Business
Sonim Reports Third Quarter Financial Results
Revenue Increases 42% Year-Over-Year as New Orders Ramp Launching Next-Generation Rugged Android Smartphone in Q4 San Diego, California--(Newsfile Corp. -
About this update from Dna X, Inc.
[{"type":"text","content":"Revenue Increases 42% Year-Over-Year as New Orders Ramp\nLaunching Next-Generation Rugged Android Smartphone in Q4\nSan Diego, California--(Newsfile Corp. - November 14, 2022) - Sonim Technologies, Inc. (NASDAQ: SONM), a leading provider of ultra-rugged, rugged and consumer durable mobile devices including phones, tablets and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the third quarter ended September 30, 2022.\nThird Quarter 2022 and Recent Highlights\n\nNet revenues increased 42% year-over-year to $20.5 million, from $14.4 million in the third quarter 2021, and 72% sequentially from $12.0 million in the second quarter 2022\nNet loss declined to $1.6 million, from a net loss of $10.9 million in the third quarter of 2021 and from a net loss of $4.2 million in the second quarter 2022\nExpanded the launch of Sonim's next generation products, the XP5plus rugged feature phone and XP3plus rugged flip phone, at multiple tier-one U.S. and Canadian carriers such as AT&T and Telus\nAnnounced Sonim's new rugged 5G Android smartphone will commence shipping in the fourth quarter 2022, completing the update of Sonim's best-in-class rugged mobile device lineup for major North American carriers\nShipped $13.9 million in new tablet orders, leveraging Sonim's expanded ODM capabilities as the company moves into large adjacent growth markets\nClosed a $17.5 million strategic equity transaction at $0.84 per share\nEnded the quarter with cash and cash equivalents of $15.5 million, accounts receivable of $16.3 million and inventory of $4.1 million\n\nSaid Peter Liu, Sonim's Chief Executive Officer: \"Sonim's 42% year-over-year revenue growth reported in the third quarter demonstrates that we are successfully deploying our new strategy to expand our rugged product portfolio, leverage our ODM capability to enter large adjacent growth markets and make full use of our expertise in North American carrier certification and product design. The new management team was also able to improve gross margin, closely control operating expenses and greatly reduce our net loss as we move steadily toward our goal of profitable operations.\n\"We are excited to announce that the Sonim XP10, our refreshed 5G rugged Android smartphone device, will commence sales wi...