Revenue recovered 8.0% year over year to $31.2M in 2026Q4 with gross margin at 43.7%, but this remains well below the $49.1M 2024Q4 peak and operating margin is still negative at -1.3%, suggesting the recovery remains early and mix-sensitive.
Lantronix, Inc. (LTRX) annual income statement — 28-year revenue, gross profit & net income history
| Metric | Jun'26 | 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 |
|---|
| Sales/Revenue | 120.9M | 122.92M | 160.33M | 131.19M | 129.66M | 71.48M | 59.88M | 46.89M | 45.58M | 44.73M | 40.59M | 42.95M | 44.55M | 46.66M | 45.38M | 49.32M | 46.38M | 49.15M | 57.59M | 55.31M | 51.94M | 48.5M | 48.88M | 49.51M | 57.65M | 55.2M | 44.98M | 32.98M |
| Revenue Growth % | -1.65% | -23.33% | 22.21% | 1.18% | 81.39% | 19.37% | 27.7% | 2.87% | 1.9% | 10.19% | -5.48% | -3.59% | -4.52% | 2.81% | -7.99% | 6.35% | -5.64% | -14.65% | 4.12% | 6.47% | 7.09% | -0.78% | -1.26% | -14.12% | 4.43% | 22.73% | 36.37% | - |
| Cost of Goods Sold | 69.25M | 71.22M | 95.97M | 74.92M | 74.07M | 38.45M | 32.98M | 20.62M | 20.21M | 21.15M | 21.21M | 22.65M | 22.26M | 24.55M | 23.24M | 24.91M | 22.26M | 23.48M | 28.52M | 26.96M | 25.28M | 24.33M | 25.03M | 37.6M | 40.51M | 26.58M | 20.18M | 15.85M |
| COGS % of Revenue | 57.28% | 57.94% | 59.86% | 57.11% | 57.13% | 53.8% | 55.08% | 43.97% | 44.34% | 47.28% | 52.26% | 52.74% | 49.97% | 52.63% | 51.2% | 50.5% | 47.99% | 47.77% | 49.52% | 48.75% | 48.66% | 50.15% | 51.19% | 75.95% | 70.27% | 48.16% | 44.88% | 48.06% |
| Gross Profit | 51.65M | 51.7M | 64.35M | 56.26M | 55.59M | 33.02M | 26.9M | 26.27M | 25.37M | 23.58M | 19.38M | 20.3M | 22.29M | 22.1M | 22.15M | 24.41M | 24.12M | 25.67M | 29.07M | 28.34M | 26.67M | 24.18M | 23.86M | 11.91M | 17.14M | 28.62M | 24.79M | 17.13M |
| Gross Margin % | 42.72% | 42.06% | 40.14% | 42.89% | 42.87% | 46.2% | 44.92% | 56.03% | 55.66% | 52.72% | 47.74% | 47.26% | 50.03% | 47.37% | 48.8% | 49.5% | 52.01% | 52.23% | 50.48% | 51.25% | 51.34% | 49.85% | 48.81% | 24.05% | 29.73% | 51.84% | 55.12% | 51.94% |
| Gross Profit Growth % | -0.1% | -19.66% | 14.38% | 1.22% | 68.31% | 22.77% | 2.39% | 3.57% | 7.58% | 21.68% | -4.53% | -8.92% | 0.84% | -0.21% | -9.29% | 1.23% | -6.04% | -11.69% | 2.56% | 6.28% | 10.3% | 1.33% | 100.39% | -30.52% | -40.12% | 15.43% | 44.73% | - |
| Operating Expenses | 55.35M | 62.7M | 67.22M | 62.94M | 60.6M | 36.36M | 37.44M | 24.93M | 24.56M | 23.76M | 21.31M | 22.96M | 23.1M | 24.53M | 24.65M | 29.48M | 25.45M | 25.48M | 30.91M | 30.77M | 31.18M | 31.16M | 31.6M | 52.82M | 107.67M | 33.07M | 23.18M | 13.36M |
