Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 94

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 94
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.6 |   $8.6 |   $8.6 |
| Other income (expense)   |       -$0.5 |  -$0.6 |  -$1.2 |  -$1.2 |
| Net                      
 Operating income         |      -$23.8 |  -$8.2 |   $7.4 |   $7.4 |
| Net                      
 Operating income %       |      -41.6% | -12.2% |   5.3% |   5.3% |
| Interest, Taxes, Depr,   
 Amort                    |       $10.1 |   $5.2 |   $6.6 |   $6.6 |
| EBITDA                   |      -$13.7 |  -$3.0 |  $14.0 |  $14.0 |
| EBITDA                   
 %                        |      -24.0% |  -4.4% |  10.0% |  10.0% |

Source: Information provided by Company’s management

| 1) | LTM                                                                      
 June 2025E represents information provided by management and SEC filings |

| 64 |

Roth Capital noted that the Asset Purchase Agreement was at the high end, outside of the range of the implied equity value of Sonim based on the perpetuity discounted cash flow analysis, this was considered in conjunction with other valuation methodologies, market conditions, and company-specific factors in determining the fairness of the Asset Purchase Agreement.

General

The description set forth above does not contain a complete description of the analyses performed by Roth Capital, but does summarize the material analyses performed by Roth Capital in rendering its opinion. The preparation of a fairness opinion is a complex process involving numerous factors and considerations, and therefore not necessarily susceptible to partial analysis or summary description. Roth Capital believes that its analyses and the summary set forth above must be considered as a whole and that selecting portions of its analyses or of the summary, without considering the analyses as a whole or all of the factors included in its analyses, would create an incomplete view of the processes underlying the analyses set forth in the Roth Capital opinion. In arriving at its opinion, Roth Capital considered the results of all of its analyses, while no particular weight was assigned to any specific factor or analysis. Instead, Roth Capital made its determination as to fairness on the basis of its experience and financial judgment after considering the results of all of its analyses. The fact that any specific analysis has