Socket Mobile, Inc. New - SCKT STOCK NEWS

Socket Mobile (NASDAQ: SCKT) reported Q3 2024 financial results with revenue of $3.9 million, showing a 21% increase year-over-year but a 24% decrease from the previous quarter. The company posted a gross margin of 49% and an operating loss of $1.0 million. Operating expenses were $2.9 million, up 4% from last year but down 6% sequentially. The company completed a $1.0 million convertible note financing in August 2024 to support industrial market expansion. Cash balance stood at $2.9 million, up from $2.8 million at 2023-end. The company announced compatibility of its products with iOS 18 and iPhone 16.

Socket Mobile (NASDAQ: SCKT) has announced the release date for its third quarter 2024 financial results. The company, a leading provider of data capture and delivery solutions, will disclose its results on Thursday, October 24, 2024, after the market closes. Following the release, Socket Mobile will host a conference call at 5 p.m. Eastern Time (2 p.m. Pacific Time) to discuss the results.

Investors and interested parties can access the live conference call by dialing (800) 237-1091 toll-free from within the U.S. or (848) 488-9280 (toll) from outside the country. This announcement provides shareholders and analysts with an opportunity to gain insights into Socket Mobile's financial performance and future outlook directly from the management team.

Socket Mobile (NASDAQ: SCKT) has expanded its XtremeScan family of industrial barcode scanners with three new BYOD products: XS640, XS630, and XG630. These scanners are now compatible with iPhone 16 and all other mobile devices, offering high-performance barcode scanning in demanding environments. The XS640 provides fast 1D/2D scanning, while the XS630 and XG630 offer precise 1D laser scanning.

Key features of the XtremeScan family include:

• Secure magnetic attachment system for easy device switching
• Rugged durability for tough conditions
• Flexibility for various industries like delivery, logistics, and manufacturing

Socket Mobile (NASDAQ: SCKT) has announced full compatibility of its CaptureSDK and entire line of barcode scanners and NFC reader/writers with iOS 18. This ensures that Apple users can maximize the utility of Socket Mobile data readers with their Bluetooth-paired iPhones or iPads. The compatibility allows business applications to run smoothly on Apple's latest platform, offering stability, efficiency, and access to new features.

Dave Holmes, Chief Business Officer at Socket Mobile, emphasized the company's commitment to supporting app developer partners and providing ultimate device compatibility. App development partners only need to upgrade their apps to the latest version of CaptureSDK to ensure compatibility and take advantage of new features. Socket Mobile's support team is available to ensure seamless operation of data capture solutions.

CaptureSDK, integrated into thousands of applications, enables efficient data capture in the physical world, maximizing solution value and increasing customer productivity. With iOS 18 compatibility, CaptureSDK offers a new level of control and adaptability for iOS app developers.

Socket Mobile (NASDAQ: SCKT) has secured a $1 million subordinated convertible note financing to bolster its working capital. The notes, maturing on August 21, 2027, carry a 10% interest rate payable quarterly in cash. Holders can demand repayment after August 21, 2025, and can convert the principal into common stock at $0.9515 per share. The financing involved company insiders, including the Board Chairman and CEO's son. The notes are secured by company assets but subordinate to existing debts with Western Alliance Bank.

Socket Mobile (NASDAQ: SCKT) has launched the SocketScan S320, a countertop QR code payment reader designed to facilitate consumer-presented QR code operations. The device caters to the rapidly growing global QR code payment market, valued at $11.2B in 2022 with a 16.5% CAGR. The S320 supports QR code payments, loyalty programs, digital IDs, and other applications like age verification and access control.

Key features of the S320 include:

• Compatibility with iPad and Android systems
• Portable design with battery or outlet power options
• High-performance scanning capabilities
• Integration through Socket Mobile's CaptureSDK

The S320 is now available through Socket Mobile's distribution partners and website at an MSRP of $189.

Socket Mobile (NASDAQ: SCKT) has appointed Alexis Hartmann to its Board of Directors, effective August 12, 2024. This addition expands the board to six members, with four being independent. Hartmann brings over 20 years of SaaS expertise, particularly in procurement and supply chain industries. His experience includes key roles at Prewave, Coupa, and Amplitude, where he helped launch European markets and guide companies through IPOs.

CEO Kevin Mills highlighted Hartmann's potential contributions to Socket Mobile's software offerings, including SocketCam camera scanners and CaptureSDK. Hartmann's connections in Africa and Latin America are seen as opportunities for expanding SocketCam usage in these growing markets. His appointment is expected to strengthen Socket Mobile's strategic vision and capabilities in data capture solutions.

Socket Mobile (NASDAQ: SCKT) reported its Q2 2024 financial results, showing a slight revenue decrease of 0.7% year-over-year to $5.08 million. The company faced challenges in the specialty retail sector, its primary revenue source. Key highlights include:

- Gross margin of 50.9%, down from 51.8% in Q2 2023
- Operating expenses increased 6% year-over-year to $3.1 million
- Operating loss widened to $535,000, up 84% from Q2 2023
- Cash balance of $2.1 million as of June 30, 2024

To address challenges, Socket Mobile is investing in new products like the SocketCam C860 app and expanding into new markets beyond retail. The company aims to reduce dependence on the retail sector and drive growth through innovative solutions for various industries.

Socket Mobile (NASDAQ: SCKT) has launched the XtremeScan Mag XG640, a rugged scanning solution for the transportation and logistics sectors. This BYOD (Bring Your Own Device) scanner integrates with employees' phones using a magnetic attachment system, enhancing efficiency in mobile workforces. The XG640 is designed for the last-mile delivery market, which is expected to double by 2030, growing at 8.8% CAGR.

The XG640 offers a cost-effective solution for SMBs and independent drivers, allowing them to use personal mobile devices for both navigation and scanning. This approach can lead to significant cost savings for companies, especially smaller trucking firms. The scanner is available for pre-order at an MSRP of $899 and will start shipping in September.