Business
Sonim Reports Third Quarter 2021 Financial Results
Company Reports 20% Sequential Increase in Revenue Launches First New Carrier Device in Two Years, More Planned for 2022 AUSTIN, Texas, Nov. 10, 2021
About this update from Dna X, Inc.
[{"type":"text","content":"Company Reports 20% Sequential Increase in Revenue\n Launches First New Carrier Device in Two Years, More Planned for 2022\n\n\nAUSTIN, Texas, Nov. 10, 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 third quarter ended September 30, 2021. \n\n \n \n \n \n \n \n\n \nThird Quarter 2021 and Recent Highlights \nNet revenues of $14.4 million, an increase of 20.0% compared with $12.0 million in the second quarter 2021. Gross profit was 12.4%, reflecting changes in product mix and average unit pricing. Net loss was $10.9 million, compared with a net loss of $6.7 million in the second quarter of 2021. Ended the quarter with cash and cash equivalents of $10.2 million compared with $6.9 million at June 30, 2021. Launched the Company's next generation XP3plus at major U.S. carriers and continued development of additional rugged phones for launch in 2022. Regained compliance with the Nasdaq continued listing standards. Said Bob Tirva, President, Chief Financial Officer and Chief Operating Officer: \"We were very pleased to see the initial sales volume for our next generation rugged flip phone, the XP3plus. We initially launched with T-Mobile, then added Verizon late in the third quarter. In the fourth quarter, we have expanded the availability to include T-Mobile retail stores and are readying a release for Canada as well as a new global variant, opening worldwide addressable market opportunities for further expansion.\n\"We continue to invest proactively in R&D activities to support our customer design awards. We are making good progress on additional next generation devices, including a 5G rugged smartphone, and a feature phone with expanded Push-to-Talk (PTT) capabilities. We currently expect these additional devices to be available in mid-2022. This will give Sonim a fully refreshed line of ultra-rugged mobile devices designed specifically to excel in even the most demanding work environments.\" \nThird Quarter 2021 Financial Results\nNet revenues for the third quarter of 2021 increased 20.0% to $14.4 million, compared with $12.0 million in the second quarter of 2021. The change in net revenue reflected carrier demand for ...