Business
Sonim Reports 66% Sequential Revenue Increase in Second Quarter
Net Revenues $21.1 Million, Gross Margin Increases to 23.4% AUSTIN, Texas, Aug. 12, 2020 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), a leading
About this update from Dna X, Inc.
[{"type":"text","content":"Net Revenues $21.1 Million, Gross Margin Increases to 23.4%\n\n\nAUSTIN, Texas, Aug. 12, 2020 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, reported financial results for the second quarter ended June 30, 2020. \n\n \n \n \n \n \n \n\n \nSequential Second Quarter 2020 and Recent Highlights \nNet revenues of $21.1 million, an increase of 65.7% from the first quarter Gross margin increased to 23.4%, compared with 17.0% in the first quarter GAAP net loss declined to $7.1 million, from $10.0 million in the first quarter Raised $27.6 million in gross proceeds from a public offering Eliminated $10.2 million in debt and accrued interest through repayment and conversion Ended the quarter with cash and equivalents of $38.1 million.Year-Over-Year Second Quarter 2020 Highlights \nNet revenues of $21.1 million, a decrease of 51.9% from the 2019 second quarter Gross margin decreased to 23.4%, compared with 33.0% in the prior year second quarter GAAP net loss increased to $7.1 million, from $5.6 million in the 2019 second quarterSaid Tom Wilkinson, Chief Executive Officer: \"Our improved carrier relationships and increased marketing drove a 65.7% sequential increase in revenue compared to our first quarter of 2020 as we execute on our turnaround plan. We also improved gross margin sequentially to more than 23% in spite of the ongoing effects of the COVID-19 pandemic on our supply chain.\" \nWilkinson added: \"We continued to expand our relationships with both carrier and enterprise customers and evaluated opportunities to deploy capital into organic and strategic opportunities. In addition to a 39% decrease in operating expense from the prior year, we have drastically improved our balance sheet, resulting in a well-capitalized company with a solid foundation for future innovation and growth.\" \nSecond Quarter 2020 Financial ResultsNet revenues for the second quarter of 2020 increased 65.7% to $21.1 million from $12.7 million in the first quarter of 2020. The increase in net revenues was primarily attributable to expanded carrier relationships and enterprise distribution capabilities. \nGross profit for the second quarter of 2020 increased sequentially to $4.9 million (23.4% of net revenue...