| OpEx % of Revenue | 45.78% | 51.01% | 41.92% | 47.98% | 46.74% | 50.87% | 62.52% | 53.17% | 53.89% | 53.13% | 52.49% | 53.47% | 51.86% | 52.57% | 54.31% | 59.77% | 54.87% | 51.84% | 53.67% | 55.63% | 60.03% | 64.24% | 64.64% | 106.68% | 186.77% | 59.92% | 51.53% | 40.5% |
| Selling, General & Admin | 37.14M | 34.89M | 38.81M | 35.93M | 34.24M | 20.81M | 19.58M | 15.66M | 16.16M | 15.34M | 13.6M | 15.82M | 16.06M | 17.34M | 17.68M | 22.37M | 19.04M | 19.52M | 23.89M | 23.24M | 24.2M | 24.78M | 23.64M | 34.69M | 46.35M | 27.1M | 17.56M | 9.77M |
| SG&A % of Revenue | 30.72% | 28.38% | 24.21% | 27.38% | 26.41% | 29.11% | 32.7% | 33.4% | 35.46% | 34.3% | 33.5% | 36.85% | 36.05% | 37.17% | 38.97% | 45.36% | 41.05% | 39.71% | 41.49% | 42.03% | 46.6% | 51.09% | 48.36% | 70.07% | 80.4% | 49.1% | 39.04% | 29.62% |
| Research & Development | 17.55M | 18.6M | 20.28M | 19.63M | 17.69M | 11.11M | 9.69M | 9.08M | 8.06M | 7.96M | 6.91M | 6.92M | 6.75M | 6.75M | 6.91M | 7.03M | 6.34M | 5.89M | 6.94M | 7.36M | 6M | 6.31M | 7.81M | 10.41M | 9.22M | 4.48M | 3.19M | 2.62M |
| R&D % of Revenue | 14.52% | 15.13% | 12.65% | 14.96% | 13.64% | 15.55% | 16.18% | 19.36% | 17.69% | 17.8% | 17.02% | 16.12% | 15.14% | 14.46% | 15.23% | 14.26% | 13.67% | 11.98% | 12.06% | 13.31% | 11.55% | 13.02% | 15.98% | 21.03% | 16% | 8.11% | 7.08% | 7.93% |
| Other Operating Expenses | 651K | 9.22M | 8.12M | 7.39M | 8.67M | 4.44M | 8.16M | -15K | -8K | -3K | 61K | 0 | -28K | -18K | 54K | 72K | 72K | 72K | 72K | 162K | 980K | 65K | 148K | 7.71M | 52.09M | 1.49M | 2.43M | 973K |
| Operating Income | -3.7M | -11M | -2.86M | -6.67M | -5.01M | -3.34M | -10.54M | 2.71M | 804K | -183K | -1.93M | -2.67M | -816K | -2.64M | -2.79M | -5.06M | -1.33M | -614K | -2.6M | -2.42M | -4.5M | -6.98M | -5.65M | -46.62M | -95M | -7.05M | 1.61M | 3.77M |
| Operating Margin % | -3.06% | -8.95% | -1.79% | -5.09% | -3.86% | -4.67% | -17.6% | 5.78% | 1.76% | -0.41% | -4.75% | -6.21% | -1.83% | -5.65% | -6.14% | -10.27% | -2.86% | -1.25% | -4.51% | -4.38% | -8.66% | -14.4% | -11.56% | -94.17% | -164.8% | -12.78% | 3.59% | 11.44% |
| Operating Income Growth % | 66.35% | -284.38% | 57.12% | -33.19% | -50.16% | 68.33% | -488.86% | 237.06% | 539.34% | 90.51% | 27.68% | -226.72% | 69.07% | 5.38% | 44.94% | -281.61% | -116.12% | 76.36% | -7.09% | 46.09% | 35.6% | -23.63% | 87.88% | 50.93% | -1247.18% | -537.2% | -57.25% | - |
| EBITDA | -521K | -4.97M | 4.62M | 865K | 1.61M | 574K | -7.73M | 3.17M | 1.25M | 411K | -1.17M | -1.79M | 79K | -1.79M | -1.8M | -3.92M | -309K | 265K | -1.94M | -1.95M | -3.48M | -4.88M | -1.69M | -39.12M | -88.78M | -4.43M | 4.05M | 4.75M |
