Sonim Reports Quarterly Results
Thursday, July 25, 2019 | Comments

Sonim Technologies reported financial results for the second quarter and six months ended June 30.

In the second quarter, net revenues increased 39% to $43.7 million from $31.5 million in the second quarter of 2018. Gross profit increased 41% to $14.8 million from $10.5 million in the same quarter last year. On a GAAP basis, net loss totaled $6.1 million.

For the first six months of 2019, net revenues increased 41% to $70.2 million from $49.6 million in the first six months of 2018. Gross profit increased 53% to $24.2 million from $15.8 million in the first six months of 2018.

For the third quarter ending Sept. 30, the company expects net revenues to increase to between $49 million and $52 million, representing growth of 25% to 31% compared with $39.5 million in the third quarter of 2018. For the fiscal year ending Dec. 31, Sonim continues to expect net revenues to increase between 25% and 30% compared with $135.7 million reported in fiscal 2018 and to achieve adjusted earnings before interest, depreciation and amortization (EBITDA) profitability of between 4% and 6% of net revenues for the year as a whole.

"Our success in the second quarter was driven by continued, effective sales execution, leading to the sustained operational momentum we've now realized over the last several quarters," said Bob Plaschke, CEO of Sonim Technologies. "More specifically, the 39% topline growth we generated in quarter two was propelled by the first full quarter of sales of our XP3 device, along with increasing demand for our existing models, including the XP8 and XP5s.

“On a broader scale, our growth has been reinforced by several positive industry tailwinds and mandates, including FirstNet (First Responder Network Authority) and the early stages of the transition from legacy LMR and push-to-talk (PTT) to smartphone and LTE networks. As the leading provider of next-generation ultra-rugged mobile solutions, we are ideally positioned to further capitalize on these two market opportunities. We are encouraged by our first-half results, and we expect to continue to deliver on the metrics that will drive long-term growth for our company."

Sonim went public earlier this year.

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