Socket Mobile Reports Third Quarter 2024 Results
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) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 3,9 milioni di dollari, mostrando un incremento del 21% rispetto all'anno precedente, ma una diminuzione del 24% rispetto al trimestre precedente. L'azienda ha registrato un margine lordo del 49% e una perdita operativa di 1,0 milione di dollari. Le spese operative sono state di 2,9 milioni di dollari, in aumento del 4% rispetto all'anno scorso, ma in calo del 6% rispetto al trimestre precedente. La società ha completato un finanziamento tramite nota convertibile di 1,0 milione di dollari nell'agosto 2024 per supportare l'espansione nel mercato industriale. Il saldo di cassa si attestava a 2,9 milioni di dollari, in aumento rispetto ai 2,8 milioni di dollari di fine 2023. L'azienda ha annunciato la compatibilità dei suoi prodotti con iOS 18 e iPhone 16.
Socket Mobile (NASDAQ: SCKT) reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 3,9 millones de dólares, mostrando un aumento del 21% en comparación con el año anterior, pero una disminución del 24% con respecto al trimestre anterior. La compañía obtuvo un margen bruto del 49% y una pérdida operativa de 1,0 millón de dólares. Los gastos operativos fueron de 2,9 millones de dólares, un aumento del 4% respecto al año pasado, pero una disminución del 6% secuencialmente. La empresa completó un financiamiento a través de una nota convertible de 1,0 millón de dólares en agosto de 2024 para apoyar la expansión en el mercado industrial. El saldo de efectivo se situó en 2,9 millones de dólares, en comparación con los 2,8 millones de dólares a finales de 2023. La empresa anunció la compatibilidad de sus productos con iOS 18 y el iPhone 16.
소켓 모바일 (NASDAQ: SCKT)은 2024년 3분기 재무 결과를 발표했으며, 매출은 390만 달러로 전년 대비 21% 증가했지만, 직전 분기 대비 24% 감소했습니다. 회사는 49%의 총수익률과 100만 달러의 운영 손실을 기록했습니다. 운영 비용은 290만 달러로, 작년 대비 4% 증가했지만, 직전 분기 대비 6% 감소했습니다. 회사는 산업 시장 확장을 지원하기 위해 2024년 8월에 100만 달러의 전환사채 자금 조달을 완료했습니다. 현금 잔고는 290만 달러로 2023년 말의 280만 달러에서 증가했습니다. 회사는 자사의 제품이 iOS 18 및 아이폰 16과 호환된다고 발표했습니다.
Socket Mobile (NASDAQ: SCKT) a publié les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 3,9 millions de dollars, affichant une augmentation de 21 % par rapport à l'année précédente, mais une diminution de 24 % par rapport au trimestre précédent. L'entreprise a enregistré une marge brute de 49 % et une perte d'exploitation de 1,0 million de dollars. Les charges d'exploitation se sont élevées à 2,9 millions de dollars, en hausse de 4 % par rapport à l'année dernière, mais en baisse de 6 % par rapport au trimestre précédent. L'entreprise a complété un financement par une note convertible de 1,0 million de dollars en août 2024 pour soutenir l'expansion sur le marché industriel. Le solde de trésorerie s'élevait à 2,9 millions de dollars, en hausse par rapport à 2,8 millions de dollars à la fin 2023. L'entreprise a annoncé la compatibilité de ses produits avec iOS 18 et l'iPhone 16.
Socket Mobile (NASDAQ: SCKT) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und einen Umsatz von 3,9 Millionen Dollar gemeldet, was einem Anstieg von 21 % im Vergleich zum Vorjahr entspricht, jedoch einem Rückgang von 24 % im Vergleich zum vorherigen Quartal. Das Unternehmen verzeichnete eine Bruttomarge von 49 % und einen operativen Verlust von 1,0 Million Dollar. Die Betriebskosten betrugen 2,9 Millionen Dollar, ein Anstieg von 4 % im Vergleich zum Vorjahr, jedoch ein Rückgang von 6 % im Vergleich zum vorherigen Quartal. Das Unternehmen schloss im August 2024 eine Finanzierung durch eine wandelbare Anleihe in Höhe von 1,0 Million Dollar ab, um die Expansion im Industriesektor zu unterstützen. Der Kassenbestand betrug 2,9 Millionen Dollar, ein Anstieg gegenüber 2,8 Millionen Dollar zum Ende 2023. Das Unternehmen kündigte die Kompatibilität seiner Produkte mit iOS 18 und dem iPhone 16 an.
