Business
Sonim Announces Insider Purchases of SONM Equity
San Diego, California--(Newsfile Corp. - April 4, 2023) - Sonim Technologies (NASDAQ: SONM) today announced that members of its management team have completed
About this update from Dna X, Inc.
[{"type":"text","content":"San Diego, California--(Newsfile Corp. - April 4, 2023) - Sonim Technologies (NASDAQ: SONM) today announced that members of its management team have completed open market equity purchases during an insider buying window that closed on March 31, 2023. In total, Sonim insiders purchased 270,000 shares.\n\"These purchases are a compelling demonstration that Sonim's leadership team believes strongly in our business plan and the results demonstrated to date in our successful turnaround efforts,\" said Peter Liu, Sonim's Chief Executive Officer. \"The new management team's strategy to grow sales in both our core rugged mobility business and in adjacent channels where we can leverage our unique engineering and ODM capabilities has steadily advanced Sonim to its goal of profitability.\"\nSonim recently announced fourth quarter 2022 revenue of $24.1 million, a 51% increase year-over-year. Net loss declined 91% year-over-year, to just $1.0 million. The company ended 2022 with cash and cash equivalents of $13.2 million, accounts receivable of $22.4 million and inventory of $3.9 million, demonstrating Sonim's ability to self-fund its organic growth strategy to achieve its goal of cash positive operations.\nAbout Sonim Technologies, Inc.\nSonim Technologies is a leading U.S. provider of ultra-rugged, rugged and consumer durable mobile devices designed to provide extra protection for users that demand more durability in their work and everyday lives. We currently sell our ruggedized mobility solutions to several of the largest wireless carriers in the United States - including AT&T, T-Mobile and Verizon - as well as the three largest wireless carriers in Canada - Bell, Rogers and Telus Mobility. Our ruggedized phones and accessories are also sold through distributors in North America and Europe. Sonim devices and accessories connect users with voice, data, workflow and lifestyle applications that enhance the user experience while providing an extra level of protection. For more information, visit www.sonimtech.com.\nImportant Cautions Regarding Forward-Looking Statements\nThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to, among other things, Sonim's ability to achieve cash positive operations. These forward-looking statements are ...