Business
Sonim Reports First Quarter Financial Results
Sonim Moves into Large Semi-Rugged and Industrial Growth Markets Through Proposed Equity Transaction U.S. Carrier Orders for upcoming XP5 Plus and XP10
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[{"type":"text","content":"Sonim Moves into Large Semi-Rugged and Industrial Growth Markets Through Proposed Equity Transaction\nU.S. Carrier Orders for upcoming XP5 Plus and XP10 Smartphone \nAUSTIN, Texas, May 10, 2022 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), a leading U.S. provider of ultra-rugged mobile devices, accessories and solutions designed specifically for task workers physically engaged in their work environments, reported financial results for the first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2022 and Recent Highlights \nNet revenues in the first quarter of 2022 were $13.3 million, an increase of 8.3% compared with $12.2 million in the first quarter 2021.Net loss in the first quarter of 2022 was $7.2 million, compared with a net loss of $9.3 million in the first quarter of 2021.Ended the quarter with cash and cash equivalents of $10.6 millionAnnounced a proposed $17.5 million strategic equity transaction with AJP Holding Company, LLC to purchase 20.8 million shares at $0.84 per share, subject to stockholder approvalSecured $9.5 million in orders for the XP5 Plus feature phone and XP10 5G smartphone scheduled to launch later this yearAnnounced plans to use the AJP capital to enter larger growth markets by leveraging Sonim's expanded ODM partnerships to offer a wider range of 5G smartphones, feature phones, mobile hot spots and other industrial communications equipmentSaid Peter Liu, who was appointed Sonim's Chief Executive Officer effective April 14, 2022: \"We remain on track to launch our new feature phone this summer and new 5G smartphone this fall, having secured our first Tier One U.S. carrier stocking order for both products. These new devices will complete the eagerly anticipated update of Sonim's existing rugged product line and provide increased sales opportunities to our current rugged user base.\n\"With the proposed strategic investment from AJP, we have embarked on a transformation process at Sonim to leverage our deep relationships with Tier One carriers and rugged engineering heritage to become the top middle market provider of rugged and industrial communication devices in North America. We intend to deploy our expanded ODM relationships to accelerate the development of a wider range of complementary 5G smartphones, feature phones, mobile hot spots and other industrial communication...