Socket Mobile Q3 revenue $3.2M, down 14% YoY; operating loss widens to $1.4M

SOCKET MOBILE, INC.

2023-Q3 EPS reported -$0.34 revenue$12,635,228

Revenue $3.2M, down 14% from $3.7M YoY and 37% sequentially from $5.1M in Q2 2023.
Gross margin 44.2% vs 44.4% YoY; operating loss $1.4M compared to $947K in prior-year quarter.
Cash balance $3.1M at Sept 30, 2023, down from $3.6M at Dec 31, 2022.
Distributor inventories cut 50% due to market uncertainty; management highlights reseller/end-user sales as better demand gauge.
Launched XtremeScan product line for iPhone 15 series and C860 camera-based scanner with $5.99 monthly subscription.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOCKET MOBILE, INC. reported the three and nine months ended September 30, 2023 results: revenue $3.2 million.

Period: the three and nine months ended September 30, 2023
Revenue: $3.2 million
Result: reported results

Exact text from the filing

accounting principles in the United States (“GAAP”) for the three and nine months ended September 30, 2023. Third Quarter 2023 Financial Highlights: • Revenue decreased 14% to $3.2 million, compared to $3.7 million in the prior-year quarter, and decreased by 37% sequentially compared to $5.1 million in Q2 2023. • Gross margin declined to 44.2%, compared to 44.4%

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SOCKET MOBILE, INC. filing history →

Source: SEC EDGAR

accession 0000944075-23-000069

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