Sonim Technologies, Inc. (NASDAQ:SONM) watched its shares mount the escalator early Monday, as the leading provider of ultra-rugged, rugged and consumer durable mobile devices including phones, tablets and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the fourth quarter and full year ended December 31, 2022.
Net revenues increased 51% year-over-year to $24.1 million, from $15.9 million in the fourth quarter 2021, and 18% sequentially from $20.5 million in the third quarter 2022.
Net loss declined by 91% to $1.0 million, from a net loss of $11.7 million in the fourth quarter of 2021 and from a net loss of $1.6 million in the third quarter 2022.
Sonim also launched its first ultra-rugged 5G smartphone, the best-in-class Sonim XP10, now broadly available with tier-1 North American carriers in the U.S. and Canada.
It also launched a First Net ready XP10 5G ultra rugged smartphone for public safety customers, as well as the XP3plus flip phone featuring NextNav Pinnacle Vertical Location Capabilities, available to Verizon and Verizon Frontline customers.
Shipped an additional $15.6 million in new tablet orders, leveraging Sonim's expanded ODM capabilities as the company moves into large adjacent growth markets.
Ended the quarter with cash and cash equivalents of $13.2 million, accounts receivable of $22.4 million and inventory of $3.9 million, demonstrating Sonim's ability to self-fund its organic growth strategy to achieve cash positive operations.
SONM shares jumped four cents, or 10%, to 46 cents at Monday’s open.
