Fri, Nov 8, 5:32 PM (95 days ago)
Socket Mobile, Inc. (SCKT) reported a quarterly revenue of approximately $3.9 million for Q3 2024, reflecting a 21% increase year-over-year. For the nine-month period, revenue rose by 10.3% to $13.9 million. The gross profit margin improved to 49% from 44.2% in the prior year, attributed to higher shipment volumes. Operating loss decreased to $1.03 million from $1.40 million in Q3 2023. Operating expenses increased modestly, with R&D expenses down slightly due to reduced headcount. Interest expenses rose due to new convertible notes issued in August 2024, totaling $84,000 for the quarter. The net loss for Q3 2024 was $1.12 million, an improvement from $1.32 million in Q3 2023. Cash flow from operations showed a net usage of $434,000, a slight improvement compared to $523,000 in the prior year. The company's liquidity remains supported by $2.9 million in cash as of September 30, 2024. Future operations may be impacted by ongoing market uncertainties and the need to comply with bank covenants, particularly regarding adjusted EBITDA.