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NEWS: Minim Reports 27% Sequential Growth in First Quarter 2022 Revenue to $13.3 Million
#1 in Market Share Position for Cable Modems and Gateways on Amazon for Q1 2022
MANCHESTER, NH, May 11, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Minim, Inc. (NASDAQ: MINM), the creator of intelligent WiFi software and Motorola home networking products under an exclusive global brand license, today reported first quarter financial results for the period ended March 31, 2022.
Q1 2022 Financial Highlights:
Net revenue of $13.3 million, up 27% quarter-over-quarter compared to $10.5 million in Q4 2021.
Total deferred revenue as of March 31, 2022 increased by 13% compared to Q4 2021.
Gross margin of 31.5% compared to 33.0% in Q4 2021.
Net loss of ($2.5) million compared to a net loss of ($3.2) million in Q4 2021.
Accounts payable declined to $8.2 million compared to $12.5 million at the end of the prior quarter.
Recent Business Highlights
Maintained #1 market share position in Amazon (~40%) in Q1 2022 and doubled its market share on Walmart.com (~8%) from the prior quarter for cable modems and gateways, according to a leading third-party e-commerce data provider.
On track to exceed its goal of 100,000 Minim Intelligent Networks by the end of the year and now expects to hit this milestone mid-year.
Joined forces with service providers D-VoiS and Link Net to expand broadband access and introduce high-performance WiFi to subscribers in India and Indonesia, respectively, and expand broadband access.
Appointed Mehul Patel as Chief Financial Officer. Patel comes with extensive financial leadership experience from Verifone, CommScope, and Motorola Mobility.
Gray Chynoweth, Chief Executive Officer of Minim, said, “We are encouraged by our first quarter results. As expected, revenue rebounded from the prior quarter on strong performance with key retailers across our product lines. Importantly, we are navigating inflationary and supply chain pressures through strategic allocation of working capital, including stringent inventory management and targeted R&D investment that will enable us to bring more intelligent products to market in 2022 and further drive our business transformation.”
Net revenue in the first quarter of 2022 was $13.3 million, up 27% quarter-over-quarter compared to $10.5 million in Q4 2021 and a decline of 11% compared to record peak-pandemic revenue of $15.0 million in the first quarter of 2021.
Net loss in the first quarter of 2022 was $2.5 million, or ($0.06) per basic and diluted share, compared to a net loss of $546,000, or ($0.02) per basic and diluted share in the first quarter of 2021. Sequentially, this compares to a net loss of $3.2 million, or ($0.07) per basic and diluted share, in the fourth quarter of 2021.
Non-GAAP Adjusted EBITDA in the first quarter of 2022 was ($1.7) million when adjusted for $0.6 million in stock-based compensation expense and $0.1 million of revenue bookings, a ($2.1) million year-over-year decrease compared to $380,000 in the first quarter of 2021. On a quarter-over-quarter basis, this represents a $1.4 million improvement compared to ($3.1) million in the fourth quarter of 2021.
At the end of Q1 2022, the company had $10.5 million of cash, cash equivalents and restricted cash compared to $13.1 million at the end of 2021. The company had $1.1 million in availability for borrowing under its $25.0 million credit facility at March 31, 2022.
Deferred revenue as of March 31, 2022 was $832,000 compared with $735,000 as of December 31, 2021.
Business Outlook
“While our industry has seen a return to pre-pandemic sales levels, we’re excited about the vast opportunity in our healthy, massive market,” said Nicole Zheng, President and CMO of Minim. “Consumers continue to demand advanced connectivity solutions, evidenced by WiFi 6 mesh adoption, which grew from 15% of purchases to 60% of purchases in 2021. Consumers will continue to upgrade their home networks to support the increasing broadband speeds available. They will expect solutions that can optimize and secure the expanding number of connected devices in the home, which grew from 13 to 16 devices per US broadband home just last year(1). For these reasons, we are focused on delivering exceptional value to our customers with high-quality, intelligent products and have been rewarded with outsized growth in the market.”
Non-GAAP Financial Measure
In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release contains the non-GAAP financial measures Adjusted EBITDA, which we define as GAAP net income (loss) plus depreciation of fixed assets and amortization of intangible assets, other (expense) income, net, income tax provision, material one-time expenses and income, and stock-based compensation expenses, and Revenue Bookings, which we define as GAAP Revenue, which was $13.3 million for Q1 2022, plus the change in deferred revenue recorded within the financial reporting period being disclosed, which amounted to $0.1 million for Q1 2022.
