Business
Sonim Reports Third Quarter Results
Gross Margin Increases to 30.6%, Sequential Improvement in Operations, Advances Expanded Device Offering AUSTIN, Texas, Nov. 11, 2020 /PRNewswire/ -- Sonim
About this update from Dna X, Inc.
[{"type":"text","content":"Gross Margin Increases to 30.6%, Sequential Improvement in Operations, Advances Expanded Device Offering\n\n\nAUSTIN, Texas, Nov. 11, 2020 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, reported financial results for the third quarter ended September 30, 2020. \n\n \n \n \n \n \n \n\n \nThird Quarter 2020 and Recent Highlights \nNet revenues of $14.4 million Gross margin increased to 30.6%, compared with 23.9% in the prior year quarter GAAP net loss declined to $6.5 million, or $0.10 per share Ended the quarter with cash and cash equivalents of $31.7 million Announced company's SmartScanner platform, our first handheld computer with integrated barcode scanner, as well as company's first tablet, also with integrated scanner, opening new $2 billion worldwide TAM, with products to ship in Q1 2021 Secured stocking product awards at major North American carriers for company's next generation Feature Phone products to be introduced in 2021\"We continued our transformation of Sonim to position the company for future growth driven by our next generation products, including our category-leading feature phones and our new SmartScanner platform,\" said Tom Wilkinson, Chief Executive Officer. \"While revenue in the third quarter was impacted by carrier partners accelerating deliveries into the second quarter and reducing inventory ahead of year end, we increased gross margin as a result of lower discounts and rebates needed to sell our products and achieved an additional 20% year-over-year reduction in operating costs, all of which enabled us to decrease our net loss. \n\"We continue to focus on selling our existing product portfolio, the most rugged mobile phone devices you can buy today, while we prepare for the launch of our first handheld barcode scanners and tablets in the first quarter and advance the engineering of our next generation products, including our feature phone product platform that will roll out in 2021. We believe that, given our improved operations and strong balance sheet, we have sufficient capital to develop and launch these products next year as we execute our 2021 plan.\" \nWilkinson added, \"Sonim's leading rugged mobility solutions and push-to-talk functionalit...