New orders and new rugged phones expected to drive fourth quarter sequential growth
San Diego, Calif.–(Newsfile Corp. – Nov. 30, 2022) – Sonim Technologies (NASDAQ:SONM) today announced an additional customer purchase order for $17 million of tablets designed by Sonim and assembled through an ODM relationship . Sonim expects to ship the last purchase order beginning in the fourth quarter and continuing through 2023, driving sequential revenue growth through the third quarter of 2022.
The latest tablet order follows $13.9 million in tablet orders delivered in the third quarter. The new device revenue streams illustrate Sonim’s strategy to expand into the broader consumer durable and industrial equipment market by leveraging its engineering expertise, robust heritage and ODM capabilities.
Additionally, Sonim announced the availability of its new Android XP10 5G smartphone, completing the refresh of its line of rugged mobile devices sold through North American Tier 1 carrier partners.
“We continue to implement the new leadership team’s strategy to deliver purpose-built mobile devices to our carrier partners while entering large and underserved markets adjacent to our core robust capabilities,” said Peter Liu, CEO from Sonim. “Additionally, with the recently announced launch of our XP10 rugged 5G smartphone, our core family of rugged mobile devices is fully refreshed and available to North American carrier partners. We believe Sonim is now well positioned to further increase its revenue through an exciting set of robust opportunities and new core industrial and consumer applications as we steadily progress towards our goal of profitable operations.”
The ODM-built tablet features an eight-inch display with 4G LTE connectivity running on a Qualcomm Snapdragon chipset. The tablet targets both enterprise and consumer applications, including service and education applications. The new tablet project should not represent an inventory risk for Sonim, as the tablets are built according to customer purchase orders.
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About Sonim Technologies, Inc.
Sonim Technologies is a leading US supplier of ultra-rugged, rugged and durable mobile devices designed to provide extra protection for users who demand more durability in their work and everyday life. We currently sell our enhanced mobility solutions to several of the largest wireless carriers in the United States – including AT&T, T-Mobile and Verizon – as well as the three largest wireless carriers in Canada – Bell, Rogers and Telus Mobility. Our rugged phones and accessories are also sold through distributors in North America and Europe. Sonim devices and accessories connect users with voice, data, workflow and lifestyle applications that enhance the user experience while providing an extra level of protection. For more information, visit www.sonimtech.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to, among other things, Sonim’s expected revenue growth and strategic expansion plans. These forward-looking statements are based on Sonim’s current expectations, estimates and projections regarding its business and industry, the beliefs of management and certain assumptions made by Sonim, all of which are subject to change. Forward-looking statements can generally be identified by the use of forward-looking terms such as “future”, “believe”, “expect”, “may”, “will”, “intend”, “estimate” , “continue,” or similar expressions or the negative form of such terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or indicated by the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the following: Sonim’s ability to continue its operations and improve its liquidity and financial condition; Sonim’s exploration of strategic alternatives or financial resources may not result in any transaction or alternative that enhances value; risks relating to Sonim’s ability to comply with the standards for continuous listing of the mark hey Nasdaq stock and potential delisting of Sonim common stock; Sonim’s ability to continue to develop solutions to effectively meet user needs, including its next-generation products; anticipated sales levels of new and legacy products; Sonim’s reliance on its channel partners to generate a substantial majority of its revenues; Sonim’s limited operating history in markets; Sonim’s ongoing restructuring and transformation of its business; changes in Sonim’s quarterly results; lengthy customization and certification processes for Sonim wireless clients; the impact of the COVID-19 pandemic; and the ongoing investigation by the Securities and Exchange Commission into Sonim’s business, as well as other risk factors described under “Risk Factors” included in Sonim’s most recent Annual Report on Form 10-K and all quarterly filings documents on Form 10-Q filed with the Securities and Exchange Commission (available at www.sec.gov). Sonim cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Sonim undertakes no obligation to update forward-looking statements to reflect events or circumstances that may occur after the date of this release, except as required by law.
Contact Sonim Technologies
Sonim Technologies, Inc.
IR@sonimtech.com
Matt Kreps, General Manager
Darrow Associates Investor Relations
mkreps@darrowir.com
(214) 597-8200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146238
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