Socket Mobile Stock Price, News & Analysis

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.

Socket Mobile, Inc. (NASDAQ: SCKT) announced the release of the DuraScan® D755, a medical-grade Bluetooth barcode scanner designed for healthcare environments. Available from August 14, 2020, the scanner features an IP54 rating for dust and water resistance, making it easy to clean with disinfectants. Its ergonomic design allows for mobility during use, and it can withstand frequent drops and over five million presses. The D755 is compatible with iOS, Android, and Windows applications, facilitating seamless integration in various healthcare settings.

Socket Mobile (NASDAQ: SCKT) announces the launch of the DuraSled for the XCover Pro, featuring two models: the DS800 for 1D scanning and the DS840 for both 1D and 2D scanning. This device offers robust protection for the XCover Pro and allows for simultaneous fast charging, ideal for mobile applications such as delivery services and stock counting. Available for purchase online from August 14, 2020, the DuraSled aims to enhance productivity and provide a strong return on investment for businesses.

Socket Mobile, Inc. (NASDAQ: SCKT) will announce its 2020 second quarter financial results on July 30, 2020, after market close. A conference call will take place at 5 p.m. ET to discuss these results. Investors can access the call by dialing (888) 424-8151 in the U.S. or (847) 585-4422 for international calls, using passcode 7255 653. A live webcast will also be available on their website, with a transcript posted shortly after the call.