Socket Mobile (SCKT) Reports Q1 EPS of $0.03, Revenues Beat

April 22, 2021 4:19 PM EDT

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Socket Mobile (NASDAQ: SCKT) reported Q1 EPS of $0.03, versus ($0.01) reported last year. Revenue for the quarter came in at $4.8 million versus the consensus estimate of $4.19 million.

First Quarter Financial Highlights:

  • Revenue for the first quarter of 2021 was $4.8 million, up 14% from $4.2 million in the first quarter of 2020.
  • Operating expenses for both the first quarter of 2021 and 2020 were $2.3 million.
  • Net income for the first quarter of 2021 was $203,000, or $0.03 per basic and fully diluted share, compared to a net loss of ($90,000), or ($0.01) per basic and fully diluted share, in the first quarter of 2020.
  • Q1 2021 ending cash position of $5.0 million, an increase of $2.8 million from the previous quarter.

"We are off to a strong start to 2021 with continued solid growth in bookings. The deployments of business applications, particularly in retail as the economy re-opens, have served as a key driver of our underlying growth in Q1," said Kevin Mills, president and chief executive officer. "We are seeing strong demand but are also experiencing supply chain and logistics issues. Our operations team is taking every measure to cope with supply interruption and to protect our supply and margins. We are working hard and remaining focused on serving our customers, while ensuring we stay safe and healthy."

"The positive demand trend we are seeing is encouraging as it validates our application driven business model. We remain focused on strengthening our application developer tools, meeting the requirements of our customers with a breadth of products that align with their needs, and investing in new products to drive long-term profitable growth.

"In Q1, we entered into a technology transfer agreement with SpringCard SAS, a market leader in the contactless field. Under the agreement, we acquired a perpetual, royalty-free license to the core technology to use in our products and to support new requirements in the future. Our DuraScan D600 Contactless Reader/Writer and SocketScan S550 Contactless Reader/Writer include this core contactless technology. The SocketScan S550 supports both contactless cards and phone-centric mobile passes. The S500 is Apple Value Added Services (VAS) and Google Wallet certified for mobile passes.

"We look forward to providing more details on the key drivers of our recent performance along with updates on our business and products during our first quarter earnings call," concluded Mills.

For earnings history and earnings-related data on Socket Mobile (SCKT) click here.

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