Socket Mobile Stock Price, News & Analysis

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.

Socket Mobile, Inc. (NASDAQ: SCKT) will announce its 2020 third quarter financial results on October 22, 2020, after market close. A conference call will be held at 5 p.m. ET to discuss these results. Interested parties can access the call by dialing (888) 424-8151 or via their website. The company focuses on data capture and delivery solutions, primarily for sectors such as retail and manufacturing, through the integration of barcode-enabled applications.

Socket Mobile (NASDAQ: SCKT) announced a secured subordinated convertible note financing totaling $1,530,000 to enhance working capital. The notes, with a three-year term and a 10% interest rate, can be converted into shares at $1.46 each. Notable investors include Charlie Bass, Kevin Mills, and Lynn Zhao. The financing aims to improve liquidity and support future business developments, albeit with potential risks linked to market acceptance and product rollout timelines. Further details will be in a Form 8-K filed with the SEC.

Socket Mobile reported Q2 2020 revenue of $2.7 million, a 46% decline from $5.1 million in Q2 2019, and a 36% drop from $4.2 million in Q1 2020. The net loss was $768,000, compared to a net income of $120,000 in the same quarter last year. For the six months ended June 30, 2020, revenue totaled $6.9 million, down 28% year-over-year. Gross margins were 50% for Q2 and 52% year-to-date. Operating expenses decreased to $2.2 million in Q2, down 10% from the prior year. The company received $1.06 million in PPP loans and continues to adapt to COVID-19 impacts by maintaining operations remotely.