PopSockets CEO Teases Possible IPO, Upcoming Electronic Product
*By Michael Teich*
PopSockets, the company behind the massively successful grips attached to the back of mobile phones, is eyeing a potential initial public offering, CEO and Founder David Barnett told Cheddar Thursday.
"We are considering an IPO. We're considering all options," Barnett said in an interview.
PopSockets, founded in 2014, has already sold more than 100 million units since its inception in 2014, and has been profitable since its second year. The company pulled in more than $90 million in profits last year, and expects a similar results this year.
"The projection this year is roughly the same ーprobably a little less because we are investing heavily in international growth and the infrastructure."
"The net profit is around 45 percent, gross margin is in the high 60s."
Colorado-based PopSockets manufactures mostly in China, but Barnett doesn't expect trade tensions between China and the U.S. to slow it down. Barnett said any increased costs related to tariffs will be absorbed by the company, and not passed on to consumers.
"On the lower priced items, the vent mount, it's only a $15 item, we will absorb the cost and just make less margin. On the more expensive products, we're moving production to Mexico," said Barnett.
"We are looking at Mexico for an electronic device that we are making to avoid a tariff that is coming from China."
Barnett tells Cheddar the electronic device, which is still in development, will be "a wireless charger, but it has some interesting features."
For full interview [click here](https://cheddar.com/videos/popsockets-considering-an-ipo-says-ceo).
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
