inim Announces Strong Preliminary Second Quarter Financial Results
Minim
Mon, July 26, 2021, 4:05 PM
Launch of next-generation networking products fuels significant gross margin expansion
MANCHESTER, NH, July 26, 2021 (GLOBE NEWSWIRE) -- 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.”
