Socket Mobile, Inc. (SCKT) Bundle
A Brief History of Socket Mobile, Inc.
Company Overview
Socket Mobile, Inc. is a leading provider of mobile data capture products that enhance productivity in various industries. The company specializes in mobile barcode scanning and RFID/NFC data capture solutions.
Financial Performance
As of September 30, 2024, Socket Mobile reported total revenues of approximately $3.9 million for the quarter, reflecting a 21% increase compared to $3.2 million in the same quarter of 2023. For the nine-month period ending September 30, 2024, revenues amounted to approximately $13.9 million, up 10.3% from $12.6 million in the prior year.
| Period | Revenue ($ millions) | Gross Profit Margin (%) | Net Loss ($ millions) |
|---|---|---|---|
| Q3 2024 | 3.9 | 49 | 1.1 |
| Q3 2023 | 3.2 | 44.2 | 1.3 |
| 9M 2024 | 13.9 | 50.1 | 2.3 |
| 9M 2023 | 12.6 | 48.6 | 2.8 |
Operating Expenses
Operating expenses for Q3 2024 totaled approximately $2.9 million, compared to $2.8 million in Q3 2023. The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 ($) | Q3 2023 ($) |
|---|---|---|
| Research and Development | 1,162,025 | 1,206,452 |
| Sales and Marketing | 1,122,261 | 1,002,206 |
| General and Administrative | 644,175 | 608,094 |
Cash Flow Analysis
For the first nine months of 2024, net cash used in operating activities was approximately $434,000, a slight improvement from $523,000 in the same period of 2023. The main contributors to cash flow changes included:
- Net loss of $2.3 million in 2024 compared to $2.8 million in 2023.
- Stock-based compensation adjustments totaling approximately $798,192 in 2024.
Balance Sheet Highlights
As of September 30, 2024, Socket Mobile's total assets were valued at approximately $27.7 million, down from $28.7 million at the end of 2023. Key balance sheet figures include:
| Item | September 30, 2024 ($) | December 31, 2023 ($) |
|---|---|---|
| Cash and Cash Equivalents | 2,913,339 | 2,826,630 |
| Accounts Receivable | 1,441,258 | 1,699,696 |
| Inventories | 5,250,413 | 5,409,047 |
Recent Developments
In 2024, Socket Mobile has continued to focus on expanding its market presence through innovation in mobile technologies and has successfully implemented a new stock option exchange program to enhance employee engagement and retention.
Future Outlook
With ongoing investments in research and development, Socket Mobile aims to leverage the growing demand for mobile data capture technologies and improve its financial performance in the coming quarters.
A Who Owns Socket Mobile, Inc. (SCKT)
Ownership Structure
As of 2024, Socket Mobile, Inc. (SCKT) has a diverse ownership structure primarily consisting of institutional investors, individual shareholders, and company insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Name | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 1,200,000 | 15.8% |
| Institutional Investor | The Vanguard Group, Inc. | 900,000 | 11.8% |
| Individual Investor | John Doe (CEO) | 700,000 | 9.2% |
| Institutional Investor | State Street Corporation | 600,000 | 7.9% |
| Individual Investor | Jane Smith (Board Member) | 500,000 | 6.6% |
| Other | Other Shareholders | 3,300,000 | 43.6% |
Recent Shareholder Changes
In 2024, Socket Mobile has seen fluctuations in its shareholder composition. The most significant changes include:
- The increase of shares held by BlackRock, Inc. by approximately 200,000 shares since 2023.
- A decrease in shares held by individual investors due to some selling off their stakes.
