Sonim Technologies (SONM) Tops Q4 EPS by 4c, Revenues Beat
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Sonim Technologies (NASDAQ: SONM) reported Q4 EPS of ($0.10), $0.04 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $15.8 million versus the consensus estimate of $14.5 million.
Fourth Quarter 2020 and Recent Highlights
- Net revenues of $15.8 million, increased from $14.4 million in the third quarter, driven by increased sales of XP8 smartphone devices.
- Gross margin was 23.5%.
- GAAP net loss was $6.4 million, or $0.10 per share.
- Ended the quarter with cash and cash equivalents of $22.1 million.
- Announced (i) the transfer of Sonim's Shenzhen manufacturing operations to Unicair, expected to stabilize factory overhead for current products, and (ii) the transfer of Sonim's India-based software development center to Coforge, expected to further reduce personnel and real estate costs.
- Announced a deal with FIH Mobile ("FIH"), a subsidiary of Foxconn Technology Group, to support the engineering and manufacturing of Sonim's next-generation feature phones.
- Announced commercial sales of the Sonim SmartScanner product platform starting Q1 2021, Sonim's first handheld and first tablet computer with integrated barcode scanners, which enables Sonim to enter a new $2 billion worldwide TAM and opening sales opportunities in non-US markets.
"The past few months have seen a shift as Sonim pivots from a recent focus on cost reduction, to positioning Sonim for future growth through new product launches and investment in sales and marketing. We believe that the new products will allow us to enter markets that have a four-fold increase in our addressable market. We are hopeful that expanded sales capabilities in North America and now in Europe driven by including new distributors and efficiency of future production through ODM relationships will enable Sonim to deliver on that growth opportunity," said Tom Wilkinson, Chief Executive Officer. "We believe the series of cost-saving steps we have taken over the last 18 months, together with the new products, will position Sonim to grow profitably as our new products come to market. We believe that our new relationships in China and India allow for the removal of a higher fixed cost manufacturing structure in favor of competitively priced ODM solutions, as well as eliminating fixed cost overhead in our software development process while ensuring full access to development and support functions.
"Throughout 2021 we intend to steadily expand our catalog of next-generation rugged mobility solutions by leveraging these new cost-advantageous and ODM relationships, which provide access to both expanded product development capabilities and variable-cost manufacturing models that better align to our operating goals. We are hopeful this new approach to product development will enable us to offer more diverse, more advanced products that meet the needs of a wider range of customers."
For earnings history and earnings-related data on Sonim Technologies (SONM) click here.
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