We use these non-GAAP financial measures in internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to our Board of Directors, and evaluating short-term and long-term operating trends in our operations. We believe that these measures provide an enhanced understanding of our underlying operational measures to manage the business, to evaluate performance compared to prior periods and the marketplace, and to establish operational goals.
Minim believes that these non-GAAP financial measures are also useful to investors and analysts in comparing its performance across reporting periods on a consistent basis. These supplemental financial measures exclude costs incurred and related to the merger with Cadence Connectivity, Inc. as the company deems these costs as one-time in nature.
These non-GAAP financial measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the financial adjustments described above and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.
Conference Call Details Date/Time:
Minim will host a conference call today, May 11, 2022, at 8:30 a.m. ET to discuss these results. To participate, please access the live webcast at https://ir.minim.co/, or by dialing (866) 393-7958 (US) or (706) 643-5255 (international) and referencing code 6197831.
A slide presentation will accompany management’s remarks and will be accessible five minutes prior to the start of the call via the following link: https://ir.minim.co. A recording of the call will also be made available afterwards through the investor information section of the company’s website.
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.
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 acquisition by merger of Zoom Connectivity, Inc.; the potential increase in tariffs on the company’s imports; the potential difficulties and supply interruptions from moving the 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; risks associated with macroeconomic factors including supply chain issues, inflation, tightening of money markets and labor shortages; 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.
Media Contact:
Nicole Zheng, President & CMO
nicole@minim.com
Investor Relations Contact:
James Carbonara
james@haydenir.com
(646) 755-7412
(1)"Parks Associates: US Internet Households Have an Average of 16 ...." 27 Apr. 2022, https://www.prnewswire.com/news-releases/parks-associates-us-internet-households-have-an-average-of-...l. Accessed 5 May. 2022.
Good morning $MINM Huge news!
Green and climbing, UP almost 8% now. $MINM
Green heading into power hour!
MINM
Agreed, and it moves quickly on low volume. It's trading just over 20% of its average volume with about an hour left in the day... UP almost 6%.
Way undervalued here!
MINM
Further expanding upon Minim’s recent retail partnerships with USI Sales in the office retail segment, and Summit Growth Partners in the home improvement segment, the Company will begin extending Motorola networking hardware to Best In Class Suppliers’ retailer network in the coming months. For additional information on Best In Class Suppliers, please visit bestinclasssuppliers.com. For more information about Minim, visit www.minim.com.
Huge News today...
Minim will work directly with Best In Class Suppliers in an effort to expand the presence of Motorola networking products to over 5,800 potential home products retail locations across the country. Today’s announcement marks Minim’s third new partnership this year in its ongoing retail expansion.
“There couldn’t be a better time to work with Minim on expanding their retail footprint in stores across the country,” said Best In Class Suppliers CEO Angie Bailey. “The continued growth of the mesh routers segment has been significantly impactful to our retail clients, so we’re thrilled to share what Minim has to offer.” $MINM
$MINM News Out! Minim Partners with Best In Class Suppliers, Inc. to Scale In-Store Presence at Major U.S. Retailers https://finance.yahoo.com/news/minim-partners-best-class-suppliers-113000467.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @Yahoo
Looking forward to seeing more updates from $MINM as things progress.
Building on Minim’s recent partnership with USI Sales in the office retail segment, the Company will begin extending Motorola networking hardware to Summit Growth Partners’ retailer network in the coming months. For additional information on Summit Growth Partners, please visit www.summit-growth.com. For more information about Minim, visit www.minim.com.
$MINM nearing its 10-day average volume as Power Hour approaches...
High of the day 0.6328, but trading just under 70% of its 10-day average volume with a nice bounce off the lows. $MINM
$MINM trading just over 75% of its 10-day average volume with about 1.5 hours left in the day... UP almost 4% after opening lower.
$MINM bounced off the 52 week low...and has recovered nicely.
Nice day today on less than half of the $MINM 10-day average volume... UP almost 4%.
New high of day coming!
MINM
$MINM trading low volume compared to its 10-day average volume but UP almost 4%...
$MINM trading just over half of its 10-day average volume with about 3 hours left in the day... UP almost 2%. Pretty good considering yesterday's action high volume and price action.
