Sonim Technologies Reports Third Quarter and Nine Month 2019 Financial Results and Appoints Industry Veteran Tom Wilkinson as CEO

  • Q3 2019 Net Revenues $28.9 Million
  • GAAP Net Loss $6.8 Million

 

SAN MATEO, Calif. – October 30, 2019 – Sonim Technologies, Inc. (Nasdaq: SONM), a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, reported financial results for the third quarter and nine months ended September 30, 2019.

Third Quarter 2019 Financial Highlights

  • Net revenues decreased 27% to $28.9 million from $39.5 million in Q3 2018
  • Gross profit decreased 48% to $7.2 million from $14.1 million in Q3 2018
  • GAAP net loss totaled $6.8 million
  • Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $5.1 million

Nine Month 2019 Financial Highlights

  • Net revenues increased 11% to $99.1 million from $89.1 million in the first nine months of 2018
  • Gross profit increased 5% to $31.4 million from $29.9 million in the first nine months of 2018

Executive Management Update

Effective October 29, 2019, the Board of Directors has appointed Tom Wilkinson as Chief Executive Officer for Sonim Technologies. Mr. Wilkinson served as CEO of Xplore Technologies (Nasdaq: XPLR) a maker of rugged tablet and handheld devices until it was sold to Zebra Technologies in August 2018. Recently, he was appointed as Chairman and Interim CEO of Cipherloc Corporation, which on October 15, 2019 announced that it was working to retain a permanent CEO. Mr. Wilkinson’s experience includes appointments as CFO, as well as other business leadership roles.

“Tom brings strong leadership experience as a public technology company executive, as both a CFO and CEO, with responsibility for technology development, go-to-market strategy and sales to the government and commercial sectors,” said Sonim Board Chair, Maurice Hochschild.

Sonim also announced that Bob Plaschke will assume a new role for the Company as Strategy Advisor to the Board and will devote his time to the development of strategic opportunities for Sonim. Bob has been at Sonim since 2002 and became CEO and Chairman of the Board in 2005.

“Sonim Technologies has developed a strong presence within a growing first responder market and is expanding its portfolio of solutions and customers it serves. Bringing Tom in as CEO at this time, with