Franklin Wireless Advances Recurring Revenue Initiatives
Updated: Jul 14, 2022
Innovative 4G and 5G Mobile Solutions Coupled with Software Apps Enabling Shift to Recurring Revenue Model
Franklin Wireless Corp., a market leader in broadband data communications, today provided a business update on the progress related to innovative mobile solutions that are driving an increase in recurring revenue.
OC Kim, president of Franklin Wireless, commented, "We have made several app-enabled product announcements recently that demonstrate our continued leadership in bringing intelligent, software-enabled wireless solutions to market. Our 4G, 5G, and other devices are now mobile solutions bundled with software and apps that enable human-to-machine communications as part of a holistic IoT environment. Over time, we expect an increasing proportion of our revenue to be derived from bundled solutions that include a mobile app component, which we believe will drive a shift in our revenue mix towards more recurring revenue versus straight product sales. This forthcoming shift in our business will provide higher-margin, annuity-like revenue streams that we believe will add incremental value to our business and for our shareholders."
Franklin's pet tracker and mobile device management solutions currently serve approximately 100,000 subscribers and we are working to build that base substantially in the future. Subscription services will enable data and device management across all current mobile devices and new wireless IoT devices, including devices connected through both 4G and 5G networks.
Future development efforts will focus on expanding data management services for personal devices, enterprise networks, and software defined networking solutions. These solutions will greatly enhance device security, allow for real time network and data management, and create a seamless data and device ecosystem for Franklin subscribers.
Creating this strong integrated platform connecting Franklin hardware, data, and software will create a strong business position for Franklin with recurring revenue to support further market expansion and next generation device development.
Franklin Wireless Corp. (FKWL) is a leader in innovative hardware and software products that support smart tracking and the Internet of Things (IoT), as well as intelligent wireless broadband solutions including mobile hotspots, routers and modems. For more information, please visit www.franklinwireless.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Franklin Wireless Corp.
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