$MINM announces that it will host a conference call and live webcast on May 11, 2022 at 8:30 a.m. eastern time to discuss the results for the first quarter ended March 31, 2022.
https://finance.yahoo.com/news/minim-host-first-quarter-2022-213000895.html
Should be a moot point within a month. Here's a good interview from Minim's CEO.
https://thewallstreetresource.com/webcasts/
$MINM got the $1 Nasdaq listing filing I posted about last week.
"On April 25, 2022, Minim, Inc. (the “Company”) received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company, that because the closing bid price for the Company’s common stock listed on Nasdaq was below $1.00 for 30 consecutive business days, the Company no longer meets the minimum bid price requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. The notification from Nasdaq has no immediate effect on the listing of the Company’s common stock. If the Company does not regain compliance with Rule 5550(a)(2) by October 24, 2022, the Company may be eligible for an additional 180-calendar day compliance period.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a grace period of 180 calendar days, or until October 24, 2022, to regain compliance with the minimum closing bid price requirement for continued listing. To regain compliance, the closing bid price of the Company’s shares of common stock must meet or exceed $1.00 per share for at least ten consecutive business days during this 180-day grace period.
To qualify for the additional 180 calendar day compliance period, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price, and provide written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its common stock will be subject to delisting.
The Company intends to monitor the closing bid price of its common stock and consider its available options in the event that the closing bid price of its common stock remains below $1.00 per share. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements."
$MINM .7499 +18.92% Up on This week's NEWS as Minim Continues Retail Expansion to Home Improvement with Summit Growth Partners https://finance.yahoo.com/news/minim-continues-retail-expansion-home-123000573.html
$MINM trading nearly 3.5x its 10-day average volume with about 3 hours left in the day... UP almost 21% and at the high of the day ASK.
$MINM add another potential revenue stream for their networking devices.
“Minim is eager for the opportunity to work with Summit Growth Partners,” said Minim National Retail Sales Director Jeff Rodning. “Given the growing popularity of networking devices in the home improvement segment, we’re confident that our intelligent products will deliver exceptional value to DIY customers around North America.”
#BreakingNews: $MINM Minim Continues Retail Expansion to Home Improvement with Summit Growth Partners https://finance.yahoo.com/news/minim-continues-retail-expansion-home-123000573.html
NEWS: $MINM Minim Continues Retail Expansion to Home Improvement with Summit Growth Partners
Wed, April 27, 2022, 8:30 AM
Courtesy of Minim, Inc.
New Partnership Positions the Company to Extend Motorola Intelligent Networking to the DIY Retail Segment
MANCHESTER, NH, April 27, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire — Minim, Inc. (NASDAQ: MINM), the creator of intelligent networking products under the Motorola brand, today announced its new relationship with Summit Growth Partners, one of the largest players in retail representation nationwide. Working directly with the biggest names in home improvement retailing, Summit Growth Partners excels in boosting manufacturers’ performance across seven different product categories. With this partnership, Minim expands its consumer reach to the home improvement retailing segment.
“Minim is eager for the opportunity to work with Summit Growth Partners,” said Minim National Retail Sales Director Jeff Rodning. “Given the growing popularity of networking devices in the home improvement segment, we’re confident that our intelligent products will deliver exceptional value to DIY customers around North America.”
Summit Growth Partners has successfully placed products on shelves at top-tier industry home improvement retail brands. As part of their collaborative effort, Minim and Summit Growth Partners will offer these brands top-of-the-line Motorola hardware solutions in the mesh, cable modem, and gateway categories. These hardware options include the Motorola MT8733, a powerful DOCSIS 3.1, WiFi 6 modem router combo; the Motorola MH7600 series, an accessible and advanced WiFi 6 mesh system; and the Motorola MG8725, one of the brand's highest performance cable modem router combos. Motorola networking devices also feature the motosync app, powered by Minim.
“There couldn’t be a better time for a company like Minim to enter the DIY retailing segment, as we’ve witnessed a swift growth of interest in consumer electronics from our partners,” said Summit Growth President Will Kimmerle. “Minim’s best-in-class intelligent networking products are sure to deliver on this growing demand throughout the segment.”
Building on Minim’s recent partnership with USI Sales in the office retail segment, the Company will begin extending Motorola networking hardware to Summit Growth Partners’ retailer network in the coming months. For additional information on Summit Growth Partners, please visit www.summit-growth.com. For more information about Minim, visit www.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.
