IRVINE, Calif., March 6, 2024 — Lantronix Inc. (NASDAQ: LTRX), a global provider of compute and connectivity IoT solutions that target high-growth industries, including Smart Cities, Automotive and Enterprise, today announced its new Snapdragon™ 8 Gen 3 mobile hardware development kit (HDK). A single-board computer (SBC) built on the Snapdragon 8 Gen 3 Platform, the new HDK provides an expandable, feature-rich starting point for the development of new mobile applications and devices utilizing Qualcomm™ Technologies Inc.’s Snapdragon 8650 System-on-Chip (SoC).

“Our new hardware development kit is a Qualcomm Snapdragon 8 Gen 3 platform that delivers nearly double the AI performance of the previous model, enabling the development of powerful AI solutions that open up new possibilities in robotics, video and edge AI,” said Brian Jaroszewski, director of Product Line Management at Lantronix. “Based on our long-standing relationship with Qualcomm, Lantronix continually delivers cutting-edge solutions that empower its customers to create breakthrough technology-driven solutions.”

According to Grand View Research, the Multimodal AI Market was estimated at $1.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 35.8 percent from 2024 to 2030.

Twice the AI Performance of Previous Gen 2 Model

The Snapdragon 8 Gen 3 mobile HDK gives customers, OEMs, hardware vendors and software developers a Qualcomm-based solution that delivers powerful AI capabilities with rich graphics at very low power. The HDK is an excellent platform for testing and executing a Large-Language Model (LLM), a type of artificial intelligence algorithm that uses deep learning techniques and large data sets to understand, generate and predict new content, all at the edge. The Qualcomm AI Engine in the Snapdragon 8 Gen 3 is the company’s first AI Engine to support multi-modal generative AI models to locally handle text, image and speech to address use cases such as dynamic content creation, image and video labeling and context-aware response.

Qualcomm’s Snapdragon 8 Gen 3 Mobile Platform

The Snapdragon 8 Gen 3 Mobile Platform delivers premium-level performance across all mobile experiences, enabling users to achieve newfound creativity with generative AI and intelligent capture for one-of-a-kind content, such as voice-activated photo and video editing, as well as enjoy console-defying 240 FPS mobile gaming or listen to studio-quality audio, all backed by the world’s fastest mobile connectivity.

About Lantronix 

Lantronix Inc. is a global provider 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: Any statements set forth in this news release that are not entirely historical and factual in nature, including without limitation statements related to our solutions, technologies and products and expectations regarding our management and our future growth and profitability. 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 Report on Form 10-Q for the fiscal quarter ended Dec. 31, 2023, filed with the SEC on Feb. 8, 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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Lantronix Media Contact:

Gail Kathryn Miller

Corporate Marketing & Communications Manager

[email protected]

949-212-0960

Lantronix Analyst and Investor Contact:

Jeremy Whitaker

Chief Financial Officer

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949-450-7241