Sonim Technologies Inc Stock Price, News & Analysis

Sonim Technologies (Nasdaq: SONM) announced a software development and asset purchase agreement with Coforge, an IT solutions firm. This deal enables Sonim to transfer its India-based software development resources to Coforge, which will manage future software services. This partnership aims to reduce personnel and real estate costs while improving cash flow. Coforge will maintain existing staff and capabilities, ensuring a seamless transition. The collaboration is expected to bolster Sonim's focus on key differentiators for customers.

Sonim Technologies (NASDAQ: SONM) announced a strategic agreement to transition the manufacturing of its XP3, XP5, and XP8 devices to Unicair Communication Technology Co., Ltd, enhancing operational efficiency. This move aims to integrate manufacturing and quality processes, shifting from variable costs to a fixed pricing model to reduce expenses by over $450,000 per quarter. The transition is set to complete by April 2021, and Unicair will hire key personnel from Sonim to ensure continuity. This change is expected to shorten the supply chain and lead time requirements.

On December 14, 2020, a notice was issued regarding a proposed settlement of $2 million in a class action lawsuit involving Sonim Technologies (SONM). The settlement pertains to claims made by individuals who purchased SONM common stock linked to its May 2019 IPO. A court hearing is scheduled for March 5, 2021, to determine the fairness and adequacy of the settlement. Class members must submit a Claim Form by February 3, 2021, to be eligible for recovery. Individuals wishing to exclude themselves from the class must also do so by February 3, 2021.

On December 8, 2020, Sonim Technologies (Nasdaq: SONM) announced that its XP5s ultra-rugged feature phone is among the first devices approved for the FirstNet Push-to-Talk (PTT) solution by AT&T. This device is tailored for critical communications with a dedicated PTT button, emergency features, and enhanced audio capabilities to ensure reliability in challenging environments. The XP5s is FirstNet Ready™, providing users with priority access to the dedicated FirstNet network. This collaboration aims to enhance mobile communication in public safety sectors.

Sonim Technologies (Nasdaq: SONM) has partnered with Acuraflow to distribute its ultra-rugged devices in Latin America. This collaboration aims to enhance mobility solutions for field workers in sectors such as public safety, oil & gas, and utilities. Sonim's devices meet rigorous Rugged Performance Standards (RPS) and are designed for extreme environments. According to CEO Tennyson Reed, this partnership ensures robust connectivity for workers in challenging conditions. The deal expands access to Sonim's technology, which also allows for sanitation against COVID-19.

Sonim Technologies (NASDAQ:SONM) will present at the virtual Fall Investor Summit from November 16-18, 2020. The summit features 75 companies and over 300 investors, aiming to connect smallcap and microcap firms with potential investors.

Sonim is a leading provider of rugged mobile solutions for task workers, enhancing productivity and safety in mission-critical environments. Their product offerings include ultra-rugged phones, industrial-grade accessories, and workflow applications. For more details, visit www.sonimtech.com.

Sonim Technologies (NASDAQ: SONM) announced the launch of the RS60 and RS80 rugged SmartScanner devices designed for industrial, field service, and public safety workers. These devices promise to lower total cost of ownership while enhancing barcode scanning efficiency. The RS60 is a six-inch handheld scanner, while the RS80 is an eight-inch tablet with camera features. Key specifications include Android 10, 30 scans per second, 4G LTE connectivity, and a robust two-year warranty. Both devices will be available through distributors in North America, the UK, Europe, and Australia starting early 2021.

Sonim Technologies reported its Q3 2020 financial results, revealing net revenues of $14.4 million, down from $28.9 million year-over-year. Gross margin improved to 30.6% due to reduced discounts and a leaner operating model, with a net loss of $6.5 million, narrowing from $6.8 million in Q3 2019. The company ended the quarter with $31.7 million in cash and no long-term debt. Sonim announced plans to launch its SmartScanner platform and feature phones in 2021, targeting a $2 billion global market opportunity.

Sonim Technologies, Inc. (Nasdaq: SONM), a provider of ultra-rugged mobility solutions, will announce its third-quarter financial results on November 11, 2020. The results will be released before the market opens, followed by a conference call at 1:30 PM PT/4:30 PM ET. Interested parties can listen by dialing +1-412-317-6060 or via a live webcast on Sonim's website. A replay will be available post-call for 14 days. The release emphasizes Sonim's commitment to providing reliable solutions for task workers.