About Summit Group
Summit Growth Partners know that off-the-shelf solutions to get your product on the shelves at big box stores do not exist. Instead, it takes experience, knowledge, persistence, and a network of key relationships. That’s why we’re here. Summit Growth Partners works directly with creators to move products from development to shelf-quickly.
Our mission is to put manufacturers in a position to be successful.
Media Contact:
Scott Harvin at (843) 693-0298 or scotth@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 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.
High-end equipment...$MINM As part of the partnership, USI Sales will be able to offer their partner retailers top-of-the-line Motorola intelligent networking solutions in the mesh, cable modem, and gateway categories. Notable networking solutions include the Motorola MB8611, a top-selling DOCSIS 3.1 modem on Amazon; the Motorola MH7600 series, an accessible and advanced WiFi 6 mesh system; and the Motorola MG8725, one of the brand's highest performance cable modem router combos. Motorola networking devices also feature the motosync app, powered by Minim, giving consumers access to parental controls, malware protection, ad block, performance testing, and live chat support.
$MINM New Relationship Opens Doors for In-Store Placement for Motorola Networking Products in Major Office Retailers Across the US and Canada https://finance.yahoo.com/news/minim-partners-usi-sales-bring-123000454.html
$MINM trading just over 70% of its 10-day average volume in the last hour of the day... UP almost 4%.
Huge News for $MINM
New Relationship Opens Doors for In-Store Placement for Motorola Networking Products in Major Office Retailers Across the US and Canada
We may get the sub $1 Nasdaq price warning, but will be $5 soon enough. Best value on Nasdaq.
$MINM today announces that it has partnered with USI Sales, a leading consumer electronics distribution company in North America, on a path to expand its sales footprint to potential in-store placements in office retailers. https://finance.yahoo.com/news/minim-partners-usi-sales-bring-123000454.html
News: Minim Partners with USI Sales to Bring Intelligent Networking Solutions to Office Retailers
Fri, April 22, 2022, 8:30 AM
Courtesy of Minim, Inc.
New Relationship Opens Doors for In-Store Placement for Motorola Networking Products in Major Office Retailers Across the US and Canada
MANCHESTER, NH, April 22, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire— Minim, Inc. (NASDAQ: MINM), the creator of intelligent networking products under the Motorola brand, today announces that it has partnered with USI Sales, a leading consumer electronics distribution company in North America, on a path to expand its sales footprint to potential in-store placements in office retailers. USI Sales has had proven success in placing products on shelves in major office retailers, including The ODP Corporation, which runs both Office Depot and OfficeMax, Quill.com and Staples.
“As 25% of professional jobs in North America are expected to be remote by the end of this year, we believe office retailers are promising partners to serve consumers with high-quality home office network upgrades,” said Jeff Rodning, Minim National Retail Sales Director. “I have long admired the sales leadership showcased by the USI team, and we are very excited to have the opportunity to work with them.”
As part of the partnership, USI Sales will be able to offer their partner retailers top-of-the-line Motorola intelligent networking solutions in the mesh, cable modem, and gateway categories. Notable networking solutions include the Motorola MB8611, a top-selling DOCSIS 3.1 modem on Amazon; the Motorola MH7600 series, an accessible and advanced WiFi 6 mesh system; and the Motorola MG8725, one of the brand's highest performance cable modem router combos. Motorola networking devices also feature the motosync app, powered by Minim, giving consumers access to parental controls, malware protection, ad block, performance testing, and live chat support.
USI Sales has been a leading manufacturer’s representative for more than a decade, growing the sales capabilities of partners throughout the United States and Canada. Leveraging long-standing relationships, their team connects leading retailers with the best manufacturer products on the market, including consumer electronics and general merchandise.
“USI Sales has a demonstrated track record of leveraging high quality products to build prosperous relationships between manufacturers and major retailers,” said USI Sales Partner Chris Stone. “We are confident that Minim’s top-notch product offering will provide value to our retail partners in the office channel.”
For additional information on USI Sales, please visit www.usisales.com. For more information about Motorola networking products, visit www.motorolanetwork.com.
[1] "25% of all professional jobs in North America will be remote - Ladders." 7 Dec. 2021, https://www.theladders.com/press/25-of-all-professional-jobs-in-north-america-will-be-remote-by-end-of-next-year. Accessed 13 Apr. 2022.
