Socket Mobile Reports First Quarter 2024 Results
First Quarter 2024 Financial Highlights:
- Revenue of
$5.0 million , reflecting a 15% increase compared to$4.3 million for the prior year's quarter, and a 13% sequential increase compared to$4.4 million for the preceding quarter. - Gross margin of 50.3% versus 48.1% in the prior year's quarter and 52.8% in the preceding quarter.
- Operating expenses remained unchanged at
$3.0 million compared to the prior year's period and increased from$2.8 million in the preceding quarter. - Operating loss amounted to
$0.5 million , a decrease from$1.0 million in the prior year's quarter, and remained unchanged from the loss of$0.5 million in the preceding quarter. - Cash balances on
March 31, 2024 were approximately$2.8M , similar to those as ofDecember 31, 2023 .
"Our first quarter results were in line with our expectations," said
"As we look ahead, our focus remains on promoting our new products and pursuing new opportunities. We've made progress in promoting our camera-based scanning technology by integrating it with our app partners' platforms, enabling their customers to scan barcodes directly into their apps and enhance productivity. We're advocating for the adoption of our advanced version of SocketCam C860, catering to both cost-conscious and feature-conscious data capture requirements within a single application. As customers upgrade to SocketCam C860, this selection will generate a recurring revenue stream for us each month," continued Mills.
"We also see traction with our XtremeScan and DuraScan Wear products in the industrial barcode market, facilitating the use of iPhones and iOS applications in rugged work environments.
"Additionally, we announced availability of the DuraSled™ Bluetooth Barcode Scanners for the iPhone 15. Our DuraSled models combine 1D/2D Bluetooth barcode scanning capabilities into a handheld sled case for iPhones, creating a one-handed solution. Employers can now support workers who use iPhone 15 in addition to supporting older iPhones all using the same chargers, accessories, and SDK," continued
"We look forward to discussing our new products and strategies for fostering sales growth in the upcoming conference call," concluded
Conference Call
Management of
About
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 computer 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
Socket Mobile Investor Contact:
Chief Financial Officer
510-933-3016
lynn@socketmobile.com
© 2024,
– Financial tables to follow –
Condensed Summary Statements of Operations (Unaudited) ( Amounts in thousands except per share amounts) |
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|
||
|
Three months ended |
|
|
2024 |
2023 |
Revenue |
|
|
Cost of revenue |
2,473 |
2,240 |
Gross margin |
2,505 |
2,072 |
Gross margin percent |
50.3 % |
48.1 % |
Research & development |
1,208 |
1,247 |
Sales & marketing |
1,031 |
1,006 |
General & administrative |
751 |
774 |
Total operating expenses |
2,990 |
3,027 |
Operating loss |
(485) |
(955) |
Interest expense, net |
(72) |
(38) |
Income tax expense |
-- |
-- |
Net loss |
$ (557) |
$ (993) |
Net loss per share: |
|
|
Basic |
$ (0.07) |
$ (0.12) |
Fully diluted |
$ (0.07) |
$ (0.12) |
Weighted average shares outstanding: |
|
|
Basic |
7,442 |
7,107 |
Fully diluted |
7,442 |
7,107 |
Condensed Summary Balance Sheets (Amounts in Thousands) |
||
|
||
|
(Unaudited)
|
|
Cash |
$ 2,772 |
$ 2,827 |
Accounts receivable |
2,073 |
1,700 |
Inventories |
5,413 |
5,409 |
Deferred costs on shipments to distributors |
363 |
323 |
Other current assets |
380 |
441 |
Property and equipment, net |
2,796 |
3,033 |
Deferred tax assets |
10,112 |
10,112 |
Intangible assets, net |
1,528 |
1,559 |
Operating leases right-of-use assets |
2,976 |
3,088 |
Other long-term assets |
249 |
250 |
Total assets |
$ 28,662 |
$ 28,742 |
Accounts payable and accrued liabilities |
$ 2,385 |
$ 2,185 |
Subordinated convertible notes payable, net of discount |
150 |
150 |
Subordinated convertible notes payable, net of discount-related party |
2,837 |
2,836 |
Deferred revenue on shipments to distributors |
912 |
826 |
Deferred service revenue |
34 |
33 |
Operating lease liabilities |
3,185 |
3,292 |
Total liabilities |
9,503 |
9,322 |
Common stock |
68,687 |
68,391 |
Accumulated deficit |
(48,490) |
(47,933) |
|
(1,038) |
(1,038) |
Total equity |
19,159 |
19,420 |
Total liabilities and equity |
$ 28,662 |
$ 28,742 |
*Derived from audited financial statements. |
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