Business
Sonim Reports Second Quarter Results
Focused on Launch of Next Generation Ultra-Rugged Mobile Phone Products AUSTIN, Texas, Aug. 16, 2021 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM),
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[{"type":"text","content":"Focused on Launch of Next Generation Ultra-Rugged Mobile Phone Products\n\n\nAUSTIN, Texas, Aug. 16, 2021 /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 second quarter ended June 30, 2021. \n\n \n \n \n \n \n \n\n \nSecond Quarter 2021 and Recent Highlights \nNet revenues of $12.0 million, compared with $12.2 million in the first quarter 2021. Gross profit increased 8% sequentially over the first quarter, and gross margin increased sequentially to 22.2% from 20.1%. GAAP net loss improved to $6.7 million, or $0.10 per share, from a net loss of $9.3 million, or $0.14 per share in the first quarter. Ended the quarter with cash and cash equivalents of $6.9 million and subsequently raised an additional $8.4 million in net proceeds through its at-the-market equity offering program in July 2021. Continued with development of company's next generation of rugged phones, with initial high-volume feature phone scheduled for launch in the third quarter of 2021. Said Bob Tirva, President and Chief Operating Officer: \"Sonim has made significant progress preparing for the third-quarter launch of the first of our next-generation devices, an enhanced version of our highest volume feature phone. We expect this launch to be the start of a series of planned launches of products over the coming quarters, including the fulfillment of the two design awards at a major US carrier that we previously announced. We are optimistic that the new infrastructure bill will be potentially beneficial to Sonim and the market for ruggedized phones will expand. We think that the recent design wins are potentially indicative of this emerging trend.\n\"We also posted improved sequential operating results in the second quarter, including increased gross profit and reduced operating expenses, as the result of prudent expense management by our employees and a reduction of legal expenses. We continue to find ways to operate efficiently as we expand our product line with additional product launches scheduled for 2022.\"\nFirst Quarter 2021 Financial ResultsNet revenues for the second quarter of 2021 were $12.0 million, compared with $12.2 million in the first quar...