Summary by Moomoo AI
Minim, Inc. (Minim) reported a challenging quarter with a significant year-over-year decline in financial performance for the period ending September 30, 2023. Net sales plummeted by 51.6% to $6.7 million from $13.8 million in the same quarter of the previous year. The company's gross profit turned negative, posting a loss of $3 million compared to a profit of $3.1 million in the prior year, primarily due to insufficient sales to cover fixed and variable costs. Operating expenses decreased by 47.1% to $3.7 million, reflecting cost reduction efforts across selling and marketing, general and administrative, and research and development activities. Despite these reductions, Minim incurred a net loss of $6.8 million, a significant increase from the $4.1 million loss in the same quarter of the previous year. The company...Show More