Socket Mobile Reports Fourth Quarter 2024 and Full Year Results
Socket Mobile (NASDAQ: SCKT) reported its Q4 and full-year 2024 financial results. Q4 revenue reached $4.8M, up 10% YoY and 25% QoQ, with a gross margin of 51.0%. The company posted a Q4 operating loss of $411K, improving from $476K loss year ago.
Full-year 2024 revenue increased 10.2% to $18.8M, with a gross margin of 50.4%. Annual operating loss improved to $2.5M from $3.1M in 2023. The company expanded its product lineup with new XtremeScan Mag devices and launched S320, their first countertop QR Code Payment Reader. Socket Mobile also introduced Alfred, an AI-powered developer support tool, and updated their CaptureSDK for iOS 18 compatibility.
Socket Mobile (NASDAQ: SCKT) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. I ricavi del Q4 hanno raggiunto i 4,8 milioni di dollari, con un aumento del 10% rispetto all'anno precedente e del 25% rispetto al trimestre precedente, con un margine lordo del 51,0%. L'azienda ha registrato una perdita operativa di 411.000 dollari nel Q4, migliorando rispetto alla perdita di 476.000 dollari dello scorso anno.
I ricavi dell'intero anno 2024 sono aumentati del 10,2% a 18,8 milioni di dollari, con un margine lordo del 50,4%. La perdita operativa annuale è migliorata a 2,5 milioni di dollari rispetto ai 3,1 milioni di dollari del 2023. Socket Mobile ha ampliato la sua gamma di prodotti con i nuovi dispositivi XtremeScan Mag e ha lanciato S320, il loro primo lettore di pagamento QR Code da banco. Socket Mobile ha anche introdotto Alfred, uno strumento di supporto per sviluppatori alimentato da intelligenza artificiale, e ha aggiornato il loro CaptureSDK per la compatibilità con iOS 18.
Socket Mobile (NASDAQ: SCKT) informó sobre sus resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos del Q4 alcanzaron los 4,8 millones de dólares, un 10% más que el año anterior y un 25% más que el trimestre anterior, con un margen bruto del 51,0%. La compañía registró una pérdida operativa de 411.000 dólares en el Q4, mejorando respecto a la pérdida de 476.000 dólares del año pasado.
Los ingresos del año completo 2024 aumentaron un 10,2% a 18,8 millones de dólares, con un margen bruto del 50,4%. La pérdida operativa anual se redujo a 2,5 millones de dólares desde los 3,1 millones de dólares en 2023. Socket Mobile amplió su línea de productos con nuevos dispositivos XtremeScan Mag y lanzó el S320, su primer lector de pagos por código QR de mostrador. Socket Mobile también presentó a Alfred, una herramienta de soporte para desarrolladores impulsada por inteligencia artificial, y actualizó su CaptureSDK para la compatibilidad con iOS 18.
Socket Mobile (NASDAQ: SCKT)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 매출은 480만 달러에 달하며, 전년 대비 10%, 전 분기 대비 25% 증가하였고, 총 이익률은 51.0%입니다. 회사는 4분기에 41만 1천 달러의 운영 손실을 기록했으며, 이는 작년의 47만 6천 달러 손실에서 개선된 수치입니다.
2024년 연간 매출은 10.2% 증가하여 1880만 달러에 이르며, 총 이익률은 50.4%입니다. 연간 운영 손실은 310만 달러에서 250만 달러로 개선되었습니다. Socket Mobile은 새로운 XtremeScan Mag 장치로 제품 라인을 확장하고, 첫 번째 카운터 QR 코드 결제 리더인 S320을 출시했습니다. 또한, Socket Mobile은 인공지능 기반의 개발자 지원 도구인 Alfred를 소개하고, iOS 18 호환성을 위한 CaptureSDK를 업데이트했습니다.
Socket Mobile (NASDAQ: SCKT) a annoncé ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Les revenus du Q4 ont atteint 4,8 millions de dollars, en hausse de 10 % par rapport à l'année précédente et de 25 % par rapport au trimestre précédent, avec une marge brute de 51,0 %. L'entreprise a enregistré une perte opérationnelle de 411 000 dollars au Q4, s'améliorant par rapport à la perte de 476 000 dollars de l'année précédente.
