Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 369

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 369
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 and $187 as of December 31, 2024, respectively, and $9,365 and $48 as of December 31, 2023, respectively.

Inventory located in the United States and Asia Pacific region was $3,383 and $7,238 as of December 31, 2024, respectively, and $4,167 and $2,350 as of December 31, 2023, respectively.

| F-48 |

The following table summarizes the composition of total net revenues:

Schedule of Composition of Revenue

|                    |     |                2024 |        |     | 2023 |        |
|                    |     | For the Years Ended |        |     |      |        |
|                    |     |        December 31, |        |     |      |        |
|                    |     |                2024 |        |     | 2023 |        |
| Product Sales      |     |                   $ | 58,290 |     |    $ | 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 |    — |   |