Minim, Inc. reported a challenging quarter with a significant year-over-year decline in financial performance for the period ending September 30, 2024. The company's net sales plummeted to $0, a 100% decrease from the previous year's $6.7 million, primarily due to the termination of the Motorola brand license and reduced sales of cable modems and gateways. Consequently, gross profit also fell to $0, marking a stark contrast to the prior year's negative gross profit of $3 million. Operating expenses saw a substantial reduction, with selling and marketing expenses dropping 100% to $0, general and administrative expenses decreasing by 35.1% to $625,000, and research and development expenses also falling to $0. The company incurred a net loss of $625,067 for the quarter, an improvement from the previous year's net...Show More

Minim, Inc. reported a challenging quarter with a significant year-over-year decline in financial performance for the period ending September 30, 2024. The company's net sales plummeted to $0, a 100% decrease from the previous year's $6.7 million, primarily due to the termination of the Motorola brand license and reduced sales of cable modems and gateways. Consequently, gross profit also fell to $0, marking a stark contrast to the prior year's negative gross profit of $3 million. Operating expenses saw a substantial reduction, with selling and marketing expenses dropping 100% to $0, general and administrative expenses decreasing by 35.1% to $625,000, and research and development expenses also falling to $0. The company incurred a net loss of $625,067 for the quarter, an improvement from the previous year's net loss of $6.8 million. Minim's liquidity remains a concern, with cash and cash equivalents at $191,724, down from $709,322 at the end of 2023. The company's stock trading was suspended on Nasdaq due to non-compliance with the equity requirement, and efforts to appeal the delisting decision are ongoing. Minim has entered into a Securities Purchase Agreement with investors for a potential $2.6 million investment, contingent on regaining Nasdaq listing by December 31, 2024. The company's future plans include streamlining operations, reducing liabilities, and seeking additional financing to support ongoing activities.