Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 90

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 90
---
-party research estimates for forecasted information.

| 59 |

In its review of the selected companies, Roth Capital considered the following key financial metrics and valuation measures: (i) market capitalizations (computed using closing share prices as of July 17, 2025), (ii) enterprise values (“EV”), (iii) EV as a multiple of historical and projected revenue, (iv) EV as a multiple of historical and projected EBITDA for calendar years 2025 through 2027, (v) the latest twelve (12)-month period (“LTM”) operating metrics including gross margin and EBITDA margin and (vi) historical growth rates as measured by LTM revenue two (2)-year compound annual growth rate (“CAGR”). These metrics were selected as they are commonly used in valuation analyses for companies in this industry. This information and the results of these analyses are summarized in the following table:

|                        |        | Diluted |    Share 
    Price |     Mkt. 
      Cap |      TEV | EV/Revenue |      | Gross  | EBITDA | LTM    
 Rev    |
| Company                
 Name                   | Ticker |  Shares | 07/17/25 | 07/17/25 | 07/17/25 | LTM        | CY   
 2025 | Margin | Margin | 2yr    
 CAGR   |
| Franklin               
 Wireless Corp.         | FKWL   |    11.8 |    $3.95 |    $46.5 |     $9.9 | 0.2x       | NA   | 16.1%  | -6.3%  | NM     |
| Airgain,               
 Inc.                   | AIRG   |    11.8 |    $4.30 |    $50.7 |    $47.7 | 0.8x       | 0.8x | 41.8%  | -9.9%  | -11.7% |
| Baylin                 
 Technologies Inc.      | BYL    |   152.0 |    $0.20 |    $30.4 |    $48.6 | 0.8x       | 0.8x | 42.1%  | -0.2%  | 11.7%  |
| Lantronix,             
 Inc.                   | LTRX   |    38.9 |    $3