NetworkNewsBreaks – Mohawk Group Holdings Inc. (
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Posted On: 03/09/2021 4:33:46 PM
NetworkNewsBreaks – Mohawk Group Holdings Inc. (NASDAQ: MWK) Releases Q4, FY 2020 Financial Numbers, Business Update
Mohawk Group (NASDAQ: MWK), a technology-enabled consumer products company, reported its financial and business results for the fourth quarter and full year ended Dec. 31, 2020. Highlights of the report include a 61.9% increase in quarterly net revenue, totaling $41.5 million compared to $25.6 million in Q4 2019. Full-year net revenue saw a slightly higher increase, landing at $187.7 million, a 62.3% increase over 2019’s $114.5 million. Other numbers looked good, with full-year and fourth-quarter gross margins improving, fixed operating expenses decreasing, and full-year contribution margin reaching 13.5% over 2.2% in 2019. In business news, the company launched five new products in the last quarter, bringing the total launched products in FY 2020 to 37, compared to 32 the year before. In addition, the company announced a new CFO and appointed heads of corporate development in Europe and North America, with both positions focused on the company’s M&A pipeline. “I am proud of our team for delivering a strong Q4 and for our full-year results,” said Mohawk Group co-founder and CEO Yaniv Sarig in the press release. “Looking ahead in 2021, we expect to continue the momentum following our Healing Solutions acquisition as we continue to accelerate our accretive M&A strategy. We are currently evaluating a strong pipeline of potential M&A targets that in total have trailing twelve month’s net revenue of $522 million and trailing twelve month’s EBITDA of $97 million.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mohawk Group (NASDAQ: MWK), a technology-enabled consumer products company, reported its financial and business results for the fourth quarter and full year ended Dec. 31, 2020. Highlights of the report include a 61.9% increase in quarterly net revenue, totaling $41.5 million compared to $25.6 million in Q4 2019. Full-year net revenue saw a slightly higher increase, landing at $187.7 million, a 62.3% increase over 2019’s $114.5 million. Other numbers looked good, with full-year and fourth-quarter gross margins improving, fixed operating expenses decreasing, and full-year contribution margin reaching 13.5% over 2.2% in 2019. In business news, the company launched five new products in the last quarter, bringing the total launched products in FY 2020 to 37, compared to 32 the year before. In addition, the company announced a new CFO and appointed heads of corporate development in Europe and North America, with both positions focused on the company’s M&A pipeline. “I am proud of our team for delivering a strong Q4 and for our full-year results,” said Mohawk Group co-founder and CEO Yaniv Sarig in the press release. “Looking ahead in 2021, we expect to continue the momentum following our Healing Solutions acquisition as we continue to accelerate our accretive M&A strategy. We are currently evaluating a strong pipeline of potential M&A targets that in total have trailing twelve month’s net revenue of $522 million and trailing twelve month’s EBITDA of $97 million.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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