Connect with us

Technology

Socket Mobile Reports Fourth Quarter 2024 and Full Year Results

Published

on

FREMONT, Calif., Feb. 25, 2025 /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, 2024.

Fourth Quarter 2024 Financial Highlights: 

Revenue of $4.8 million, a 10% increase compared to $4.4 million in the comparable prior year quarter and a 25% increase sequentially compared to $3.9 million in Q3 2024.

Gross margin of 51.0% compared with 52.8% in the prior year quarter and 49.0% in the preceding quarter.

Operating loss was $411,000 compared to an operating loss of $476,000 a year ago and an operating loss of $1,031,000 in the preceding quarter.

Diluted earnings per share of $0.00 compared to diluted earnings per share of $0.08 a year ago and a net loss per share of ($0.15) in the prior quarter.

Full Year 2024 Financial Highlights:

Revenue for the full year of 2024 was $18.8 million versus $17.0 million in 2023, an increase of 10.2% year-over-year.

Gross margin for 2024 was 50.4% compared to 49.7% in 2023.

Operating loss was $2.5 million in 2024 compared to operating loss of $3.1 million in 2023.

Net loss per share of ($0.30), compared to a net loss per share of ($0.27) in the prior year.

“Our financial performance in both Q4 and 2024 improved compared to 2023, driven by the growth of our business serving retail POS application providers. Adoption in the warehousing and logistics sectors is taking longer than expected. Through our evaluation, we’ve identified key areas for improvement and are taking steps to strengthen our position,” said Kevin Mills, President, and Chief Executive Officer.

“In 2024, we focused on expanding our market presence with the launch of several new products. The XtremeScan product family grew with the introduction of XtremeScan Mag devices—XS630, XS640, XG630, and XG640—designed for the increasing number of workers who use a single phone for both personal and business needs. The Bring Your Own Device (BYOD) category represents a significant yet underserved market where we see strong growth potential. The BYOD XtremeScan products are complementary to the Xtreme version and use dedicated iPhones.

Additionally, we introduced the S320, our first countertop QR Code Payment Reader, offering a versatile solution for retail POS application providers. Beyond QR Code payment processing, the S320 supports age verification, access control, ticket validation, loyalty programs, and couponing. We also updated our CaptureSDK and our entire line of barcode scanners and NFC reader/writers to be fully compatible with iOS 18,” continued Mr. Mills.

“As part of our ongoing efforts to enhance customer engagement, we launched a new website and an updated developer portal, Alfred—an AI-powered tool that provides CaptureSDK developers with 24/7 multilingual support. The improved platform offers streamlined navigation and content, making it easier for users to access resources and explore our full range of solutions.”

“Looking ahead, we remain committed to innovation, expanding our product offerings, and strengthening our market position. By improving our technology and customer support, we are building a solid foundation for the future. We appreciate the support of our customers and partners as we move forward,” 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. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. 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, Calif., and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, X, 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 computers 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.

© 2025, 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)
2024

 2023*

(Unaudited)
2024

 2023*

Revenue

$ 18,763

$ 17,034

$    4,831

$    4,398

Cost of revenue

9,311

8,571

2,366

2,078

Gross profit

9,452

8,463

2,465

2,320

   Gross profit percent

50.4 %

49.7 %

51.0 %

52.8 %

Research & development

4,721

4,832

1,119

1,188

Sales & marketing

4,414

4,016

1,106

1,003

General & administrative

2,779

2,736

651

605

   Total operating expenses

11,914

11,584

2,876

2,796

Operating income (loss)

(2,462)

(3,121)

(411)

(476)

Interest expense

(331)

(242)

(102)

(72)

Loss before income taxes

(2,793)

(3,363)

(513)

(548)

Deferred income tax benefit (expense)

551

1,444

551

1,460

Net income (loss)

$  (2,242)

$    (1,919)

$        38

$         912

Net income (loss) per share:

   Basic

$    (0.30)

$     (0.27)

$     0.00

$       0.11

   Fully diluted

$    (0.30)

$     (0.27)

$     0.00

$       0.08

Weighted average shares outstanding:

   Basic

   Fully diluted

 

 7,558

 7,558

 

7,230

7,230

   

  7,605

  7,703

   

  7,327

          9,486

*Derived from audited financial statements. 

