Business

Sonim Technologies Inc (NASDAQ: SONM) Stock Breakout And Expects To Reach $1.04

Sonim Technologies Inc (NASDAQ: SONM) stock breakout and trades at $0.66 (up 0.89%) on June 9, 2021. It expects to reach a target of $1.04.

Expects to offer XP8 Smartphones in the UK

The stock surged by 35% on June 8, 2021, on the news that it collaborates with an IT company – Mem-Star Rugged to offer XP8 smartphones in the UK. 

Durable and tough

The All in one Android XP5 and XP8 Smartphones are rugged and durable. It reduces the cost of ownership for customers.

Improves profit by 14% YoY

Sonim improved its profits by 14% YoY in Q1 2021. The company reported a drop of $0.5 million in Q1 2021. 

Sonim reported a loss of $9.3 million in Q1 2021. The company holds CE (cash equivalents) and a cash balance of $13.9 million.

The company expanded its product line to include tablet computer and R60 handheld devices. 

Barcode scanner fitted Tablet computers allow the company to venture into the non-US markets and clinch a significant share of $2 billion TAM worldwide. 

Sonim improved its presence of Syndico in the UK and another DP (distribution platform) – SYNNEX in North America. It expands its market opportunities through these new DPs. 

The company also shipped its RS80 SmartScanner rugged tablets. It ramps its production to satisfy the growing demand in Q2 2021.

In May 2021, the company ensured the availability of barcode scanners and RS60 handheld computers. It further improves the sales opportunities for its rugged handheld computers. 

Sonim already received positive indications about the success of its new products, like its sturdy handheld devices. It also won a $10 million order for its rugged next-gen smartphones from a new carrier in the US. 

The company will ramp up its investments to improve the launch of innovative products to satisfy the demand from its customers. It will also manufacture new products to gain a footprint in the global markets.  

Sonim’s CEO, Tom Wilkinson, prioritizes R&D to develop next-generation products to improve sales growth this year and next year. 

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