Sonim Technologies (SONM) Tops Q2 EPS by 5c, Revenues Beat

Sonim Technologies (NASDAQ: SONM) reported Q2 EPS of ($0.22), $0.05 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $21.1 million versus the consensus estimate of $14.9 million.

Sequential Second Quarter 2020 and Recent Highlights

• Net revenues of $21.1 million, an increase of 65.7% from the first quarter
• Gross margin increased to 23.4%, compared with 17.0% in the first quarter
• GAAP net loss declined to $7.1 million, from $10.0 million in the first quarter
• Raised $27.6 million in gross proceeds from a public offering
• Eliminated $10.2 million in debt and accrued interest through repayment and conversion
• Ended the quarter with cash and equivalents of $38.1 million.

Said Tom Wilkinson, Chief Executive Officer: "Our improved carrier relationships and increased marketing drove a 65.7% sequential increase in revenue compared to our first quarter of 2020 as we execute on our turnaround plan. We also improved gross margin sequentially to more than 23% in spite of the ongoing effects of the COVID-19 pandemic on our supply chain."

Wilkinson added: "We continued to expand our relationships with both carrier and enterprise customers and evaluated opportunities to deploy capital into organic and strategic opportunities. In addition to a 39% decrease in operating expense from the prior year, we have drastically improved our balance sheet, resulting in a well-capitalized company with a solid foundation for future innovation and growth."

For earnings history and earnings-related data on Sonim Technologies (SONM) click here.

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