FREMONT, Calif. - Socket Mobile, Inc. (NASDAQ: SCKT), a provider of data capture and delivery solutions, has announced that its CaptureSDK, along with its barcode scanners and NFC reader/writers, are now fully compatible with iOS 18. This development ensures that users of Apple (NASDAQ:AAPL) devices can continue to utilize Socket Mobile's products effectively as they upgrade to the latest iOS version.
The company highlights that the compatibility with iOS 18 allows for continued smooth operation of business applications on Apple's newest operating system, ensuring stability and efficiency. This update aims to provide users with the ability to integrate the latest Apple features into their existing workflows without performance issues.
Dave Holmes, Chief Business Officer at Socket Mobile, emphasized the company's commitment to keeping pace with Apple's updates and supporting application developers. He stated that the compatibility with iOS 18 is part of their effort to offer the best possible development tools and device compatibility.
To maintain this compatibility, Socket Mobile advises app developers to update their applications to the latest version of CaptureSDK with each new release. The company assures that its support team is always ready to assist with ensuring seamless operation of their data capture solutions.
CaptureSDK has been incorporated into thousands of applications, providing app providers with reliable data capture performance. This functionality enables apps to efficiently process data from the physical world, enhancing the value of the solutions they offer and the satisfaction of their customers. The SDK also allows end-users to interchange Socket Mobile's data capture devices according to their needs.
The announcement indicates that Socket Mobile will continue to prioritize iOS compatibility as Apple releases new updates. This information is based on a press release statement from Socket Mobile, Inc.
In other recent news, Socket Mobile has reported Q2 2024 revenue of $5.1 million, marking a slight decrease of 0.7% from the same period last year. The company also recorded a net loss of $608,000 for the quarter, with an EBITDA of $8,000, essentially breaking even. Despite these challenges, Socket Mobile maintained a robust gross margin of over 50%, specifically 50.9% for Q2 2024.
Additionally, Socket Mobile announced the extension of executive employment agreements and the appointment of a new Chief Technology Officer (CTO), Eric Glaenzer. The company also welcomed Alexis Hartmann to its Board of Directors, whose SaaS experience and leadership are expected to benefit the company's software development.
Furthermore, Socket Mobile is making strategic moves to diversify and sustain its business model, expanding into the ruggedized mobile computing market. The company anticipates new products like XtremeScan and SocketCam to begin contributing significantly to revenue in Q4 2024 and into 2025. These are among the recent developments for Socket Mobile.
InvestingPro Insights
As Socket Mobile, Inc. (NASDAQ: SCKT) aligns its products with the latest iOS 18 update, it's crucial for investors to understand the company's financial health and market performance. According to InvestingPro data, Socket Mobile currently holds a market capitalization of approximately $8.85 million. The company's Price / Book ratio, as of the last twelve months leading up to Q2 2024, stands at a low 0.47, suggesting that the stock may be undervalued relative to its assets.
InvestingPro Tips highlight that Socket Mobile has a high shareholder yield, which could be attractive to investors seeking companies that prioritize shareholder returns. Additionally, the company is trading at a low Price / Book multiple, which can be an indicator of potential undervaluation. However, it's important to note that Socket Mobile has not been profitable over the last twelve months and does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
Furthermore, the company's Revenue Growth has slightly decreased by 3.63% over the last twelve months as of Q2 2024, which may raise concerns about its growth trajectory. Despite these challenges, Socket Mobile's Gross Profit Margin remains strong at nearly 50%, indicating that the company maintains a solid ability to generate profit from its sales.
For investors looking for a more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/SCKT, providing a comprehensive view of Socket Mobile's financials and market standing.
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