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SOBRsafe (NASDAQ:SOBR) provided a Q2 2024 update, highlighting three key areas:
1. Nasdaq Listing: Granted an exception period until October 23, 2024, to regain compliance with the $1.00 minimum bid price and $2.5 million stockholders’ equity requirements.
2. Financial Positioning: Eliminated debt due in March 2025 through conversion of notes to common shares. Raised $2.4 million through a Warrant Inducement arrangement.
3. Sales Progress: Secured 17 new customer accounts in Q2, bringing the 2024 total to 33. Revenue increased by 44% year-over-year to $54,191. The company is focusing on the behavioral health market, where its technology is improving care processes.
SOBRsafe (NASDAQ:SOBR) ha fornito un aggiornamento per il secondo trimestre del 2024, evidenziando tre aree chiave:
1. Elenco Nasdaq: Concesso un periodo di eccezione fino al 23 ottobre 2024, per riconquistare la conformità con il prezzo minimo di offerta di $1,00 e i requisiti per il patrimonio netto degli azionisti di $2,5 milioni.
2. Posizionamento Finanziario: Eliminato il debito in scadenza a marzo 2025 tramite la conversione di note in azioni ordinarie. Raccolti $2,4 milioni attraverso un accordo di indennizzo di warrant.
3. Progresso delle Vendite: Assicurati 17 nuovi clienti nel secondo trimestre, portando il totale per il 2024 a 33. Il fatturato è aumentato del 44% su base annua, raggiungendo $54.191. L’azienda si sta concentrando sul mercato della salute comportamentale, dove la sua tecnologia migliora i processi di cura.
SOBRsafe (NASDAQ:SOBR) proporcionó una actualización del segundo trimestre de 2024, destacando tres áreas clave:
1. Listado en Nasdaq: Se concedió un período de excepción hasta el 23 de octubre de 2024, para recuperar la conformidad con el precio mínimo de oferta de $1.00 y los requisitos de $2.5 millones en patrimonio de los accionistas.
2. Posicionamiento Financiero: Eliminada la deuda que vencía en marzo de 2025 mediante la conversión de notas en acciones comunes. Se recaudaron $2.4 millones a través de un acuerdo de inducción de opciones de compra.
3. Progreso en Ventas: Se aseguraron 17 nuevas cuentas de clientes en el segundo trimestre, llevando el total de 2024 a 33. Los ingresos aumentaron un 44% interanual, alcanzando $54,191. La empresa se está enfocando en el mercado de salud conductual, donde su tecnología está mejorando los procesos de atención.
SOBRsafe (NASDAQ:SOBR)는 2024년 2분기 업데이트를 제공하며 세 가지 주요 분야를 강조했습니다:
1. 나스닥 상장: $1.00의 최소 입찰 가격과 $2.5백만의 주주 자본 요건을 충족하기 위해 2024년 10월 23일까지 예외 기간이 부여되었습니다.
2. 재무 위치: 2025년 3월 만기 채무를 보통주로의 전환을 통해 삭제했습니다. 보증서 유도 방식을 통해 $2.4백만을 모집했습니다.
3. 판매 진행 상황: 2분기에 17개의 새로운 고객 계정을 확보하여 2024년 총액을 33으로 증가시켰습니다. 매출은 전년 대비 44% 증가하여 $54,191에 도달했습니다. 회사는 자사의 기술로 치료 과정을 개선하고 있는 행동 건강 시장에 집중하고 있습니다.
SOBRsafe (NASDAQ:SOBR) a fourni une mise à jour pour le deuxième trimestre de 2024, mettant en évidence trois domaines clés :
1. Liste Nasdaq : Une période d’exception a été accordée jusqu’au 23 octobre 2024, pour retrouver la conformité avec le prix d’offre minimum de 1,00 $ et les exigences de 2,5 millions de dollars en capitaux propres des actionnaires.