- 21% year-over-year revenue growth to $3.9 million
- Gross margin improved to 49% from 44.2% year-over-year
- Operating expenses decreased 6% sequentially to $2.9 million
- Cash balance increased to $2.9 million from $2.8 million at year-end 2023
- Secured $1.0 million in convertible note financing
- 24% sequential revenue decline from $5.1 million in Q2
- Operating loss of $1.0 million, up 93% from previous quarter's $0.5 million loss
- Revenue performance below company projections
- Slower than expected new product evaluation affecting revenue
Insights
Socket Mobile's Q3 2024 results reveal concerning trends despite some year-over-year improvements. The
While gross margin improved to
Third Quarter 2024 Financial Highlights:
- Revenue of
$3.9 million 21% increase compared to$3.2 million 24% sequential decrease compared to$5.1 million - Gross margin of
49% versus44.2% in the prior year's quarter and50.9% in the preceding quarter. - Operating expenses were
$2.9 million 4% increase compared to the prior year's period and a decrease of6% compared to$3.1 million - Operating loss amounted to
$1.0 million 26% from a loss of$1.4 million 93% from a loss of$0.5 million - Cash balance on September 30, 2024 was approximately
$2.9 million $2.8 million $2.1 million $1.0 million
"Our Q3 revenue was lower than projected. We also experienced slower, albeit positive evaluation of our new products, which delayed the associated revenue," said Kevin Mills, President, and Chief Executive Officer.
"To support our expansion into the industrial market, we completed a
"We look forward to your participation in the upcoming conference call, where we will discuss the company's progress with its new products and market expansion." concluded Mr. Mills.
Conference Call
Management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly 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 Mobile is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2024, Socket Mobile, Inc. All rights reserved.
Socket Mobile, Inc. | ||||
Condensed Summary Statements of Operations (Unaudited) | ||||
(Amounts in thousands except per share amounts) | ||||
Three months ended | Nine months ended | |||
2024 | 2023 | 2024 | 2023 | |
Revenue | $ 3,872 | $ 3,206 | $ 13,932 | $ 12,635 |
Cost of revenue | 1,975 | 1,788 | 6,946 | 6,493 |
Gross margin | 1,897 | 1,418 | 6,986 | 6,142 |
Gross margin percent | 49.0 % | 44.2 % | 50.1 % | 48.6 % |
Research & development | 1,162 | 1,207 | 3,602 | 3,643 |
Sales & marketing | 1,122 | 1,002 | 3,308 | 3,014 |
General & administrative | 644 | 608 | 2,128 | 2,131 |
Total operating expenses | 2,928 | 2,817 | 9,038 | 8,788 |
Operating loss | (1,031) | (1,399) | (2,052) | (2,646) |
Interest expense, net | (84) | (76) | (229) | (170) |
Income tax benefit (expense) | -- | 150 | -- | (16) |
Net loss | ||||
Net loss per share: | ||||
Basic | $ (0.30) | $ (0.34) | ||
Fully diluted | $ (0.30) | $ (0.34) | ||
Weighted average shares outstanding: Basic Fully diluted |
7,600 7,600 |
7,320 7,320 |
7,542 7,542 |
7,197 7,197 |
Socket Mobile, Inc. | ||
Condensed Summary Balance Sheets | ||
(Amounts in Thousands) | ||
(Unaudited) Sept 30, 2024 | December 31, | |
Cash | $ 2,913 | $ 2,827 |
Accounts receivable | 1,441 | 1,700 |
Inventories | 5,250 | 5,409 |
Deferred costs on shipments to distributors Other current assets | 266 472 | 323 441 |
Property and equipment, net | 2,824 | 3,033 |
Deferred tax assets | 10,112 | 10,112 |
Intangible assets, net | 1,464 | 1,559 |
Operating leases right-of-use assets | 2,730 | 3,088 |
Other long-term assets | 249 | 250 |
Total assets | $ 27,721 | $ 28,742 |
Accounts payable and accrued liabilities | $ 2,116 | $ 2,185 |
Subordinated convertible notes payable, net of discount | 150 | 150 |
Subordinated convertible notes payable, net of discount-related party | 3,830 | 2,836 |
Deferred revenue on shipments to distributors | 688 | 826 |
Deferred service revenue | 34 2,941 | 33 3,292 |
Total liabilities | 9,759 | 9,322 |
Common stock | 69,213 | 68,391 |
Accumulated deficit | (50,213) | (47,933) |
Treasury stock | (1,038) | (1,038) |
Total equity | 17,962 | 19,420 |
Total liabilities and equity | $ 27,721 | $ 28,742 |
*Derived from audited financial statements. |
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SOURCE Socket Mobile, Inc.
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