Wow big news out! #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.