2. Position Financière : La dette échue en mars 2025 a été annulée par la conversion des obligations en actions ordinaires. 2,4 millions de dollars ont été levés grâce à un accord d’incitation de bons.
3. Progrès des Ventes : 17 nouveaux comptes clients ont été sécurisés au deuxième trimestre, portant le total de 2024 à 33. Les revenus ont augmenté de 44 % par rapport à l’année précédente, atteignant 54 191 $. L’entreprise se concentre sur le marché de la santé comportementale, où sa technologie améliore les processus de soins.
SOBRsafe (NASDAQ:SOBR) hat ein Update für das zweite Quartal 2024 bereitgestellt, in dem drei wichtige Bereiche hervorgehoben werden:
1. NASDAQ-Listing: Ein Ausnahmezeitraum bis zum 23. Oktober 2024 wurde gewährt, um die Einhaltung des Mindestgebots von 1,00 $ und der Anforderungen an das Eigenkapital der Aktionäre von 2,5 Millionen $ wiederherzustellen.
2. Finanzielle Positionierung: Schulden, die im März 2025 fällig waren, wurden durch die Umwandlung von Anleihen in Stammaktien eliminiert. Es wurden 2,4 Millionen $ durch eine Warrants-Induzierungsvereinbarung gesammelt.
3. Verkaufsfortschritte: Im zweiten Quartal wurden 17 neue Kundenkonten gewonnen, was die Anzahl für 2024 auf 33 erhöht. Der Umsatz stieg im Jahresvergleich um 44 % auf 54.191 $. Das Unternehmen konzentriert sich auf den Bereich der Verhaltensgesundheit, wo seine Technologie die Pflegeprozesse verbessert.
Positive
- Granted extension by Nasdaq to regain compliance, preserving listing status
- Eliminated debt obligation due in March 2025
- Raised $2.4 million through Warrant Inducement arrangement
- Secured 17 new customer accounts in Q2 2024
- 44% year-over-year revenue increase to $54,191 in Q2 2024
Negative
- Still needs to meet Nasdaq’s $1.00 minimum bid price requirement
- Must demonstrate $2.5 million in stockholders’ equity by October 23, 2024
- Low revenue of $54,191 despite 44% growth
SOBRsafe’s Q2 2024 update reveals mixed financial signals. The 44% year-over-year revenue growth to $54,191 is positive, but the absolute figure remains low. The company’s efforts to strengthen its financial position are noteworthy, particularly the elimination of debt due in March 2025 through conversion to common shares. The $2.4 million cash infusion from the Warrant Inducement arrangement provides short-term liquidity but comes at the cost of potential future dilution. The Nasdaq listing extension until October 23, 2024, offers a critical lifeline, but compliance with the $1.00 minimum bid price and $2.5 million stockholders’ equity requirements remains challenging. While the company is making strides in customer acquisition, with 33 new customers in 2024, the revenue per customer appears low, raising questions about scalability and profitability.
SOBRsafe’s focus on the behavioral health market shows promise, but faces significant hurdles. The company’s technology aims to streamline operations in a sector ripe for innovation, potentially addressing inefficiencies in patient care and billing processes. However, the slow revenue growth and low customer count suggest challenges in market penetration and product adoption. The diverse customer base, ranging from small providers to larger facilities, indicates a flexible product offering but may also hint at difficulties in targeting a specific market segment effectively. The emphasis on building brand validation in behavioral health is a sound strategy, but the company needs to demonstrate faster growth and higher revenue per customer to prove its market fit and long-term viability. The current financial situation and Nasdaq compliance issues could potentially hinder future growth and investor confidence.
DENVER, CO / ACCESSWIRE / August 12, 2024 / SOBR Safe, Inc. (NASDAQ:SOBR) (“SOBRsafe”), provider of next-generation transdermal alcohol detection solutions, today provided a comprehensive update on the status of its Nasdaq listing, financial positioning and sales progress:
Nasdaq Listing
The Nasdaq Hearings Panel has granted SOBRsafe an exception period continuing the listing of its common stock on The Nasdaq Stock Market. SOBRsafe has until October 23, 2024 to execute its plan to regain compliance with Nasdaq’s $1.00 minimum bid price per share requirement, and to demonstrate long-term compliance with the required minimum of $2.5 million in stockholders’ equity.
