Socket Mobile Reports Revenue Growth in 2024

Socket Mobile ( (SCKT) ) has released its Q4 earnings. Here is a breakdown of the information Socket Mobile presented to its investors.

Socket Mobile, Inc., based in Fremont, California, is a prominent provider of data capture and delivery solutions aimed at enhancing workplace productivity, primarily serving sectors such as retail, field service, and transportation with its barcode-enabled mobile applications.

In its latest earnings report, Socket Mobile announced a notable increase in revenue for both the fourth quarter and the full year of 2024, reflecting the company’s strategic focus on expanding its market presence and product offerings.

The company reported a 10% year-over-year increase in fourth-quarter revenue to $4.8 million and a 25% sequential increase from the previous quarter. The full-year revenue rose by 10.2% to $18.8 million. Despite a slight decline in gross margin for the quarter, the annual gross margin improved to 50.4%. The operating loss narrowed to $2.5 million for the year, down from $3.1 million in 2023, although the net loss per share slightly increased to ($0.30).

Strategically, Socket Mobile launched new products in 2024, including the XtremeScan Mag devices and the S320 QR Code Payment Reader, targeting the growing Bring Your Own Device (BYOD) market and enhancing its offerings for retail POS application providers. The company also upgraded its Capture SDK and barcode scanners to be compatible with iOS 18, alongside launching a new website and developer portal to improve customer engagement.

Looking forward, Socket Mobile remains committed to innovation and expanding its product range to strengthen its market position, with a focus on improving technology and customer support to build a solid foundation for future growth.