Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 92

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 92
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 seventy-fifth (75) percentile, respectively, for such comparable transactions.

Discounted Cash Flow Analysis

Roth Capital performed a discounted cash flow analysis on Sonim by calculating ranges of the estimated net present value of the unlevered, after-tax free cash flows that Sonim was forecasted to generate from January 1, 2025 through calendar year 2027, and by calculating a terminal value for the period beyond 2027. All of the information used in Roth Capital’s analysis was based on publicly available sources and the financial projections provided by Sonim’s management, which Roth Capital did not independently verify but assumed, with Sonim’s consent, to be reasonably prepared on the bases reflecting the best currently available estimates and judgments of Sonim’s management concerning future financial performance. The following table sets forth the free cash flows and implied equity value calculations on a per share basis used in Roth Capital’s analysis:

| Cash                     
 Flow Projections (1)     |     CY |     CY |     CY |
| ($                       
 in millions)             |  2025E |  2026E |  2027E |
| Revenue                  |  $67.4 | $141.1 | $141.1 |
| Revenue                  
 growth %                 |        | 109.3% |   0.0% |
| EBITDA                   |  -$3.0 |  $14.0 |  $14.0 |
| EBITDA                   
 %                        |  -4.4% |  10.0% |  10.0% |
| EBIT                     |  -$6.8 |  $10.0 |  $10.0 |
| NOPAT(2)                 |  -$6.8 |  $10.0 |  $10.0 |
| D&A                      |    3.9 |    4.0 |    4.0 |
| Capex(3)                 |   -5.6 |  -11.7 |  -11.7 |
| (Increase)               
 / decrease in NWC        |   -9.0 |    2.2 |    0.0 |
| Unlevered                
 free cash flow           | -$17.6 |   $4.6 |   $2.3 |
| PV                       
 of free cash flow(4)     |  -$7.0 |   $3.8 |   $1.6 |
| End