Minim Reports Accelerating Revenue Growth of 45% in Q2 2021
| MINIM INC. | | Consolidated Statements of Operations | | (Unaudited) | | (in thousands, except per share data) | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | Six Months Ended June 30, | | | | 2021 | | 2020 | | | 2021 | | 2020 | | | | | | | | | | | | | Net sales | | $ | 14,893 | | $ | 10,273 | | | $ | 29,911 | | $ | 22,228 | | Cost of sales | | | 10,415 | | | 8,149 | | | | 20,329 | | | 17,009 | | Gross profit | | | 4,478 | | | 2,124 | | | | 9,582 | | | 5,219 | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | Selling and marketing | | | 3,209 | | | 2,283 | | | | 6,383 | | | 4,638 | | General and administrative | | | 1,327 | | | 716 | | | | 2,404 | | | 1,544 | | Research and development | | | 1,386 | | | 644 | | | | 2,775 | | | 1,297 | | Total operating expenses | | | 5,922 | | | 3,643 | | | | 11,562 | | | 7,479 | | | | | | | | | | | | | | | | | Operating loss | | | (1,444) | | | (1,519) | | | | (1,980) | | | (2,260) | | | | | | | | | | | | | | | | | Other income (expense): | | | | | | | | | | | | | | | Interest income (expense), net | | | (78) | | | (3) | | | | (106) | | | (7) | | Other, net | | | –– | | | 1 | | | | 20 | | | –– | | Total other income (expense) | | | (78) | | | (2) | | | | (86) | | | (7) | | | | | | | | | | | | | | | | | Loss before income taxes | | | (1,522) | | | (1,521) | | | | (2,066) | | | (2,267) | | | | | | | | | | | | | | | | | Income taxes | | | 32 | | | 7 | | | | 33 | | | 13 | | | | | | | | | | | | | | | | | Net loss | | $ | (1,554) | | $ | (1,528) | | | $ | (2,099) | | $ | (2,280) | | | | | | | | | | | | | | | | | Net loss per share: | | | | | | | | | | | | | | | Basic and diluted | | $ | (0.04) | | $ | (0.07) | | | $ | (0.06) | | $ | (0.10) | | | | | | | | | | | | | | | | | Basic and diluted weighted average | | | 35,482 | | | 22,275 | | | | 35,369 | | | 21,776 | | common and common equivalent shares | |
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