutions for the Internet of Things (IoT), announced the results of its 2024 Annual Meeting of Stockholders and amendments to its 2020 Performance Incentive Plan, as per its recent 8-K filing with the Securities and Exchange Commission.
During the Annual Meeting held on Monday (NASDAQ:MNDY), the company's stockholders elected five directors to the Board: Saleel Awsare, Philip Brace, Narbeh Derhacobian, Kevin Palatnik, and Hoshi Printer. These directors will serve until the 2025 Annual Meeting of Stockholders. The election saw varying numbers of votes for each director, with Narbeh Derhacobian receiving the highest support at 19,054,044 votes for.
Additionally, the stockholders ratified the appointment of Baker Tilly US, LLP as the company's independent registered public accountants for the fiscal year ending June 30, 2025. The advisory vote on the compensation of the company's named executive officers was also approved.
A notable outcome of the meeting was the approval of an amendment to the company's Incentive Plan. The amendment increases the aggregate number of shares available for award grants under the plan by 1,800,000 shares, bringing the total to 7,149,047 shares. This amendment aims to provide a more robust incentive structure for the company's officers and aligns their interests with those of the shareholders.
The voting results for the Incentive Plan Approval showed 15,517,683 votes for, 3,681,045 against, and 334,775 abstentions, indicating a majority support for the amendment.
These decisions are part of Lantronix's ongoing efforts to strengthen its corporate governance and incentivize its leadership team to drive the company's growth. The details of the incentive plan, as amended and restated, are available in the full text of the filing, which is incorporated by reference into the 8-K document.
This report is based on a press release statement and aims to provide shareholders and the market with transparent information on the company's corporate actions.
In other recent news, Lantronix Inc. has experienced substantial changes in its board and financial leadership, along with record growth in earnings and revenue. Board member Christa Steele has decided not to stand for re-election due to other commitments, reducing the board to five directors after the 2024 annual meeting. Additionally, Chief Financial Officer Jeremy Whitaker has stepped down, with Brent Stringham serving as the Interim CFO, supported by consultant David McLennan, former CFO of Sierra Wireless (NASDAQ:SWIR) Inc.
On the financial front, Lantronix reported a significant 41% year-over-year increase in its fiscal year 2024 fourth-quarter revenue, reaching $49.1 million, and a 150% growth in non-GAAP earnings per share. For the full fiscal year, the company achieved a 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.
These recent developments underscore Lantronix's continued growth in its key vertical markets, such as Smart Cities, Automotive, and Enterprise. The company has also announced a partnership with Qualcomm (NASDAQ:QCOM) on Edge AI computing projects and secured significant orders in the smart grid sector. Looking ahead, for the first quarter of fiscal 2025, Lantronix expects revenue to be between $34 million and $38 million, with non-GAAP earnings per share between $0.07 and $0.11.
InvestingPro Insights
Lantronix Inc.'s recent Annual Meeting decisions align with its growth strategy, as reflected in the company's financial metrics. According to InvestingPro data, Lantronix has shown impressive revenue growth, with a 22.21% increase over the last twelve months and a notable 40.52% quarterly growth. This strong performance supports the company's decision to expand its Incentive Plan, potentially attracting and retaining top talent to drive further growth.
InvestingPro Tips suggest that while Lantronix is not currently profitable, analysts predict the company will be profitable this year. This aligns with the company's focus on incentivizing leadership through the expanded Performance Incentive Plan. Additionally, the tip indicating that Lantronix operates with a moderate level of debt suggests financial prudence, which may reassure shareholders about the company's fiscal management.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Lantronix, providing deeper insights into the company's financial health and market position.
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