Minim, Inc., a company specializing in intelligent networking products, reported a significant year-over-year decline in financial performance for the quarter ended June 30, 2024. The company's net sales plummeted to $0, a 100% decrease from the $7.2 million reported in the same quarter of the previous year. This drastic drop in sales led to a net loss of $487,912 for the quarter, compared to a net loss of $5.6 million in the prior year. Over the six-month period, net sales decreased by 96.4% to $639,893, resulting in a net loss of $3.7 million, an improvement from the $9.7 million loss in the same period of 2023. The company's operating loss also saw a reduction, indicating some cost management despite the revenue shortfall. Minim's business development faced...Show More

Minim, Inc., a company specializing in intelligent networking products, reported a significant year-over-year decline in financial performance for the quarter ended June 30, 2024. The company's net sales plummeted to $0, a 100% decrease from the $7.2 million reported in the same quarter of the previous year. This drastic drop in sales led to a net loss of $487,912 for the quarter, compared to a net loss of $5.6 million in the prior year. Over the six-month period, net sales decreased by 96.4% to $639,893, resulting in a net loss of $3.7 million, an improvement from the $9.7 million loss in the same period of 2023. The company's operating loss also saw a reduction, indicating some cost management despite the revenue shortfall. Minim's business development faced challenges, with the termination of its exclusive global license to the Motorola brand for home networking hardware in 2023. The company's future plans include a merger agreement with e2 Companies, LLC, which is expected to result in e2 Companies becoming the surviving entity and holders of e2 Shares receiving a majority of the company's common stock. The merger is subject to conditions, including Nasdaq listing approval and stockholder consent. Minim's liquidity concerns persist, with cash and cash equivalents standing at $630,816 as of August 19, 2024, and the company's trading on The Nasdaq Capital Market currently suspended.