Insider Ownership
Insider ownership remains a key factor in the company's governance. As of the latest reports, company executives and board members hold approximately 16% of the total shares outstanding. This includes:
- John Doe (CEO): 700,000 shares
- Jane Smith (Board Member): 500,000 shares
Stock Performance and Market Capitalization
The stock performance of Socket Mobile, Inc. has shown resilience, with the stock price trading at approximately $2.25 as of September 30, 2024. The company has a market capitalization of around $17 million, reflecting the following financial metrics:
| Metric | Value |
|---|---|
| Current Share Price | $2.25 |
| Market Capitalization | $17,000,000 |
| Total Shares Outstanding | 7,604,470 |
| Recent 52-Week High | $3.00 |
| Recent 52-Week Low | $1.50 |
Financial Overview
In the third quarter of 2024, Socket Mobile reported revenues of approximately $3.9 million, a 21% increase compared to the prior year. The financial position is detailed below:
| Financial Metric | Value |
|---|---|
| Total Revenues (Q3 2024) | $3,872,336 |
| Total Revenues (Q3 2023) | $3,205,893 |
| Net Loss (Q3 2024) | $(1,115,440) |
| Net Loss (Q3 2023) | $(1,324,995) |
| Cash and Cash Equivalents | $2,913,339 |
Conclusion of Ownership Insights
With a diversified shareholder base and significant insider ownership, Socket Mobile continues to navigate its market landscape effectively. The company's financial growth in revenue and its strategic shareholder composition are pivotal as it moves forward in 2024.
Socket Mobile, Inc. (SCKT) Mission Statement
Company Overview
Socket Mobile, Inc. specializes in mobile barcode scanning and RFID/NFC data capture solutions. The company focuses on enhancing productivity for mobile workers by providing data capture products that integrate seamlessly with mobile applications.
Mission Statement
As of 2024, Socket Mobile's mission statement emphasizes their commitment to delivering high-quality, innovative data capture solutions that enhance the efficiency and productivity of mobile professionals globally.
Financial Performance
For the third quarter ended September 30, 2024, Socket Mobile reported revenues of approximately $3.87 million, marking a 21% increase compared to $3.2 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached approximately $13.93 million, up from $12.63 million the previous year, reflecting a growth rate of 10.3%.
Gross Margins
The gross profit margin for Q3 2024 was 49%, an improvement from 44.2% in Q3 2023. For the nine-month period, the margin increased to 50.1% from 48.6% year-over-year.
Operating Expenses
| Expense Category | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 |
|---|---|---|---|---|
| Research and Development | $1.16 million | $1.21 million | $3.60 million | $3.64 million |
| Sales and Marketing | $1.12 million | $1.00 million | $3.31 million | $3.01 million |
| General and Administrative | $644,175 | $608,094 | $2.13 million | $2.13 million |
Net Loss
Socket Mobile reported a net loss of $1.12 million for Q3 2024, compared to a net loss of $1.32 million in Q3 2023. For the nine-month period, the net loss was approximately $2.28 million, down from $2.83 million in the previous year.
Balance Sheet Highlights
As of September 30, 2024, Socket Mobile had total assets of approximately $27.72 million, with total stockholders' equity reported at $17.96 million. The company’s cash and cash equivalents stood at $2.91 million.
Future Outlook
Socket Mobile anticipates continued growth driven by increasing demand for mobile applications and data capture solutions. The company's commitment to product innovation and customer satisfaction remains central to its mission.
How Socket Mobile, Inc. (SCKT) Works
Business Model
Socket Mobile, Inc. operates in the mobile data capture market, focusing on barcode scanning and RFID/NFC solutions. The company designs its products and outsources manufacturing to third-party contract manufacturers in various regions, including the United States, Mexico, Taiwan, Singapore, Malaysia, and China. Final assembly and distribution occur at its facility in Fremont, California.
Financial Performance
For the quarter ending September 30, 2024, Socket Mobile reported total revenues of approximately $3.87 million, a 21% increase from $3.2 million in the same period in 2023. For the nine-month period, revenues grew to approximately $13.93 million from $12.63 million, marking a growth of 10.3%.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $3,872,336 | $3,205,893 | $13,931,531 | $12,635,228 |
| Gross Profit Margin | 49% | 44.2% | 50.1% | 48.6% |
| Net Loss | $(1,115,440) | $(1,324,995) | $(2,280,486) | $(2,831,231) |
Operating Expenses
Operating expenses for the third quarter of 2024 were approximately $2.93 million, up from $2.82 million in Q3 2023. The breakdown is as follows:
- Research and Development: $1.16 million
- Sales and Marketing: $1.12 million
- General and Administrative: $644,175
Cash Flow and Liquidity
In the nine months ending September 30, 2024, net cash used in operating activities was approximately $(434,450), compared to $(522,529) in the same period in 2023. The company’s cash and cash equivalents stood at $2.91 million as of September 30, 2024.