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.
About USI Sales
For more than 10 years, USI Sales has been connecting leading retailers with the best manufacturer products on the market, including consumer electronics, general merchandise, and hard and soft lines. USI Sales prides itself on the company it keeps – the relationships we have built-in and outside of our retail and manufacturing partnership is what we value most, which is why we have become known as a trusted and knowledgeable partner. With offices throughout the United States and Canada, USI Sales provides a comprehensive offering from go-to-market strategies to forecasting and dedicated sales and marketing support to its clients.
Media Contact:
Scott Harvin at (843) 693-0298 or scotth@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 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.
Nice to find a legit Nasdaq stock with market cap lower than revenue. Their products pop up at the top of every modem/router search.
$MINM Full-year 2021 Financial Highlights include: Net revenue of $55.4 million, a 16% increase over 2020, as the industry experienced an estimated 10% decrease in modem & modem/router sales!
https://finance.yahoo.com/news/minim-reports-revenue-growth-16-113000627.html
$MINM very very cheap entry zone down here.
$MINM Company announces its innovative software roadmap and new position as the #1 cable modem and gateway seller on Amazon, the leading e-commerce channel for the category, since December 2021
https://finance.yahoo.com/news/minim-reports-revenue-growth-16-113000627.html
This is my #1 stock. Not worried and adding 500-1000 shares daily. This one stock will take me to the next level. And this is after netting $355K in stock gains 2021. If price doesn't move, a buyout to take them private will happen. Action has already started with latest filing.
"ITEM 5.03 AMENDMENT TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGES IN FISCAL YEAR
"On April 13, 2022, the board of directors of the Company (the “Board”) amended and restated the Company’s Bylaws (as so amended and restated, the “Bylaws”) to, among other things, allow stockholders of record of the Company, holding at least twenty-five percent (25%) of the common stock of the Company, the right to call special meetings of the stockholders of the Company and make certain other clarifying and conforming changes.
The amendments require that any special meeting request be made in writing and include, among other things, (i) a statement of the specific purpose of the meeting and the reasons for conducting such business at the meeting; (ii) the information that would be required to be set forth in a stockholder’s notice of a nomination and/or notice of business proposed to be brought before a meeting pursuant to the Bylaws; (iii) a representation that each requesting stockholder, or one or more representatives of each such stockholder, intends to appear in person or by proxy at the special meeting; (iv) an agreement to notify the Company promptly in the event of any disposition prior to the record date for the special meeting and that any disposition of shares prior to the special meeting shall be deemed a revocation of such special meeting request with respect to such disposed shares; (v) the number of shares of common stock owned of record by each such stockholder; and (vi) documentary evidence that the requesting stockholders in the aggregate own at least twenty-five percent (25%) of the common stock of the Company."
Agreed, plus $MINM has Achieved the #1 selling cable modem and gateway brand on Amazon in the fourth quarter of 2021 and year-to-date in 2022.
MINM is showing nice growth in the current time frame from it key business niche in providing intelligent software products to protect and improve WiFi connections. This is an increasingly important function with wide ranging applications in both commercial and personal communications.
Minim Reports Revenue Growth of 16% for Full-Year 2021
March 31, 2022 (Globe Newswire)
Company announces its innovative software roadmap and new position as the #1 cable modem and gateway seller on Amazon, the leading e-commerce channel for the category, since December 2021
viaNewMediaWire - Minim, Inc.(NASDAQ: MINM), the creator of intelligent networking products, today reported fourth quarter and full year financial results for the periods ended December 31, 2021.
Full-year 2021 Financial Highlights:
-- Net revenue of $55.4 million, a 16% increase over 2020, as the industry experienced an estimated 10% decrease in modem and modem/router sales.
-- Total deferred revenue as of December 31, 2021 was $736 thousand, a 100% increase from the previous year.
-- Gross margin of 31.6% compared to 28.4% in 2020, an improvement of 328 basis points.
-- Net loss of $3.6 million, inclusive of a non-recurring net gain of $4.0 million related to the sale of the Zoom(R) trademark, compared to a net loss of $3.9 million in 2020.
Recent Business Highlights:
-- Achieved #1 selling cable modem and gateway brand on Amazon in the fourth quarter of 2021 and year-to-date in 2022.
-- Introduced new motosync app features, becoming the first home networking company to offer live in-app chat customer support, which has led to 35% faster customer issue resolutions.
