What changed in this filing

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Item 1. Business

2025-08-29 compared with 2024-09-09 · 204 added, 209 removed, 121 unchanged (77% of the section changed)

Lantronix Inc.

is a global leader in compute

and connectivity solutions, targeting high-growth industries such as Smart Cities, Automotive, and Enterprise markets.

Our products and

services empower companies to capitalize on the expanding internet of things (“IoT”) market by delivering customizable solutions

that address each layer of the IoT stack.

Our portfolio is organized into three primary

LTRX) is a global leader in Edge AI and Industrial

Internet of Things (“IoT”) solutions, delivering intelligent computing, secure connectivity, and remote management for mission-critical

applications.

Serving high-growth markets, including smart cities, enterprise information technology (“IT”), and commercial

and defense unmanned systems, we enable customers to optimize operations and accelerate digital transformation.

Our comprehensive portfolio

of hardware, software, and services powers applications from secure video surveillance and intelligent utility infrastructure to resilient

out-of-band network management.

By bringing intelligence to the network edge, we help organizations achieve efficiency, security, and

a competitive edge in today’s artificial intelligence (“AI”)-driven world.

We conduct our business globally and manage our sales teams by three geographic

the Americas;

Europe, Middle East, and Africa (“EMEA”);

and Asia Pacific Japan (“APJ”).

We organize our portfolio services and products into the following

product lines:

Embedded IoT Solutions, IoT Systems Solutions, and Software and Services.

Each product line is designed to meet the demands

of scalable, secure, and reliable IoT deployments.

References in this Report to “fiscal 2024” refer to

the fiscal year ended June 30, 2024, and references to “fiscal 2023” refer to the fiscal year ended June 30, 2023.

addition, unless the context suggests otherwise, all references in this Report to the “Company,” “we,”

“our” and “us,” refer to Lantronix, Inc.

Embedded IoT Solutions, IoT Systems Solutions, and Software and Engineering Services.

References in this Report to “fiscal 2025” refer to the fiscal

year ended June 30, 2025, and references to “fiscal 2024” refer to the fiscal year ended June 30, 2024.

In addition, unless

the context suggests otherwise, all references in this Report to the “Company,” “we,” “our” and “us,”

refer to Lantronix, Inc.

together with its subsidiaries.

We focus on three high-potential

vertical markets - smart cities, automotive and infotainment, and enterprise.

We position ourselves in these markets to deliver complete

solutions encompassing our hardware, software, device management, and design services to meet the evolving needs of our customers and

address each layer of the IoT stack.

We focus on three high-potential vertical markets - smart cities, enterprise

and unmanned aerial systems (“UAS”) (drones).

We position ourselves in these markets to deliver complete solutions encompassing

our hardware, software, device management, and design services to meet the evolving needs of our customers and address each layer of the

Below are customer examples that highlight our impact:

Smart Cities:

We are partnering with a Smart Grid customer that deploys their solutions to enhance

grid resiliency and flexibility through intelligence at the edge.

We supply this customer an entire solution than includes our edge compute

and connectivity solutions as well as our design services.

This engagement underscores the ongoing value and scalability of our solutions

within the growing smart city infrastructure market.

· Automotive:

Lantronix is driving innovation in the automotive sector with our edge computing solution,

currently powering infotainment systems in volume production for a Turkish automotive manufacturer.

Our relationship with this customer

is expanding as we support the launch of a second vehicle, with plans for market entry into Germany and other European regions.

Additionally,

we are focusing on opportunities with other Tier II & III original equipment manufacturers (“OEMs”) in the auto, truck,

and motorcycle segments, further broadening our footprint in the mobility ecosystem.

· Enterprise:

In the financial sector, we provide solutions to a Tier 1 banking customer to enhance

network resiliency using our Out-of-Band Management offerings.

Our hardware and software offerings provide secure alternative pathways

for critical infrastructure, including servers, networks, and routers.

These solutions not only bolster cybersecurity and tracking but

also improve operational efficiency through enhanced automation, uptime, and resiliency.

Our growth strategy centers on continuous innovation

and strategic acquisitions designed to increase scale, broaden our scope, and enhance our value proposition.

