![]() Support+ will be available to app users beginning in June. With the launch of Support+, our premium support subscription service, we will establish a new revenue stream which we believe will have an incremental positive impact to our gross margin beginning near the end of Q3 and as we head into Q4. The ISP business, which currently provides customers unlimited free-of-charge support for purchases, has been a drag on our margins and cash flow. We are on schedule to complete the wind down of our ISP business later this year as we shift our attention and resources to premium subscription services. Core to our mission is our commitment to software-enabled intelligent mobile products. Through the addition of these channels, we are reaching a wider audience and scaling our current product offering with a large customer base. Across the market, we continue to see consumer preference on online purchasing but are maintaining our market-leading position on Amazon with 40% market share in the networking category.Īt the same time, we significantly expanded our ecommerce channel in 2022 with the addition of, , HSN to name a few. Importantly, we expect this will also accelerate our path to achieve sustainable profitability on an Adjusted EBITDA basis. Through a series of actions that includes workforce reductions as well as reductions in professional services and other spend categories, we have better aligned the size and scale of our business with the realities of current market and economic environments. Subsequent to year end, we initiated additional cost reduction actions that we expect will generate annual cost savings of approximately 20%, split evenly between cost of goods sold and operating expenses. Fourth quarter revenue was up 1.4% year-over-year and down 23.2% sequentially to $10.6 million. ![]() Revenue for the year was $50.6 million, a decline of 9% as challenging economic conditions persist and traditional retailers continue to work through high inventories that were stockpiled to combat supply chain risks. As a result, we exited 2022 with a more robust ecommerce distribution channel, an all intelligent product portfolio, and improved balance sheet. At midyear, we initiated a number of steps to advance our competitive position, improve working capital management, and better align our business with the realities of the consumer market. Good morning and welcome to Minim’s Q4 and full year 2022 conference call. Now I would like to turn the call over to Mehul Patel, CEO of Minim. A reconciliation of such non-GAAP numbers to the most comparable GAAP measures is available in our most recent press release, as well as in periodic filings with the SEC. Please note too that today’s call may include the use of non-GAAP numbers that management utilizes to analyze the company’s performance. ![]() For a discussion of such risks and uncertainties which could cause actual results to differ from those expressed or implied in the forward-looking statements, please see risk factors detailed in the company’s annual report on Form 10-K, contained in subsequent filed reports on Form 10-Q, as well as in other reports that the company files from time to time with the Securities and Exchange Commission. Actual results or trends could materially differ from those contemplated by these forward-looking statements. Forward-looking statements include statements regarding the future, including expected revenue, operating margins, expenses and future business outlook. Before we begin, I want to remind everyone that today’s conference call may contain forward-looking statements. As a reminder, all materials for today’s live presentation are available on the company’s investor relations website at ir. With me on the call are Mehul Patel, Chief Executive Officer, and Dustin Tacker, Chief Financial Officer. ![]() James Carbonara: Thank you, and once again welcome to Minim’s Q4 and full year 2022 earnings call. At this time, I’d like to turn the conference call over to James Carbonara, Investor Relations. Please also note today’s event is being recorded. To withdraw your question, you may press star and two. To ask a question, you may press star and then one using a touchtone telephone. After today’s presentation, there will be an opportunity to ask questions. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. All participants will be in a listen-only mode. Operator: Good morning everyone and welcome to the Minim Reports Fourth Quarter and Full Year 2022 Financial Results Conference Call.
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