 

Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)

 (Unaudited)
December 31, 2024


December 31,
2023*

Cash

$        2,492

$     2,827

Accounts receivable

1,588

1,700

Inventories

4,942

5,409

Deferred costs on shipments to distributors

Other current assets

           143

           431

              323

              441

Property and equipment, net

2,787

3,033

Deferred tax assets

10,663

10,112

Intangible assets, net

1,432

1,559

Operating leases right-of-use assets

2,604

3,088

Other long-term assets

264

250

Total assets

$      27,346

$   28,742

Accounts payable and accrued liabilities

$        1,977

$     2,185

Subordinated convertible notes payable, net of discount

150

150

Subordinated convertible notes payable, net of discount-related party

3,818

2,836

Deferred revenue on shipments to distributors

392

826

Deferred service revenue

31

33

Operating lease liabilities

2,817

3,292

Total liabilities

9,185

9,322

Common stock

69,374

68,391

Accumulated deficit

(50,175)

(47,933)

Treasury stock

(1,038)

(1,038)

Total equity

18,161

19,420

Total liabilities and equity

$      27,346

$ 28,742

*Derived from audited financial statements. 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/socket-mobile-reports-fourth-quarter-2024-and-full-year-results-302385101.html

SOURCE Socket Mobile, Inc.

Continue Reading

Technology

Hanwha recognized on Fast Company’s 2026 Next Big Things in Tech list

Published

on

By

SEOUL, South Korea, Oct. 7, 2026 /PRNewswire/ — Recognition honors EnergyFluo™, an agentic AI energy management system that orchestrates power from multiple sources, inclusive of grid, battery storage and on-site generation, and optimizes facility load so data centers can flexibly run more IT capacity within the power they already have.

Hanwha announced that EnergyFluo™, an agentic AI Energy Management System (EMS) engineered by TransGrid Energy, a Hanwha Group company, has been named to Fast Company’s 2026 Next Big Things in Tech, an annual list recognizing breakthrough technologies driving meaningful innovation and shaping the future of technology.

Hanwha was selected in the Applied AI category for its innovative new product designed to help data centers and large-load facilities navigate increasingly complex power environments. Using agentic AI, physics-based equipment models, and digitized operating procedures, EnergyFluo™ analyzes real-time data across power generation, battery storage, cooling, and IT loads to help operators optimize energy use, with targeted operational cost savings of 5% to 25% depending on site configuration. Human operators remain in control of critical decisions, and the technology behind the system was among the first AI-enabled products globally to receive certification under UL 3115, the Outline of Investigation for Safety of AI-Based Products, in March 2026.

Fast Company highlighted EnergyFluo™’s machine learning and large language model (LLM)-driven capability to autonomously monitor data center operations, analyze potential causes of issues, and determine how to respond to optimize power consumption. It also pointed to Prime Group’s adoption of the technology for a nationwide deployment of edge data centers as an example of its real-world application.

“Data centers have become some of the most complex energy systems on the grid, and they can no longer be managed one site at a time,” said Dr. Youngchoon Park, CEO of TransGrid Energy. “EnergyFluo™ orchestrates grid, storage and on-site generation as one system and optimizes the load behind them, so operators can put more megawatts to work for IT and run their entire fleet from one intelligent view.”

Fast Company’s Next Big Things in Tech recognizes innovative technologies developed by established companies, startups, and research teams that are making meaningful progress toward transforming the lives of consumers, businesses, and society. This year’s honorees span industries, with each innovation demonstrating the potential to create significant impact in the years ahead.

 “The most exciting technology innovations are the ones that move beyond promise to demonstrate real potential for impact,” said Brendan Vaughan, editor-in-chief of Fast Company. “The companies and teams recognized on this year’s list are tackling ambitious problems with new ideas, products, and approaches that have the potential to fundamentally shape the years ahead.”

For more information or to view the complete list, visit: Fast Company’s 2026 Next Big Things in Tech

About Hanwha

Hanwha is South Korea’s fifth-largest business group, with innovative businesses in aerospace & defense, energy & maritime solutions, finance, and tech & life solutions. As a multinational company with a robust global network of affiliates, Hanwha designs, builds, and operates foundational systems that secure societies, strengthen industries, and drive future resilience. Through continuous investment in technology, talent, and trusted partnerships, Hanwha delivers integrated solutions that enable sustainable growth and create long-term value for industries and communities.

For more information, visit: www.hanwha.com

About TransGrid Energy

TransGrid Energy is an energy infrastructure platform advancing the transition from traditional independent power producer models to AI-enabled, data-driven energy systems. A wholly owned subsidiary of Hanwha FutureProof, TransGrid develops, owns, and operates grid-connected generation, battery storage, and distributed energy resources while integrating Grid & Energy Services technology to optimize performance, reliability, and value across the asset lifecycle.

TransGrid is building a scalable platform that connects physical energy infrastructure with software intelligence to support utility-scale, distributed, and behind-the-meter energy applications. As a member company of Hanwha Group, a global leader in renewable energy solutions, TransGrid combines deep energy expertise, proven project execution capabilities, and significant capital to support the evolving energy needs of its customers.

For more information, visit: transgridenergy.com

About Fast Company

Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with fellow business publication Inc.

