Business
Sonim Expects Continued Sequential Growth in the Fourth Quarter
Current Balance Sheet Supports Drive to Profitable Operations San Diego, California--(Newsfile Corp. - December 15, 2022) - Sonim Technologies (NASDAQ: SONM)
About this update from Dna X, Inc.
[{"type":"text","content":"Current Balance Sheet Supports Drive to Profitable Operations\nSan Diego, California--(Newsfile Corp. - December 15, 2022) - Sonim Technologies (NASDAQ: SONM) today announced that it expects continued sequential growth in the fourth quarter of 2022, ending December 31, with revenue anticipated to be in excess of $24 million.\nAchieving at least $24 million in fourth quarter revenue would represent sequential growth of at least 17% from revenue of $20.5 million in the third quarter 2022 and year-over-year growth of at least 51% from revenue of $15.9 million in the fourth quarter 2021.\nSonim CEO Peter Liu said, \"The new management team's strategy to deliver on our core rugged mobile lineage while expanding into large and underserved adjacent markets has already transformed our business in the second half of 2022. Sonim's fully refreshed rugged mobile phone line is now available across Tier-1 carriers in North America, and we continue to accelerate our expansion into adjacent device opportunities, such as our robust and high growth tablet business. On both fronts, Sonim is just getting started, and we will continue to expand our device offerings with new core industrial and consumer durable applications in 2023.\"\n\"The third quarter demonstrated our plan's ability to rapidly reduce net loss in our drive to profitability. We remain laser focused on maintaining revenue growth and holding operating expenses to efficient levels in the fourth quarter and into 2023,\" said Clay Crolius, CFO of Sonim. \"We believe our existing balance sheet provides the cash necessary for this transformation. We intend to fund our growth from cash available and, when we achieve a scale requiring additional working capital for inventory and receivables, establish financing lines based upon our high-quality business relationships with top-tier U.S. and global counterparties.\"\nSonim has announced availability of its new best-in-class rugged XP10 5G Android smartphone device. Together with the widely deployed XP3plus and XP5plus rugged phones, Sonim has now completed the refresh of its rugged mobile devices lineup sold by North American Tier One carrier partners. Additionally, the Company has launched adjacent tablet devices manufactured under other brand names for sale by its carrier partners, including the latest order for $17 million of devices to be...