Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 93

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 93
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/17/25. Only comparable companies that had a minimum of 60 months of trading history were used. Capital IQ calculates beta monthly

| 1) | LTM                                               
 Effective tax rate; NM if tax rate is less than 0 |
| 2) | Equity                                            
 Value is representative of the Transaction Value  |

Perpetuity Method

Roth Capital calculated an equity value for Sonim by calculating the ranges of estimated terminal value amounts by applying a range of terminal growth rates of 2.0% to 4.0% to the estimated terminal year free cash flow. The terminal value calculations were supported by an analysis of revenue multiples from comparable precedent transactions. The range of estimated present values of these estimated terminal value amounts was then calculated by applying discount rates ranging from 20.0% to 24.0%. Combining the total present value of the estimated unlevered free cash flows, the present value of the terminal values and net cash to achieve the financial projections resulted in the following range of implied equity values for Sonim in the Asset Sale:

SONM Financial Summary

| ($                       
 in millions)             |         LTM 
 June 25E(1) |  2025E |  2026E |  2027E |
| Total revenue            |       $57.3 |  $67.4 | $141.1 | $141.1 |
| Total cost of sales      |       $37.8 |  $48.3 | $103.9 | $103.9 |
| Gross profit             |       $19.5 |  $19.1 |  $37.2 |  $37.2 |
| Gross margin             |       34.0% |  28.3% |  26.4% |  26.4% |
| R & D                    |        16.0 |   $6.2 |   $9.0 |   $9.0 |
| Sales & Mktg             |        12.8 |  $10.6 |  $10.0 |  $10.0 |
| General & Administrative |        14.0 |  $10.0 |   $9.6 |   $9.6 |
| Total operating expenses |       $42.8 |  $26.7 |  $28.6 |  $28.6 |
| Operating income         |      -$23.3 |  -$7