Following the receipt of a notable accolade, shares of Lantronix, Inc. (NASDAQ: LTRX) experienced a marked increase on the US stock charts on Thursday. LTRX stock ascended by 4.88% to $3.87 during the extended session, further enhancing the 1.93% gain observed in the regular session, culminating at $3.69.
Recognition For Innovation In Iot Technology
Lantronix (LTRX) was honored with the 2024 IoT Evolution Asset Tracking Award from IoT Evolution magazine, attributed to the company’s FOX3 telematic gateways and their application in the Quantum Aviation case study. This award celebrates exceptional innovation in the use of IoT technologies to automate asset tracking functions, thereby boosting efficiencies, minimizing theft, and optimizing asset utilization.
Quantum Aviation Solutions, based in Frankfurt, Germany, has long been a customer of Lantronix’s telematic products. By integrating the Lantronix FOX3 series, Quantum Aviation collects real-time data for its fleet management software, operational in airports globally. The FOX3 gateway facilitates the collection and transmission of critical signals to the Quantum software solution, offering immediate visibility and historical analysis, thereby enhancing efficiency and reducing costs.
Utilizing Lantronix’s FOX3 series telematic gateways, Quantum Aviation successfully provided reliable, real-time data to a cloud-based software solution, granting aviation clients access to essential information for real-time visibility and actions as well as long-term analytics.
According to Berg Insight, global shipments of aftermarket telematics devices are projected to grow at a CAGR of 10.5 percent over the next five years, reaching 77.6 million units by 2027, with an estimated market value of $3.7 billion by that year. Lantronix’s achievements with Quantum Aviation and other clients substantiate its capability to deliver innovative telematics management solutions that foster customer growth and success.
Expansion Into Retail Iot Solutions
In addition to its successes in the aviation sector, Lantronix recently published a case study on HY-LINE Group’s Smart Shelf, an easily deployable digital retail shelf signage solution that provides customer engagement and buying behavior analytics.
Lantronix’s proven IoT solutions enabled the HY-LINE Group to develop a digital retail signage system that merges the advantages of online and in-person shopping while offering retail chains the ability to capture valuable customer behavior analytics. The implementation of IoT solutions in the retail industry presents additional opportunities for Lantronix to demonstrate its capabilities in this expanding market.
