Lantronix, Inc. (NASDAQ:LTRX) Q4 2023 Results Conference Call September 7, 2023 5:00 PM ET

Company Participants

Robert Adams - Head-Corporate Development, IR

Jeremy Whitaker - Interim CEO, CFO

Conference Call Participants

Scott Searle - ROTH MKM

Mike Walkley - Canaccord Genuity

Christian Schwab - Craig-Hallum

Ryan Koontz - Needham

Operator

Hello, and welcome to the Lantronix 2023 Q4 Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Robert Adams. Please go ahead.

Robert Adams

Thank you. Good afternoon, everyone, and thank you for joining the Fourth Quarter Fiscal 2023 Conference Call. Joining us on the call today are Jeremy Whitaker, our interim CEO and Chief Financial Officer; and Jacques Issa, our Vice President of Marketing. A live and archived webcast of today's call will be available on the company's website. In addition, you can find the call and 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 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 some 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 will now turn the call over to Jeremy Whitaker, Lantronix's Interim CEO and Chief Financial Officer.

Jeremy Whitaker

Thank you, Rob. And welcome to everyone joining us for this afternoon's call. I'm going to provide the financial results as well as some of the business highlights for our fourth quarter and fiscal year 2023 before I provide our financial targets for fiscal 2024 and an update on our CEO search.

For FQ4 2023, we reported revenue of $34.9 million, up 6% sequentially and down 3% from the year-ago period. The sequential growth of 6% was largely a function of a strong quarter for our Embedded Solutions products, led by an embedded compute sale of approximately $3.4 million to an in-flight infotainment customer. We also experienced continued contribution from our electric vehicle customer, Togg.