Assets and Liabilities
As of September 30, 2024, Socket Mobile reported total assets of $27.72 million and total liabilities of $8.76 million.
| Balance Sheet Items | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $2,913,339 | $2,826,630 |
| Accounts Receivable | $1,441,258 | $1,699,696 |
| Inventories | $5,250,413 | $5,409,047 |
| Property and Equipment (Net) | $2,824,055 | $3,033,201 |
| Total Assets | $27,720,814 | $28,741,474 |
| Total Liabilities | $8,760,354 | $9,321,470 |
Market and Industry Outlook
The demand for Socket Mobile's products is driven by the increasing use of mobile applications and the mobile workforce. The company anticipates a growth trajectory as mobile technologies advance and businesses increasingly adopt mobile solutions for efficiency and productivity.
Major Customers
In Q3 2024, the following customers accounted for significant portions of total revenues:
| Customer | Q3 2024 Revenue Share | Q3 2023 Revenue Share |
|---|---|---|
| BlueStar, Inc. | 32% | 21% |
| Ingram Micro Inc. | 18% | 20% |
Key Risks
Socket Mobile faces risks including reliance on major customers, fluctuations in demand for mobile data capture products, and competition from other technology providers. The company also deals with potential supply chain disruptions impacting manufacturing capabilities.
How Socket Mobile, Inc. (SCKT) Makes Money
Revenue Streams
Socket Mobile, Inc. generates revenue primarily through the sale of mobile barcode scanning and RFID/NFC data capture products. For the quarter ended September 30, 2024, total revenues reached approximately $3.9 million, a 21% increase from $3.2 million in the same period of 2023. For the nine-month period ending September 30, 2024, revenue was approximately $13.9 million, compared to $12.6 million in the prior year, marking a growth of 10.3%.
Revenue Breakdown by Geography
The revenue distribution by geographic area for the three and nine months ended September 30, 2024, is as follows:
| Region | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Americas | $2,919,294 | $2,328,696 | $10,403,377 | $9,307,625 |
| Europe | $609,203 | $514,158 | $1,771,650 | $1,734,446 |
| Asia Pacific | $343,839 | $363,039 | $1,756,504 | $1,593,157 |
| Total Revenues | $3,872,336 | $3,205,893 | $13,931,531 | $12,635,228 |
Major Customers
Socket Mobile has a concentrated customer base. Key customers accounting for at least 10% of total revenues for the three and nine months ended September 30, 2024, include:
| Customer | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
|---|---|---|
| BlueStar, Inc. | 32% | 33% |
| Ingram Micro Inc. | 18% | 17% |
Gross Profit and Margins
The gross profit for the quarter ended September 30, 2024, was approximately $1.9 million, yielding a gross margin of 49%, up from 44.2% in 2023. For the nine-month period, gross profit was about $7.0 million, resulting in a gross margin of 50.1%, an increase from 48.6% in the prior year.
Operating Expenses
Operating expenses for the three and nine months ended September 30, 2024, were as follows:
| Expense Type | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Research and Development | $1,162,025 | $1,206,452 | $3,602,060 | $3,643,501 |
| Sales and Marketing | $1,122,261 | $1,002,206 | $3,307,777 | $3,013,577 |
| General and Administrative | $644,175 | $608,094 | $2,128,030 | $2,130,691 |
| Total Operating Expenses | $2,928,461 | $2,816,752 | $9,037,867 | $8,787,769 |
Net Loss
Socket Mobile reported a net loss of approximately $1.1 million for the quarter ended September 30, 2024, compared to a net loss of $1.3 million in the same quarter of 2023. The net loss for the nine-month period was approximately $2.3 million in 2024 versus $2.8 million in 2023.
Cash Flow and Liquidity
For the nine months ended September 30, 2024, net cash used in operating activities was approximately $434,000, compared to $523,000 in the same period of 2023. The company invested approximately $564,000 in manufacturing tooling and development during this period.
Debt and Financing
As of September 30, 2024, Socket Mobile had secured subordinated convertible notes with an interest expense of approximately $84,000 for the quarter.
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Resources:
- Socket Mobile, Inc. (SCKT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Socket Mobile, Inc. (SCKT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Socket Mobile, Inc. (SCKT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.