Socket Mobile Reports Second Quarter and Six-Months 2022 Results

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[{"type":"text","content":"FREMONT, Calif., July 28, 2022 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (\"GAAP\") for the three and six months ended June 30, 2022.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2022 Financial Highlights: \nRevenue increased 2% to $6.05 million, compared to $6.0 million in the prior-year quarter, and decreased by 4% sequentially compared to $6.3 million in Q1 2022.Gross margin was 50.2% compared with 54.7% for the prior year's quarter and 49.7% in the preceding quarter. Margins were negatively impacted by increased component and shipping costs.Operating expenses for the second quarter of 2022 were $2.8 million, an increase of 17% compared to operating expenses of $2.4 million in the prior year quarter, and an increase of 7% sequentially in the preceding quarter.Operating income was $189,000 compared to an operating income of $814,000 for the prior-year quarter, and $464,000 in the preceding quarter.\"In Q2, we experienced some strong headwinds, and our results were impacted by supply chain issues and material shortages that were outside our control. The majority of our business is driven by the deployments of App-driven mobile Point of Sale (mPOS) systems, which were greatly impacted by the shortage of hardware components such as mobile printers and cash drawers. Although we were in a position to deliver the scanners, the end customers needed components from other providers to deploy successfully. The upgrade portion of our business, where end customers add scanning after they deploy initial systems, remained strong. Our balance sheet and liquidity continue to be in a healthy position to meet the challenging environment,\" said Kevin Mills, president and chief executive officer.\n\"In Q2, we announced the launch of SocketScan S720, an upgraded version of the S700, that reads both 1D and 2D barcodes on paper and screen. S720 is a drop-in replacement for our most popular product, S700, while adding QR code functionality that has become increasingly important in today's digital-centric world. In Q3, we will launch an upgrade program to allow existing S700 customers to upgrade their existing scanners ...

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