This approach allows us to

address a broader spectrum of our customers’ operational needs, positioning Lantronix as a strategic partner rather than just a

Our acquisitions and innovations have expanded our capabilities in key areas such as intelligent infrastructure and connected

automotive solutions, driving deeper customer engagement and market penetration.

By focusing on these strategic priorities, we

continue to strengthen our competitive position and attract new customers across a wide variety of applications.

Looking ahead, we plan

to capitalize on market opportunities by further enhancing our product offerings, expanding geographically, and pursuing targeted acquisitions

that align with our long-term growth objectives.

We are partnering with various Smart Grid customers that deploy their solutions to enhance grid resiliency and flexibility through intelligence at the edge.

We supply customers an entire solution that includes our SmartLV compute and connectivity solutions as well as our design services.

This engagement underscores the ongoing value and scalability of our solutions within the growing smart city infrastructure market.

In the financial sector, we provide solutions to a Tier 1 banking customer to enhance network resiliency using our Out-of-Band Management offerings.

Our hardware and software offerings provide secure alternative pathways for critical infrastructure, including servers, networks, and routers.

These solutions not only bolster cybersecurity and tracking but also improve operational efficiency through enhanced automation, uptime, and resiliency.

Unmanned Aerial Systems (UAS):

We are advancing the UAS market through our Qualcomm Dragonwing–based system-on-modules (“SoM”), purpose-built for industrial drone applications with particular focus on defense and security.

We are working with customers to deliver high-performance compute at the edge for flight control, video processing, and AI-enabled situational awareness.

In parallel, we are pursuing opportunities with additional UAS manufacturers in industrial, inspection, and defense segments.

Our growth strategy centers on continuous innovation and strategic acquisitions

designed to increase scale, broaden our scope, and enhance our value proposition.

This approach allows us to address a broader spectrum

of our customers’ operational needs, positioning Lantronix as a strategic partner rather than just a vendor.

Our acquisitions and

innovations have expanded our capabilities in key areas such as critical infrastructure and connected transportation solutions, driving

deeper customer engagement and market penetration.

By focusing on these strategic priorities, we continue to strengthen our

competitive position and attract new customers across a wide variety of applications.

Looking ahead, we plan to capitalize on market opportunities

by further enhancing our product offerings, expanding geographically, and pursuing targeted acquisitions that align with our long-term

growth objectives.

Products and Solutions

Embedded IoT Solutions

Our portfolio of embedded products provides a comprehensive range of

options, including Compute System-on-Module (“SOM”) and System-in-Package (“SIP”) solutions, complemented by wired

and wireless network connectivity products.

As the level of silicon integration continues to advance, our compute modules offer the capability

to collect, analyze, and interpret digital information (e.g., Video, Audio or Sensor data) using specialized artificial intelligence (“AI”)/machine

learning algorithms.

Our latest SIP devices are designed to process multiple media streams

using Computer Vision (CV) technology, enabling sophisticated edge analytics.

These modules are remotely managed via Percepxion™,

Lantronix’s Cloud IoT Edge Solution software, offering seamless control and monitoring.

Typically embedded into customer product

designs, Lantronix’s IoT compute products provide application processing that enables edge solutions for data transformation, computer

vision, machine learning, augmented/virtual reality, and custom applications.

Our embedded product portfolio includes a broad range of Compute SoM and

System-in-Package (“SiP”) solutions, together with wired and wireless connectivity products.

As semiconductor technology continues

to evolve and integrate more functionality, our compute modules now provide not only processing power but also the ability to run advanced

AI and machine learning applications.

This enables our customers to process and analyze digital inputs such as video, audio, and sensor

data, directly at the device level, reducing latency, enhancing security, and enabling real-time decision making.

Our latest SIP devices are designed to process multiple media streams using

Computer Vision (CV) technology, enabling sophisticated edge analytics.

These modules are remotely managed via Percepxion™, Lantronix’s

Cloud IoT Edge Solution software, offering seamless control and monitoring.

Typically embedded into customer product designs, Lantronix’s

IoT compute products provide application processing that enables edge solutions for data transformation, computer vision, machine learning,

augmented/virtual reality, and custom applications.

