Sonim Technologies, Inc. (SONM), a company providing ruggedized mobile phones and accessories for task workers, has seen an increase of 4.92% in its share price in the premarket trading session. As a result, SONM stock is currently trading at $0.49. That has come after the stock declined some 3.76% on Wednesday and closed the day at $0.49.
Q2 2021 financial results
On the 16th of August, SONM reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. The company generated net revenue of $12 million during the quarter, as compared to the equivalent period of 2020 when the company generated net revenue of $21.1 million. The gross profit during the quarter stood at $2.7 million, as compared to $4.9 million during the equivalent period of 2020. The operating expenses for the quarter stood at $9.1 million, as compared to $11.5 million for the same period of 2020. The net loss for the quarter was $6.7 million, or $0.10 per basic and diluted share. During an equivalent period of 2020, net loss was $7.1 million or $0.22 per basic and diluted share. At the end of the quarter, SONM had $6.9 million in cash and cash equivalents. The company said that it had retained B. Riley as its investment bank for the exploration of strategic alternatives.
SONM partnership with 4K Solutions
On July 20th, SONM announced to have entered into a new partnership with 4K Solutions, a leading provider of communications. The partnership was meant to launch the 4K Solutions’ next-generation mobile broadband kit, namely Elite (MBK-Elite). The kit was designed exclusively to support the Sonim XP8 ultra-rugged Android handset. MBK-Elite is a portable kit and could be deployed without extensive IT training. The kit has four Sonim X-8 handsets. Besides, it also has SonimWare, which is a set of software tools and applications. John Graff, CMO, Sonim Technologies, said that he feels excited to partner with 4K Solutions and expressed the hope that the partnership would be a win-win situation for customers of both companies.
Launch of Tablet
On 30th June, SONM announced the launch of the RT80 fully-rugged tablet. The tablet was designed to cater to the needs of the industry as well as for public safety workers in rough terrains. The tablet had a glove-friendly and sunlight-readable screen, having a size of 8 inches. The set had a high-capacity battery, which was meant for a multi-shift environment. The set was designed for users who were in need of a rugged android platform, and being lightweight. It had customizable buttons and numerous apps to allow businesses to use the device for their workflow. The company said that the set was available in North America, UK, and Europe.
What’s ahead for SONM?
The indicators present a positive picture of SONM stock for the future. The EPS for the current fiscal is expected to increase by 53.40%. For the next fiscal year, it is expected to increase 37.80%. These and other alike statistics are surely a positive sign for SONM stock performance in near future.
