Minim reports FY2022 net loss of $15.5M; revenue down 8.7% to $50.6M

FiEE, Inc.

Full year 2022 net revenue $50.6M, down 8.7% YoY; gross margin fell to 23.6% from 34.1%.
Net loss of $15.5M ($0.34 per share) vs $2.2M loss in 2021; Q4 net loss $4.5M.
Q4 revenue $10.6M, down 23.2% sequentially; Non-GAAP Adjusted EBITDA ($3.9M) vs ($1.3M) in Q4 2021.
Cash and restricted cash $1.0M at year-end; inventory reduced 26% to $25.4M.
Company plans 20% cost reduction in Q2 2023 and launch of Support+ subscription in June 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FiEE, Inc. reported financial results for the fourth quarter and full year financial results for the period ended December 31, 2022.

Period: the fourth quarter and full year financial results for the period ended December 31, 2022
Result: reported results

Exact text from the filing

On March 29, 2023, Minim, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and full year financial results for the period ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

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FiEE, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-009383

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