Our products are designed with customer needs in mind, offering pre-certified

solutions across multiple regions, significantly reducing regulatory certification costs and expediting time-to-market for OEM customers.

Additionally, Lantronix provides software tools that further accelerate development, empowering customers to quickly bring their products

to market while enhancing their overall value proposition.

Our embedded IoT modules serve a wide range of applications, from industrial

automation and automotive systems to smart city infrastructure, positioning us as a leading provider of flexible and scalable solutions

in the growing IoT market.

Additionally, we provide software tools that further accelerate development, empowering customers to quickly bring their products to market

while enhancing their overall value proposition.

Our embedded IoT solutions serve a wide range of applications, from

industrial automation and transportation systems to smart city infrastructure, positioning us as a leading provider of flexible and scalable

solutions in the growing IoT market.

IoT System Solutions

Our IoT Systems Solutions portfolio a wide range of fully functional

Our IoT System Solutions portfolio includes a wide range of fully functional

standalone systems that provide routing, switching or gateway functionalities as well as telematics and media conversion.

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regions, Lantronix significantly reduces OEM customers’ regulatory certification costs and speeds up their time-to-market.

Our PoE products support remote devices such as cameras and wireless

access points by passing electrical power along with data on Ethernet cabling, eliminating the need for traditional AC/DC electrical power

in hard-to-reach locations.

Our PoE products support remote devices such as cameras and wireless access

points by passing electrical power along with data on Ethernet cabling, eliminating the need for traditional AC/DC electrical power in

hard-to-reach locations.

As the adoption of smart city technologies accelerates, our switches provide the critical connectivity, bandwidth,

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fault management and diagnostics to troubleshoot networks and proactively fix problems.

Its media converters and other customer premise

equipment (“CPE”) assist customers in resolving challenges in the areas of bandwidth constraints, security risks and distance

limitations as networks extend from local area to wide area networks and adapt to ever-increasing end-user demands.

Our media converters and other customer premise

equipment assist customers in resolving challenges in the areas of bandwidth constraints, security risks and distance limitations as networks

extend from local area to wide area networks and adapt to ever-increasing end-user demands.

Our smart tracking devices are designed to deliver robust data logging

and positional tracking functionality and reliability for supply chain and logistics solutions.

Our telematics devices are designed to

be flexible in the field while offering a variety of connectivity options to suit the customers’ needs across 4G, 5G and LTE cellular

Our Industrial IoT devices are designed

to be flexible in the field while offering a variety of connectivity options to suit customers’ needs across 4G, 5G and LTE cellular

These power-efficient products are designed to support communications across interfaces and industrial protocols for vehicle,

fleet and asset tracking and management.

Many of the products are offered with software tools intended to further accelerate Lantronix

customers’ time-to-market and increase their value add.

Our IoT Telematics products are pre-certified in a number of countries,

significantly reducing its OEM customers’ regulatory certification costs and accelerating their time-to-market.

fleet and asset tracking and equipment management.

Many of the products are offered with software tools intended to further accelerate

our customers’ time-to-market and increase their value add.

Our Industrial IoT products are pre-certified in a number of countries,

significantly reducing our OEM customers’ regulatory certification costs and accelerating their time-to-market.

As Edge Computing deployment accelerates, Out-of-Band (OOB) Management

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IT equipment and facilities (environments), either in or out of band, optimizing their IT support resources.

Our Advanced OOB (“AOOB”) product line includes console

management, power management and IP-connected keyboard-video-mouse (commonly referred to as “IPKVM”) products that provide

remote access to IT and networking infrastructure deployed in test labs, data centers, branch offices, remote sites and server rooms.

Our Advanced OOB product line includes console management, power management

and IP-connected keyboard-video-mouse (commonly referred to as “IPKVM”) products that provide remote access to IT and networking

infrastructure deployed in test labs, data centers, branch offices, remote sites and server rooms.

Software and Engineering Services

Our SaaS platform offers comprehensive single-pane-of-glass management

for OOB and IoT deployments.

Our platform enables customers to easily deploy, monitor, manage and automate across their global deployments,

all from a single platform login, virtually and seamlessly connected as if located directly on each device.

