COMPANY NOW EXPECTS ADJUSTED EBITDA PROFITABILITY FOR SECOND QUARTER OF 2020, AHEAD OF PRIOR SCHEDULECOMPANY RAISES FISCAL 2020 OUTLOOKNEW YORK, June 04, 2020 (GLOBE NEWSWIRE) — Mohawk Group Holdings, Inc. (NASDAQ: MWK), the technology-enabled consumer products company, today announced preliminary net revenue for the month of May 2020 increased approximately 105% compared to the same period in 2019.Following a very strong March (approximately 62% year over year growth) and April (approximately 75% year over year growth), the Company saw continued growth in demand across its product portfolio in May – driven primarily by the accelerated shift in consumer spending towards ecommerce. Based on the Company’s strong performance in May, Mohawk Group now expects to achieve positive Adjusted EBITDA in the second quarter of 2020, ahead of its previous schedule.“First, I want to recognize our team for their relentless focus on our mission of building the CPG company of the future,” said Yaniv Sarig, Co-Founder and Chief Executive Officer of Mohawk Group. “Their efforts, combined with steady improvement in our variable costs, in particular our direct-to-consumer fulfillment platform, and our pricing elasticity, have fueled margin expansion and accelerated our timetable to achieving Adjusted EBITDA profitability – a key milestone for the Company and its shareholders. We are very excited about our upcoming product roadmap. For the remainder of 2020, the Company will continue to pursue growth and market share opportunities.”Increased 2020 Outlook
For full year 2020, the Company now expects net revenue to be in the range of $170.0 million to $180.0 million, up from its previous guidance range of $165.0 million to $175.0 million. In addition, the Company now expects to achieve positive Adjusted EBITDA for the three months ending June 30, 2020. As previously disclosed, the Company continues to expect positive Adjusted EBITDA for the three months ending September 30, 2020 and the three months ending December 31, 2020.The most directly comparable GAAP financial measure for Adjusted EBITDA is net loss and we expect to report a net loss for the three months ending June 30, 2020, September 30, 2020 and December 31, 2020, respectively, due primarily to quarterly interest expense, net and stock-based compensation expense.The net revenue information for April and May and expected positive Adjusted EBITDA and expected net loss for the second quarter 2020 are preliminary and subject to the completion of the Company’s standard procedures for the preparation and completion of its quarterly financial statements and the review of the Company’s financial statements by the Company’s independent registered public accounting firm.Non-GAAP Financial Measure
For more information on our non-GAAP financial measure, please see the “Non-GAAP Financial Measure” section below.About Mohawk Group Holdings, Inc.
Mohawk Group Holdings, Inc. and subsidiaries (“Mohawk”) 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 six owned and operated brands: hOmeLabs, Vremi, Xtava, RIF6, Holonix, and Aussie Health Co. Mohawk 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.Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expected 2020 net revenue and expected Adjusted EBITDA and net loss for the second, third and fourth quarters of 2020, the statements pertaining to our April and May 2020 net revenue and Adjusted EBITDA and net loss for the second quarter which are subject to review by our external auditors in connection with the filing of our Form 10-Q for the period ending June 30, 2020, our ability to pursue growth and market share opportunities, our fulfillment capabilities and our upcoming product roadmap.These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to the impact of COVID-19 including its impact on consumer demand, our cash flows, financial condition and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently, our business model and our technology platform, our ability to disrupt the consumer products industry, our ability to grow market share in existing and new product categories; our ability to generate profitability and shareholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns, reliance on third party online marketplaces, seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.Non-GAAP Financial MeasureThe non-GAAP financial measure referenced herein is a supplement to the corresponding financial measure prepared in accordance with U.S. GAAP. The non-GAAP financial measure referenced excludes the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going core operating performance. The non-GAAP financial measure has certain limitations in that it does not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.Therefore, investors should consider the non-GAAP financial measure in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measure referenced by the Company may be different from the non-GAAP financial measures used by other companies.The Company has referenced Adjusted EBITDA, a non-GAAP measure, to assist investors in understanding the Company’s core net operating results on an on-going basis. This non-GAAP financial measure may also assist investors in making comparisons of the Company’s core operating results with those of other companies.As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and income tax expense. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense and other expense, net. EBITDA and Adjusted EBITDA do not represent, and should not be considered as, alternatives to loss from operations or net loss, as determined under GAAP.We reference EBITDA and Adjusted EBITDA because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provides useful supplemental information for investors. We use EBITDA and Adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors.We believe EBITDA and Adjusted EBITDA are useful to investors in assessing the operating performance of our business without the effect of non-cash items. EBITDA and Adjusted EBITDA should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA nor Adjusted EBITDA should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our EBITDA and Adjusted EBITDA may not be comparable to similar titled measures in other organizations because other organizations may not calculate EBITDA or Adjusted EBITDA in the same manner as we do. Reference to Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.We recognize that both EBITDA and Adjusted EBITDA have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:our capital expenditures or future requirements for capital expenditures or merger and acquisitions;the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets; orchanges in cash requirements for our working capital needs.Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and will remain a key element of our overall long-term incentive compensation package.The most directly comparable financial measure presented in accordance with GAAP to EBITDA and Adjusted EBITDA is net loss. We are unable to reconcile the forward-looking statements of EBITDA and Adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.Investor Contacts:
