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FREMONT, Calif. - Socket Mobile, Inc. (NASDAQ: SCKT), a micro-cap technology company with a market value of $7.87 million, has announced its entry into the mobile handheld computing market, a sector valued at $27 billion. The company, which has seen its stock decline by over 25% year-to-date according to InvestingPro data, introduced its XtremeScan iXG and iXS Series, which are iOS 18.3-powered devices, aiming to tap into the market's expected growth to $40 billion by 2034.
The XtremeScan iXG and iXS Series mark a significant step for Socket Mobile, integrating Apple's iPhone technology into industrial settings. Chief Business Officer Dave Holmes explained that the new series combines rugged scanning technology with the widely used iPhone and iOS platform, aiming to serve the industrial sector with devices that are both intuitive and durable. Holmes anticipates that these products will positively impact the company's revenue, which grew by 10.15% over the last twelve months to $18.76 million, according to InvestingPro financial metrics.
The new devices include a factory-new iPhone 16e, known for its performance and user-friendly interface. The XtremeScan's design and advanced data capture capabilities are tailored for industrial users who need reliable and robust handheld computers. These devices are designed to withstand harsh environments and feature the company's longest-range scanning engine, capable of reading barcodes from up to 46 feet away.
Socket Mobile emphasizes that the iXG963 and iXS963 models are compatible with all existing applications that support the latest version of its CaptureSDK with Bluetooth Low Energy. This software development kit allows app providers to offer consistent data capture performance. The integration of CaptureSDK is intended to enhance productivity and user satisfaction by allowing interchangeability among Socket Mobile's range of data capture devices.
The XtremeScan Grip iXG963 and XtremeScan iXS963 are now available for purchase on the Socket Mobile website, with retail prices of $1,947.00 and $1,847.00, respectively. This launch represents Socket Mobile's commitment to expanding its product offerings and capturing a share of the growing mobile handheld computing market. The information for this article is based on a press release statement from Socket Mobile, Inc. With its current financial health rated as 'Weak' by InvestingPro analysts, investors seeking deeper insights can access the comprehensive Pro Research Report, which provides detailed analysis of Socket Mobile's financial position, valuation metrics, and growth prospects among 1,400+ top US stocks.
In other recent news, Socket Mobile reported its fourth-quarter 2024 earnings, with revenue reaching $4.8 million, marking a 10% year-over-year increase and aligning with forecasts. The company's annual revenue for 2024 was $18.8 million, also reflecting a 10% increase from the previous year. Socket Mobile's gross margin improved to 50.4% from 49.7% in 2023, while the operating loss narrowed to $2.5 million from $3.1 million in the prior year. The company introduced its ExtremeScan product line aimed at industrial markets, which is expected to contribute to future growth. Looking ahead, Socket Mobile anticipates achieving cash flow positivity in the second half of 2025, with no plans for additional cash raising this year. Despite ongoing operating losses, the company remains optimistic about its financial strategy and market expansion. These developments indicate a focus on broadening its presence in industrial sectors, supported by new product launches.
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