Our platform eliminates the

need to have 24/7 personnel on site and makes it easy to observe and address issues quickly, even in large-scale deployments.

Our Software as a Service (“SaaS”) platform offers comprehensive

single-pane-of-glass management for OOB and IoT deployments.

Our platform enables customers to easily deploy, monitor, manage and automate

across their global deployments, all from a single platform login, virtually and seamlessly connected as if located directly on each device.

Our platform eliminates the need to have 24/7 personnel on site and makes it easy to observe and address issues quickly, even in large-scale

For OEMs and System Integrators (“SI”) our platform offers

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Over the Air (“OTA”)

updates, streamlines the process of security patches, firmware upgrades and configuration changes, keeping devices up to date and secure.

We leverage our deep engineering expertise and product development

best practices to deliver high-quality, innovative products cost-effectively and on schedule.

Our engineering services model is flexible,

offering either turnkey product development or team augmentation to accelerate complex product development challenges, such as camera

tuning, voice control, machine learning, AI, computer vision, augmented/virtual reality, and more.

updates streamline the process of security patches, firmware upgrades and configuration changes, keeping devices up to date and secure.

We leverage our deep engineering expertise and product development best

practices to deliver high-quality, innovative products cost-effectively and on schedule.

Our engineering services model is flexible, offering

either turnkey product development or team augmentation to accelerate complex product development challenges, such as camera tuning, voice

control, machine learning, AI, computer vision, augmented/virtual reality, and more.

In addition to our production-ready edge computing solutions, we offer

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engineering, rapid prototyping, and quality assurance.

Our specialized services also extend to camera, audio, and AI/ML development, ensuring

our customers can bring cutting-edge products to market faster and with greater reliability.

Our engineering design services are a key component

of our business model, enabling clients to accelerate product development and market readiness.

The services focus on designing and developing

high-quality, innovative IoT and embedded solutions.

We leverage extensive expertise in hardware and software engineering to provide custom

designs for complex applications, helping customers reduce costs and time-to-market while improving performance and reliability.

Our design services are especially valuable in the

development of IoT systems, remote management solutions, and edge computing applications.

Our engineering teams have experience across

a range of technologies, including embedded systems, wireless connectivity, and custom hardware.

By integrating these design services,

we offer end-to-end support, from concept through to manufacturing, allowing businesses to focus more on core operations while still achieving

advanced technological outcomes.

Our specialized services also extend to camera, audio, and AI/machine learning

development, ensuring our customers can bring cutting-edge products to market faster and with greater reliability.

Our engineering design services are a key component of our business model,

enabling clients to accelerate product development and market readiness.

The services focus on designing and developing high-quality,

innovative IoT and embedded solutions.

We leverage extensive expertise in hardware and software engineering to provide custom designs

for complex applications, helping customers reduce costs and time-to-market while improving performance and reliability.

Our design services are especially valuable in the development

of IoT systems, remote management solutions, and edge computing applications.

Our engineering teams have experience across a range of

technologies, including embedded systems, wireless connectivity, and custom hardware.

By integrating these design services, we offer end-to-end

support, from concept through to manufacturing, allowing businesses to focus more on core operations while still achieving advanced technological

This strategy positions us as a go-to partner for companies needing specialized

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We have one operating and reportable business segment.

our net revenue by product line is found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

A summary of our

net revenue by product line is found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

included in Part II, Item 7 of this Report, which is incorporated herein by reference.

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incorporated herein by reference.

Our embedded IoT solutions are typically designed into products by

OEMs, original design manufacturers (“ODMs”) and contract manufacturers.

OEMs design and sell products under their own brand

that are either manufactured by the OEM in-house or by third-party contract manufacturers.

ODMs design and manufacture products for third

parties, which then sell those products under the third parties’ brands.

The design cycles using our embedded solutions typically

range from nine to 24 months and can generate revenue for the entire life cycle of an end user’s product.

Our embedded IoT solutions are typically designed into products by OEMs,

original design manufacturers (“ODMs”) and contract manufacturers.

OEMs design and sell products under their own brand that

are either manufactured by the OEM in-house or by third-party contract manufacturers.

