Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 368

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 368
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 |    $ | 93,628 |
| Services           |     |                     |      8 |     |      |      4 |
| Total net revenues |     |                   $ | 58,298 |     |    $ | 93,632 |

Concentrations of Revenue Risk—The Company’s white label tablet customer accounted for 42% of net revenues for 2023. In the fourth quarter of 2023, tablet sales to this customer stopped as the product reached the end of its life cycle. After 2023, there is no longer a significant risk due to the concentration of revenue with this customer. One customer accounted for 41% and 29% of total net revenues for 2024 and 2023, respectively. Two additional customers accounted for 15% and 13% of total net revenues for 2024, respectively.

NOTE 13—Restructuring

During the fourth quarter of 2024, the Company commenced a restructuring initiative intended to continue to consolidate operations of its subsidiaries with those of the Company, including reductions-in-force (the “2024 Initiative”). The 2024 Initiative is expected to cost a total of approximately $514 and be completed in March 2025.

The following table sets forth activity in the restructuring liability, which is included in Accrued Liabilities on the Consolidated Balance Sheets:

Schedule of Restructuring Liability

| Beginning Balance, January 1, 2024 |     | Employee Costs |    — |   |
|:-----------------------------------|:----|:---------------|-----:|:--|
| Costs Incurred                     |     |                |  514 |   |
| Payments                           |     |                | (114 | ) |
| Ending Balance, December 31, 2024  |     | $              |  400 |   |

NOTE 14—Subsequent Events

Purchase Agreement

On February 21, 2025, the Company entered into a note purchase agreement (the “Purchase Agreement”) with Streeterville Capital, LLC (the “Lender”) pursuant to which the Company issued and sold to the Lender a promissory note in the original principal amount of $3,300 (the “Note”).

The Purchase Agreement

Pursuant to the terms of the Purchase Agreement, until all of the Company’s obligations under the Note and all other transaction documents are paid and performed in full, the Company agreed to comply with certain covenants, including but not limited to the following