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Here's Why Sonim Shares Are Trading Up Premarket

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·1 min read
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  • Sonim Technologies, Inc (NASDAQ: SONMwon multiple additional purchase orders worth $6.4 million for stocking inventory of its upcoming XP5plus feature phone with enhanced PTT capabilities and next-generation XP10 5G rugged smartphone.

  • Sonim bagged the orders from a top U.S. carrier customer and two Canadian carriers adding to previously announced initial stocking orders for $9.5 million on these devices from a U.S. carrier.

  • CEO Peter Liu said, "We are moving ahead rapidly on our new business strategy to offer a wider range of rugged 5G smartphones, feature phones, hot spots, and industrial communications equipment focused on these unique but underserved market needs."

  • "We are already in discussion around additional carrier awards for both existing and new devices as we continue to focus on carrier partner needs not well served by currently available hardware solutions."

  • The XP5plus will likely be available later this summer.

  • The new XP10 rugged 5G smartphone device shipments will likely begin in the fall of 2022.

  • Price Action: SONM shares traded higher by 42.15% at $0.73 in the premarket on the last check Tuesday.

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