FREMONT, Calif.—Charlie Bass, a director and significant shareholder of Socket Mobile, Inc. (NASDAQ:SCKT), has recently increased his holdings in the company. According to a recent filing, Bass purchased a total of 10,000 shares of common stock over two consecutive days. The transactions were executed at prices ranging from $1.3992 to $1.4297 per share, totaling approximately $14,144. Following these acquisitions, Bass now directly owns 1,561,651 shares of the electronic computer company.
In other recent news, Socket Mobile, a prominent player in data capture and delivery solutions, disclosed its Q3 financial results. The company witnessed a 21% revenue surge, amounting to $3.9 million compared to the same quarter last year. However, this growth was accompanied by an operating loss of $1 million and an EBITDA-negative of about $500,000.
The company also reported an irregular distribution of bookings throughout the quarter, which led to a significant backlog entering Q4. Despite these challenges, Socket Mobile's industrial products received positive feedback from large organizations, indicating potential growth.
In the midst of these developments, the company managed to raise $1 million from insiders to ensure working capital for larger customer projects. Socket Mobile also released an updated version of CaptureSDK with full support for iOS 18. Looking ahead, the company anticipates achieving profitability by 2025, driven by its investments in industrial and camera spaces, and the introduction of new products such as XtremeScan and SocketCam.
InvestingPro Insights
Charlie Bass's recent purchase of Socket Mobile shares aligns with several interesting trends revealed by InvestingPro data. The company's stock has shown strong momentum, with a 24.77% price return over the past month and an impressive 47.21% return over the last three months. This performance is reflected in an InvestingPro Tip noting that Socket Mobile is "trading near its 52-week high," with the current price at 94.77% of its peak.
Despite this positive price action, Socket Mobile faces some financial challenges. The company is not profitable over the last twelve months, with an adjusted operating income of -$2.53 million and a negative operating income margin of -13.79%. This is consistent with another InvestingPro Tip indicating that Socket Mobile "does not pay a dividend to shareholders," which is often the case for companies prioritizing growth or managing losses.
However, there are signs of potential improvement. Socket Mobile's revenue for the last twelve months stands at $18.33 million, with a quarterly revenue growth of 20.79% in Q3 2024. The company also maintains a solid gross profit margin of 50.77%, suggesting efficient production processes despite overall profitability challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 6 more tips available for Socket Mobile. These tips could provide valuable context for understanding Bass's investment decision and the company's future prospects.
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