FREMONT, CA—Charlie Bass, a director and significant shareholder of Socket Mobile, Inc. (NASDAQ:SCKT), recently expanded his holdings in the company. According to a recent SEC filing, Bass acquired 5,000 shares of common stock on November 29, 2024, at a price of $1.5655 per share. This purchase amounted to a total of $7,827, increasing Bass's total shares to 1,591,651. The timing of this purchase is notable, as InvestingPro data shows the stock has gained 8% in the past week and over 30% in the last six months.
The transaction highlights Bass's continued investment in Socket Mobile, a company known for its electronic computing products. As both a director and a ten percent owner, Bass's financial activities are closely watched by investors, reflecting his confidence in the company's future prospects. According to InvestingPro analysis, while the company maintains a fair financial health score, it currently operates with negative earnings, with a market capitalization of $11.5 million. Investors seeking deeper insights can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering this and 1,400+ other US stocks.
In other recent news, Socket Mobile reported a mixed performance for the third quarter of 2024. The company's financial results revealed a 21% year-over-year increase in revenue, reaching $3.9 million. Despite this growth, Socket Mobile faced an operating loss of $1 million and an EBITDA-negative of approximately $500,000. The uneven distribution of bookings throughout the quarter resulted in a significant backlog entering Q4.
In addition to these developments, Socket Mobile has released an updated version of CaptureSDK with full support for iOS 18 and raised $1 million from insiders for larger customer projects. The company's industrial products received positive feedback from large organizations and are currently under evaluation.
Looking ahead, Socket Mobile anticipates profitability in 2025, driven by investments in industrial and camera spaces. The introduction of new products such as XtremeScan and SocketCam is expected to extend the company's market reach and stabilize its revenue sources. CEO Kevin Mills expressed confidence in the company's strategic initiatives and path to profitability.
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