Diversified product lines and fully updated rugged phone lineup continue to drive growth
San Diego, California--(Newsfile Corp. - April 17, 2023) - Sonim Technologies (NASDAQ: SONM) today announced a new purchase order for $14.7 million in tablet products designed by Sonim and assembled via an ODM relationship. Sonim expects to ship the newest purchase order starting from the second quarter of 2023.
The latest tablet order adds to more than $44 million in tablet orders delivered since the new management team was appointed and implemented a growth and diversification strategy. The new tablet revenue streams exemplify Sonim's strategy to expand into large adjacent markets by leveraging its engineering expertise, rugged heritage and ODM capabilities to provide solutions in such areas as consumer durable and industrial equipment mobile devices.
Additionally, Sonim has announced that it fully refreshed the rugged mobile device lineup at North American Tier One carrier partners, including its new XP10 5G Android smartphone device.
"The Sonim team has executed well on our new management team's strategy to enter large and underserved markets adjacent to our core rugged capabilities," said Sonim CEO Peter Liu. "Additionally, with a fully refreshed core rugged mobile device family of products now available for North American carrier partners, we believe Sonim is well positioned to continue growing revenue and moving toward our goal of profitable operations."
The ODM-built tablet features an eight-inch display with 4G LTE connectivity running on a Qualcomm Snapdragon chipset. The tablet targets both enterprise and consumer applications, including service and education applications. The new tablet project is not expected to represent inventory risk for Sonim, as the tablets are built to customer purchase orders.
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About Sonim Technologies, Inc.
Sonim Technologies is a leading U.S. provider of ultra-rugged, rugged and consumer durable mobile devices designed to provide extra protection for users that demand more durability in their work and everyday lives. We currently sell our ruggedized mobility solutions to several of the largest wireless carriers in the United States - including AT&T, T-Mobile and Verizon - as well as the three largest wireless carriers in Canada - Bell, Rogers and Telus Mobility. Our ruggedized phones and accessories are also sold through distributors in North America and Europe. Sonim devices and accessories connect users with voice, data, workflow and lifestyle applications that enhance the user experience while providing an extra level of protection. For more information, visit www.sonimtech.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to, among other things, Sonim's ability to achieve cash positive operations, Sonim's declaring or reaffirming its business and financial objectives, and Sonim's assessments of its inventory risks in connection with the announced order. These forward-looking statements are based on Sonim's current expectations, estimates and projections about its business and industry, management's beliefs and certain assumptions made by Sonim, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "future", "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include, but are not limited to, the following: Sonim's ability to continue as a going concern and improve its liquidity and financial position; Sonim's exploration of strategic or financial alternatives may not result in any transaction or alternative that enhances value; risks related to Sonim's ability to comply with the continued listing standards of the Nasdaq Stock Market and the potential delisting of Sonim's common stock; Sonim's ability to continue to develop solutions to address user needs effectively, including its next generation products; anticipated sales levels of both new and legacy products; Sonim's reliance on its channel partners to generate a substantial majority of its revenues; the limited operating history in Sonim's markets; Sonim's ongoing restructuring and transformation of its business; the variation of Sonim's quarterly results; the lengthy customization and certification processes for Sonim's wireless carries customers; the impact of global macroeconomic events, inflation, and the COVID-19 pandemic, as well as the other risk factors described under "Risk Factors" included in Sonim's most recent Annual Report on Form 10-K and any subsequent quarterly filings on Form 10-Q filed with the Securities and Exchange Commission (available at www.sec.gov). Sonim cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Sonim assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Sonim Technologies Contacts
Matt Kreps, Managing Director
Darrow Associates Investor Relations
mkreps@darrowir.com
(214) 597-8200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162648
