Connect with us

Technology

Socket Mobile Reports Fourth Quarter 2023 and Full Year Results

Published

on

FREMONT, Calif., March 5, 2024 /PRNewswire/ — Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider 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 twelve months ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights:

Revenue of $4.4 million, a 15% decrease compared to $5.2 million in the comparable prior year quarter and a 37% increase sequentially compared to $3.7 million in Q3 2023.Gross margin of 52.8% compared with 49.3% in the prior year quarter and 44.2% in the preceding quarter.Operating loss was $475,000 compared to an operating loss of $152,000 a year ago and an operating loss of $1,399,000 in the preceding quarter.Diluted earnings per share of $0.08 compared to diluted earnings per share of $0.06 a year ago and a net loss per share of ($0.16) in the prior quarter.

Full Year 2023 Financial Highlights:

Revenue for the full year of 2023 was $17.0 million versus $21.2 million in 2022, a decrease of 20% year-over-year.Gross margin for 2023 was 49.7% compared to 48.8% in 2022.Operating loss was $3.1 million in 2023 compared to operating loss of $446,000 in 2022.Diluted loss per share of $0.27, compared to diluted earnings per share of $0.01 in the prior year.

“Our financial performance in 2023 was below our expectations. However, we believe that the $17M in reported revenue does not accurately reflect the underlying demand for our products and services. In 2023, our sales through distribution partners to resellers and end customers totaled $19.1 million, making a 2.8% decrease from the $19.7M in sales through distributor partners to resellers and end customers in 2022. While the demand softened in 2023, the timing of shipments to distributors in late 2022 had a positive impact on 2022 and a negative impact on 2023, contributing to the more dramatic decline. Additionally, reductions in distributor inventory and adjustments to distribution reserves also impacted the reported revenue for 2023,” said Kevin Mills, President and Chief Executive Officer.

“In Q4 2023, we saw a 37% increase in reported revenue compared to Q3. Additionally, our gross margin improved by 8.5% compared to Q3. Moving forward, we aim to align our reported sales more closely with the underlying demand for our products and services,” continued Mills.

“In 2023, we achieved significant milestones aimed at driving sustained growth in the data capture market. Our latest offerings include SocketCam, XtremeScan, DuraScan Wear, and NFC products.”

“The SocketCam C860, our cutting-edge camera scanning solution, offers an upgrade path for users on both iOS and Android platforms with advanced capabilities such as swift and accurate reading of damaged barcodes, even in low-light conditions, using the phone’s camera.”

“Our XtremeScan marks our initial entry into an expansive industrial barcode market. It enables the use of iPhones and iOS applications in rugged work environments, combining robustness with top-tier protection. Additionally, our DuraScan Wear products feature a glove-like, wearable design, enhancing speed and flexibility for scanning tasks in warehouse, manufacturing, and distribution settings,” continued Mills.

“Our SocketScan S550 NFC Mobile Wallet Reader is Apple-certified to comply with Apple’s VAS Protocol, enabling seamless integration with Apple Wallet. Additionally, it meets Sony’s FeliCa standards and CIPURSE international security standards. Similarly, our SocketScan S370 Universal NFC & QR Code Mobile Wallet Reader received certification from NFC Forum. These certifications empower our NFC products to cater to a wide range of needs, including VAS Passes, Mobile Driver’s Licenses (mDL), and non-traditional payments such as cryptocurrency,” continued Mills.

“We remain committed to returning profitable operating results as we continue to innovate and strive to deliver world-class data capture solutions to our application partners,” concluded Mills.

Conference Call
The management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly and year-end results and outlook for the future. The dial-in number to access the live conference call is (800) 237-1091, toll-free from within the U.S., or (848) 488-9280 (toll).

About Socket Mobile, Inc. 
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless readers/writers. The primary revenue drivers are mobile applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, CA, and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn and Twitter, and keep up with our latest News and Updates.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution, and market acceptance of the products and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.

Socket Mobile Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com 

Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.

© 2024, Socket Mobile, Inc. All rights reserved.

–      Financial tables to follow –

 

Socket Mobile, Inc.

Condensed Summary Statements of Operations

(Amounts in thousands except per share amounts)

Year ended Dec 31,

Three months ended Dec 31,

(Unaudited)

2023

 

2022*

(Unaudited)
2023

 

2022*

Revenue

$ 17,034

$ 21,238

$    4,398

$    5,171

Cost of revenue

8,571

10,872

2,078

2,623

Gross profit

8,463

10,366

2,320

2,548

   Gross profit percent

49.7 %

48.8 %

52.8 %

49.3 %

Research & development

4,832

4,362

1,188

1,091

Sales & marketing

4,016

3,638

1,003

909

General & administrative

2,736

2,812

605

700

   Total operating expenses

11,584

10,812

2,796

2,700

Operating income (loss)

(3,121)

(446)

(476)

(152)

Interest expense

(242)

(175)

(72)

(41)

Income (loss) before income taxes

(3,363)

(621)

(548)

(193)

Deferred income tax benefit (expense)

1,444

708

1,460

708

Net income (loss)

$  (1,919)

$        87

$      912

$       515

Net income (loss) per share:

   Basic

$    (0.27)

$     0.01

$     0.11

$      0.06

   Fully diluted

$    (0.27)

$     0.01

$     0.08

$      0.06

Weighted average shares outstanding:

   Basic

7,230

7,185

7,327

7,135

   Fully diluted

7,230

7,533

9,486

8,246

*Derived from audited financial statements. 

 

Socket Mobile, Inc.

Condensed Summary Balance Sheets

(Amounts in Thousands)

(Unaudited)

December 31,
2023

December 31,
2022*

Cash

$        2,827

$     3,624

Accounts receivable

1,700

2,660

Inventories

5,409

5,602

Deferred costs on shipments to distributors

323

266

Other current assets

441

617

Property and equipment, net

3,033

1,657

Deferred tax assets

10,112

8,668

Intangible assets, net

1,559

1,694

Operating leases right-of-use assets

3,088

3,560

Other long-term assets

250

250

Total assets

$      28,742

$   28,598

Accounts payable and accrued liabilities

$        2,185

$     2,407

Bank non-formula loan

125

Subordinated convertible notes payable, net of discount

150

147

Subordinated convertible notes payable, net of discount-related party

2,836

1,231

Deferred revenue on shipments to distributors

826

595

Deferred service revenue

33

34

Operating lease liabilities

3,292

3,737

Total liabilities

9,322

8,276

Common stock

68,391

67,165

Accumulated deficit

(47,933)

(46,013)

Treasury stock

(1,038)

(830)

Total equity

19,420

20,322

Total liabilities and equity

$     28,742

$   28,598

*Derived from audited financial statements. 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/socket-mobile-reports-fourth-quarter-2023-and-full-year-results-302080528.html

SOURCE Socket Mobile, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

on

By

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html

SOURCE HUAWEI

Continue Reading

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

on

By

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html

SOURCE Laifen

Continue Reading

Technology

Pillsbury Notice of Data Breach

Published

on

By

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP

Continue Reading

Trending