Minim Revises Virtual Investor Day Timing and Provides Corporate Update
February 28 2022 - 4:01PM
via NewMediaWire – Minim, Inc. (NASDAQ: MINM), the creator of
intelligent WiFi software and Motorola home networking products
under an exclusive global brand license, today announces both an
update to its Virtual Investor Day timing and a business update:
Virtual Investor Day
Minim previously announced that it would host a virtual investor
day event, to be held on Feb 28, 2022, at 4:30 pm ET. With the
announcement that it has appointed a new Chief Financial Officer,
the Company now plans to reschedule the event to the second
quarter. This postponement will allow the new CFO to fully
participate in the investor day event. The new date for the
investor day will be announced after the CFO starts with the
Company on March 21, 2022.
Business Update
In lieu of the opportunity to update investors and the market on
the original date for investor day, Minim provides the following
updates on its business activities:
- Consistent with performance
across the industry, Minim experienced a return to pre-Covid levels
of year-over-year revenue growth for FY21 (10-16% expected).
- Q4 FY21 saw a material
improvement in ecommerce performance. This was driven by the
Company’s first-ever broad based participation in Amazon’s holiday
shopping events and resulted in Motorola’s becoming the #1
top-selling cable modem and gateway brand for the quarter according
to Amazon analyst data. Q4 FY21 saw a material reduction in retail
performance. This was driven by in-quarter reductions in retail
orders that resulted from holiday orders being pulled in to late Q3
FY21 due to retailer concerns over supply chain and inventory
availability issues.
- At CES 2022, Minim introduced new
motosync app features and an expanded mesh WiFi portfolio,
including a first-of-its-kind, ultra-high-speed wideband WiFi 6E
mesh system.
“While 2021 proved to be a challenging year for our industry in
terms of supply chain and a return to pre-Covid consumer demand, I
am proud of our team’s accomplishments that led to positive
year-over-year revenue growth consistent with pre-pandemic
performance,” commented Gray Chynoweth, Minim CEO. “This annual
revenue growth highlights Minim’s expanded market share in
e-commerce channels. We have recently added exceptional retail
sales, technology, and now financial leadership to continue to
execute on our growth plan and vision. I am looking forward to a
detailed discussion regarding our 2021 performance on our Fiscal
Year and Fourth Quarter 2021 Earnings call.”
These preliminary estimates regarding our revenue growth is not
a comprehensive statement of the Company’s financial results.
Actual results for the fourth quarter and full year of 2021 may
differ from these preliminary unaudited estimates as a result of
the completion of the Company’s customary year-end closing, review
and audit procedures and other developments arising between now and
the time that its financial results are finalized. Our independent
registered public accounting firm has not audited, reviewed,
compiled or performed any procedures with respect to such
preliminary data for the fourth quarter and year ended December 31,
2021.
Additional information and details for Minim’s Fiscal Year and
Fourth Quarter 2021 Earnings call will be provided. To learn more
about Minim, visit the Company’s investor website at
ir.minim.com.
About Minim
Minim, Inc., (NASDAQ: MINM) was born in 1977 as a networking
company and now delivers intelligent software to protect and
improve the WiFi connections we depend on to work, learn, and live.
Minim’s cloud platform powers intuitive apps and a variety of
routers, helping customers take control of their connected
experience and privacy. Headquartered in Manchester, N.H., Minim
holds the exclusive global license to design and manufacture
consumer networking products under the Motorola brand. 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: Nicole Zheng at nicole@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, including statements regarding the Company’s
anticipated results of operations for 2021. 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 acquisition by merger
of Zoom Connectivity, Inc.; the potential increase in tariffs on
the company's imports; potential supply interruptions from
manufacturing the company’s products in 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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