Company: SONM
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009749
Chunk: 20

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 20
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    $7,266 
  
    Asia Pacific 
     529  
     7,663 
  
    Canada 
     2,382  
     1,806 
  
    Europe and Middle East 
     1,042  
     41 
  
    Total net revenues 
    $16,721  
    $16,776 

Long-lived
assets, substantially comprised of contract fulfillment assets, located in the United States and Asia Pacific region were $8,843 and
$180 as of March 31, 2025, respectively, and $7,384 and $187 as of December 31, 2024, respectively.

Inventory
located in the United States and Asia Pacific region was $3,467 and $5,153 as of March 31, 2025, respectively, and $3,383 and $7,238
as of December 31, 2024, respectively.

Concentrations
of Revenue Risk— One customer accounted for 60% and 31% of total net revenues for the three months ended March 31, 2025 and
2024, respectively. One additional related party customer accounted for 46% of total net revenues for the three months ended March 31,
2024.

Operating
Segments   Maximum Customer Concentration
Risk   Accounts Receivable Revenue Benchmark 

NOTE
11 — Subsequent Events

Subsequent
to March 31, 2025, a total of 2,130,437 shares of common stock were sold under the Sales Agreement for net proceeds of $4,497 after payment
of commission fees and other related expenses of $139. As of the filing date of this report, the Company has completed its sales of shares
of common stock under the Sales Agreement and the ATM program has been terminated.

On
April 17, 2025, to promote retention and to incentivize employees’ efforts, the compensation committee of the Board of Directors
(the “Board”) approved the acceleration of vesting for all outstanding RSUs. A total of 733,157 RSUs vested as of April 17,
2025. There are no outstanding RSUs as of the filing date of this report.

Shareholder
Rights Plan

On
April 21, 2025, the Board declared a dividend of one preferred share purchase right (“Right”) for each outstanding share
of common stock, par value $0.001 per share, of the Company, and adopted a