Socket Mobile Reports Strong Third Quarter 2021 Results

Socket Mobile, Inc., a leading innovator of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”) for the three and nine months ended September 30, 2021.

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Third Quarter 2021 Financial Highlights:

• Revenue increased 54% to $6.3 million, compared to $4.1 million in the comparable prior year quarter and increased 6% sequentially compared to $6.0 million in Q2 2021.
• Gross margin decreased slightly to 54% compared with 55% for both the prior year quarter and the immediately preceding quarter.
• Operating income was $954,000 compared to an operating loss of ($4.0 million), including a non-cash impairment charge of $4.4 million, in the prior year quarter and an operating income of $814,000 in the preceding quarter.
• Diluted earnings per share were $0.07 compared to net loss per share of ($0.62) in the comparable prior year quarter and diluted earnings per share of $0.27 in Q2 2021 when a $1.9 million tax benefit was recognized.
• Generated $0.7 million in cash from operations; finished the quarter with a cash balance of $5.4 million.

“We are pleased with our performance in the quarter, delivering strong results across revenue, earnings, EPS and operating cash flow,” said Kevin Mills, President and Chief Executive Officer. “Our sales continue to be driven by the strong application-driven demand for our Bluetooth scanners which enable our application partners’ customers be more efficient and productive.”

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Mills continued, “In 2020 and throughout the past nine months, we took a variety of strategic actions to increase our inventory so we would be in a position to serve our application partners in the face of ongoing industry-wide electronic component shortages and delays. We remain focused on navigating delivery and supply issues so we can support our customers. We anticipate the component shortages, lengthened lead times and inflationary costs will persist well into 2022.

“We continue to invest in developing our Near Field Communication (NFC) products which we believe will be key to our long-term growth and competitiveness. Our NFC products are ideal readers that can access identification information like the mobile driver licenses which can be added to the mobile wallet in iOS 15, and be part of a secure track and trace solution in highly regulated markets or to protect brands and fight counterfeiters. We are working hard to deliver comprehensive NFC reader/writer solutions to our application development partners who can incorporate these solutions into their applications to benefit their customers.

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