Sonim Technologies Inc
NASDAQ:SONM
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Sonim Technologies Inc
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Sonim Technologies Inc
Sonim Technologies, Inc. engages in the design and manufacture of mission-critical smart phone-based solutions for workers in extreme, hazardous, and isolated environments. The company is headquartered in Austin, Texas and currently employs 77 full-time employees. The company went IPO on 2019-05-10. The firm sells its ruggedized mobile phones and accessories to the three wireless carriers in the United States, AT&T, T-Mobile and Verizon, as well as the three wireless carriers in Canada, Bell, Rogers and Telus Mobility. The firm also sells its ruggedized phones, barcode scanners and accessories through distribution channels in North America, South America and Europe. The Company’s devices and accessories connect workers with voice, data and workflow applications in two end markets, industrial enterprise and public sector. The Company’s solutions include ultra-rugged mobile phones based on the Android platform, industrial-grade accessories and software applications and cloud-based tools that provide management and deployment services to its customers.
Sonim Technologies, Inc. engages in the design and manufacture of mission-critical smart phone-based solutions for workers in extreme, hazardous, and isolated environments. The company is headquartered in Austin, Texas and currently employs 77 full-time employees. The company went IPO on 2019-05-10. The firm sells its ruggedized mobile phones and accessories to the three wireless carriers in the United States, AT&T, T-Mobile and Verizon, as well as the three wireless carriers in Canada, Bell, Rogers and Telus Mobility. The firm also sells its ruggedized phones, barcode scanners and accessories through distribution channels in North America, South America and Europe. The Company’s devices and accessories connect workers with voice, data and workflow applications in two end markets, industrial enterprise and public sector. The Company’s solutions include ultra-rugged mobile phones based on the Android platform, industrial-grade accessories and software applications and cloud-based tools that provide management and deployment services to its customers.
Revenue: Sonim reported Q1 2021 revenue of $12.2 million, down slightly from $12.7 million last year, reflecting a decline in legacy product sales partially offset by new product launches.
Gross Margin: Gross profit rose 14% to $2.5 million, with margins improving to 20.1% from 17.0% due to higher margin scanner sales and recovery from COVID-related disruptions.
Legal Costs: Operating expenses increased mainly due to $2.4 million in legal costs related to an ongoing SEC investigation, with further elevated legal spending expected until the matter is resolved.
New Products: The company launched the RS80 and RS60 rugged smart scanners, received strong customer feedback, and announced a $10 million pre-order for new feature phones from a North American carrier.
Capital Strategy: Sonim is exploring equity or debt financing and has retained B. Riley as its investment bank to strengthen its balance sheet and explore strategic alternatives.
No Guidance: The company did not provide specific forward guidance but expects margin improvement as next-generation products ramp in the second half of the year.
