SCKT - Earnings call transcript Q2 2021

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Operator

Welcome to the Socket Mobile's Q2 Management Conference Call. My name is Adrianne and I will be your operator for today's call.

Before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended. Such forward-looking statements include, but are not limited to, statements regarding mobile data collection and mobile data collection products, including details on timing, distribution, and market acceptance of products and statements predicting the trends, sales, and market conditions and opportunities in the markets in which Socket Mobile sells its products. Such statements include risks and uncertainties and actual results could differ materially from the results anticipated in such forward-looking statements because of a number of factors, including, but not limited to, the risk that manufacture of Socket products may be delayed or not rolled out as predicted due to technological, market or financial factors, including the availability of product components and necessary working capital. not acceptance the opportunities partners successful risk distribution may market as not and in that products channels and the anticipated, that choose doing risk so. and not may sales happen current or The may distribute be to Socket application and The acceptance XX-K with in described Socket's products recent Form of Commission. and may filed application markets Exchange risks risk happen as as Securities other XX-Q that and the reports not anticipated, Socket's vertical as well most

Socket time, in update will Mills, Zhao, President At mode. call does being [Operator obligation such any and is I CFO. CEO; to and we conference session. recorded. not undertake the all over any will Instructions] to forward-looking statements. this turn Lynn Please conduct Later, a Kevin this a question-and-answer are note participants listen-only now

may You begin.

Kevin Mills

everyone for operator. thank you us Thank and afternoon today. Good you joining

increase $X.X Lynn our a results period. was revenue income in $XXX,XXX $XXX,XXX retail-centric prior provide Our an tax our million increase business and options. In related of a by an million million, second benefit revenue to compared disposition the deployment Operating of the QX to more minutes. by breakdown an $X in applications period from XXXX of quarter which income will Square. customers $X.X of same Shopify the adjustment QX, net stock XXX% driven compared incentive a was detailed operating included the of year of $X.X few in the led the our disqualification in second retail was XXXX. driven loss for by industry. of to for the was quarter was The million

benefit from QX old we changes require as customers XXXX. be reopening is in business The continue restrictions are the serviced to strong both should friendly economy the saw retail eased that retail-centric in ongoing way. a and demand Our more continuing during the COVID of to

many hope and our to and activities. where strong Services, Logistics, remain segments to retail and Healthcare Commercial seeing in see expect We testing improvements piloting currently are we

to moving We revenue meaningful activities expect these start into converting forward.

continue NFC expect to We the very driver which invest be payment market Currently, in products a revenue and is NFC-centric XXXX beyond. centric. our to significant we in

wallets. NFC as in Google Their consumer demand to are the usage use technology digital used be will licenses Apple able nonpayment convenient the of same iOS reader these carry enable technology in believe and a DXXX the pass and We use, for example, the access mobile will ideal NFC that mobile easy this this the products and driver as secure. opportunity. your licenses, For to is readers passes and Apple, driver you'll significantly to increase information mobile information situation. mobile Pay. NFC SXXX Visibility the in for Pay such is and identification technology our XX an carry to a can

Socket to a NFC Mobile applications is the their their to incorporate development capabilities customers. solution deliver and into working to hard partners deliver our comprehensive benefit these reader to

our for very strong. summary, we to products expect demand in to QX was and see So good remain

have We don't ensure working and everyone our supply impact to are and associated like else hard issues revenue. our these customers issues

turn CFO, I the to provide complete the Lynn emerging. comprehensive significant to we developer our to Lynn? a working to now partners opportunity Zhao. will In like said, that solution are With over our addition, hard call is capture that cordless to

Lynn Zhao

the disciplined for and and line immediately the the profitable compared quarter. XX% In on the and technology It's achieved QX year sequentially to second Kevin. same the you strong the driven sequentially fifth momentum absorption XXXX. increase from expenses quarter the ago Operating QX and loss overhead quarter a of period from both same of costs. EBITDA of compared of XX% year The gross remaining to of top built XXXX. the investing the adjusted that by an the we XXXX XX% X% versus costs. in margin and Thank the company for a in million QX increased the in quarter, of company were million, quarter talent, with operating another preceding generated $X.X QX and The the $X.X XX% consecutive second earned last company $XXX,XXX QX on $XXX,XXX beginning the from is while profits. earnings year quarter in

has Our X.X% of as balance of XXth. with ratio further current sheet the June strength

navigating Our supplier inventory feel well is rest chain and The about supply level increased good management, tightness. team QX the year. inventory the we through of to diversification challenges response the the in in and

stock. and products are report have Management, Their promoting our a hope model and of model the a explaining report operator, employees Alpha. with of been our to subsidiary Research, our questions. our take Operator? initiated our business in analysts of there. to first our we are on financial ready half and our Singular we on contributed Asset the hard to LLC the are published coverage that With Seeking story business wholly-owned the of out pleased is work recently app-driven in Millennium We public results. our to Overall, for of we available year progress grateful that

Operator

queue. in we have the no And Instructions] [Operator questions

Kevin Mills

All I'd to... like right. Well

Operator

had the just Katrina [ph]. Take queue Frank that back, somebody up. we

open. is Your line

Unidentified Analyst

is you're stocks been reason any not New question puts Stock why the there are Exchange, traded most and Is my $X on York Since Yes. there any options on have share have a Socket listed company? the calls options. that over

Kevin Mills

and NASDAQ calls or believe but and our aware, if market Well, control on to there over are we're tradable. we options that. are on makers puts abilities and There to do with NASDAQ listed offered shares no has to between listed I we're I'm start stock. and nothing options. consumers the are with But or have puts, That's and on our not freely us. they're options if have there's

Unidentified Analyst

Okay. Thank you.

Kevin Mills

you. Thank

Operator

questions. no further have we And Instructions] [Operator

Kevin Mills

operator. you, Thank Okay.

thank like you. afternoon. participating and a to just I'd call good everyone you today's Thank in all for So wish

Operator

concludes gentlemen. and Thank call. and This for ladies today's may conference you disconnect. participating now you you, Thank

Kevin Mills	President & Chief Executive Officer
Lynn Zhao	Chief Financial Officer

Socket Mobile (SCKT) 22 Jul 212021 Q2 Earnings call transcript