ODMs design and manufacture products for third parties,

which then sell those products under the third parties’ brands.

The design cycles using our embedded solutions typically range from

nine to 24 months and can generate revenue for the entire life cycle of an end user’s product.

Our IoT System Solutions are typically sold to end users through value-added

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A majority of our sales are made through distributors.

resell our products to a wide variety of resellers and end customers including OEMs, ODMs, VARs, systems integrators, consumers, online

retailers, IT resellers, corporate customers and government entities.

Distributors resell

our products to a wide variety of resellers and end customers including OEMs, ODMs, VARs, systems integrators, consumers, online retailers,

IT resellers, corporate customers and government entities.

Our products are sold by industry-specific system integrators and VARs,

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We also maintain

an ecommerce site for direct sales.

an e-commerce site for direct sales.

Sales and Marketing

We sell our products primarily through an internal sales force, which

includes regional sales managers, inside sales personnel and field applications engineers in major regions throughout the world.

team manages our relationships with our partners and end users, identifies and develops new sales opportunities and increases penetration

at existing accounts.

We implement marketing programs, tools and services, including displaying our products at industry-specific events,

to generate sales leads and increase demand for our products.

We sell our products primarily through an internal sales force, which includes

regional sales managers, inside sales personnel and field applications engineers in major regions throughout the world.

This team manages

our relationships with our partners and end users, identifies and develops new sales opportunities and increases penetration at existing

We implement marketing programs, tools, and services, including displaying our products at industry-specific events, to generate

sales leads and increase demand for our products.

Manufacturing

Our manufacturing operations are currently conducted through five third-party

Our manufacturing operations are currently conducted through third-party

contract manufacturers.

We currently utilize Hana Microelectronics, primarily located in Thailand and China, Honortone, primarily located

in China, and Tailyn and Info-Tek in Taiwan as our contract manufacturers for most of our products.

In addition, we use Marvell Technology

Inc., to manage the manufacture of our large-scale integration chips in Taiwan.

We manufacture certain products with final assembly in

We currently utilize Hana Microelectronics, primarily located in Thailand and China, Honortone and In-Tech primarily

located in China, and Tailyn, Info-Tek and Rubytech in Taiwan as our contract manufacturers for most of our products.

In addition, we

use Marvell Technology Inc., to manage the manufacture of our large-scale integration chips in Taiwan.

We manufacture certain products

with final assembly in the U.S.

to meet trade compliance requirements.

Our contract manufacturers source raw materials, components

and integrated circuits, in accordance with our specifications and forecasts, and perform printed circuit board assembly, final assembly,

Our contract manufacturers source raw materials, components and

integrated circuits, in accordance with our specifications and forecasts, and perform printed circuit board assembly, final assembly,

functional testing and quality control.

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Research and Development

Our research and development efforts are focused on the development

of hardware and software technology to differentiate our products and enhance our competitive position in the markets we serve.

research and development is primarily performed in-house and supplemented with outsourced resources.

Our research and development efforts are focused on the development of

hardware and software technology to differentiate our products and enhance our competitive position in the markets we serve.

Product research

and development is primarily performed in-house and supplemented with outsourced resources.

Our industry is highly competitive and characterized by rapid technological

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Intellectual Property Rights

We believe that a considerable portion of our value resides in our

intellectual property.

We have developed proprietary methodologies, tools, processes and software in connection with delivering our products

and services.

We protect our intellectual property through a combination of patents, copyrights, trademarks, trade secrets, licenses,

non-disclosure agreements and contractual provisions.

We enter into a non-disclosure and confidentiality agreement with each of our employees,

consultants and third parties that have access to our proprietary technology.

Pursuant to assignment of inventions agreements, all of

our employees and consultants assign to us all intellectual property rights for the relevant inventions created in connection with their

employment or contract with us.

We believe that a considerable portion of our value resides in our intellectual

We have developed proprietary methodologies, tools, processes and software in connection with delivering our products and services.

We protect our intellectual property through a combination of patents, copyrights, trademarks, trade secrets, licenses, non-disclosure

agreements and contractual provisions.

We enter into a non-disclosure and confidentiality agreement with each of our employees, consultants

and third parties that have access to our proprietary technology.

