Sonim Technologies has filed a registration statement for its initial public offering with the US Securities and Exchange Commission. The company, whose shares will list on the Nasdaq, hopes to raise USD 57.5 million, which it will put towards general corporate purposes. These may include boosting working capital, expanding its sales and marketing activities, upping R&D and funding growth strategies. Some money may also go to paying back debt.
Sonim is a US provider of rugged mobile phones and accessories for workers in the field. It was founded in 199 as NaviSpin and then changed its name to Sonim in 2001. Customers in the US include AT&T, Sprint and Verizon and in Canada, Bell, Rogers and Telus Mobility.
Looking towards the future, Sonim said it wants to drive sales by investing in sales channel partnerships and brand marketing, it wants to position itself as the leading provider for the public sector and also expand its subscription-based products and services. Sonim also wants to expand internationally and into other target markets, such as retail enterprises and to additional agencies within the federal government.
For full year 20018, the company said revenues more than doubled to USD 135.7 million from 59.0 million the year before, with the gross profit jumping to USD 48.1 million from 20.3 million. The net loss narrowed to USD 2.6 million from a loss the year earlier of 15 million, while the adjusted EBITDA went to a profit of USD 6.9 million from a loss of 5.7 million. Cash and cash equivalents at the end of the year amounted to USD 13.0 million.
Shareholders include Nokomis Capital (23.3 percent), entities affiliated with B. Riley Financial (20%), entities affiliated with Verdoso (9.3%), Investec Investments (8.9%), Motorola Solutions (8.3%) and JVC Kenwood (7.8%).
Robert Plaschke is the CEO at Sonim, with James Walker its CFO, Charles Becher its chief sales and marketing officer, Jeffrey Pon its senior VP of product, Peter Liu its senior VP of operations and Bengt Jonassen its senior VP of engineering. The company's board of directors include Maurice Hochschild (chairman), Alan Howe, Kenny Young, Susan Swenson, John Kneuer and Jeffrey Johnson.
