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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
April 24, 2025
Date of Report
(Date of earliest event reported)
________________________________________
SOCKET MOBILE, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-13810 | 94-3155066 | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
40675 Encyclopedia Circle
Fremont, CA 94538
(Address of principal executive offices, including zip code)
(510) 933-3000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.001 Par Value per Share | SCKT | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02 Results of Operations and Financial Condition
On April 24, 2025, Socket Mobile, Inc. issued a press release reporting its results for the three months ended March 31, 2025. The full text of the press release is furnished as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Text of press release, dated April 24, 2025, titled "Socket Mobile Reports First Quarter 2025 Results". | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOCKET MOBILE, INC. | |||
| By: | /s/ Lynn Zhao | ||
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Name: Lynn Zhao Vice President, Finance and Administration and Chief Financial Officer |
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Date: April 24, 2025
Exhibit 99.1
Socket Mobile Reports First Quarter 2025 Results
FREMONT, Calif., – April 24, 2025 – Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”) for the three months ended March 31, 2025.
First Quarter 2025 Financial Highlights:
| · | Revenue of $4.0 million, reflecting a 20% decrease compared to $5.0 million for the prior year’s quarter, and an 18% sequential decrease compared to $4.8 million for the preceding quarter. |
| · | Gross margin of 50.4% versus 50.3% in the prior year’s quarter and 51% in the preceding quarter. |
| · | Operating expenses were $2.9 million, compared to $3.0 million in the prior year period and $2.9 million in the preceding quarter. |
| · | Operating loss amounted to $0.9 million, compared to $0.5 million loss in the prior year’s quarter, and a loss of $0.4 million in the preceding quarter. |
| · | Cash balances on March 31, 2025 were approximately $1.7 million, a decrease from $2.5 million as of December 31, 2024. |
“Our first quarter revenue came in lower than projected, primarily due to softer demand both domestically and internationally compared to Q1 of last year," said Kevin Mills, President, and Chief Executive Officer. "The encouraging news is that we began shipping our new XtremeScan products during the quarter. This marks a key milestone in our two-year effort to enter the industrial barcode market."
"We also recently announced the launch of the XtremeScan iXG and iXS Series, powered by iOS 18.3 and featuring a fully integrated iPhone 16e," Mr. Mills continued. “These devices are designed to serve as full-featured handheld computers, combining high-performance long-range barcode scanning with the connectivity, app ecosystem, and user-friendly interface of the iOS platform. Together, these capabilities allow frontline workers to capture data more accurately, respond more decisively, and perform critical tasks with greater speed and confidence. These products put Socket Mobile into the $27 billion mobile handheld computing market.
"We are closely monitoring the evolving tariff landscape and assessing its potential impact on our supply chain and cost structure,” Mr. Mills added. “We are committed to working closely with our customers to manage these challenges through strategic sourcing, pricing adjustments, and supply planning.”
"We look forward to sharing more about our new products and strategies to drive sales growth during our upcoming conference call,” concluded Mr. Mills.
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Conference Call
Management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future. To join the live conference, please use the conference link https://join.broaddata.com/?id=socket-mobile-earnings-call or dial (800) 237-1091 toll-free from within the U.S. or (848) 488-9280 (toll).
About Socket Mobile, Inc.
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, Twitter, and keep up with our latest News and Updates.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.
| Socket Mobile Investor Contact: |
| Lynn Zhao |
| Chief Financial Officer |
| 510-933-3016 |
| lynn@socketmobile.com |
Socket Mobile is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2025, Socket Mobile, Inc. All rights reserved.
– Financial tables to follow –
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Socket Mobile, Inc.
Condensed Summary Statements of Operations (Unaudited)
(Amounts in thousands except per share amounts)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 3,966 | $ | 4,978 | ||||
| Cost of revenue | 1,968 | 2,473 | ||||||
| Gross margin | 1,998 | 2,505 | ||||||
| Gross margin percent | 50.4 | % | 50.3 | % | ||||
| Research & development |
1,132 | 1,208 | ||||||
| Sales & marketing | 1,107 | 1,031 | ||||||
| General & administrative | 653 | 751 | ||||||
| Total operating expenses | 2,892 | 2,990 | ||||||
| Operating loss | (894 | ) | (485 | ) | ||||
| Interest expense, net | (100 | ) | (72 | ) | ||||
| Income tax expense | — | — | ||||||
| Net loss | $ | (994 | ) | $ | (557 | ) | ||
| Net loss per share: | ||||||||
| Basic | $ | (0.13 | ) | $ | (0.07 | ) | ||
| Fully diluted | $ | (0.13 | ) | $ | (0.07 | ) | ||
| Weighted average shares outstanding: | ||||||||
| Basic | 7,829 | 7,442 | ||||||
| Fully diluted | 7,829 | 7,442 | ||||||
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Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
| (Unaudited) March 31, 2025 | December 31, 2024* | ||||||
| Cash | $ | 1,707 | $ | 2,492 | |||
| Accounts receivable | 2,061 | 1,588 | |||||
| Inventories | 5,281 | 4,942 | |||||
| Deferred costs on shipments to distributors | 155 | 143 | |||||
| Other current assets | 619 | 431 | |||||
| Property and equipment, net | 2,532 | 2,787 | |||||
| Deferred tax assets | 10,663 | 10,663 | |||||
| Intangible assets, net | 1,400 | 1,432 | |||||
| Operating leases right-of-use assets | 2,477 | 2,604 | |||||
| Other long-term assets | 264 | 264 | |||||
| Total assets | $ | 27,159 | $ | 27,346 | |||
| Accounts payable and accrued liabilities | $ | 2,864 | $ | 1,977 | |||
| Subordinated convertible notes payable, net of discount | 150 | 150 | |||||
| Subordinated convertible notes payable, net of discount-related party | 3,822 | 3,818 | |||||
| Deferred revenue on shipments to distributors | 366 | 392 | |||||
| Deferred service revenue | 30 | 31 | |||||
| Operating lease liabilities | 2,690 | 2,817 | |||||
| Total liabilities | 9,922 | 9,185 | |||||
| Common stock | 69,444 | 69,374 | |||||
| Accumulated deficit | (51,169 | ) | (50,175 | ) | |||
| Treasury stock | (1,038 | ) | (1,038) | ||||
| Total equity | 17,237 | 18,161 | |||||
| Total liabilities and equity | $ | 27,159 | $ | 27,346 | |||
*Derived from audited financial statements.
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