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Mohawk Group Announces Preliminary Fourth Quarter and Full Year 2019 Net Revenue Results; Launches Record 18 New Products in Fourth Quarter 2019

NEW YORK, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Mohawk Group Holdings, Inc. (NASDAQ: MWK) (a??Mohawka??) the tech-enabled consumer product company, today announced preliminary net revenue results for the fourth quarter and fiscal year 2019 ended December 31, 2019, in advance of its participation in the ICR Conference on Tuesday, January 14, 2020.A  The net revenue information is based on preliminary data, which has not been subjected to our normal year end closing and review procedures.A  The Company expects to report its audited year end results in March 2020.
The Company expects fourth quarter net revenue in the range of $25.0 to $26.0 million (representing 27% to 32% growth over the prior year quarter) and full year 2019 net revenue in the range of $114.0 to $115.0 million (representing 56% to 57% growth over the prior year).A "It was a busy and productive finish to the year as we launched a record 18 new products during the fourth quarter, bringing our full year total to a record 32,a?? said Mohawka??s chief executive officer, Yaniv Sarig.A  a??Importantly, wea??ve continued to diversify our product categories, as 14 of our 18 fourth quarter product introductions, and 24 of our 32 new products in 2019, were non-environmental products.A  The investments wea??ve made in people and resources over the past 12 months, primarily in areas such as quality control and product procurement, have significantly strengthened our foundation for growth.A  Looking ahead, we are confident that we can further accelerate our annual output and plan to double the amount of new product launches in 2020 while continuing on the pathway to profitability.a??ICR Conference 2020The Company will be presenting at the 2020 ICR Conference held at the JW Marriott Orlando Grande Lakes in Orlando, Florida, on Tuesday, January 14, 2020 at 10:30 am Eastern Standard Time.A  The audio portion of the presentation will be webcast live over the internet at https://wsw.com/webcast/icr6/mwk/ and can also be accessed https://ir.mohawkgp.com/investor-relations. An online archive will be available for a period of 90 days following the presentation.
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