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Socket Mobile Reports First Quarter 2025 Results

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FREMONT, Calif., April 24, 2025 /PRNewswire/ — 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.

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, X, 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 –

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

   Fully diluted

 

7,829

7,829

 

7,442

7,442

 

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

Other current assets

              155

              619

              143

              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
Operating lease liabilities

                30

           2,690

                31

           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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SOURCE Socket Mobile, Inc.

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Proven Business Leader & Impact Innovator Dorri McWhorter Named President & CEO of the Executives’ Club of Chicago

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CHICAGO, May 22, 2025 /PRNewswire/ — The Executives’ Club of Chicago is proud to announce the appointment of Dorri McWhorter as its new President & Chief Executive Officer, effective June 2, 2025. A celebrated thought leader and convener, McWhorter brings more than two decades of executive and finance experience in both corporate and nonprofit sectors to the leadership helm of the Exec Club as it looks to evolve and broaden its impact.

“Dorri is a visionary business leader with boundless creativity and an ability to operationalize ideas to deliver impactful results,” said Christine Schyvinck, Board Chair, Exec Club. “She is a tremendous talent, a true innovator, and a powerhouse of transformative thinking that this city needs — and deserves. We feel fortunate to have the opportunity to create the future of Exec Club with Dorri at the helm.”

McWhorter joins the Exec Club following her successful tenure as President and CEO of the YMCA of Metropolitan Chicago, where she led the organization through a significant transformation — increasing revenue by nearly 50%, building landmark partnerships with brands like Wilson Sporting Goods, Peloton, and the Chicago Sky, and championed the development of a groundbreaking community hub on Chicago’s West Side.

Previously, McWhorter served as CEO of the YWCA Metropolitan Chicago, where she evolved the organization into a 21st-century social enterprise, expanded its footprint with 10 new service locations, tripled its operating budget, and launched pioneering tools like a women’s empowerment exchange-traded fund (NYSE: WOMN). McWhorter spent the first portion of her career in the corporate sector, starting at Arthur Andersen, followed by leadership roles at Booz Allen, Snap-On Incorporated, and as a partner at Crowe LLP.

“The Exec Club is such a truly special and necessary platform to challenge, inspire, and activate leaders at all levels to address the complexities of modern business and shape a city and a world that works for all of us,” McWhorter said. “Chicago’s broad shoulders can lift up the ideas and innovation that change the world.”

A two-decade member of the Exec Club, McWhorter brings a deep understanding of its legacy and potential. Founded over a century ago, the Exec Club is a dynamic hub where leaders across industries come together to learn, connect, and grow. With strong financial reserves, an engaged membership, and a committed team, the organization is poised for continued innovation under McWhorter’s leadership.

 McWhorter’s appointment marks a significant milestone in the Club’s commitment to inclusivity, forward-thinking programming, and cross-sector collaboration. Her leadership will focus on energizing content, integrating modern cultural relevance, and empowering Chicago’s business leaders to embrace transformation and innovation.

McWhorter currently serves on the boards of several prominent companies and nonprofits, including LanzaTech Global, Lifeway Foods, NexPoint Capital, Skyway Concession Company (Chicago Skyway), William Blair Funds, Chicago Center for Arts and Technology, Chicago Council on Global Affairs, Civic Consulting Alliance and Hope Chicago. She holds a BBA from the University of Wisconsin-Madison, an MBA from Northwestern University’s Kellogg School of Management, and an honorary doctorate from Lake Forest College.

About The Exec Club

The Executives’ Club of Chicago is the city’s premier resource for connecting, developing, and growing best-in-class leaders to strengthen themselves and their organizations. The Executives’ Club of Chicago is where the relationships that build a better Chicago begin. This is where the future meets.  For more information about the nexus of Chicago business, visit www.executivesclub.org.

Media Contact:
Eva Penar, 312-283-2185
epenar@executivesclub.org

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myNetWatchman Welcomes Madhura Belani as Chief Product Officer

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Belani to Drive Innovation in ATO Prevention and Enhanced Cybersecurity

SAVANNAH, Ga., May 22, 2025 /PRNewswire-PRWeb/ — myNetWatchman, a leader in real-time compromised credential monitoring and account takeover (ATO) prevention, is delighted to announce the appointment of Madhura Belani as Chief Product Officer. This strategic addition to the leadership team underscores myNetWatchman’s unwavering commitment to advancing cybersecurity solutions for digital businesses.