Ilya Grozovsky, Mohawk Group 917-905-1699 Brendon Frey, ICR 203-682-8200 Media Contact:
Jessica Liddell, ICR
The Global Autonomous Vessels Market is expected to grow from USD 13,769.50 Million in 2019 to USD 21,784.01 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 7.94%
New York, July 10, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Autonomous Vessels Market Research Report by Fit, by Type, by Automataion, by Solution, by Users – Global Forecast to 2025 – Cumulative Impact of COVID-19” – https://www.reportlinker.com/p05913503/?utm_source=GNW
On the basis of Fit, the Autonomous Vessels Market is studied across Line Fit and Retrofit.Clare: email@example.com
Intl: +1 339-368-6001
CORRECTION – OMNIQ’s Artificial Intelligence-Based Quest Shield™ Solution Selected by the Talmudical Academy of Baltimore
SALT LAKE CITY, July 10, 2020 (GLOBE NEWSWIRE) — In a release issued under the same headline on June 1, 2020 by OMNIQ, Inc. (OTCQB:OMQS), please be advised that the second paragraph as originally issued contained certain inaccuracies, not related to financial results or projections, which have been corrected below.Quest Shield™ security package provides a proactive ground-breaking cloud-based solution for crime prevention on campuses and in schools using automatic Machine Vision detection and identification of vehicles by license plate, make and color via an AI-based identification algorithm
Real-time alert and notification to law enforcement authorities to actively prevent potential tragediesTechnology developed in Israel, previously deployed with success in sensitive security zones in the U.S., Middle East and elsewhereAddressing Covid-19 concerns, students will be equipped with a contactless, readable ID tag verifying pre-screened temperature test clearanceTalmudical Academy in Baltimore has over 1,000 students and is part of the Chofetz Haim educational chain with more than 35 locations in the U.S., Canada and IsraelOMNIQ, Inc. (OTCQB:OMQS) (“OMNIQ” or “the Company”), announces that it has been selected to deploy its Quest Shield™ campus safety solution at the Talmudical Academy of Baltimore in Maryland.The Quest Shield™ security package uses the Company’s AI-based SeeCube™ technology platform, a ground-breaking cloud-based/on-premise security solution for Safe Campus/School applications. The platform provides unique AI-based computer vision technology and software to gather real-time vehicle data, enabling the Quest Shield™ to identify and record images of approaching vehicles including color, make and license plate information. The license plate is then compared against the school’s internal watch list to provide immediate notifications of unauthorized vehicles to security and administrative personnel. In addition to providing a vehicle identification and recognition solution to the Talmudical Academy, the Quest Shield™ comprehensive security platform addresses other security concerns including controlling access to the buildings and visitor management as well as the ability to pre-register guests for school activities. Additionally, as part of COVID-19 mitigation, parents in Maryland will be asked to take and record their child’s temperature each day before they leave for school. Quest Shield™ will automate this process, by providing parents an online form where they may record the temperature. All Talmud Academy students will be equipped with an ID tag that will have a QR code that can be read with a barcode scanner. As students enter campus, faculty equipped with Quest handheld scanners will read the barcode to confirm that the student’s temperature has been taken that day; if the form has not been filled in, faculty will check temperatures before allowing students inside. Shai Lustgarten, CEO of OMNIQ, commented: “It is our privilege to work with the Talmudical Academy to provide our solution to enhance safety at their Baltimore campus. Quest Shield™ is an extension of the homeland security solution we designed for the Israeli authorities to fight terrorism and save lives.”Rabbi Yaacov Cohen, Executive Director, Talmudical Academy of Baltimore, commented: “Concern about campus safety and the safety of our students and faculty drove the Talmudical Academy to seek ways to implement new strategies aimed at preventing crimes and violence that may be committed on the school grounds. The unfortunate reality today is that situations we could never imagine just a few years ago are happening now with increasing regularity. Most security systems that are currently being deployed on other campuses are good at recording events subsequent to crimes being committed. With Quest Shield™, we have an opportunity to alert personnel and Law Enforcement ahead of any sign of violence.”Mr. Lustgarten added: “The Quest Shield™ has been tailored to provide a proactive solution to improve security and safety in schools and on campuses as well as community centers and places of worship in the U.S. that have unfortunately become a target for ruthless attacks. We’re pleased to work with a forward-thinking organization like the Talmudical Academy, it is gratifying that the Academy selected the Quest Shield™ platform to strengthen its security precautions.”“Additionally, many schools and communities are expressing concern around children returning to school in the fall due to COVID-19. With that in mind, Talmudical Academy will also employ the Quest Shield™ to provide an automated screening process to confirm that students have had their temperatures checked, per Maryland regulation, upon their arrival on campus and prior to them entering the school facilities.”Mr. Lustgarten concluded, “We are proud to be able to improve student safety in the U.S., as well as in other vulnerable communities. Quest Shield™ has previously been implemented by a pre-K through Grade 12 school in Florida and at a Jewish Community Center in Salt Lake City. We look forward to working closely with the Academy and other institutions to promote the health and safety of students, faculty and support personnel.”About OMNIQ, Corp.
