Minim Reports 27% Sequential Growth in First Quarter 2022 Revenue to $13.3 Million

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.

— Tables Follow —

Minim, Inc.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
ASSETS March 31,  December 31,
2022
(Unaudited)
2021
Current assets     
Cash and cash equivalents $                           10,049  $                           12,570
Restricted cash                                   500   500
Accounts receivable, net                                5,202   4,881
Inventories, net                             29,957   32,503
Prepaid expenses and other current assets                                   642   588
               Total current assets  46,350   51,042
        
Equipment, net  806   763
Operating lease right-of-use assets, net  196   242
Goodwill     59       59
Intangible assets, net     232       262
Other assets     645       545
                Total assets   $ 48,288     $ 52,913
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
Current liabilities              
Bank credit line   $                               7,072     $ 5,065
Accounts payable                                   8,208       12,458
Current maturities of government loan                                           8       34
Current maturities of operating lease liabilities                                      124       143
Accrued expenses                                   4,750       5,280
Deferred revenue, current                                      404       292
                Total current liabilities   $ 20,566     $ 23,272
               
Operating lease liabilities, less current maturities     72       99
Deferred revenue, noncurrent     428       444
               Total liabilities   $ 21,066     $ 23,815
               
Stockholders' equity              
Common stock: Authorized: 60,000,000 shares at $0.01 par                
value; issued and outstanding:  46,065,817 shares at March
31, 2022 and 45,885,043  shares at December 31, 2021, respectively     461       459
Additional paid in capital     89,973       89,313
Accumulated deficit                              (63,212)                                (60,674)
Total stockholders' equity     27,222       29,098
Total liabilities and stockholders' equity   $ 48,288     $ 52,913
               

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise