Launch of next-generation networking products fuels
significant gross margin expansion
Manchester, NH - 
(NewMediaWire) - July 26, 2021 - 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.
