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Sonim Reports 51% Year-Over-Year Fourth Quarter Sales Increase
Launches XP10 Next-Generation Rugged Android Smartphone with Major Carriers New Management Model Successfully Driving Growth in Adjacent Markets San Diego,
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[{"type":"text","content":"Launches XP10 Next-Generation Rugged Android Smartphone with Major Carriers New Management Model Successfully Driving Growth in Adjacent Markets\nSan Diego, California--(Newsfile Corp. - March 20, 2023) - Sonim Technologies, Inc. (NASDAQ: SONM), a leading provider of ultra-rugged, rugged and consumer durable mobile devices including phones, tablets and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the fourth quarter and full year ended December 31, 2022.\nFourth Quarter 2022 and Recent Highlights\n\nNet revenues increased 51% year-over-year to $24.1 million, from $15.9 million in the fourth quarter 2021, and 18% sequentially from $20.5 million in the third quarter 2022\nNet loss declined by 91% to $1.0 million, from a net loss of $11.7 million in the fourth quarter of 2021 and from a net loss of $1.6 million in the third quarter 2022\nLaunched Sonim's first ultra-rugged 5G smartphone, the best-in-class Sonim XP10, now broadly available with tier-1 North American carriers in the U.S. and Canada\nLaunched a First Net ready XP10 5G ultra rugged smartphone for public safety customers\nLaunched the XP3plus flip phone featuring NextNav Pinnacle Vertical Location Capabilities, available to Verizon and Verizon Frontline customers\nShipped an additional $15.6 million in new tablet orders, leveraging Sonim's expanded ODM capabilities as the company moves into large adjacent growth markets\nEnded the quarter 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 cash positive operations\n\nPeter Liu, Sonim's Chief Executive Officer, said: \"2022 was an exciting year of operational progress and growth at Sonim. We reported 51% year-over-year revenue growth in the fourth quarter, confirming the success of the new management team's strategy to deliver on our core rugged mobile device heritage as well as expand into adjacent markets. This strategy has consistently increased sales, improved gross profit and controlled operating expenses over the course of 2022, reducing net loss to just $1.0 million in the fourth quarter as we track steadily to cash positive operations.\n\"We are pleased with the ea...