Lantronix
LTRX on Nasdaq. Lantronix sells edge computing hardware, software, and services to defense and industrial customers. Market value $333m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.78 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -6 cents a year. Above 10 is good.
Quality score: 52 of 100. Price score: 15 of 100. Our list needs 70 on quality and 60 on price.
$7.13 a share, 63% above its 1-year low
Over the past year the price has ranged from $4.37 to $8.75.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $130m | $131m | $160m | $123m | $121m |
| Operating margin | |||||
| Operating margin | -3.9% | -5.1% | -1.8% | -8.9% | -3.4% |
| Debt to equity | |||||
| Debt to equity | 0.22 | 0.28 | 0.24 | 0.20 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.05bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsStrong, 11.1% a year
- Buying back its own sharesNo, 28% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $31 million last quarter, up 8% on a year ago.
- A loss of $269,000, compared with a loss of $3 million a year ago.
- It loses 3 cents on each $1 of sales, compared with 9 cents a year earlier.
- Spare cash over the past 12 months: $9 million, up from $7 million.
- It has $60 million more cash than debt, up from $5 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $34m |
| December 2024 | $31m |
| March 2025 | $29m |
| June 2025 | $29m |
| September 2025 | $30m |
| December 2025 | $30m |
| March 2026 | $30m |
| June 2026 | $31m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | -$2m |
| March 2025 | -$4m |
| June 2025 | -$3m |
| September 2025 | -$1m |
| December 2025 | -$1m |
| March 2026 | -$1m |
| June 2026 | -$269,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 August 2026
- Next quarterly (estimated, 10-Q)
- 6 August 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 121 funds in all.
- Heartland AdvisorsBill Nasgovitz
- Value
- $5m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $7m | <0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $5m | 0.2% | |
| GMOJeremy Grantham | $104,982 | <0.1% | New |
Largest holders overall
- Needham Investment Management$19mNew
- BlackRock$13mAdded
- Vanguard Capital Management$9mAdded
- State Street$8mAdded
- AWM Investment Company$7mNew
- Royce & Associates$7mAdded
- Heartland Advisors$5m
- Geode Capital Management$5mAdded
- TWO Sigma Investments, LP$5mAdded
- Dimensional Fund Advisors LP$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%; 1 of them is pushing for change.
- Needham Investment Management L.L.C.Passive investorat least 7.1%(filed with 3 related holders)Since 18 June 2026
- BRUSCHA BERNHARDat least 6.0%(filed with 2 related holders)Since 1 December 2025
What they said
Item 4 is hereby amended to add the following: On December 1, 2025, TL Investment transferred to Mr. Bruscha all 5,166,471 shares of Common Stock of the Issuer held by TL Investment. On that same date, Mr. Bruscha gifted 3,000,000 shares, to TL Stiftung, as a gift. Accordingly,…
Read the filing - STRIDER CAPITAL, LLCPassive investor5.5%Since 30 June 2026
- Haluk L. BayraktarActivistWants the company soldat least 3.0%−0.6 pts(filed with 3 related holders)Since 10 March 2026
What they said
As described in the Original Schedule 13D, the Reporting Persons originally acquired the shares in the Issuer because they believed the Shares were materially undervalued and represented an attractive investment opportunity. As a result of the foregoing and as disclosed in…
Read the filing - TL StiftungPassive investorSold down below 5%Since 29 January 2026
| Holder | Stake | Since | |
|---|---|---|---|
Needham Investment Management L.L.C. Passive investor | at least 7.1% (filed with 3 related holders) | 18 June 2026 | |
BRUSCHA BERNHARD | at least 6.0% (filed with 2 related holders) | 1 December 2025 | What they saidItem 4 is hereby amended to add the following: On December 1, 2025, TL Investment transferred to Mr. Bruscha all 5,166,471 shares of Common Stock of the Issuer held by TL Investment. On that same date, Mr. Bruscha gifted 3,000,000 shares, to TL Stiftung, as a gift. Accordingly,… Read the filing |
STRIDER CAPITAL, LLC Passive investor | 5.5% | 30 June 2026 | |
Haluk L. Bayraktar Activist Wants the company sold | at least 3.0%−0.6 pts (filed with 3 related holders) | 10 March 2026 | What they saidAs described in the Original Schedule 13D, the Reporting Persons originally acquired the shares in the Issuer because they believed the Shares were materially undervalued and represented an attractive investment opportunity. As a result of the foregoing and as disclosed in… Read the filing |
TL Stiftung Passive investor | Sold down below 5% | 29 January 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $77,685 of shares on the open market. 1 sold $89,840.
- Awsare SaleelPresident & CEO, DirectorBought
- Date
- 9 September 2026
- Shares
- 15,000
- Price
- $5.18
- Value
- $77,685
- Gurusamy MathiChief Product & Strategy OfcrSold
- Date
- 13 March 2026
- Shares
- 14,467
- Price
- $6.21
- Value
- $89,840
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | Awsare Saleel President & CEO, Director | Bought | 15,000 | $5.18 | $77,685 |
| 13 March 2026 | Gurusamy Mathi Chief Product & Strategy Ofcr | Sold | 14,467 | $6.21 | $89,840 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, and no later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.