-- Launched high-speed WiFi 6 products in 2021, including the Motorola MH7600 AX1800 Mesh WiFi System; the Motorola MT8733 Cable Modem with AX6000 Router and Voice for Xfinity customers; and the Motorola MG8725 Cable Modem with AX6000 Router, compatible with Xfinity, Spectrum, Cox, and more.
-- Continued mesh portfolio expansion with the announcement of the Q11 AX3000 Mesh WiFi System and Q14 Ultra-Wideband AXE5400 (WiFi 6E) Mesh System at CES 2022-- both expected in Spring/Summer 2022.
-- Added seasoned leadership, including: Mehul Patel, Chief Financial Officer (previously at Commscope) as of March 21, 2022; Bill Wallace, VP Hardware (previously at Commscope); Lakshmi Kadiyala, VP Software (previously at Charles Schwab); and Jeff Rodning, Director, National Retail Sales (previously at Philips).
Q4 2021 Financial Highlights:
-- Net revenue of $10.5 million, down 24% year-over-year from $13.7 million in Q4 2020.
-- Gross margin of 33.0% compared to 32.8% in Q4 2020.
-- Net loss of $3.2 million compared to a net loss of $1.2 million in Q4 2020.
Gray Chynoweth, Chief Executive Officer of Minim, said, "I am pleased to welcome Mehul and discuss our 2021 performance in our upcoming earnings presentation. While we saw growth for the year, in Q4 we experienced headwinds from substantial supply chain challenges and demand that subsided from the peak of COVID shutdowns. Overall, I am very proud of our team's hard work to continuously deliver advanced, intelligent networking products to our customers and outpace the market in retail cable product sales. We entered 2022 with a much stronger cash and inventory position than the prior year, an innovative product roadmap, and incredible new talent. Additionally, we expect to see a bounce-back in the first quarter on quarter over quarter revenue growth. I look forward to sharing more with investors shortly."
The company experienced a net loss in 2021 of $3.6 million, or ($0.09) per basic and diluted share, compared to a net loss of $3.9 million, or ($0.15) per basic and diluted share in 2020. The net loss for 2021 includes non-recurring income of $4.0 million related to the sale of the Company's right, title and interest in the ZOOM(R) trademark.
The company experienced a net loss in the fourth quarter of 2021 of $3.2 million, compared to a net loss of $1.2 million, or ($0.04) per basic and diluted share, in the fourth quarter of 2020.
Non-GAAP Adjusted EBITDA was ($4.5) million in 2021 when adjusted for $4.0 million of trademark income, $1.0 million in stock-based compensation expense, and $0.7 million of revenue bookings, a ($6.3) million year-over-year decrease compared to $1.7 million in 2020, which was normalized for $4.3 million in tariffs and pandemic related air freight, $1.6 million in one-time merger costs, and $0.5 million in stock-based compensation expense. Non-GAAP Adjusted EBITDA in the fourth quarter of 2021 was ($3.1) million when adjusted for $0.2 million in stock-based compensation expense and $(0.4) million of revenue bookings, a ($2.6) million year-over-year decrease compared to $(0.5) million in the fourth quarter of 2020, which was normalized for $1.3 million one-time merger costs, $0.2 million in stock-based compensation expense, $0.2 million in tariffs and pandemic related air freight. On a sequential, quarter-over-quarter basis, this represents a ($1.8) million decrease compared to ($1.4) million in the third quarter of 2021. Please see the section below titled "Non-GAAP Financial Measure" for an explanation of the Company's non-GAAP financial measures.
At the end of 2021, the company had $13.1 million of cash, cash equivalents and restricted cash compared to $1.6 million at the end of 2020. The company had $0.4 million in availability for borrowing under its $25.0 million credit facility at December 31, 2021. The 2021 ending cash balance increased over the prior year end as a result of the closing of a secondary public offering for $22.7 million in net proceeds and the sale of assets related to the Zoom brand for $4 million in net proceeds.
Business Outlook
"When the pandemic exploded remote working in 2020, consumers rushed to upgrade their home networks," said Nicole Zheng, President and CMO of Minim. "While this exceptional market growth subsided in 2021, we see signals of a bright future: Over half of the connected devices shipped in 2021 are capable of WiFi 6 connectivity, expected to grow to 79 percent in 2022. With our expanding WiFi 6, and soon WiFi 6E, product portfolio, we are able to serve the consumers looking to support their new devices with the latest WiFi protocol. What's more, we are expanding how we reach and serve customers by leveraging our e-commerce strategies in new channels and designing an innovative software roadmap that delivers an app-first user experience and standalone software value."
