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Socket Mobile, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $3,872,336 from $3,205,893 in the same quarter the previous year. The increase is attributed to growth in the run-rate business during 2024.
Cost of revenues for the quarter was $1,975,151, representing 51% of sales, compared to 56% in the same quarter of the previous year. This decrease in cost ratio is due to higher shipment volumes.
The company reported a gross profit of $1,897,185 for the quarter, compared to $1,418,197 in the previous year, with the increase attributed to higher revenues.
Research and development expenses decreased to $1,162,025 from $1,206,452, primarily due to a decrease in headcount.
Sales and marketing expenses increased to $1,122,261 from $1,002,206, primarily due to new hires and cost-of-living adjustments.
Net loss for the quarter was $1,115,440, compared to $1,324,995 in the previous year. The improvement is attributed to higher gross profit.
Cash used in operating activities was $434,450, while cash used in investing activities was $491,640, primarily for manufacturing tooling and development.
Socket Mobile had cash and cash equivalents of $2,913,339 as of September 30, 2024. The company acknowledges its dependence on positive operating results and financing to meet future obligations.
The filing also details various financial agreements, including a Fifth Business Financing Modification Agreement with Western Alliance Bank (WAL-0.66%).
Socket Mobile continues to focus on its data capture products and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Socket Mobile Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.