Lantronix Inc

lantronix.com

What Do They Do?

Sells embedded computing modules and connectivity products, standalone IoT systems, and software and engineering services to equipment makers, infrastructure operators, and enterprise customers.

How Do They Make Money?

Customers buy hardware products, with most sales counted when products are tendered to a carrier and a smaller portion when delivered. Support and software revenue is counted over the service period, while engineering services revenue follows the work performed.

revenue

Segment	Share	How money arrives
Embedded IoT Solutions Sold outright	44% FY2023: 49%	Sold outright
IoT System Solutions Sold outright	48% FY2023: 44%	Sold outright
Software & Services Recurring	7.5% FY2023: 7.7%	Recurring

Who Are Their Customers?

Equipment makers design embedded products into their products; end users typically get standalone systems through distributors, resellers and systems integrators. Lantronix also sells directly to larger OEMs and end users.

Do Revenues Turn Into Profits?

Not on paper. It lost $4.2M in FY2026, but brought in more cash than it spent: $9.3M of free cash flow.

Operating income, FY2026

−3% of revenue

▼ −63% (Loss) vs FY2025 (−$11M, −9%)

Net income, FY2026

−3% of revenue

▼ −63% (Loss) vs FY2025 (−$11.4M, −9%)

Free cash flow, FY2026

8% of revenue

▲ +37% vs FY2025 ($6.8M, 6%)

How Are They Changing?

Flat. Revenue was $120.9M in FY2026, about the same as the $129.7M of FY2022.

A different market focus The older report described applications such as smart grid, intelligent transportation, smart cities and AI data centers. The latest report centers on unmanned aerial systems, critical infrastructure monitoring and resilient enterprise networks.

Revenue over time

Embedded IoT Solutions IoT System Solutions Software & Services

$200M$100M$0

FY2022 FY2023 FY2024 FY2025 FY2026

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