Non-GAAP Financial Measure
In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this news release contains the non-GAAP financial measures Adjusted EBITDA, which we define as GAAP net income (loss) plus depreciation of fixed assets and amortization of intangible assets, other (expense) income, net, income tax provision, material one-time expenses and income, and stock-based compensation expenses, and Revenue Bookings, which we define as GAAP Revenue, which was $10.5 million for Q4 2021, plus the change in Deferred Revenue recorded within the financial reporting period being disclosed, which amounted to ($0.4) million for Q4 2021.
We use these non-GAAP financial measures in internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to our Board of Directors, and evaluating short-term and long-term operating trends in our operations. We believe that these measures provide an enhanced understanding of our underlying operational measures to manage the business, to evaluate performance compared to prior periods and the marketplace, and to establish operational goals.
Minim believes that these non-GAAP financial measures are also useful to investors and analysts in comparing its performance across reporting periods on a consistent basis. These supplemental financial measures exclude temporary supplemental air freight resulting from supply chain interruptions resulting from a global pandemic; China tariffs as the company believes these costs are not part of normal business operations (the imposed tariff rates increased mid-2019 from 10% to 25% on the value of imported goods and remained at 25% until the company relocated its manufacturing source from China to Vietnam by June 2020); costs incurred and related to the merger with Zoom Connectivity, Inc. as the company deems these costs as one-time in nature; and the one-time income from the forgiveness of the Payroll Protection Program loan.
These non-GAAP financial measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the financial adjustments described above and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.
Conference Call Details Date/Time:
Minim will host a conference call today, March 31, 2022, at 8:30 a.m. ET to discuss these results. To participate, please access the live webcast at https://ir.minim.com, or by dialing (866) 393-7958 (US) or (706) 643-5255 (international) and referencing code 3847933.
A slide presentation will accompany management's remarks and will be accessible five minutes prior to the start of the call via the following link: https://ir.minim.com. A recording of the call will also be made available afterwards through the investor information section of the company's website.
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.
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 acquisition by merger of Zoom Connectivity, Inc.; the potential increase in tariffs on the company's imports; the potential difficulties and supply interruptions from moving the manufacturing of 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; risks associated with macroeconomic factors including supply chain issues, inflation, tightening of money markets and labor shortages; 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.
Media Contact:
Nicole Zheng, President & CMO
nicole@minim.com
Investor Relations Contact:
James Carbonara
james@haydenir.com
(646) 755-7412
-- Tables Follow -
Minim, Inc.
Consolidated Balance Sheets
As of December 31, 2021 and 2020
(in thousands, except share data)
December 31,
2021 2020
ASSETS
Current assets
Cash and cash equivalents $ 12,570 $ 772
Restricted cash 500 800
Accounts receivable, net 4,881 9,203
Inventories, net 32,503 16,505
Prepaid expenses and other current assets 588 399
Total current assets 51,042 27,679
Equipment, net 763 455
Operating lease right-of-use assets 242 87
Goodwill 59 59
Intangible assets, net 262 389
Other assets 545 942
Total assets $ 52,913 $ 29,611
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Bank credit line $ 5,065 $ 2,442
Accounts payable 12,458 11,745
Current maturities of government loan 34 65
Current maturities of operating lease liabilities 143 66
Accrued expenses 5,280 7,465
Deferred revenue, current 292 --
Total current liabilities 23,272 21,783
Long term government loan, less current maturities -- 15
Operating lease liabilities, less current maturities 99 22
Deferred revenue, noncurrent 444 --
Total Liabilities 23,815 21,820
Stockholders' equity
Common Stock: Authorized: 60,000,000 shares at $0.01 par value; issued and outstanding: 45,885,043 shares at December 31, 2021 and 35,074,922 shares at December 31, 2020, respectively 459 351
Additional paid-in capital 89,313 64,527
Accumulated deficit (60,674 ) (57,087 )
Total stockholders' equity 29,098 7,791
Total liabilities and stockholders' equity $ 52,913 $ 29,611
Minim, Inc.