“The experience Madhura adds to our team will help us move faster and scale our efforts to protect businesses and their customers from ATO and other fraudulent events,” said David Montague, CEO of myNetWatchman.

Madhura is a seasoned executive with extensive leadership experience in payments, fraud prevention, and identity management. She has a proven track record of launching and scaling category-defining products, implementing successful go-to-market strategies, and forging strategic partnerships to drive sustainable growth.

Her career journey includes distinguished leadership roles at global giants such as PayPal and Visa, as well as dynamic startups like Speedpay, Offerpal, and Danal, providing her with the unique ability to thrive in organizations at various stages of product maturity.

During her tenure at Visa, Madhura led the development of Buy Now, Pay Later (BNPL) APIs, successfully launching a partner program across six countries and onboarding industry leaders. As the founding Chief Product Officer at Danal, she spearheaded the creation and scaling of a mobile identity product, a key achievement that paved the way for its acquisition by Boku. Prior to these roles, Belani held Product Management positions at Tapjoy and PayPal, further honing her expertise in product innovation.

“I’m thrilled to join myNetWatchman and contribute to its mission of enhancing cybersecurity and detecting and disrupting fraud,” Madhura said.

With Mahura’s leadership, myNetWatchman aims to further strengthen its position as a trusted partner for industries facing high ATO risks, such as travel, e-commerce, and financial services, empowering clients to stay ahead of bad actors through real-time intelligence.

“The experience Madhura adds to our team will help us move faster and scale our efforts to protect businesses and their customers from ATO and other fraudulent events,” said David Montague, CEO of myNetWatchman. “I’m really excited to have her as part of our executive staff and leading myNetWatchman’s product development.”

Madura holds an MBA from Duke University’s Fuqua School of Business and a Bachelor of Engineering in Electronics and Telecommunications from the College of Engineering Pune (COEP), Pune University, India.

About myNetWatchman

myNetWatchman provides real-time intelligence to help organizations detect cybersecurity threats, specializing in real-time monitoring of compromised credentials and bad actor behavior to prevent ATO and other fraudulent activities.

For more information, visit myNetWatchman.com.

Media Contact

Donald Bush, myNetWatchman, 1 2088679665, dbush@mynetwatchman.com, myNetWatchman 

LinkedIn

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Accomplished Attorney James R. Perkins Joins Dallas’ Caldwell Cassady & Curry, Boosting Firm’s Trial, Appellate Expertise

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DALLAS, May 22, 2025 /PRNewswire/ — The Dallas-based intellectual property and business litigation firm Caldwell Cassady & Curry has added experienced trial and appellate attorney James R. Perkins as Counsel.

For over a decade, clients have called on Mr. Perkins for representation in high-stakes patent lawsuits and related appeals throughout the U.S. He is licensed to practice law in Texas and Florida, in addition to three of the four Texas federal district courts, the Southern District of Florida, and the U.S. Court of Appeals for the Federal Circuit. He also represents companies before the International Trade Commission.

“James brings skill and determination to every case,” says Caldwell Cassady & Curry’s Jason Cassady. “He has won trials, post-trial motions, and appellate court arguments at every level.”

Mr. Perkins’ years of work in complex intellectual property and business lawsuits include cases involving fraudulent transfers, trademark and trade dress infringement, trade secret misappropriation, breach of contract, construction defects, false advertising, defamation, actions filed under the False Claims Act, antitrust claims, and many others.

Over the past 15 years, Mr. Perkins has helped clients score multiple multimillion-dollar verdicts, settlements, and defense victories, including one of the Top 100 Verdicts in the U.S.

Mr. Perkins earned his law degree from the Georgetown University Law Center after completing his undergraduate degree at Texas A&M University with individual recognition for outstanding academic achievement.

Caldwell Cassady & Curry represents companies and individuals in high-stakes civil litigation, including patent infringement cases, trade secrets lawsuits, fiduciary duty breaches, class actions, and disputes between company founders. The firm has tried and won some of the nation’s top verdicts against the largest companies in the world. Learn more: www.caldwellcc.com.

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SOURCE Caldwell Cassady & Curry

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