OMNIQ Corp. (OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.Investor Contact:
John Nesbett/Jen Belodeau
IMS Investor Relations
U.S. Dairy Delivers Sustainable Ingredient Solutions + Global Product Inspirations
Arlington, VA, July 10, 2020 (GLOBE NEWSWIRE) — The versatility and functionality of U.S. dairy ingredients will be on display, virtually, at the Institute of Food Technologists (IFT) annual expo, being held next week. At a pre-IFT special access webinar held July 7, the U.S. Dairy Export Council (USDEC)’s leadership shed light on the U.S. dairy industry’s ambitious sustainability goals for 2050, announced upcoming scientific sessions and previewed exciting technical and innovation resources for IFT attendees to learn how U.S. Dairy delivers on consumer demand for global taste adventures, balanced nutrition and sustainable food production.Education around the industry’s sustainability efforts is a key component of USDEC’s virtual IFT presence this year, as it aims to shine a light on the aggressive new environmental stewardship goals set this spring which include becoming carbon neutral or better by 2050 in addition to optimizing water usage and improving water quality. These goals build on a decades-long commitment to producing nutritious dairy foods that can feed a growing global population in the most economically viable and socially responsible way. They align with the United Nations Sustainable Development Goals, specifically those focused on food security, human health and responsible stewardship of natural resources, including animals.“We want to be the source of choice when you think about a partner who can not only help nourish people, but also the planet,” said Krysta Harden, Executive Vice President of Global Environmental Strategy for Dairy Management Inc. and Interim Chief Operating Officer at USDEC, during the webinar. “Collectively passing new and aggressive goals is just one way U.S. Dairy can prove we are a global leader in this area.”Consumers and manufacturers alike might be surprised to learn that of all greenhouse gas emissions in the United States, the dairy industry — from feed production to post-consumer waste — currently contributes only 2%. USDEC developed a short quiz to encourage people to test their sustainability knowledge and learn other fun facts.“Innovation continues despite these challenging times and U.S. Dairy resources and expertise can support successful product development,” said Vikki Nicholson-West, Senior Vice President – Global Ingredient Marketing at USDEC. “We’re thrilled to have Krysta’s talents and sustainability focus on board as our new interim COO, guiding our extensive network of staff and representatives around the world.”USDEC’s virtual IFT presence this year also serves as an opportunity to virtually travel and visually experience foods from around the world through a showcase of globally-inspired, fusion-style menu/product prototype concepts. From drinks to desserts, these examples capitalize on popular trends such as the popularity of Latin American influences. For example, high quality dairy ingredients such as Greek-style yogurt, whey protein, milk permeate, paneer cheese and butter round out a savory empanada that boasts 85g of protein. WPC 34 adds quality protein to a Piña Colada (alcoholic or non-alcoholic), providing extra refreshing permission for indulgence.Beyond learning about U.S. dairy’s sustainability journey and seeing innovative product concepts at USDEC’s virtual IFT booth, there are also a variety of dairy-related online scientific symposia debuting that navigate the evolving processing and nutritional landscape, particularly addressing the important role of sustainable food production and the challenge of providing valuable nutrition to the growing global population. These include:Protein Processing 2.0— Next Gen Scalable Technologies for Advancing the Functionalization and Sustainable Production of Protein IngredientsArtificial Intelligence and Machine Learning – For a Safer, Better, and Sustainable FoodNutrient Profiling – From the Global Landscape to the Evidence BasePlant-based eating patterns vs. plant-based foods – Why distinguishing between the two is vital for industry, research, and consumersTo learn more about how U.S. Dairy is delivering sustainable ingredient solutions and global product inspirations during virtual IFT, visit ThinkUSAdairy.org/IF20. ### About U.S. Dairy Export CouncilThe U.S. Dairy Export Council® (USDEC) is a nonprofit, independent membership organization that represents the global trade interests of U.S. dairy producers, proprietary processors and cooperatives, ingredient suppliers and export traders. USDEC aims to enhance U.S. global competitiveness through programs in market development that build global demand for U.S. dairy products, resolve market access barriers and advance industry trade policy goals. As the world’s largest producer of cow’s milk, the U.S. dairy industry offers a sustainably produced, world-class and ever-expanding portfolio of cheese varieties as well as nutritional and functional dairy ingredients (e.g., skim milk powder, lactose, whey and milk proteins, permeate). USDEC, together with its network of overseas representatives around the world, also works directly with global buyers and end-users to accelerate customer purchasing and innovation success with quality U.S. dairy products and ingredients.Attachment07102020 release photoErica Davis
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