Home Trending Stocks Why Sonim Technologies Inc (SONM) stock face negativity in the after-hours on...

Why Sonim Technologies Inc (SONM) stock face negativity in the after-hours on Tuesday?

Sonim Technologies Inc. (SONM) shares gained 5.32% in after-market on Tuesday, June 1, 2021, and closed the day at $0.495 per share.  at the start of the trading on Tuesday, SONM’s stock lost 7.46% to close the session at $0.47 per share. SONM shares have fallen 48.01% over the last 12 months, and they have moved up 0.73% in the past week. Over the past three months, the stock has declined 53.92%, while over the past six months, it has lost 23.68%.

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Let’s have a brief look at SONM latest developments.

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New Appointments

On June 1, 2021, Sonim Technologies, Inc promoted Robert (Bob) Tirva, from the Chief Financial Officer position to President and Chief Operating Officer. He will report directly to the Board of Directors and work closely with the Strategic Alternatives and Operating Committee.

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Tom Wilkinson, who has served as Chief Executive Officer since October 2019, will leave the company.

Sonim Technologies and Business Mobility partnership

On May 12, 2021, Sonim Technologiessigned a partnership distribution agreement with Business Mobility Partners (BMP).

BMP is an authorized distributor of T-Mobile For Business products and services, which serves transportation, construction, healthcare, logistics and utilities verticals as well as education and the public sector.

The CMO of Sonim TechnologiesJohn Graff said that the T-Mobile for Business customers will have access to Sonim ultra-rugged devices provisioned to their specifications with software and accessories that will allow them to experience all that a mobile device can do in demanding work environments.

Financial results announcement

On May 11, 2021, Sonim Technologies released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial results

  • Sonim Technologies earned a revenue of $12.2 million in Q1 2021 compared to $12.7 million in Q1 2020.
  • Gross profit for the first quarter of 2021 was $2.5 million compared to$2.2 million in the first quarter of 2020.
  • Operating expenses were $11.5 million in Q1 2021, compared with $11.2 million in the first quarter of 2020.
  • In Q1 2021, GAAP net loss was $9.3 million, or $0.14per basic and diluted share, compared to a net loss of $10.0 million or $0.48 per basic and diluted share in Q1 2020.
  • As of March 31, 2021, SONM had cash and cash equivalents of $13.9 million. 

Launching of RS60 Smart handheld scanner

On May 5, 2021, Sonim Technologies commercially launch the RS60 SmartScanner handheld in North America and Europe.

S60 smart scanner is a durable and reliable all-in-one Android device that can lower the total cost of ownership (TCO) as a result of its extensive functionality and proven durability.

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Conclusion

Well, as of this writing there is no such news except the new appointment which could be linked with its loss in the after-hours on Tuesday. At the moment it is hard to predict how SONM will perform in the coming days.

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