Lantronix, Inc.

Good afternoon and welcome to the Landtronic's second quarter 2024 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Rob Adams. Please go ahead.

Good afternoon, everyone, and thank you for joining the second quarter fiscal 2024 conference call. Joining us on the call today are Saleel Aousseret, Chief Executive Officer, and Jeremy Whitaker, 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 its 10-K and its 10-Q. Landtronics 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'll now turn the call over to Saleel Al-Sarai, Lentronics President and CEO.

Thanks, Rob, and thank you, everyone, for joining us on the call today. I'm happy to be speaking to you for the first time since I joined at the end of November. I'm pleased to report record results for the second quarter of FY2024 with total revenues of $37 million in FYQ2, an increase of 18% compared to the same period of FY2023, and an increase of 12% over the last quarter. And we expect record revenue for fiscal 2024. I'm optimistic about the future of Lantronics given our wide array of leadership in technology, strong product pipeline, and growing customer engagement. I thought it would be helpful to provide some of my background and why I joined Lantronics, as well as also discuss some of the initiatives that I'm driving in the short term. For more than 25 years, I've navigated the high-tech landscape, driving successes across hardware, software, and services. Most recently, I was the Senior Vice President and General Manager of the Enterprise and Mobile Business at Synaptics, the company's largest division. Prior to that, I ran the IoT division. While at Synaptics, I made significant changes streamlining operations, prioritizing customer centricity, and implementing robust go-to-market methodologies that led to significant gross margin and profitability improvements. Across multiple companies, including Connexant, Winbond, and Synaptics, I've established a track record of business performance improvement across a range of metrics. When the Lantronics opportunity was presented, it was quickly apparent to me that there is much potential to be unlocked. The macro trends of IoT are accelerating, and Lantronics, with its unique portfolio of secure compute and connect solutions, is perfectly positioned to capitalize on this momentum. From wireless routers, programmable telematics, out-of-band management, edge compute modules, and a rapidly growing secure custom solution business. We have the breadth and depth to be the differentiated and trusted vested supplier of IoT solutions, providing unparalleled global reach and coverage. As a new president and CEO, I see myself as a steward of shareholder capital, and I take that responsibility seriously. You'll find me direct, results-oriented, and focused on building a profitable, growing business. In my first 60 days, I met with many customers, partners, and employees, immersing myself in our strengths and opportunities. However, my focus remains on enhancing performance. We've launched multiple initiatives, including the strategic portfolio review, delving deeply into various areas like engineering, operations, and marketing. In FYQ2, we made our first volume shipment, to our Smart Grid customer, and we have the backlog in place to drive a strong wrap for the remainder of the year. In FY 2025, we expect to transition to a run-rate business, receiving purchase orders against our existing design win and in line with lead times. Having just met with the customer in Europe, I'm happy to say that the relationship has deepened, and I expect this to be a long-term engagement. Other noteworthy business highlights include the commencement of volume shipments of our FOX3 gateway device to a major telecom carrier. This device enables tracking, data collection, communication, and diagnostics in power critical applications. Initial deployments will be generators supplying cell towers. This adoption is driven by mandates in power backup systems and state energy reporting standards. And finally, Our out-of-band products continue to perform well with our large enterprise customers resuming purchases. Before I hand over the call to Jeremy to review the Q2 financials in more detail, I'd like to conclude by saying I'm really excited about the opportunity ahead at Landtronics. Since I've been on board, I've been impressed with our team, the broad portfolio of technology and IP, and our great customers. We have a lot of work ahead of us as we continue down the transformation, but I'm confident we have the building blocks in place to drive Lantronics to become an even stronger company built on differentiated and sustainable franchises that generate profitable growth. I'll now turn over the call to Jeremy Whitaker, Lantronics Chief Financial Officer.