For more information, visit: fastcompany.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/hanwha-recognized-on-fast-companys-2026-next-big-things-in-tech-list-302901922.html

SOURCE Hanwha

Continue Reading

Technology

IFS Capital Launches Regional Technology Financing Programme

Published

on

By

SINGAPORE, Oct. 8, 2026 /PRNewswire/ — IFS Capital Limited (“IFS Capital”) today launched a regional technology financing programme that enables businesses in Singapore, Malaysia, Indonesia and Thailand to fund their technology investment, including hardware, software and services, under a single facility. The programme launches in partnership with a leading global technology provider, whose customers and channel partners across the four markets can now access IFS Capital’s financing when purchasing its solutions.

A key feature of the programme is its coverage of software and services alongside equipment. As enterprise technology spend increasingly shifts towards these non-hardware elements, traditional asset financing, which is built around physical equipment, does not fully meet the needs of businesses. With these elements brought into a single facility, businesses can finance the full scope of a technology project rather than just the hardware. This preserves working capital for other priorities such as inventory, hiring and expansion.

The programme is established through an agreement between IFS Capital and the technology provider’s regional financing arm, setting out a common financing framework across the four markets. Under the framework, the technology provider and its authorised channel partners may introduce eligible businesses to IFS Capital for financing, subject to IFS Capital’s assessment. The programme draws on IFS Capital’s 39 years of financing experience and its operations in each of the four markets.

“The question for many businesses today is often not whether to invest in technology but how to fund it without tying up capital they need elsewhere. This programme gives them greater flexibility by covering the full scope of a project: not just the hardware, but also the software and services. This combination, offered in a single facility, is where we think we can be genuinely useful to technology partners and the businesses they serve across the region,” said Randy Sim, Group CEO, IFS Capital. 

About IFS Capital
IFS Capital Limited is a specialist financial institution providing private credit origination, insurance, and asset management services to SMEs, consumers, and investors across Asia. We operate through offices in Singapore, Thailand, Malaysia, Indonesia, and Hong Kong (SAR). Incorporated in Singapore in 1987 and listed on the Mainboard of the Singapore Exchange since 1993, IFS Capital is part of the PhillipCapital Group.

View original content:https://www.prnewswire.com/apac/news-releases/ifs-capital-launches-regional-technology-financing-programme-302901919.html

SOURCE IFS Capital Limited

Continue Reading

Technology

Agoda Partners with Marina Bay Sands on Bespoke Flagship Store for Experience-Led Travel

Published

on

By

The custom digital storefront brings together Marina Bay Sands’ rooms, suites and resort experiences, expanding visibility across Agoda’s booking journey

SINGAPORE, Oct. 8, 2026 /PRNewswire/ — Digital travel platform Agoda has partnered with Singapore’s landmark integrated resort, Marina Bay Sands to unveil a bespoke Marina Bay Sands Flagship Store on the Agoda platform. The customized luxury digital storefront brings together Marina Bay Sands’ rooms, suites, and select resort experiences, allowing travelers to explore and book them seamlessly in one place.

As the first custom flagship store dedicated to a single property, the storefront features rooms and suites from Marina Bay Sands’ Paiza Collection and Sands Collection, alongside select in-resort experiences. Through rich visual storytelling and editorial content, travelers can explore how the resort’s accommodation and wider dining, entertainment and cultural offerings can complement their stay.

Available in multiple languages including Japanese and Korean, the Flagship Store is designed to engage travelers across Asia Pacific and support them throughout their journey from discovery to booking.

Andrew Smith, Senior Vice President, Supply at Agoda remarked, “Marina Bay Sands and Agoda’s collaboration offers travelers a richer travel perspective through seamless planning. Travelers often start with the experience they might have first seen on social media, whether that is a restaurant, a theatre show, or a cultural activity and then look for the stay that brings the trip together. Reducing friction in travel planning encourages more travel and helps position our partners’ at pivotal moments that influence booking decisions.”

A new generation of high-intent travelers are increasingly influencing luxury travel, with customized and personalized vacations accounting for over a third of global luxury travel spend, as reported by Strategic Market Research. Agoda’s 2026 Travel Outlook Report points to a similar pattern emerging across Asia, where surveyed travelers are increasingly planning trips around the experiences they want to have, including culinary experiences at 31%, followed by cultural exploration at 25%.

The Agoda Flagship Store is a multichannel marketing solution that enables hospitality brands to tell their stories, foster customer loyalty and support revenue growth. Through its dedicated storefront, Marina Bay Sands will gain a targeted presence from the early stages of travel discovery and consideration. Agoda supports the initiative with homepage visibility and branded search placements through its Connected Ecosystem feature, which allows seamless store entry throughout the traveler journey – from discovery to booking.

Travelers can explore the Marina Bay Sands Flagship Store on Agoda here.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/agoda-partners-with-marina-bay-sands-on-bespoke-flagship-store-for-experience-led-travel-302887578.html

SOURCE Agoda

Continue Reading

Trending