Les revenus de l'année complète 2024 ont augmenté de 10,2 % pour atteindre 18,8 millions de dollars, avec une marge brute de 50,4 %. La perte opérationnelle annuelle s'est améliorée à 2,5 millions de dollars contre 3,1 millions de dollars en 2023. Socket Mobile a élargi sa gamme de produits avec de nouveaux appareils XtremeScan Mag et a lancé le S320, leur premier lecteur de paiement par code QR de comptoir. Socket Mobile a également introduit Alfred, un outil de support pour développeurs alimenté par l'IA, et a mis à jour leur CaptureSDK pour la compatibilité avec iOS 18.
Socket Mobile (NASDAQ: SCKT) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Die Umsätze im Q4 beliefen sich auf 4,8 Millionen Dollar, was einem Anstieg von 10 % im Vergleich zum Vorjahr und 25 % im Vergleich zum Vorquartal entspricht, mit einer Bruttomarge von 51,0 %. Das Unternehmen verzeichnete im Q4 einen operativen Verlust von 411.000 Dollar, was eine Verbesserung gegenüber dem Verlust von 476.000 Dollar im Vorjahr darstellt.
Die Umsätze für das gesamte Jahr 2024 stiegen um 10,2 % auf 18,8 Millionen Dollar, mit einer Bruttomarge von 50,4 %. Der jährliche operative Verlust verbesserte sich auf 2,5 Millionen Dollar von 3,1 Millionen Dollar im Jahr 2023. Socket Mobile erweiterte sein Produktangebot mit neuen XtremeScan Mag-Geräten und brachte S320 auf den Markt, ihren ersten QR-Code-Zahlungsleser für den Tisch. Socket Mobile stellte auch Alfred vor, ein KI-gestütztes Entwicklerunterstützungstool, und aktualisierte ihr CaptureSDK für die Kompatibilität mit iOS 18.
- Revenue up 10.2% YoY to $18.8M in 2024
- Q4 revenue increased 25% QoQ to $4.8M
- Gross margin improved to 50.4% in 2024 from 49.7% in 2023
- Operating loss reduced to $2.5M from $3.1M YoY
- Operating loss of $411K in Q4 2024
- Net loss per share worsened to ($0.30) in 2024 from ($0.27) in 2023
- Slower than expected adoption in warehousing and logistics sectors
- Q4 gross margin declined to 51.0% from 52.8% YoY
Insights
Socket Mobile's Q4 2024 results show promising revenue momentum amid ongoing profitability challenges. The company reported
The full-year revenue of
While operating losses narrowed year-over-year (Q4 operating loss of
The gross margin compression in Q4 (
Socket Mobile's strategic focus on retail POS applications appears to be gaining traction, while the slower-than-expected adoption in warehousing and logistics highlights execution challenges in diversifying revenue streams. The company's new product introductions targeting the Bring Your Own Device (BYOD) market represent a calculated bet on changing workplace mobility trends, but success will depend on effective differentiation in an increasingly crowded market.
The launch of the S320 countertop QR Code Payment Reader demonstrates Socket's attempt to capitalize on the growing digital payment ecosystem beyond traditional barcode scanning. However, this market expansion comes with heightened competition from both established players and well-funded startups.
For investors, the critical question remains whether Socket Mobile can leverage its recent revenue momentum to achieve sustainable profitability. With four consecutive years of operating losses, the company needs to demonstrate that its product expansion and customer engagement initiatives can drive sufficient scale to overcome its fixed cost structure. The next 1-2 quarters will be important in determining whether Q4's improvements represent a genuine inflection point or merely a temporary respite in an ongoing struggle.
Fourth Quarter 2024 Financial Highlights:
- Revenue of
$4.8 million 10% increase compared to$4.4 million 25% increase sequentially compared to$3.9 million - Gross margin of
51.0% compared with52.8% in the prior year quarter and49.0% in the preceding quarter. - Operating loss was
$411,000 $476,000 $1,031,000 - Diluted earnings per share of
$0.00 $0.08 $0.15
Full Year 2024 Financial Highlights:
- Revenue for the full year of 2024 was
$18.8 million $17.0 million 10.2% year-over-year. - Gross margin for 2024 was
50.4% compared to49.7% in 2023. - Operating loss was
$2.5 million $3.1 million - Net loss per share of (
$0.30 $0.27
"Our financial performance in both Q4 and 2024 improved compared to 2023, driven by the growth of our business serving retail POS application providers. Adoption in the warehousing and logistics sectors is taking longer than expected. Through our evaluation, we've identified key areas for improvement and are taking steps to strengthen our position," said Kevin Mills, President, and Chief Executive Officer.
