FREMONT,
Calif., Feb. 25, 2025 /PRNewswire/ -- Socket
Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and
delivery solutions for enhanced workplace productivity, today
reported financial results that are determined in accordance with
generally accepted accounting principles in the United States ("GAAP") for the three and
twelve months ended December 31,
2024.
Fourth Quarter 2024 Financial Highlights:
- Revenue of $4.8 million, a 10%
increase compared to $4.4 million in
the comparable prior year quarter and a 25% increase sequentially
compared to $3.9 million in Q3
2024.
- Gross margin of 51.0% compared with 52.8% in the prior year
quarter and 49.0% in the preceding quarter.
- Operating loss was $411,000
compared to an operating loss of $476,000 a year ago and an operating loss of
$1,031,000 in the preceding
quarter.
- Diluted earnings per share of $0.00 compared to diluted earnings per share of
$0.08 a year ago and a net loss per
share of ($0.15) in the prior
quarter.
Full Year 2024 Financial Highlights:
- Revenue for the full year of 2024 was $18.8 million versus $17.0
million in 2023, an increase of 10.2% year-over-year.
- Gross margin for 2024 was 50.4% compared to 49.7% in 2023.
- Operating loss was $2.5 million
in 2024 compared to operating loss of $3.1
million in 2023.
- Net loss per share of ($0.30),
compared to a net loss per share of ($0.27) in the prior year.
"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 U.S., or (848) 488-9280
(toll).
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 Fremont, Calif., and can be reached at
+1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on
LinkedIn, X, and keep up with our latest News and Updates.
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.
Condensed Summary Statements of
Operations
(Amounts in thousands except per share
amounts)
|
|
|
Year ended Dec
31,
|
Three months ended Dec
31,
|
|
(Unaudited)
2024
|
2023*
|
(Unaudited)
2024
|
2023*
|
|
Revenue
|
$ 18,763
|
$ 17,034
|
$
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.
Condensed Summary Balance Sheets
(Amounts
in Thousands)
|
|
|
(Unaudited)
December 31, 2024
|
December 31,
2023*
|
|
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
|
$ 28,742
|
|
|
*Derived from audited
financial statements.
|
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SOURCE Socket Mobile, Inc.
