Socket Mobile(SCKT) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 revenue was $4.8 million, a 10% increase from $4.4 million in Q4 2023, and a 25% increase sequentially from $3.9 million in Q3 2024[7] - Full year 2024 revenue reached $18.8 million, representing a 10.2% year-over-year increase from $17.0 million in 2023[7] - Gross margin for Q4 2024 was 51.0%, down from 52.8% in Q4 2023, while the full year gross margin improved to 50.4% from 49.7% in 2023[7] - Operating loss for Q4 2024 was $411,000, an improvement from a loss of $476,000 in Q4 2023, and the full year operating loss decreased to $2.5 million from $3.1 million in 2023[7] - The net loss per share for the full year 2024 was ($0.30), compared to ($0.27) in 2023[7] Product Development - The company launched the XtremeScan Mag product family, targeting the BYOD market, which is expected to drive significant growth[6] - The S320 countertop QR Code Payment Reader was introduced, expanding the product offerings for retail POS application providers[8] - A new website and an updated developer portal, Alfred, were launched to enhance customer engagement and support for developers[9] Operational Insights - The company identified key areas for improvement in the warehousing and logistics sectors, which are taking longer to adopt their solutions[5] Asset and Liability Overview - Total assets decreased to $27.3 million in 2024 from $28.7 million in 2023, while total liabilities remained relatively stable[18]