Minim Announces Strong Preliminary Second Quarter Financial Results
July 26 2021 - 4:05PM
via NewMediaWire -- Minim, Inc. (NASDAQ: MINM), the creator of
intelligent networking products under the globally-recognized
Motorola brand, today announced certain preliminary financial
results for the second quarter of 2021.
Preliminary Financial Highlights:
- Accelerated Q2 2021 consolidated revenue growth rate of
approximately 43% when compared to Q2 2020
- Q2 2021 consolidated revenue of approximately $14.75 million,
compared with $10.3 million in Q2 2020
- Continued improvement in gross margin, with approximately 30%
gross margin achieved in Q2 2021, up over 900 basis points compared
to Q2 2020 gross margin
- Q2 2021 consolidated net loss of approximately $1.5 million,
comparable to a consolidated net loss of $1.5 million in Q2
2020
- Deferred revenue in Q2 2021 increased by almost 300%
quarter-over-quarter compared to Q1 2021, driven by evolving
software subscription business model
“We’re pleased to report exceptional
year-over-year growth,” said Gray Chynoweth, Chief Executive
Officer of Minim. “This performance was driven by Minim’s acute
focus on supply chain management and sales growth for our
intelligent networking products. One of the quarter’s strongest
highlights was our record sales on Amazon Prime Day, which totaled
more than the last four years combined.”
“We believe the Amazon Prime Day category leader
by units sold for DOCSIS 3.1 gateways was the Motorola MG8702
product,” Chynoweth continued. “This high-speed modem with a
powerful AC3200 router and bundled mobile app gives homes an
all-in-one package. In addition, we saw strong sales of the
Motorola MH7020 expandable AC2200 Mesh System in retail. Robust
sales of these software-driven, higher ASP products contributed to
a 300% quarter over quarter increase in deferred revenue from
software subscriptions.”
This preliminary financial information for the
three months ended June 30, 2021 is based upon our estimates and is
subject to completion of our financial closing procedures.
Moreover, this data has been prepared solely on the basis of
currently available information by, and are the responsibility of,
management. Our independent registered public accounting firm, RSM
US LLP, has not audited or reviewed, and does not express an
opinion with respect to, this data. This preliminary financial
information is not a comprehensive statement of our financial
results for the period, and our actual results may differ
materially from these estimates due to the completion of our
financial closing procedures, final adjustments, completion of the
review of our financial statements and other developments that may
arise between now and the time the review of our financial
statements is completed. We expect to release our actual results
for the three and six months ended June 30, 2021 on August 16,
2021. There can be no assurance that these estimates will be
realized; estimates are subject to risks and uncertainties, many of
which are not within our control.
To learn more about Minim,
visit www.minim.com.
About Minim
Minim, Inc. (NASDAQ: MINM) is the creator of
intelligent networking products that dependably connect people to
the information they need and the people they love. Headquartered
in Manchester, NH, the company delivers smart software-driven
communications products under the globally recognized Motorola
brand and ZOOM® trademark. Minim end users benefit from a
personalized and secure WiFi experience, leading to happy and safe
homes where things just work. To learn more,
visit https://www.minim.com.
MOTOROLA and the Stylized M Logo are trademarks or registered
trademarks of Motorola Trademark Holdings, LLC and are used under
license.
Media Contact:
Michele Clarke at (203) 912-0560
or michele.clarke@minim.com
Investor Relations Contact:
James Carbonara, Hayden IR at (646) 755-7412
or james@haydenir.com
About Motorola Strategic Brand
Partnerships
For over 90 years the Motorola brand has been
known around the world for high quality, innovative and trusted
products. Motorola’s Strategic Brand Partnership program seeks to
leverage the power of this iconic brand by teaming with dynamic
companies who offer unique, high quality products that enrich
consumers’ lives. Strategic brand partners work closely with
Motorola engineers while developing and manufacturing their
products, ensuring that their products meet the exacting safety,
quality, and reliability standards that consumers have come to
expect from Motorola. To learn more about Motorola strategic brand
partnerships, follow us @ShopMotorola.
Forward-Looking Statements
This press release contains “forward-looking statements”, within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements relate to Minim’s plans, expectations,
and intentions. Actual results may be materially different from
expectations as a result of known and unknown risks, including:
risks associated with Minim’s potential inability to realize
intended benefits of the merger; the potential increase in tariffs
on the company's imports; potential difficulties and supply
interruptions from moving the manufacturing of most of the
company’s products to Vietnam; risks relating to global
semiconductor shortages; potential changes in NAFTA; the potential
need for additional funding which Minim may be unable to obtain;
declining demand for certain of Minim’s products; delays,
unanticipated costs, interruptions or other uncertainties
associated with Minim’s production and shipping; Minim’s reliance
on several key outsourcing partners; uncertainty of key customers’
plans and orders; risks relating to product certifications; Minim’s
dependence on key employees; uncertainty of new product
development, including certification and overall project delays,
budget overruns; the risk that newly introduced products may
contain undetected errors or defects or otherwise not perform as
anticipated; costs and senior management distractions due to patent
related matters; risks from a material weakness in our internal
control over financial reporting; the impact of the COVID-19
pandemic; and other risks set forth in Minim’s filings with the
Securities and Exchange Commission. Minim cautions readers not to
place undue reliance upon any such forward-looking statements,
which speak only as of the date made. Minim expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statements to reflect any change in Minim’s
expectations or any change in events, conditions or circumstance on
which any such statement is based.
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