| EBITDA Margin % | -0.43% | -4.04% | 2.88% | 0.66% | 1.24% | 0.8% | -12.91% | 6.77% | 2.73% | 0.92% | -2.88% | -4.16% | 0.18% | -3.83% | -3.97% | -7.95% | -0.67% | 0.54% | -3.37% | -3.53% | -6.71% | -10.05% | -3.45% | -79.01% | -154.02% | -8.03% | 9% | 14.39% |
| EBITDA Growth % | 89.51% | -207.61% | 433.53% | -46.17% | 179.97% | 107.42% | -343.64% | 154.74% | 203.16% | 135.16% | 34.62% | -2363.29% | 104.42% | 0.78% | 54.09% | -1168.93% | -216.6% | 113.64% | 0.46% | 43.97% | 28.55% | -188.86% | 95.68% | 55.94% | -1902.8% | -209.54% | -14.73% | - |
| D&A (Non-Cash Add-back) | 3.18M | 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 |
| EBIT | -3.88M | -11.1M | -2.85M | -6.75M | -5.72M | -3.53M | -4.41M | 1.34M | 1.31M | 63K | -1.87M | -2.67M | -873K | -2.62M | -2.87M | -5.06M | -1.35M | -595K | -1.84M | -2.42M | -4.51M | -6.98M | -7.74M | -30.91M | -88.09M | -8.54M | 1.61M | 3.77M |
| Net Interest Income | -185K | -511K | -916K | -1.49M | -1.47M | -315K | -133K | 236K | -18K | -23K | -32K | -17K | -28K | -59K | -97K | -123K | -149K | -186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 106K | 236K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 185K | 511K | 916K | 1.49M | 1.47M | 315K | 239K | 0 | 18K | 23K | 32K | 17K | 28K | 59K | 97K | 123K | 149K | 186K | 0 | 0 | 46K | 0 | 0 | 0 | 1.55M | 0 | 0 | 0 |
| Other Income/Expense | -200K | -611K | -909K | -1.56M | -2.18M | -512K | -56K | -1.61M | -26K | -26K | 29K | -47K | -56K | -77K | -179K | -151K | -168K | -167K | -30K | 736K | 1.42M | 153K | -3.19M | -678K | 788K | -2.07M | 91K | 111K |
| Pretax Income | -3.9M | -11.61M | -3.77M | -8.23M | -7.19M | -3.85M | -10.59M | -267K | 778K | -209K | -1.9M | -2.71M | -872K | -2.71M | -2.97M | -5.21M | -1.5M | -781K | -2.63M | -1.69M | -3.08M | -6.83M | -10.93M | -47.3M | -94.22M | -5.04M | 1.7M | 3.88M |
| Pretax Margin % | -3.23% | -9.45% | -2.35% | -6.27% | -5.55% | -5.38% | -17.69% | -0.57% | 1.71% | -0.47% | -4.68% | -6.32% | -1.96% | -5.82% | -6.54% | -10.57% | -3.22% | -1.59% | -4.56% | -3.05% | -5.92% | -14.08% | -22.36% | -95.54% | -163.44% | -9.13% | 3.79% | 11.78% |
| Income Tax | 279K | -239K | 745K | 748K | -1.83M | 195K | 144K | 141K | 98K | 68K | 63K | 58K | 61K | 54K | 73K | 56K | 24K | -1K | -119K | 34K | -31K | 229K | -325K | 250K | -6.67M | -662K | 649K | 1.1M |
| Effective Tax Rate % | -7.15% | 2.06% | -19.76% | -9.09% | 25.47% | -5.07% | -1.36% | -52.81% | 12.6% | -32.54% | -3.32% | -2.14% | -7% | -1.99% | -2.46% | -1.07% | -1.61% | 0.13% | 4.53% | -2.01% | 1.01% | -3.35% | 2.97% | -0.53% | 7.07% | 13.14% | 38.09% | 28.27% |
