Call Start: 17:00 January 1, 0000 5:23 PM ET

Lantronix (NASDAQ:LTRX)

Q3 2022 Earnings Conference Call

May 4, 2022, 5:00 PM ET

Company Participants

Paul Pickle – President, Chief Executive Officer

Jeremy Whitaker – Chief Financial Officer

Rob Adams – Investor Relations

Conference Call Participants

Michael Walkley – Canaccord Genuity

Christian Schwab – Craig-Hallum Capital Group

Chad Tivo – Needham

Operator

Good afternoon and welcome to the Lantronix Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions, to ask your question [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Rob Adams, head of Investor Relations. Please go ahead

Rob Adams

Thank you, and good afternoon, everyone. And thanks for joining the third quarter of fiscal 2022 conference call. Joining us on the call today are Paul Pickle, our President and Chief Executive Officer, and Jeremy Whitaker, our Chief Financial Officer. 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 the 10-K and 10-Q. 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 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'll turn the call over to Jeremy Whitaker, our Chief Financial Officer. Jeremy.

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 third quarter of fiscal 2022 before I hand it over to Paul for his commentary. For the third quarter of fiscal 2022, we reported revenue of $32.3 million, an increase of 89%, when compared to $17.1 million for the third quarter of fiscal 2021, and down 4% sequentially as compared to $33.7 million reported in the second quarter of fiscal 2022. The year-on-year increase was driven by organic growth of 32%, in addition to contribution from our recent acquisition of the TN companies. GAAP gross margin. It was 42.1% for the third quarter of fiscal 2022 as compared with 42.9% in the prior quarter.