Free cash flow remains highly erratic, fluctuating from a peak of $4.6 million in 2024Q2 to near-zero levels in 2026Q3, indicating that cash generation is heavily dependent on volatile working capital swings.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Cash from Operations | 6.83M | 7.29M | 18.62M | 237K | -9.42M | 4.3M | -2.52M | -1.75M | 509K | 2.07M | 213K | -1.64M | 1.56M | -4.48M | -2.52M | -4.11M | 2.91M | 1.29M | 127K | -992K | 73K | -4.37M | -2.94M | -17.51M | -12.83M | -4.95M | -2.08M | 5.59M |
| Operating CF Margin % | - | 5.93% | 11.62% | 0.18% | -7.26% | 6.02% | -4.21% | -3.73% | 1.12% | 4.63% | 0.52% | -3.82% | 3.5% | -9.6% | -5.56% | -8.34% | 6.28% | 2.63% | 0.22% | -1.79% | 0.14% | -9.01% | -6.01% | -35.37% | -22.26% | -8.97% | -4.63% | 16.96% |
| Operating CF Growth % | 422.2% | -60.88% | 7757.81% | 102.52% | -318.77% | 270.73% | -44.22% | -443.42% | -75.43% | 872.77% | 112.99% | -205.33% | 134.76% | -77.53% | 38.64% | -241.21% | 125.39% | 917.32% | 112.8% | -1458.9% | 101.67% | -48.79% | 83.23% | -36.47% | -158.98% | -137.94% | -137.21% | - |
| Net Income | -6.54M | -11.37M | -4.52M | -8.98M | -5.36M | -4.04M | -10.74M | -408K | 680K | -277K | -1.96M | -2.77M | -933K | -2.77M | -3.04M | -5.27M | -1.52M | -780K | -2.51M | -1.72M | -3.04M | -7.06M | -15.65M | -47.55M | -93.46M | -4.38M | 1.05M | 2.79M |
| Depreciation & Amortization | 3.7M | 6.04M | 7.48M | 7.54M | 6.62M | 3.91M | 2.81M | 464K | 442K | 594K | 759K | 878K | 895K | 852K | 988K | 1.14M | 1.02M | 879K | 654K | 473K | 1.01M | 2.11M | 3.96M | 7.51M | 6.22M | 2.62M | 2.43M | 973K |
| Stock-Based Compensation | 4.86M | 6.13M | 8.34M | 6.21M | 6.25M | 3.58M | 3.64M | 1.87M | 1.17M | 912K | 870K | 1.01M | 869K | 848K | 745K | 1.6M | 1.9M | 1.87M | 1.29M | 0 | 0 | 0 | 0 | 0 | 2.98M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 482K | 27K | 0 | 0 | -634K | 0 | 0 | 0 | -600K | 0 | -5.59M | -1.02M | 798K | -158K |
| Other Non-Cash Items | 677K | 139K | 926K | -103K | 2.52M | 228K | 273K | 285K | 3.32M | 299K | 300K | 220K | 209K | 255K | 286K | 219K | -199K | 818K | 1.8M | 818K | 382K | 574K | 7.88M | 22.94M | 77.15M | 5.83M | 1K | -133K |
| Working Capital Changes | 4.15M | 6.35M | 6.4M | -4.43M | -19.43M | 625K | 1.48M | -3.96M | -1.78M | 544K | 246K | -982K | 517K | -3.67M | -1.98M | -1.83M | 1.71M | -1.49M | -469K | -560K | 1.72M | 8K | 1.48M | -409K | -129K | -8.01M | -6.37M | 2.13M |
| Change in Receivables | 910K | 4.52M | -3.6M | 915K | -7.47M | -3.73M | 2.81M | -1.97M | -812K | -268K | -506K | 973K | -1.03M | 75K | 234K | -1.59M | 516K | 2.33M | -826K | -350K | 0 | 0 | 0 | 0 | 2.54M | 0 | 0 | 0 |
| Change in Inventory | 1.01M | 2.04M | 21.22M | -8.69M | -15.27M | -1.28M | 3.37M | -2.53M | -1.48M | -674K | 2.63M | -1.32M | 130K | -3.07M | 2.72M | -2.46M | -202K | 1.53M | 2.54M | -2.88M | -958K | -315K | 199K | 584K | 2.98M | -450K | -2.08M | -592K |
| Change in Payables | 1.6M | 2.89M | -2.13M | -8.57M | 8.78M | 3.57M | -2.6M | 765K | 1.2M | -7K | -965K | -960K | 1.57M | -693K | -4.79M | 1.81M | 924K | -2.06M | -3.34M | 3.15M | 0 | 0 | 0 | 0 | -3.83M | 0 | 0 | 0 |
| Cash from Investing | -309K | -6.96M | -1.48M | -7.32M | -25.75M | -783K | -13.97M | -891K | -229K | -236K | -570K | -577K | -595K | -866K | -639K | -413K | -860K | -676K | -579K | 208K | 628K | 2.93M | 3.46M | -2.15M | -25.77M | -29.34M | -1.06M | -2.89M |