Stronger Financial Positioning
SOBRsafe has continued its effort to strengthen its financial position and restructure the composition of its equity during Q2 2024. Through Q2, Convertible Debt noteholders converted the full balance of the outstanding notes to common shares resulting in SOBRsafe eliminating its debt obligation due in March 2025 in relation to these notes. Further, SOBRsafe entered into a Warrant Inducement arrangement on June 4, 2024, providing the Company with net cash proceeds of $2.4 million in exchange for the exercise of approximately 10.3 million warrants to common shares and issuance of 20.8 million additional plain vanilla warrants.
Noted SOBRsafe CFO Christopher Whitaker, “With the execution of the Company’s strategy to strengthen the balance sheet through the acquisition of liquidity and reduction in future debt obligations, exchange of equity units with unfavorable terms to those conducive to our growth, and in retaining the Company’s public market listing, we continue to fortify our financial position and improve our ability to raise capital in the future.”
Sales Progress
In Q2 2024, SOBRsafe secured 17 customer accounts, increasing its 2024 new customer total to 33. Revenue increased by 44% from Q2 2023, to $54,191.
“We first entered our core market of behavioral health in Q4 2023, where our technology is re-inventing the continuum of care by reducing redundancy, eliminating paper trails, creating digital records, improving billing processes, and most importantly, creating more time and focus for clinical practice,” stated SOBRsafe CEO & Chairman Dave Gandini. “Consistent with our sales strategy, we are earning validation in the behavior health market. This is the first and most important step in building our industry brand, and empowers the range of continued customer adoption – from single location providers with fewer than 25 patients, to providers with multiple facilities and larger patient populations.”
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About SOBRsafe™
Alcohol misuse is the fourth leading cause of preventable death in America, and the seventh worldwide. Yet prevention and monitoring solutions have not kept pace with this epidemic. Legacy technologies are invasive and inefficient, unhygienic and unconnected. There has to be a better way.
Enter SOBRsafe™. Our advanced transdermal (touch-based) technology detects and instantaneously reports the presence of alcohol as emitted through a user’s skin – no breath, blood or urine sample is required. With a powerful backend data platform, SOBRsafe provides next generation, passive detection technology for the behavioral health, judicial and consumer markets, and for licensing and integration.
The SOBRsafe technology is commercially available for point-of-care screening (SOBRcheck) and continuous monitoring (SOBRsure). At SOBRsafe, we are creating a culture of prevention and support. To learn more, visit www.sobrsafe.com.
Contact SOBRsafe:
IR@sobrsafe.com
Safe Harbor Statement
Our prospects here at SOBRsafe are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.
SOURCE: SOBR Safe, Inc.
View the original press release on accesswire.com
FAQ
What is SOBRsafe’s (SOBR) Nasdaq listing status as of Q2 2024?
SOBRsafe has been granted an exception period until October 23, 2024, to regain compliance with Nasdaq’s $1.00 minimum bid price requirement and demonstrate $2.5 million in stockholders’ equity.
How much revenue did SOBRsafe (SOBR) generate in Q2 2024?
SOBRsafe reported revenue of $54,191 in Q2 2024, representing a 44% increase from Q2 2023.
How many new customer accounts did SOBRsafe (SOBR) secure in 2024?
SOBRsafe secured 33 new customer accounts in total for 2024, with 17 of those acquired in Q2 2024.
What financial improvements did SOBRsafe (SOBR) make in Q2 2024?
SOBRsafe eliminated its debt obligation due in March 2025 by converting notes to common shares and raised $2.4 million through a Warrant Inducement arrangement.
