Mohawk Group Reports Second Quarter 2019 Results
Mohawk Group Holdings, Inc. (MWK)
Last mohawk group holdings, inc. earnings: 11/5 04:05 pm
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Source: GlobeNewswire
NEW YORK, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Mohawk Group Holdings, Inc. (NASDAQ: MWK) (“Mohawk”) today announced results for the second quarter ended June 30, 2019. Net revenue grew 108.2% to $30.4 million, compared to $14.6 million in the second quarter of 2018 driven by direct sales growth of 123.2%Gross margin increased to 38.7%, compared to 25.9% in the second quarter of 2018 and 37.4% in the first quarter of 2019Net loss for the second quarter of 2019 was $(7.6) million compared to $(8.9) million in the second quarter of 2018 and $(8.4) million in first quarter of 2019Adjusted EBITDA improved to $(3.7) million, compared to $(8.2) million in the second quarter of 2018 and $(5.6) million in the first quarter of 2019Cash used in operating activities was $(4.4) million, compared to $(11.9) million in the first quarter of 2019Total cash balance at June 30, 2019 was $39.5 million Yaniv Sarig, Co-Founder and Chief Executive Officer, commented, “We are very pleased with our secon
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