| Net Income | -4.18M | -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 | -7M | -15.65M | -47.55M | -93.46M | -4.38M | 1.05M | 2.79M |
| Net Margin % | -3.46% | -9.25% | -2.82% | -6.85% | -4.14% | -5.66% | -17.93% | -0.87% | 1.49% | -0.62% | -4.83% | -6.45% | -2.09% | -5.94% | -6.7% | -10.69% | -3.28% | -1.59% | -4.36% | -3.12% | -5.86% | -14.44% | -32.02% | -96.04% | -162.12% | -7.93% | 2.35% | 8.45% |
| Net Income Growth % | 63.24% | -151.84% | 49.71% | -67.47% | -32.59% | 62.34% | -2531.86% | -160% | 345.49% | 85.88% | 29.2% | -197% | 66.31% | 8.91% | 42.33% | -247% | -94.74% | 68.9% | -45.56% | 43.42% | 56.52% | 55.26% | 67.08% | 49.12% | -2036.16% | -514.69% | -62.13% | - |
| Net Income (Continuing) | -4.18M | -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 | -10.61M | -37.43M | -84.11M | -7.25M | 1.05M | 2.79M |
| Discontinued Operations | 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 |
| Minority Interest | 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 | 68K |
| EPS (Diluted) | -0.11 | -0.29 | -0.12 | -0.25 | -0.16 | -0.14 | -0.42 | -0.02 | 0.04 | -0.02 | -0.13 | -0.19 | -0.06 | -0.19 | -0.27 | -0.51 | -0.15 | -0.08 | -0.25 | -0.17 | -0.31 | -0.72 | -1.65 | -5.25 | -10.91 | -0.71 | 0.18 | 0.60 |
| EPS Growth % | 62.07% | -141.67% | 52% | -56.25% | -14.29% | 66.67% | -2122.22% | -153.24% | 323.27% | 87.77% | 31.58% | -198.27% | 66.47% | 29.63% | 47.06% | -240% | -93.8% | 69.04% | -47.06% | 45.16% | 56.94% | 56.36% | 68.57% | 51.88% | -1436.62% | -494.44% | -70% | - |
| EPS (Basic) | -0.11 | -0.29 | -0.12 | -0.25 | -0.16 | -0.14 | -0.42 | -0.02 | 0.04 | -0.02 | -0.13 | -0.19 | -0.06 | -0.19 | -0.27 | -0.51 | -0.15 | -0.08 | -0.25 | -0.17 | -0.31 | -0.72 | -1.65 | -5.25 | -10.91 | -0.71 | 0.24 | 0.60 |
| Diluted Shares Outstanding | 42.19M | 38.61M | 37.39M | 36.26M | 32.67M | 28.71M | 25.28M | 21.58M | 19.16M | 17.45M | 15.26M | 14.9M | 14.66M | 14.57M | 11.25M | 10.43M | 10.28M | 10.08M | 10.02M | 9.93M | 9.78M | 9.73M | 9.48M | 9.05M | 8.57M | 6.16M | 5.7M | 4.81M |
| Basic Shares Outstanding | 42.19M | 38.61M | 37.39M | 36.26M | 32.67M | 28.71M | 25.28M | 21.58M | 19.16M | 17.45M | 15.26M | 14.9M | 14.66M | 14.57M | 11.25M | 10.43M | 10.28M | 10.08M | 10.02M | 9.93M | 9.78M | 9.7M | 9.48M | 9.05M | 8.57M | 6.16M | 4.88M | 4.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LTRX stock.
For fiscal year 2026, Lantronix, Inc. (LTRX) reported total revenue of $120.9M. This represents a 266.6% increase compared to $33.0M in 1999.
Lantronix, Inc. (LTRX) reported a net loss of $4.2M for the fiscal year ending 2026.