Pursuant to assignment of inventions agreements, all of our employees

and consultants assign to us all intellectual property rights for the relevant inventions created in connection with their employment

or contract with us.

We currently hold U.S.

and international patents covering various aspects of our products, with additional

patent applications pending.

and international patents covering various aspects of our products, with additional patent

applications pending.

and Foreign Government Regulation

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the Americas;

Europe, Middle East, and Africa (“EMEA”);

and Asia Pacific Japan (“APJ”).

discussion of sales to our significant customers and sales within geographic regions is set forth in Notes 2 and 11 of Notes to Consolidated

Financial Statements included in Part II, Item 8 of this Report, which is incorporated herein by reference.

A discussion of factors potentially

affecting our customer and geographic concentrations is set forth in “Risk Factors” included in Part I, Item 1A of this Report,

which is incorporated herein by reference.

A discussion of sales to our significant customers and sales within geographic regions

is set forth in Notes 2 and 11 of Notes to Consolidated Financial Statements included in Part II, Item 8 of this Report, which is incorporated

herein by reference.

A discussion of factors potentially affecting our customer and geographic concentrations is set forth in “Risk

Factors” included in Part I, Item 1A of this Report, which is incorporated herein by reference.

Available Information

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Information About Our Executive Officers

Executive officers serve at the discretion of our board of directors

(the “Board”).

Executive officers serve at the discretion of our board of directors (the

There are no family relationships between any of our directors or executive officers.

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President and Chief Executive Officer

Brent Stringham

Chief Financial Officer

Mathi Gurusamy

Chief Strategy Officer

Vice President of Worldwide Sales

Chief Product and Strategy Officer

Chief Revenue Officer

SALEEL AWSARE has served as our President and Chief Executive Officer,

and as a member of our Board, since November 2023.

Awsare served as Senior Vice President and General Manager of the Enterprise and Mobile

Division of Synaptics Incorporated, a developer of human interface hardware and software, from September to November 2023.

Prior to that,

Awsare served as Senior Vice President and General Manager of the PC and Peripherals Unit of Synaptics from August 2020 to September

Awsare served as Senior Vice President and General Manager of the Enterprise and

Mobile Division of Synaptics Incorporated, a developer of human interface hardware and software, from September to November 2023.

Awsare served as Senior Vice President and General Manager of the PC and Peripherals Unit of Synaptics from August 2020 to

September 2023;

Senior Vice President and General Manager of Synaptics’s IoT Division from April 2019 to July 2020;

and Senior Vice President

of Corporate Marketing & Investor Relations at Synaptics from October 2018 until April 2019.

Prior to joining Synaptics as Corporate

Vice President and General Manager of Audio & Imaging Products in August 2017, Mr.

Awsare was President of Conexant Systems, LLC,

a software developer and fabless semiconductor company, from March 2016 until Conexant’s acquisition by Synaptics in August 2017,

and Senior Vice

President of Corporate Marketing & Investor Relations at Synaptics from October 2018 until April 2019.

Prior to joining Synaptics

as Corporate Vice President and General Manager of Audio & Imaging Products in August 2017, Mr.

Awsare was President of Conexant Systems,

LLC, a software developer and fabless semiconductor company, from March 2016 until Conexant’s acquisition by Synaptics in August

2017, and Conexant’s Senior Vice President & General Manager of Audio & Imaging from April 2012 to March 2016.

Prior to joining

Conexant, Mr.

joining Conexant, Mr.

Awsare served as President of U.S.

Operations and General Manager of Audio & Voice Solutions of Nuvoton Technology Corporation,

a Taiwan-based semiconductor company, from December 2008 to March 2012.

WHITAKER has served as our Chief Financial Officer since

September 2011 and served as our interim Chief Executive Officer from June 2023 until Mr.

Awsare’s appointment in November 2023.

Whitaker returned to Lantronix after serving as Vice President, Corporate Controller at Mindspeed, a supplier of semiconductor solutions

for network infrastructure, from January 2011 to September 2011.

