Exhibit 99.1

 

 

 

 

Socket Mobile Reports Second Quarter and Six-Month Results

 

NEWARK, Calif., – July 30, 2020 –

Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported 2020 second quarter results, which include the early stages of COVID-19 impacts.

 

Revenue for the second quarter of 2020 was $2.7 million, a decrease of 46 percent over revenue of $5.1 million for the same quarter a year ago and a decrease of 36 percent sequentially from revenue of $4.2 million in the immediately preceding quarter. Net loss for the second quarter of 2020 was $768,000, compared to net income of $120,000 in the second quarter of 2019, and net loss of $90,000 in the immediately preceding quarter.

 

Revenue for the six months ended June 30, 2020 was $6.9 million, a decrease of 28 percent from revenue of $9.7 million in the same period a year ago. Net loss for the six months ended June 30, 2020 was $858,000, compared to net income of $132,000 for the same period a year ago.

 

Gross margins on revenue for the three-month and six-month periods ended June 30, 2020 was 50 percent and 52 percent, respectively, compared to gross margins on revenue of 52 percent for the corresponding periods in 2019.

 

Operating expenses for the second quarter of 2020 were $2.2 million, a decrease of 10 percent compared to operating expenses of $2.4 million for the same quarter a year ago, and a decrease of 6 percent sequentially from the immediately preceding quarter. Operating expenses for the six months ended June 30, 2020 were $4.5 million, a decrease of 6 percent compared to operating expenses of $4.8 million for the same period a year ago.

 

“As anticipated, following the effects of the COVID-19 pandemic on our revenues in the first quarter of 2020, we experienced significant revenue declines in the second quarter. We expect our business to be adversely impacted by COVID-19 for the foreseeable future. In Q2, we received $1.06M in PPP loan, most of which is likely to be forgiven, and implemented cost reduction measures, enabling us to preserve cash. The Company will continue taking actions in Q3 in response to market conditions and operational disruptions” said Kevin Mills, president and chief executive officer.


The following information was filed by Socket Mobile, Inc. (SCKT) on Thursday, July 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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