Sonim Technologies Inc. (NASDAQ: SONM) show a rise in its stock during pre-market while the stock was on the increase in regular trading as per the latest record. This is because the company has announced its Fourth quarterly financial results of 2020 on March 10, 2021. The company deals with ultra-rugged mobility solutions specially designed for task workers engaged physically in their work environments, often in mission-critical roles. Of its type, Sonim technology is a leading company in the USA.
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Fourth Quarter Results
- The company’s net revenue in the fourth quarter of 2020 was $15.8 million, which was $14.4 million in the third quarter. This increase in net income is due to the rise in sales of XP8 smartphone devices.
- Gross profit recorded in Q4 2020 was $3.7 million, which is 23.5% of net revenues. It was $4.4 million in the third quarter of 2020, whereas it was calculated at $4.2 million in Q4 of 2019.
- The net loss recorded for the fourth quarter of 2020 is $6.4 million or $0.10 per basic and diluted share compared to the net loss of $6.5 million and $8.3 million in Q3 of 2020 and Q4 of 2019, respectively.
- Sonim Technologies ended its year 2020 with cash and cash equivalents of $22.1 million.
- The operating expense has also increased in the fourth quarter to $11.2 million from $10.5 million recorded in third-quarter results and $11.6 million in Q4 results of 2019. This increase in operating expense is due to a rapid rise in research and development of Sonim’s previously mentioned next generation of products.
The company has announced its deal with a subsidiary Foxconn Technology Group Inc. (NASDAQ: FIH),to provide help and support for Sonim’snext-generation feature phones’ engineering and manufacturing.
Another recent development in the company is the beginning of the Sonim smart scanner product platform’s commercial sales starting in Q1 of 2021, which is Sonim’s first handheld and first tablet computer to have integrated barcode scanners. Through this,Sonim will enter a new $2 billion worldwide TAM and open sales opportunities in non-US markets.
Lastly, the company has announced that their India-based software development center will be transferred to Coforge,hopefully decreasing the personnel and real estate costs.