Sonim reports third quarter 2024 results, expands into large new addressable markets with additional products

Expands reach in north america and australia with launch of new mobile hotspots; launched new rugged phone in europe san diego, california--(newsfile corp. - november 13, 2024) - sonim technologies, inc. (nasdaq: sonm), a leading provider of mobility solutions that include ultra-rugged and rugged phones, connected devices, software, services and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the quarter ended september 30, 2024. third quarter 2024 and recent highlights net revenues increased 30.4% sequentially to $15.0 million, from $11.5 million in the second quarter gaap net loss for the quarter was $2.5 million, compared to $6.6 million, which included a $3.2 million impairment charge, in the second quarter adjusted ebitda[*]was negative $1.1 million, improved from negative $2.0 million in the second quarter 2024 ended the quarter with cash and cash equivalents totaling $9.1 million, trade accounts receivable of $5.2 million, and inventory valued at $12.4 million expanded new product launch activity with carriers and distributors in north america, europe, south africa, and australia for sonim's new portfolio of connected solutions and next-generation rugged devices unveiled new xp400 smartphone and xp100 feature phone devices for the european and south african markets launched new h700 5g rugged mobile hotspot device in australia, the industry's first rugged release 17 5g, wi-fi 7 mobile hotspot launched new h500 5g rugged mobile hotspot with verizon wireless in north america, the industry's first rugged 5g millimeter wave mobile hotspot secured a major device upgrade agreement with a leading fortune 500 company in the food and beverage industry, strengthening sonim's reputation as a reliable brand and partner for enterprise field workers peter liu, sonim's chief executive officer, said: "revenue grew in the third quarter as demand for our existing rugged smartphones increased and major global markets expand their adoption of our new rugged mobile phone and connected solutions devices, a trend we expect to continue in the fourth quarter.
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