Tue, May 14, 3:37 PM (73 days ago)
Socket Mobile, Inc. reported a 15% increase in revenue for Q1 2024, totaling $4.98 million compared to $4.31 million in Q1 2023. Gross profit margin improved to 50.3% from 48.1%, driven by higher production volumes. Operating expenses decreased slightly, with R&D expenses down by 3% to $1.21 million and G&A expenses down by 3% to $751,000. However, sales and marketing expenses rose by 2% to $1.03 million. The company reduced its net loss to $557,415 from $993,420 in the previous year, translating to a net loss per share of $0.07, an improvement from $0.12. Cash and cash equivalents at the end of Q1 2024 were $2.77 million, down from $2.83 million at the start of the period. The company used $94,890 in net cash for operating activities and invested $56,442 in capital expenditures, offset by $23,750 from stock option exercises. The company’s deferred tax assets remained at $10.1 million. No significant changes were noted in internal controls. Key risks include economic uncertainties, reliance on key suppliers, and potential fluctuations in market demand.