Socket Mobile, Inc. reported a notable increase in revenue for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, revenues reached $3,872,336, a 21% increase from $3,205,893 in Q3 2023. For the nine months ended September 30, 2024, total revenues were $13,931,531, reflecting a 10.3% rise from $12,635,228 in the prior year. The Americas market contributed significantly to this growth, with revenues for Q3 2024 at $2,919,294, up from $2,328,696 in Q3 2023.

Gross profit also improved, with Q3 2024 gross profit at $1,897,185, compared to $1,418,197 in Q3 2023, resulting in a gross profit margin of 49%, up from 44.2% year-over-year. For the nine-month period, gross profit was $6,986,273, an increase from $6,142,247 in the previous year, leading to a gross profit margin of 50.1%, up from 48.6%.

Despite the revenue growth, Socket Mobile reported operating losses of $(1,031,276) for Q3 2024, an improvement from $(1,398,555) in Q3 2023. The nine-month operating loss also decreased to $(2,051,594) from $(2,645,522) in the prior year. The net loss for Q3 2024 was $(1,115,440), down from $(1,324,995) in Q3 2023, and for the nine months, the net loss was $(2,280,486), compared to $(2,831,231) in the same period last year. The net loss per share improved to $(0.15) for Q3 2024 from $(0.18) in Q3 2023.

Cash and cash equivalents as of September 30, 2024, were $2,913,339, a slight increase from $2,826,630 at the end of 2023. However, total current assets decreased to $10,342,249 from $10,698,683, while total assets fell to $27,720,814 from $28,741,474. Total liabilities increased to $9,759,354 from $9,321,470, and total stockholders’ equity decreased to $17,961,460 from $19,420,004.

In terms of strategic developments, Socket Mobile has been active in financing modifications, including several agreements with Western Alliance Bank to extend credit lines and amend minimum adjusted EBITDA requirements. The company also launched new products, including the DuraScan Wear DW930 and DW940, aimed at enhancing operational efficiency in warehousing and manufacturing sectors. Additionally, the company completed a tender offer for stock options and reported a decrease in research and development expenses, indicating a focus on cost management while pursuing growth opportunities.