Whitaker previously served as our Vice President of Finance and Accounting

from September 2010 to January 2011, where he was responsible for managing all worldwide finance and accounting functions.

also served as our Senior Director of Finance and Accounting from February 2006 to September 2010 and our Director of Finance and Accounting

from August 2005 to February 2006.

Prior to August 2005, Mr.

Whitaker held vice president and director level finance and accounting positions

with two publicly-traded companies and worked in the assurance practice at Ernst & Young LLP for six years.

MATHI GURUSAMY has served as our Chief Strategy Officer since May 2024.

Operations and General Manager of Audio & Voice Solutions of Nuvoton Technology

Corporation, a Taiwan-based semiconductor company, from December 2008 to March 2012.

BRENT STRINGHAM has served as our Chief Financial Officer since January

Stringham joined Lantronix in 2012 and previously served as the Company’s interim Chief Financial Officer and Chief Accounting

Officer since September 2024.

Prior to that, he served as our Senior Director of Finance and Corporate Controller beginning in February

Previously, Mr.

Stringham served as Controller at Iteris, Inc., a provider of software, hardware and services for smart mobility

infrastructure management, from January 2009 to February 2012, and Netlist, Inc., a developer and manufacturer of computer memory subsystems,

from March 2007 to January 2009.

Stringham was an Audit Manager at Ernst & Young LLP from 2000 to 2007.

MATHI GURUSAMY has served as our Chief Product and Strategy Officer since

Previously Mr.

Gurusamy served as our Chief Strategy Officer since May 2024.

Prior to joining Lantronix, Mr.

Gurusamy served as Chief Operating Officer at Ikotek USA, Inc., a global provider of original design manufacturing

for IoT, from November 2023 to May 2024.

Gurusamy served as President at Telit Cinterion, an end-to-end IoT solutions enabler, from

October 2022 to October 2023, and previously served at Telit as Chief Operating Officer from January 2010 to March 2016 and as Global

VP – Operations & Supply Chain from June 2008 to December 2009.

He also served as President and Chief Operating Officer of Mobilogix,

a startup company specializing in custom IoT solutions, from April 2016 to June 2018 and as Chief Executive Officer and President from

June 2018 until Mobilogix’s acquisition by Telit in September 2022.

KURT HOFF has served as our Vice President of Worldwide Sales since

Prior to his appointment at Lantronix, Mr.

Hoff served as Vice President of Global Sales at MYTHIC AI, a venture-backed AI

processor company, from May 2022 to December 2022.

Gurusamy served

as Chief Operating Officer at Ikotek USA, Inc., a global provider of original design manufacturing for IoT, from November 2023 to May

Gurusamy served as President at Telit Cinterion, an end-to-end IoT solutions enabler, from October 2022 to October 2023, and

previously served at Telit as Chief Operating Officer from January 2010 to March 2016 and as Global VP – Operations & Supply

Chain from June 2008 to December 2009.

He also served as President and Chief Operating Officer of Mobilogix, a startup company specializing

in custom IoT solutions, from April 2016 to June 2018 and as Chief Executive Officer and President from June 2018 until Mobilogix’s

acquisition by Telit in September 2022.

KURT HOFF has served as our Chief Revenue Officer since April 2025.

Hoff served as our Vice President of Worldwide Sales since March 2024.

Prior to joining Lantronix, Mr.

Hoff served as Vice President

of Global Sales at MYTHIC AI, a venture-backed AI processor company, from May 2022 to December 2022.

Previously, Mr.

Hoff served as Senior Vice President of Worldwide Sales at Synaptics

Inc., a developer of human interface hardware and software, from July 2017 to July 2020, and at Conexant Systems, Inc., a software developer

and fabless semiconductor company, from November 2015 until Conexant’s acquisition by Synaptics in July 2017.

He also served as

Senior Vice President of Worldwide Sales at Silicon Laboratories Inc.

Hoff served as Senior

Vice President of Worldwide Sales at Synaptics Inc., a developer of human interface hardware and software, from July 2017 to July 2020,

and at Conexant Systems, Inc., a software developer and fabless semiconductor company, from November 2015 until Conexant’s acquisition

by Synaptics in July 2017.

He served as Senior Vice President of Worldwide Sales at Silicon Laboratories Inc.

from July 2007 until November

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business