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.”
To view the full press release, visit https://ibn.fm/jbPKs
About Mohawk Group Holdings, Inc.
Mohawk Group is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has twelve owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high-caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics. For more information about this company, please visit www.MohawkGP.com.
NOTE TO INVESTORS: The latest news and updates relating to MWK are available in the company’s newsroom at https://ibn.fm/MWK
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