Minim Reports 27% Sequential Growth in First Quarter 2022 Revenue to $13.3 Million
| MINIM INC. |
| Consolidated Statement of Operations |
| (Unaudited) |
| (in thousands, except per share data) |
| | | | | | | |
| | | Three Months Ended March 31,
(unaudited) |
| | | 2022 | | 2021 |
| | | | | |
| Net sales | | $ | 13,299 | | $ | 15,018 |
| Cost of goods sold | | | 9,108 | | | 9,914 |
| Gross profit | | | 4,191 | | | 5,104 |
| | | | | | | |
| Operating expenses: | | | | | | |
| Selling and marketing | | | 3,652 | | | 3,174 |
| General and administrative | | | 1,451 | | | 1,077 |
| Research and development | | | 1,543 | | | 1,389 |
| Total operating expenses | | | 6,646 | | | 5,640 |
| | | | | | | |
| Operating loss | | | (2,455) | | | (536) |
| | | | | | | |
| Other income (expense): | | | | | | |
| Interest expense, net | | | (78) | | | (28) |
| Other, net | | | –– | | | 20 |
| Total other income (expense) | | | (78) | | | (8) |
| | | | | | | |
| Loss before income taxes | | | (2,533) | | | (544) |
| | | | | | | |
| Income taxes | | | 6 | | | 2 |
| | | | | | | |
| Net loss | | $ | (2,539) | | $ | (546) |
| | | | | | | |
| Net loss per share: | | | | | | |
| Basic and diluted | | $ | (0.06) | | $ | (0.02) |
| | | | | | | |
| | | | | | | |
| Weighted average common and common equivalent shares: | | | | | | |
| Basic and diluted | | | 46,003 | | | 35,254 |
| |
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