Minim Reports Accelerating Revenue Growth of 45% in Q2 2021

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) 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. 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:

Grace McElroy at (914) 643-5260 or grace@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.

MINIM INC.
Consolidated Balance Sheet
(Unaudited)
(in thousands, except share data)
ASSETS June 30,  December 31,
20212020
(Unaudited) 
Current assets     
Cash and cash equivalents $812  $772
Restricted cash  750   800
Accounts receivable, net  9,255   9,203
Inventories, net  19,579   16,505
Prepaid expenses and other current assets  304    399
               Total current assets     30,700       27,679
               
Equipment, net     634       455
Operating lease right-of-use assets, net     91       87
Goodwill     59       59
Intangible assets, net     333       389
Other assets     846       942
                Total assets   $ 32,663     $ 29,611
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
Current liabilities              
Bank credit line   $ 7,229     $ 2,442
Accounts payable     12,205       11,745
Current maturities of long-term debt     60       65
Current maturities of operating lease liabilities     93       66
Accrued expenses     5,045       7,465
Deferred revenue, current     350                 ––
                Total current liabilities   $ 24,982     $ 21,783
               
Long-term debt, less current maturities               ––       15
Operating lease liabilities, less current maturities               ––       22
Deferred revenue noncurrent     653       ––
               Total liabilities   $ 25,635     $ 21,820
               
Stockholders' equity              
Common stock: Authorized: 40,000,000 shares at $0.01 par                
    value; issued and outstanding:  35,631,239 shares at June 30,
    2021 and 35,074,922 shares at December 31, 2020, respectively     356       351
Additional paid in capital     65,858       64,527
Accumulated deficit                        (59,186)                          (57,087)
Total stockholders' equity     7,028       7,791
Total liabilities and stockholders' equity   $ 32,663     $ 29,611

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