| Capital Expenditures | -309K | -505K | -1.48M | -2.67M | -2.12M | -783K | -572K | -891K | -229K | -236K | -570K | -577K | -595K | -866K | -639K | -413K | -860K | -676K | -683K | -492K | -672K | -124K | -248K | -283K | -2.75M | -4.63M | -942K | -543K |
| CapEx % of Revenue | 0.26% | 0.41% | 0.92% | 2.04% | 1.63% | 1.1% | 0.96% | 1.9% | 0.5% | 0.53% | 1.4% | 1.34% | 1.34% | 1.86% | 1.41% | 0.84% | 1.85% | 1.38% | 1.19% | 0.89% | 1.29% | 0.26% | 0.51% | 0.57% | 4.77% | 8.39% | 2.09% | 1.65% |
| Acquisitions | 0 | -6.46M | 0 | -4.65M | -23.63M | 0 | -13.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.11M | -4.75M | -16.46M | -116K | -2.35M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 104K | 208K | 628K | 0 | 0 | 0 | -6M | -6.27M | 0 | 0 |
| Cash from Financing | -3.56M | -6.46M | -4.36M | 3.32M | 42.65M | -1.47M | 5.9M | 11.35M | 1.22M | 275K | 1.33M | 942K | 59K | -786K | 8.7M | 212K | -1.07M | 1.23M | 106K | 565K | 267K | -910K | 1.23M | 345K | 49.66M | 47.68M | -702K | 1.37M |
| Debt Issued (Net) | -3.02M | -4.72M | -3.08M | 2.88M | 11.73M | -1.51M | 5.13M | -55K | -61K | -60K | -771K | 643K | -214K | -760K | -824K | 414K | -966K | 1.14M | -223K | -142K | -176K | -1.38M | 500K | 0 | 0 | -6.75M | -766K | 766K |
| Equity Issued (Net) | 562K | 357K | 1M | 1.25M | 34.23M | 913K | 1.16M | 11.6M | 1.49M | 529K | 2.15M | 352K | 273K | 0 | 9.55M | 93K | 159K | 87K | 329K | 707K | 443K | 468K | 726K | 345K | 49.14M | 54.4M | 64K | 605K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.1M | -2.09M | -2.29M | -821K | -3.31M | -877K | -379K | -189K | -213K | -194K | -48K | -53K | 0 | -26K | -30K | -295K | -263K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 513K | 32K | 0 | 0 |
| Net Change in Cash | 3.52M | -6.14M | 12.79M | -3.77M | 7.48M | 2.05M | -10.59M | 8.71M | 1.5M | 2.11M | 973K | -1.27M | 1.02M | -6.13M | 5.54M | -4.24M | 938K | 1.7M | -148K | -147K | 1.04M | -2.44M | 1.8M | -19.16M | 11.12M | 13.38M | -3.85M | 4.07M |
| Free Cash Flow | 6.53M | 6.78M | 17.14M | -2.44M | -11.53M | 3.52M | -3.09M | -2.64M | 280K | 1.84M | -357K | -2.22M | 962K | -5.34M | -3.16M | -4.53M | 2.05M | 616K | -556K | -1.48M | -599K | -4.49M | -3.19M | -17.79M | -15.58M | -9.59M | -3.02M | 5.05M |
| FCF Margin % | 5.5% | 5.52% | 10.69% | -1.86% | -8.9% | 4.93% | -5.17% | -5.63% | 0.61% | 4.1% | -0.88% | -5.16% | 2.16% | -11.46% | -6.97% | -9.17% | 4.42% | 1.25% | -0.97% | -2.68% | -1.15% | -9.27% | -6.52% | -35.94% | -27.03% | -17.37% | -6.72% | 15.32% |
| FCF Growth % | -18.34% | -60.45% | 803.78% | 78.88% | -427.58% | 213.84% | -17.2% | -1042.5% | -84.75% | 614.29% | 83.9% | -330.46% | 118% | -69.04% | 30.12% | -320.52% | 233.12% | 210.79% | 62.53% | -147.75% | 86.67% | -41.1% | 82.1% | -14.2% | -62.53% | -217% | -159.86% | - |
| FCF per Share | 0.17 | 0.18 | 0.46 | -0.07 | -0.35 | 0.12 | -0.12 | -0.12 | 0.01 | 0.11 | -0.02 | -0.15 | 0.07 | -0.37 | -0.28 | -0.43 | 0.20 | 0.06 | -0.06 | -0.15 | -0.06 | -0.46 | -0.34 | -1.96 | -1.82 | -1.56 | -0.53 | 1.05 |
| FCF Conversion (FCF/Net Income) | -1.00x | -0.64x | -4.12x | -0.03x | 1.76x | -1.06x | 0.23x | 4.28x | 0.75x | -7.48x | -0.11x | 0.59x | -1.67x | 1.62x | 0.83x | 0.78x | -1.92x | -1.66x | -0.05x | 0.58x | -0.02x | 0.62x | 0.19x | 0.37x | 0.14x | 1.13x | -1.97x | 2.01x |
