Sonim Technologies (SONM) Misses Q1 EPS by 4c, Revenues Miss
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Sonim Technologies (NASDAQ: SONM) reported Q1 EPS of ($0.14), $0.04 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $12.2 million versus the consensus estimate of $12.97 million.
First Quarter 2021 and Recent Highlights
- Net revenues of $12.2 million, compared with $12.7 million in the first quarter 2020.
- Gross profit increased 14% year-over-year, and gross margin increased from the first quarter of 2020 to 20.1%.
- GAAP net loss was $9.3 million, or $0.14 per share.
- Ended the quarter with cash and cash equivalents of $13.9 million.
- Expansion into the rugged handheld and tablet computer with integrated barcode scanners enables Sonim to enter a new $2 billion worldwide TAM and open sales opportunities in non-US markets.
- Announced further growth of Sonim's distribution platform, including SYNNEX in North America and Syndico in the United Kingdom as Sonim continues to expand its addressable market opportunities.
- Shipped all available inventory of RS80 SmartScanner rugged tablets following February availability as production continues to ramp up for increased demand in the second quarter.
"We are prioritizing R&D investment into our next generation of devices that will fuel sales growth later in the year and in 2022. We believe the shift from higher fixed cost internal manufacturing and software assets in 2020 to competitively priced ODM and contract solutions in 2021 will provide greater efficiencies as the year progresses, and in particular as sales volumes are expected increase in the coming quarters. We also expect these changes will enable Sonim to benefit from wider product development capabilities at lower costs," said Wilkinson.
For earnings history and earnings-related data on Sonim Technologies (SONM) click here.
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