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Socket Mobile Inc. (SCKT-2.46%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Socket Mobile's business as a provider of data capture and delivery solutions, with products that include cordless data capture devices and camera-based barcode scanning software. These products are used in various industries such as retail, commercial services, and healthcare.
Socket Mobile reported revenues of $18.8 million for 2024, an increase from $17.0 million in 2023. This growth was attributed to the expansion in the retail point-of-sale market.
The company's gross margin increased to 50.4% in 2024 from 49.7% in 2023, due to higher production volumes.
Research and development expenses were approximately $4.7 million in 2024, slightly down from $4.8 million in 2023. Sales and marketing expenses increased to $4.4 million, reflecting higher employee costs.
Socket Mobile reported a net loss of $2.2 million for 2024, compared to a net loss of $1.9 million in 2023. The company attributes this to increased operating expenses.
The company has a revolving credit facility of $2.5 million, with no outstanding borrowings as of December 31, 2024.
Socket Mobile's deferred tax assets were valued at $10.7 million as of December 31, 2024, primarily due to net operating loss carryforwards.
The company entered into several financing modification agreements with Western Alliance Bank during 2024, adjusting covenants and extending maturity dates.
Socket Mobile's stock-based compensation expense for 2024 was $1.1 million, with stock options and restricted stocks issued under its 2004 Equity Incentive Plan.
The company did not identify any material legal proceedings as of the filing date.
Socket Mobile's common stock is traded on the NASDAQ under the symbol 'SCKT', with a closing price of $1.15 on March 20, 2025.
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. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.