Socket Mobile(US:SCKT) Prnewswireยท2025-02-25 21:05Core Viewpoint - Socket Mobile, Inc. reported improved financial performance for both Q4 and the full year 2024 compared to 2023, primarily driven by growth in retail POS application providers, although adoption in warehousing and logistics is slower than anticipated [4]. Financial Highlights Fourth Quarter 2024 - Revenue reached $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 [8]. - Gross margin was 51.0%, down from 52.8% in the prior year quarter but up from 49.0% in the preceding quarter [8]. - Operating loss was $411,000, an improvement from a loss of $476,000 a year ago and $1,031,000 in the preceding quarter [8]. - Diluted earnings per share were $0.00, compared to $0.08 a year ago and a net loss per share of ($0.15) in the prior quarter [8]. Full Year 2024 - Total revenue for 2024 was $18.8 million, up 10.2% from $17.0 million in 2023 [8]. - Gross margin for the year was 50.4%, compared to 49.7% in 2023 [8]. - Operating loss for 2024 was $2.5 million, an improvement from a loss of $3.1 million in 2023 [8]. - Net loss per share was ($0.30), compared to ($0.27) in the prior year [8]. Product Development and Market Strategy - The company launched several new products in 2024, including the XtremeScan product family and the S320 countertop QR Code Payment Reader, targeting the growing BYOD market [5][6]. - The S320 supports various functionalities beyond QR Code payment processing, enhancing its appeal to retail POS application providers [6]. - An updated developer portal, Alfred, was introduced to improve customer engagement and support for developers [7]. Future Outlook - The company remains committed to innovation and expanding its product offerings while strengthening its market position [7].