Company: SOBR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003832
Chunk: 4

Company: SOBR Safe, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 the quarter ended March 31, 2025, the following developments occurred:

  Achieved an increase in revenue of 80.5% from the prior year quarter coupled with an improving gross margin of 58.8%.                                                                                 
  Net proceeds of approximately $3.5M were received from the exercise of outstanding warrants during the quarter ended March 31, 2025, which were issued in conjunction with the 2024 PIPE Financin...  
  Completed a 1-for-10 reverse stock split of its common stock on April 4, 2025, reducing the total number of SOBRsafe's outstanding shares from approximately 15.2 million to 1.5 million.             
  Enhanced SOBRsafe's patent-pending software technology solutions with improvements to the mobile application including streamlined administration application and notification protocols, and int...  
  Completed third-party hardware product validation tests in the first quarter of 2025 and a corresponding third-party product sensor validation test.                                                  
  Collaborated with a national marketing firm providing solutions to and for the largest U. S. newspaper publisher and the largest local-to-national publishing and digital media organization in t...  
  Initiated a robust marketing campaign in March 2025 which was executed in April 2025 to correspond with the National Council on Alcohol and Drug Dependence Alcohol Awareness Month.                  
  Broadened the global reach of SOBRsafe TM users and subscribers across 43 U. S. states, Canada, Australia, and New Zealand, while launching an alcohol detection and testing program for airport ...  
  Expanded business-to-business sales in the first quarter of 2025 into the family law market to address the approximate 450,000 individuals undergoing domestic monitoring.                            

Subsequent to the three-months ended March 31, 2025, the following developments occurred and are reflective of the reverse stock split completed on April 2, 2025 as detailed below:

  On April 4, 2025, we effected a 1-for-10 reverse stock split, a Share Combination Event, of the Company’s common stock. Fractional shares as a result of the reverse stock split were rounded up ...  
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  Table of Contents  

Results of Operations for Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Summary of Results