SOBRsafe Reports Q2 2024 Progress: NASDAQ Listing Extended, Revenue Growth, and Expanding Customer Base

SOBRsafe (NASDAQ: SOBR), a company specializing in next-generation transdermal alcohol-detection solutions, has released its Q2 2024 quarterly update, revealing positive developments in its NASDAQ listing status, financial position, and sales progress.

The NASDAQ Hearings Panel has granted SOBRsafe an exception period, allowing the company to maintain its listing on the NASDAQ exchange. SOBRsafe now has until October 23, 2024, to meet two critical requirements: regaining compliance with the $1 minimum bid price per share and demonstrating long-term compliance with the minimum $2.5 million in stockholders' equity.

In addition to securing its NASDAQ listing extension, SOBRsafe reported significant strides in strengthening its financial position and restructuring its equity composition. The company's sales performance has been particularly noteworthy, with 17 new customer accounts added in Q2, bringing the total new customer count for 2024 to 33. This expansion in the customer base has contributed to a substantial 44% increase in revenue.

SOBRsafe's CEO and Chair, Dave Gandini, highlighted the company's strategic focus on the behavioral health market, which it entered in Q4 2023. Gandini stated, "Our technology is reinventing 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."

The company's approach to market penetration involves earning validation in the behavioral health sector, which SOBRsafe views as a crucial step in building its industry brand. This strategy is designed to facilitate customer adoption across a wide spectrum, from single-location providers with fewer than 25 patients to larger organizations with multiple facilities and more extensive patient populations.

SOBRsafe's technology offers a unique solution in the fight against alcohol misuse, which is the fourth-leading cause of preventable death in America and the seventh worldwide. The company's advanced transdermal technology detects and reports the presence of alcohol through a user's skin in real-time, eliminating the need for breath, blood, or urine samples.

This innovative approach addresses the limitations of legacy technologies, which are often invasive, inefficient, and unhygienic. SOBRsafe's solution is commercially available in two forms: SOBRcheck for point-of-care screening and SOBRsure for continuous monitoring.

The company's progress and technological advancements come at a time when prevention and monitoring solutions for alcohol misuse have not kept pace with the growing epidemic. SOBRsafe's technology has applications across various sectors, including behavioral health, judicial systems, and consumer markets, as well as potential for licensing and integration.

As SOBRsafe continues to expand its presence in the behavioral health market and beyond, its Q2 2024 results suggest a positive trajectory for the company. The combination of secured NASDAQ listing, revenue growth, and increasing customer base positions SOBRsafe as a company to watch in the alcohol detection and prevention technology sector.

For more information about SOBRsafe and its innovative alcohol detection solutions, interested parties can visit www.SOBRsafe.com. Additional news and updates related to SOBR are available at http://ibn.fm/SOBR.