Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 92

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 92
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 and transaction values less than $1B

| Min             |   $0.8 | 0.4x |
| 25th            
 PCTL            |  $16.4 | 0.5x |
| Median          |  $50.8 | 0.7x |
| 75th            
 PCTL            |  $87.9 | 0.8x |
| Max             | $634.1 | 1.3x |
| Sonim           
 Technologies(1) |  $15.0 | 0.3x |

| 1) | SONM                                                                                     
 multiples derived from the implied purchase price and LTM financials per SEC Filings and 
 information provided by management                                                       |

| 61 |

Roth Capital noted that, although the selected transactions were used for comparison purposes, no business of any selected company was either identical or directly comparable to Sonim’s business due to differences in size, business mix, growth prospects and operating characteristics. In particular, Roth Capital noted that several of the selected transactions involved significantly larger enterprises with more diversified revenue streams than Sonim. In addition, Roth Capital noted that the historical timing of precedent transactions can impact the comparability of such transactions. Accordingly, Roth Capital’s comparison of selected companies to Sonim and analyses of the results of such comparisons were not purely mathematical, but instead necessarily involved complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the relative values of the selected companies and Sonim.

Roth Capital noted that the EV to LTM revenue and EV to LTM EBITDA multiples at the value of the Asset Purchase Agreement were between the seventy-fifth (75) percentile and maximum and the median and 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