"In 2024, we focused on expanding our market presence with the launch of several new products. The XtremeScan product family grew with the introduction of XtremeScan Mag devices—XS630, XS640, XG630, and XG640—designed for the increasing number of workers who use a single phone for both personal and business needs. The Bring Your Own Device (BYOD) category represents a significant yet underserved market where we see strong growth potential. The BYOD XtremeScan products are complementary to the Xtreme version and use dedicated iPhones.
Additionally, we introduced the S320, our first countertop QR Code Payment Reader, offering a versatile solution for retail POS application providers. Beyond QR Code payment processing, the S320 supports age verification, access control, ticket validation, loyalty programs, and couponing. We also updated our CaptureSDK and our entire line of barcode scanners and NFC reader/writers to be fully compatible with iOS 18," continued Mr. Mills.
"As part of our ongoing efforts to enhance customer engagement, we launched a new website and an updated developer portal, Alfred—an AI-powered tool that provides CaptureSDK developers with 24/7 multilingual support. The improved platform offers streamlined navigation and content, making it easier for users to access resources and explore our full range of solutions."
"Looking ahead, we remain committed to innovation, expanding our product offerings, and strengthening our market position. By improving our technology and customer support, we are building a solid foundation for the future. We appreciate the support of our customers and partners as we move forward," concluded Mills.
Conference Call
The management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly and year-end results and outlook for the future. The dial-in number to access the live conference call is (800) 237-1091, toll-free from within the
About Socket Mobile, Inc.
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computers and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.
Socket Mobile Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com
Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2025, Socket Mobile, Inc. All rights reserved.
– Financial tables to follow –
Socket Mobile, Inc. | ||||
Year ended Dec 31, | Three months ended Dec 31, | |||
(Unaudited) | 2023* | (Unaudited) | 2023* | |
Revenue | $ 4,831 | $ 4,398 | ||
Cost of revenue | 9,311 | 8,571 | 2,366 | 2,078 |
Gross profit | 9,452 | 8,463 | 2,465 | 2,320 |
Gross profit percent | 50.4 % | 49.7 % | 51.0 % | 52.8 % |
Research & development | 4,721 | 4,832 | 1,119 | 1,188 |
Sales & marketing | 4,414 | 4,016 | 1,106 | 1,003 |
General & administrative | 2,779 | 2,736 | 651 | 605 |
Total operating expenses | 11,914 | 11,584 | 2,876 | 2,796 |
Operating income (loss) | (2,462) | (3,121) | (411) | (476) |
Interest expense | (331) | (242) | (102) | (72) |
Loss before income taxes | (2,793) | (3,363) | (513) | (548) |
Deferred income tax benefit (expense) | 551 | 1,444 | 551 | 1,460 |
Net income (loss) | $ (2,242) | $ (1,919) | $ 38 | $ 912 |
Net income (loss) per share: | ||||
Basic | $ (0.30) | $ (0.27) | $ 0.00 | $ 0.11 |
Fully diluted | $ (0.30) | $ (0.27) | $ 0.00 | $ 0.08 |
Weighted average shares outstanding: Basic Fully diluted |
7,558 7,558 |
7,230 7,230 |
7,605 7,703 |
7,327 9,486 |
*Derived from audited financial statements. |
Socket Mobile, Inc. | ||
(Unaudited) |
| |
Cash | $ 2,492 | $ 2,827 |
Accounts receivable | 1,588 | 1,700 |
Inventories | 4,942 | 5,409 |
Deferred costs on shipments to distributors Other current assets | 143 431 | 323 441 |
Property and equipment, net | 2,787 | 3,033 |
Deferred tax assets | 10,663 | 10,112 |
Intangible assets, net | 1,432 | 1,559 |
Operating leases right-of-use assets | 2,604 | 3,088 |
Other long-term assets | 264 | 250 |
Total assets | $ 27,346 | $ 28,742 |
Accounts payable and accrued liabilities | $ 1,977 | $ 2,185 |
Subordinated convertible notes payable, net of discount | 150 | 150 |
Subordinated convertible notes payable, net of discount-related party | 3,818 | 2,836 |
Deferred revenue on shipments to distributors | 392 | 826 |
Deferred service revenue | 31 | 33 |
Operating lease liabilities | 2,817 | 3,292 |
Total liabilities | 9,185 | 9,322 |
Common stock | 69,374 | 68,391 |
Accumulated deficit | (50,175) | (47,933) |
Treasury stock | (1,038) | (1,038) |
Total equity | 18,161 | 19,420 |
Total liabilities and equity | $ 27,346 | |
*Derived from audited financial statements. |
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SOURCE Socket Mobile, Inc.
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