Minim Inc Stock Price, News & Analysis

Minim, Inc. (NASDAQ: MINM) has appointed Jeremy Hitchcock as its Executive Chairman, succeeding Mehul Patel, who has stepped down to pursue other opportunities. Hitchcock, who has a background as the Founder and former CEO of Minim and co-founder of Dyn, emphasized the company's commitment to enhancing its software strategy to capture a significant share of the consumer home networking market. With annual revenues of $50 million and a market capitalization under $5 million (0.1x sales), Hitchcock believes there is considerable potential for value creation. The announcement follows a positive trend in Minim's efforts to improve WiFi connectivity through intelligent software solutions under the globally recognized Motorola brand.

Minim, Inc. (Nasdaq: MINM) announced a 1-for-25 reverse stock split, effective April 17, 2023, to boost its share price above the $1.00 minimum required for continued listing on Nasdaq. Post-split, the total outstanding shares will reduce from approximately 47.15 million to around 1.89 million. Shareholders will receive cash payments for any fractional shares. The action aims to enhance the company’s compliance with listing requirements while maintaining shareholders’ percentage interests. Additional details are available in Minim’s definitive proxy statement filed with the SEC on March 14, 2023.

Minim, Inc. (Nasdaq: MINM) reported its fourth quarter and full-year financial results for 2022, revealing a net revenue decline of 8.7% to $50.6 million compared to 2021. The gross margin dropped to 23.6% from 34.1% in 2021, while the net loss ballooned to ($15.5) million from ($2.2) million in the prior year. For Q4 2022, revenue was $10.6 million, down 23.2% from Q3. The company has initiated a 20% cost reduction plan and successfully reduced inventory and accounts payable. Looking ahead, Minim aims to launch its new Support+ subscription service to enhance profitability.

Minim, Inc. (NASDAQ: MINM) announced it will host a conference call and live webcast on March 29, 2023, at 8:30 a.m. ET to discuss its fourth-quarter and full-year results for the period ending December 31, 2022. Interested participants can join the conference via toll-free dial-in numbers or through a live webcast on the company's investor relations site. A recording will be available afterward. Minim, established in 1977, focuses on delivering intelligent software and networking products under the Motorola brand, helping users optimize their WiFi connections.

Minim, Inc. (NASDAQ: MINM) has announced the launch of Support+, a premium subscription service to enhance customer support. Starting June 2023, this service, priced at $36.99 annually, offers users 24/7 tech support, priority queueing, and callback requests. Recent data shows nearly 40% of support tickets were submitted through in-app chat, indicating a demand for improved tech support. The subscription will also provide professional assistance for third-party devices connecting to the motosync mobile app, catering to over a million networks powered by Minim.

Minim (NASDAQ: MINM) has announced a new e-commerce partnership with Home Depot, launching Motorola home network devices on HomeDepot.com. This collaboration allows consumers across North America to access eight high-performance devices, including the Motorola MH7603 WiFi 6 Mesh System, which is priced at $238.99. The MH7603 features WiFi 6 speeds up to 1Gbps, a 1 Gig Ethernet port, and supports up to 300 devices over an area of 5,000 sqft. This initiative reflects Minim's ongoing strategy to expand its market presence amid the growing demand for advanced home networking solutions.

Minim, Inc. (NASDAQ: MINM) is set to debut its live shopping segment on HSN on December 26, 2022. This collaboration allows consumers to purchase Motorola's home networking products, including the Motorola Q11 WiFi 6 Mesh Router System, during a live broadcast. The segment aims to enhance customer engagement and showcase the benefits of secure home networks. Executives believe this venture aligns with growing consumer interest in their products, setting the stage for deeper brand connections through HSN's platform.

Minim, Inc. (NASDAQ: MINM) has announced a partnership with Office Depot to launch eight Motorola WiFi 6 products on OfficeDepot.com. This agreement aims to enhance customer access to reliable home networking solutions. Among the products is the Motorola Q11, offering speeds up to 3Gbps and the ability to connect up to 300 devices. The collaboration reflects Minim's strategy to cater to the increasing demand for WiFi 6 devices.

Minim, Inc. (Nasdaq: MINM) reported its Q3 2022 financial results, revealing a net revenue of $13.8 million, a 7.5% increase from Q2 2022 but 8.0% lower than Q3 2021. The gross margin improved to 22.3%, up from 19.7% in Q2 2022. The net loss narrowed to $4.1 million compared to $4.4 million in the prior quarter. Minim has strengthened its balance sheet, reducing inventories by 11.7% and accounts payable by 38.9%. The company plans to exit the ISP business by Q4 2023 to focus on new subscription initiatives.