Socket Mobile Stock Price, News & Analysis

Socket Mobile, Inc. (NASDAQ: SCKT) has announced a licensing agreement with SpringCard SAS to utilize its contactless technology in its products. This partnership aims to enhance contactless data capture solutions, with products like the DuraScan D600 and SocketScan S550 incorporating SpringCard's technology. The SocketScan S550 is certified for Apple VAS and Google Wallet, supporting secure mobile data exchanges. The collaboration is expected to leverage the growing demand for contactless solutions post-pandemic, driving new business opportunities in various sectors.

Socket Mobile, Inc. (SCKT) reported fourth-quarter 2020 revenue of $4.7 million, up from $4.6 million in Q4 2019, with a gross margin of 53.2%. Operating expenses decreased 12.4% to $1.9 million. The company achieved a net income of $1.6 million ($0.26 per basic share) due to a $1.1 million loan forgiveness under the Paycheck Protection Program. However, the full-year revenue fell to $15.7 million from $19.3 million in 2019, marking a net loss of $3.3 million, influenced by a $4.4 million goodwill impairment.

Socket Mobile, Inc. (NASDAQ: SCKT) will announce its 2020 fourth quarter and annual financial results on February 24, 2021, after market close. A conference call to discuss these results is scheduled for 5 p.m. ET (2 p.m. PT) on the same day. Interested parties can access the conference via dial-in or through a webcast on the company’s website. Socket Mobile focuses on data capture solutions primarily for mobile applications, targeting sectors such as retail and manufacturing.

Socket Mobile has launched the DuraSled, the first enterprise-grade barcode scanner compatible with the iPhone 12 series, including the iPhone 12, 12 Pro, 12 Pro Max, and 12 Mini. This innovation allows users to enhance productivity by turning their iPhones into effective scanning solutions.

The DuraSled features a rugged design and is available in three models: DS800 (1D scanner), DS840 (1D/2D scanner), and DS860 (1D/2D and identification scanner), making it versatile for various workplace applications. These products are now available for purchase on Socket Mobile's online store.

Socket Mobile, Inc. (NASDAQ: SCKT) has announced that its SocketScan S550 Contactless Membership Card Reader/Writer has achieved certification from Google Wallet. As part of Google's Smart Tap partner program, the S550 enables contactless transactions using NFC technology. This device is designed for loyalty programs, memberships, and customer services, allowing seamless integration with Google Pay. Priced at $269, the S550 will be available to the public on December 1, 2020. The product enhances customer experiences by facilitating secure, mobile pass interactions without the need for separate merchant apps.

Socket Mobile, Inc. (NASDAQ: SCKT) announced a $4.4 million non-cash goodwill impairment charge resulting from a lower stock price during 2020. This adjustment was recorded in the Q3 2020 results and does not impact the company's cash position or future operations. The impairment reflects a required annual assessment under accounting standards, specifically as of September 30, 2020. Despite the charge, the company maintains its cash flow and operating activities unaffected. Socket Mobile continues to focus on enhancing productivity through its data capture solutions.

Socket Mobile (NASDAQ: SCKT) announces the launch of its DuraSled™ scanning sleds compatible with the 2020 iPhone SE, enhancing productivity for businesses using iPhone applications. The DuraSled™ features a rugged design and versatile charging, making it ideal for various tasks like delivery and stock counting. It is designed to seamlessly transition between iPhone models, reducing costs when upgrading devices. Three models are available: DS800 (1D scanner), DS840 (1D/2D scanner), and DS860 (1D/2D and ID scanner), all designed and assembled in the U.S. and available for purchase online.

Socket Mobile (NASDAQ: SCKT) announced its SocketScan S550 Contactless Membership Card Reader/Writer has achieved Apple Pay "VAS" certification, complying with Apple's NFC VAS Protocol. This certification allows users to interact with mobile passes stored in Apple Wallet on iPhones and Apple Watches. The S550 facilitates seamless access to loyalty programs and event tickets through secure Bluetooth transmission. Available to developers now and launching publicly on December 1, 2020, the device is priced at $269, enhancing customer engagement through a frictionless experience.

Socket Mobile reported its Q3 2020 results, revealing a 17% year-over-year revenue decline to $4.1 million, but a 51% sequential increase from $2.7 million in Q2. Net income was $424,000 or $0.07 per share, an improvement from a net loss in Q2. The nine-month revenue totaled $11 million, down 24.7% from the previous year. Operating expenses fell 27.2% year over year to $1.8 million for Q3. The company emphasized strategies to strengthen its balance sheet and manage expenses amidst COVID-19 uncertainties. A goodwill impairment review is ongoing, impacting reported net income.