Sonim Technologies SONM management has lowered its financial guidance for this fiscal year ending Dec. 31.
The company says net revenues are expected to be flat or slightly below 2018 net revenues of $135.7 million reported in fiscal 2018.
Sonim Technologies explainsthere are several factors which have collectively contributed to the company's revised financial outlook for fiscal 2019, primarily stemming from changes in U.S. wireless carrier forecasts for the launch of Sonim's new products as well as launch delays due to software issues related to these new introductions.
The company reports GAAP net loss, defined as net revenues less cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes and other expenses, is expected to be up to $15 million. The company has adjusted EBITDA, a non-GAAP metric to be a loss of up to $5 million.
Sonim Technologies shares closed Monday at $7.06. The stock has a 52-week high of $18.26 and a 52-week low of $6.62.
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