IRVINE, Calif., June 13, 2024 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader in compute and connectivity IoT solutions, today announced that it has won a 2024 IoT Evolution Asset Tracking Award from IoT Evolution magazine. Lantronix won for its FOX3 telematic gateways based on its Quantum Aviation case study. This award honors excellence in innovation utilizing IoT technologies to automate the asset tracking functions to increase efficiencies, reduce theft or optimize utilization of the asset.
A long-standing customer of Lantronix telematic products, Quantum Aviation Solutions of Frankfurt, Germany, incorporated the Lantronix FOX3 series to gather real-time data for its fleet management software, which is installed at airports around the world. With the FOX3 gateway, critical signals are collected and transferred to the Quantum software solution that provides immediate visibility as well as historic analysis that supports increased efficiency and reduced cost.
Ursula Hess, CEO of Quantum Aviation, said, “Utilizing Lantronix’s FOX3 series telematic gateways, we are able to feed reliable, real-time data to our cloud-based software solution, which gives our aviation customers access to critical information for real-time visibility and actions as well as long-term analytics.”
According to Berg Insight, the global shipments of aftermarket telematics devices will grow at a CAGR of 10.5 percent in the next five years, reaching 77.6 million units in 2027 for a total market value estimated to reach $3.7 billion by 2027.
“We are delighted to be honored for our contributions in IoT asset tracking management,” said Brian Jaroszewski, director of Product Line Management for Lantronix. “Our successes with Quantum Aviation and other customers provide reliable proof of our ability to deliver innovation telematics management solutions that enable our customers to drive growth and success.”
Lantronix Quantum Aviation Case Study Highlights
Quantum Aviation utilizes Lantronix’s FOX3 telematic gateways for:
- Fleet management transparency and digitization
- Analytics for improved efficiency and cost reduction
- Remote management via Web or Desktop
- Advanced encryption, including AES, SSL/TLS
To learn more about Lantronix telematic devices and the benefits they bring to the IoT asset management segment as well as read other use cases, visit https://www.lantronix.com/.
About Lantronix
Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries, including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to achieve success in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.
For more information, visit the Lantronix website.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This media alert contains forward-looking statements within the meaning of federal securities laws, including without limitation statements related to its FOX3 telematic gateways, including statements about their reliability, security and flexibility. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 12, 2023, including in the section entitled “Risk Factors” in Item 1A of Part I of such report; in our Quarterly Reports on Form 10-Q for the fiscal quarter ended Dec. 31, 2023, filed with the SEC on Feb. 8, 2024, and for the fiscal quarter ended March 31, 2024, filed with the SEC on May 2, 2024, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.
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