Business
Sonim Reports Second Quarter 2024 Results, Begins New Product Releases into Large New Addressable Markets
Commences launch of new connected solution and rugged smartphone portfolio with tier-one carriers in North America Expands European market presence and
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[{"type":"text","content":"Commences launch of new connected solution and rugged smartphone portfolio with tier-one carriers in North America\nExpands European market presence and development with leading carriers and distributors\nExpects return to sequential growth in Q3 and Q4 driven by additional carrier launches\nSan Diego, California--(Newsfile Corp. - August 9, 2024) - Sonim Technologies, Inc. (Nasdaq: SONM), a leading provider of mobility solutions that include ultra-rugged and rugged phones, connected devices and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the quarter ended June 30, 2024.\nSecond Quarter 2024 and Recent Highlights\n\nNet revenues were $11.5 million, compared to $16.8 million in the first quarter.\nGAAP net loss for the quarter was $6.6 million, including a $3.2 million impairment charge, compared to $2.9 million in the first quarter.\nAdjusted EBITDA[*] was negative $2.0 million, compared to negative $1.6 million in the first quarter 2024.\nEnded the quarter with cash and cash equivalents totaling $9.6 million, trade accounts receivable of $10.8 million, and inventory valued at $7.0 million.\nRaised $3.85 million in an equity transaction with each unit priced 126% above the closing price of the Company's common stock on April 26, 2024.\nCommenced launches for two of the 14 new product awards Sonim has secured to date with carriers in North America, Europe and Australia for Sonim's new portfolio of connected solutions and next-generation rugged devices.\nSecured a new product award for the 5G variant of the Sonim XP3plus flip phone with a tier-one carrier in the U.S.\nAdvanced European market entry plans with an expanded sales, marketing and customer service team driving carrier and regulatory qualification of Sonim's devices, customer engagement and establishment of local distribution channels.\nSecured a new product award for a new mobile hotspot from the connected solutions portfolio with a tier-one carrier in the Nordics, scheduled to launch in the second half 2024.\n\nPeter Liu, Sonim's Chief Executive Officer, said: \"We are excited to initiate the first commercial launches from our expanding portfolio of new rugged mobile and connected solutions devices. As a result of these new products and broad-based distribution, ...