Lantronix, Inc. (LTRX) reported an operating income of $-3.7M, resulting in an operating profit margin of -3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Lantronix, Inc. (LTRX) generated $51.6M in gross profit for the year, representing a gross profit margin of 42.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Rebuild From Depressed Base
Lantronix's quarterly revenue recovered to $31.2M in 2026Q4, an 8.0% year-over-year increase after four straight quarters of contraction, including a 41.2% decline in 2025Q4, based on the company's reported income statements; the rebound still leaves revenue well below the $49.1M peak.
The sequential progression from $29.8M in 2026Q2 to $31.2M in 2026Q4 suggests demand has at least stopped deteriorating, but the trajectory reads more like normalization from a depressed base than the start of a new upcycle, given that revenue remains materially below the $49.1M of 2024Q4 and the $34.4M of 2025Q1. Because the improving year-over-year comparisons largely reflect the sharp declines recorded through 2025, investors should assess how durable the 8.0% pace proves once those favorable base effects roll off.
Gross Margin Swing Signals Mix Volatility
Gross margin widened to 43.7% in 2026Q4 from 40.0% a year earlier, but the 3.9-point swing between 44.8% in 2026Q1 and 40.9% in 2026Q2 suggests product mix and pricing effects rather than durable structural improvement, as reported in LTRX's quarterly income statements.
The 43.7% print sits at the top of the range observed over the last ten quarters (38.1% to 44.8%), which may indicate better mix or component cost relief, yet the absence of a steady trend makes it difficult to underwrite as a permanent step-up. Read against peers, Lantronix's gross margin remains well below Calix's 56.8% but above NETGEAR's 36.2%, implying the company occupies a mid-tier position on pricing power within communication equipment, so incremental margin expansion would likely require either mix shift or scale in higher-value output.
Loss Narrowing Driven by Cost Retreat
Operating loss narrowed to $392K in 2026Q4 from $3.1M in 2025Q4 even though revenue rose only 8.0% year over year, implying cost actions rather than volume drove most of the improvement, according to Lantronix's income statement disclosures, with SG&A at $9.3M versus $10.7M.
SG&A of $9.3M and R&D of $4.2M in 2026Q4 compare with $10.7M and $5.3M respectively in 2024Q4, so the expense base has been trimmed alongside the revenue contraction, and this restraint appears to be the primary reason operating margin moved from -10.9% to -1.3% over the past four quarters. True operating leverage, however, remains unproven because gross profit of $13.6M still does not cover the combined $13.5M of R&D and SG&A by a comfortable margin; any renewed growth will test whether these reduced overhead levels can scale without being reinstated.
Equity Compensation Exceeds Reported Loss
As disclosed in Lantronix's quarterly filings, stock-based compensation of $1.3M in 2026Q4 exceeded the $269K net loss and equaled roughly 4.2% of revenue, underscoring that the narrowing loss still absorbs a meaningful non-cash charge for investors valuing the company on adjusted earnings.
The gap between the $392K operating loss and the $269K net loss implies a small favorable non-operating contribution at the bottom line, which flatters the reported result slightly and warrants a look at whether such items are recurring before treating the loss trend as purely operational. SBC has also remained in the $1.3M-$1.8M range across all ten quarters, including $2.5M in 2024Q4, so dilution persists regardless of the operating result, and the 90.5% EPS growth in 2026Q4 reflects movement within a small negative number rather than a swing to genuine profitability.
Recovery Thesis Faces Margin Ceiling
The strongest bear case rests on the fact that 2026Q4 revenue of $31.2M remains roughly 36% below 2024Q4's $49.1M while operating margin is still -1.3% and gross margin of 43.7% trails Calix's 56.8% peer level, based on reported results.
A short-seller would likely argue that the loss reduction reflects a smaller cost base in a shrunken business rather than improved unit economics, since gross profit of $13.6M in 2026Q4 is still well below the $18.7M earned on 2024Q4 revenue, and that the 40-45% gross margin band has not broken higher despite two years of supposed mix improvement. Investors should also weigh that operating income has been negative in nine of the last ten quarters, so the counter-narrative hinges on whether the recent revenue acceleration can outpace the fixed R&D and SG&A load before further cost actions are required.