Shipments Commencing in Q3 2022 Diversify Revenue Opportunities
Austin, Texas--(Newsfile Corp. - September 6, 2022) - Sonim Technologies (NASDAQ: SONM) today announced a customer purchase order for $9 million to purchase tablet products designed by Sonim and assembled via an ODM relationship. Sonim expects to ship the initial purchase order starting from the third quarter, then fulfill additional orders in late 2022 and throughout 2023. The new tablet order exemplifies Sonim's strategic plans to enter the larger and more diverse industrial equipment market with new devices leveraging its engineering expertise and rugged heritage.
The new tablet features an eight-inch display with 4G LTE connectivity running on a Qualcomm Snapdragon chipset. The tablet targets both enterprise and consumer applications, including service and education applications.
The tablet is an ODM project for which Sonim will design and build the devices for shipment to U.S. carrier partners. The new tablet project is not expected to represent inventory risk Sonim, as the tablets are built to customer purchase orders.
"This tablet project is a good example of our ability to grow revenue in large but untapped end markets where we can apply our engineering expertise to design and deliver purpose built mobile devices to our carrier partners," said Sonim CEO, Peter Liu. "We look forward to bringing additional products to market in this same manner as a means to grow and diversify Sonim's revenue opportunities while at the same time building economies of scale and leveraging our rugged heritage to address unmet needs in the marketplace."
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About Sonim Technologies, Inc.
Sonim Technologies is a leading U.S. provider of ultra-rugged mobile phones and accessories designed specifically for task workers physically engaged in their work environments, often in mission-critical roles. We currently sell our ruggedized mobility solutions to several of the largest wireless carriers in the United States- including AT&T, T-Mobile and Verizon-as well as the three largest wireless carriers in Canada-Bell, Rogers and Telus Mobility. Our phones and accessories connect workers with voice, data and workflow applications in two end markets: industrial enterprise and public sector. Our ruggedized phones and accessories are sold through distributors in North America, South America and Europe. For more information, visit www.sonimtech.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to, among other things, the market acceptance of new products and the strategic expansion plans of Sonim. These forward-looking statements are based on Sonim's current expectations, estimates and projections about its business and industry, management's beliefs and certain assumptions made by Sonim, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "future", "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include, but are not limited to, the following: Sonim's ability to continue as a going concern and improve its liquidity and financial position; Sonim's exploration of strategic or financial alternatives may not result in any transaction or alternative that enhances value; risks related to Sonim's ability to comply with the continued listing standards of the Nasdaq Stock Market and the potential delisting of Sonim's common stock; Sonim's ability to continue to develop solutions to address user needs effectively, including its next generation products; anticipated sales levels of both new and legacy products; Sonim's reliance on its channel partners to generate a substantial majority of its revenues; the limited operating history in Sonim's markets; Sonim's ongoing restructuring and transformation of its business; the variation of Sonim's quarterly results; the lengthy customization and certification processes for Sonim's wireless carries customers; the impact of the COVID-19 pandemic; and the ongoing Securities and Exchange Commission investigation on Sonim's business, as well as the other risk factors described under "Risk Factors" included in Sonim's most recent Annual Report on Form 10-K and any subsequent quarterly filings on Form 10-Q filed with the Securities and Exchange Commission (available at www.sec.gov). Sonim cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Sonim assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Sonim Technologies Contacts
Sonim Technologies, Inc.
IR@sonimtech.com
Matt Kreps, Managing Director
Darrow Associates Investor Relations
mkreps@darrowir.com
(214) 597-8200
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