Consolidated Statement of Operations
Years Ended December 31, 2021 and 2020
(in thousands, except per share data)
Three Months Ended December 31, Twelve months ended December 31,
(Unaudited)
2021 2020 2021 2020
Net sales $ 10,476 $ 13,733 $ 55,423 $ 47,988
Cost of goods sold 7,021 9,222 37,893 34,382
Gross profit 3,455 4,511 17,530 13,606
Operating expenses:
Selling and marketing 3,865 2,506 13,748 9,155
General and administrative 1,115 2,431 4,890 5,443
Research and development 1,601 1,803 6,165 3,828
Total operating expenses 6,581 6,740 24,803 18,426
Sale of trademark, net -- -- 3,956 --
Operating loss (3,126) (2,229 ) (3,317) (4,820 )
Other income (expense):
Interest expense, net (39 ) (34 ) (226 ) (47 )
Gain on forgiveness of debt -- 1,057 20 1,057
Other, net -- (20 ) -- (21 )
Total other income (expense) (39 ) 1,003 (206 ) 989
Loss before income taxes (3,165) (1,226 ) (3,523 ) (3,831 )
Income taxes 22 11 64 27
Net loss $ (3,187) $ (1,237 ) $ (3,587 ) $ (3,858 )
Basic and diluted net loss per share $ (0.07 ) $ (0.04 ) $ (0.09 ) $ (0.15 )
Weighted average common and common equivalent shares:
Basic and diluted 45,862 33,834 39,761 25,301
MINIM, INC.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited)
(in thousands, except per share data)
Three Months Ended December 31,
2021 2020
GAAP net loss to Non-GAAP Adjusted EBITDA reconciliation:
GAAP-based net loss $ (3,187) $ (1,237)
Add: Other income and taxes 61 (991)
Add: Depreciation and Amortization 208 96
GAAP-based EBITDA (2,918) (2,132)
Adjustments to GAAP-based EBITDA:
Add: GAAP sales net to revenue bookings (442) --
Less: Sale of trademark, net -- --
Add: Tariffs and air freight -- 206
Add: Merger deal costs -- 1,270
Add: Stock-based compensation expense 223 159
Total adjustments (219) 1,634
Non-GAAP-based Adjusted EBITDA $ (3,137) $ (498)
Twelve Months Ended December 31,
2021 2020
GAAP net loss to Non-GAAP Adjusted EBITDA reconciliation:
GAAP-based net loss $ (3,587) $ (3,858)
Add: Other income and taxes 314 (962)
Add: Depreciation and Amortization 957 236
GAAP-based EBITDA (2,315) (4,584)
Adjustments to GAAP-based EBITDA:
Add: GAAP sales net to revenue bookings 736 --
Less: Sale of trademark, net (3,956) --
Add: Tariffs and air freight -- 4,297
Add: Merger deal costs -- 1,594
Add: Stock-based compensation expense 996 441
Total adjustments (2,224) 6,332
Non-GAAP-based Adjusted EBITDA $ (4,539) $ 1,748
Analysis by Minim with data from retail data platform, NPD, and a leading Amazon analytics platform.
Data from leading Amazon analytics platform
https://www.wi-fi.org/beacon/the-beacon/wi-fi-6-shipments-to-surpass-52-billion-by-2025
$MINM "Company announces its innovative software roadmap and new position as the #1 cable modem and gateway seller on Amazon $AMZN, the leading e-commerce channel for the category, since December 2021"
https://finance.yahoo.com/news/minim-reports-revenue-growth-16-113000627.html
$MINM News is imminent! huge bounce and run coming...
$MINM Minim Reports Revenue Growth of 16% for Full-Year 2021
https://finance.yahoo.com/news/minim-reports-revenue-growth-16-113000627.html
$MINM Full-year 2021 Financial Highlights:
Net revenue of $55.4 million, a 16% increase over 2020, as the industry experienced an estimated 10% decrease in modem and modem/router sales.1
Total deferred revenue as of December 31, 2021 was $736 thousand, a 100% increase from the previous year.
Gross margin of 31.6% compared to 28.4% in 2020, an improvement of 328 basis points.
Net loss of $3.6 million, inclusive of a non-recurring net gain of $4.0 million related to the sale of the Zoom® trademark, compared to a net loss of $3.9 million in 2020.
https://finance.yahoo.com/news/minim-reports-revenue-growth-16-113000627.html
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