| Interest Paid | 0 | 1.32M | 1.92M | 1.56M | 1.49M | 297K | 218K | 18K | 18K | 23K | 32K | 19K | 29K | 63K | 98K | 121K | 154K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 636K | 631K | 539K | 215K | 200K | 101K | 115K | 87K | 73K | 32K | 39K | 52K | 59K | 10K | 33K | 27K | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating margins
As reported in financial statements, Lantronix exhibits a persistent disconnect between GAAP net losses and positive operating cash flow, with the OCF/NI ratio frequently showing extreme volatility, such as the -8.50x figure observed in 2024Q3, indicating that cash generation is heavily reliant on non-cash adjustments.
The consistent gap between net income and operating cash flow suggests that the company's reported losses are significantly mitigated by non-cash charges, primarily stock-based compensation and depreciation. Investors should monitor whether this reliance on accrual-based accounting masks a fundamental inability to generate cash from core operations during periods of revenue contraction.
Based on quarterly data, Lantronix's free cash flow trajectory remains highly erratic, fluctuating from a peak of $4.6 million in 2024Q2 to near-zero levels in recent periods, which suggests that the company's cash-generating capacity is tethered to lumpy project-based revenue rather than a stable recurring base.
The lack of a consistent FCF growth trend implies that the business model remains sensitive to the timing of large-scale industrial deployments. This volatility warrants further investigation into whether the company can sustain positive cash flow if the current revenue contraction persists into future quarters.
According to recent SEC filings, Lantronix's operating cash flow is disproportionately influenced by working capital fluctuations, evidenced by a $2.2 million contribution in 2026Q1 followed by significant swings, suggesting that inventory and receivables management are the primary levers currently dictating the company's short-term cash position.
The reliance on working capital changes to bolster operating cash flow indicates that the company may be aggressively managing payables or liquidating inventory to offset operational losses. This strategy appears unsustainable in the long term and may indicate underlying pressure on the company's cash conversion cycle.
Analysis of the cash flow statement reveals that stock-based compensation, which averaged approximately $1.7 million per quarter over the last two years, consistently offsets a significant portion of the company's net losses, effectively masking the true cash-burning nature of the underlying business operations.
By adding back significant non-cash compensation, the company presents a more favorable cash flow picture than the GAAP net income suggests. Investors should interpret these figures with caution, as the persistent use of equity-based incentives may be diluting shareholder value while failing to align with a path toward sustainable, cash-positive growth.
Quick answers to the most common questions about buying LTRX stock.
Lantronix, Inc. (LTRX) generated $7.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lantronix, Inc. (LTRX) generated $6.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Lantronix, Inc. (LTRX) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.