FiEE, Inc. FIEE
FiEE, Inc. (formerly, Minim, Inc.) was founded in 1977 as a networking company and historically delivered a comprehensive WiFi/Software as a Service ("SaaS") platform to make connected homes safe and supportive for life and work. During this period, we held the exclusive global license to design, manufacture, and sell consumer networking products under the Motorola brand until 2023. Our legacy cable and WiFi products, including cable modems, routers, and mesh networking devices, were sold in leading retailers and e-commerce channels in the United States ("U.S.")
Building upon our history in networking and software, we are currently transforming our operations as a digital service provider focused on integrating artificial intelligence ("AI") and data analytics into content creation, digital authentication, and brand management. Our current business model leverages a cloud-based SaaS platform designed to support clients in developing, managing, and optimizing their digital presence across global platforms, including customized graphic and posts, short videos, and editorial calendars aligned with brand goals. Additionally, we offer comprehensive software development and maintenance services, delivering custom software solutions from system design and development to deployment and post-launch maintenance. In July 2025, we formally launched customized software services. This transition represents a strategic pivot toward high-growth, emerging technology sectors, including AI, blockchain, and the Multi-Channel Network ("MCN") ecosystem.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.2M | $639.9K | $26.1M | $50.6M | $55.4M | $48.0M | $37.6M | $32.3M | $29.4M | $17.8M |
| Cost of revenue | $840.0K | $432.6K | $25.6M | $38.7M | $36.5M | $34.4M | $26.7M | $20.7M | $19.2M | $12.5M |
| Gross profit | $5.4M | $207.3K | $470.9K | $11.9M | $18.9M | $13.6M | $10.9M | $11.6M | $10.2M | $5.4M |
| R&D | $47.4K | $113.3K | $3.4M | $5.8M | $6.2M | $3.8M | $2.2M | $1.8M | $1.9M | $1.5M |
| SG&A | $3.3M | $2.1M | $4.8M | $6.1M | $4.9M | $5.4M | $2.7M | $1.6M | $2.3M | $1.5M |
| Total operating expenses | $3.8M | $4.4M | $17.7M | $27.0M | $20.8M | $18.4M | $14.1M | $11.6M | $11.5M | $8.3M |
| Operating income | $1.6M | -$4.2M | -$17.2M | -$15.0M | -$1.9M | -$4.8M | -$3.2M | $52.7K | -$1.2M | -$2.9M |
| Interest expense | $9.0K | $82 | $386.0K | $394.6K | $270.4K | $48.6K | $48.4K | $78.4K | $98.8K | $54.5K |
| Pre-tax income | $1.5M | -$4.2M | -$17.6M | -$15.4M | -$2.1M | -$3.8M | -$3.3M | -$48.5K | -$1.4M | -$2.9M |
| Income tax | $448.2K | $11.2K | $42.6K | $112.3K | $63.8K | $26.7K | $24.9K | $25.8K | $14.7K | $7.1K |
| Net income | $1.1M | -$4.2M | -$17.6M | -$15.5M | -$2.2M | -$3.9M | -$3.3M | -$74.3K | -$1.4M | -$2.9M |
| EPS, basic | 0.12 | -1.34 | -8.65 | -8.38 | -0.06 | -0.15 | — | — | — | — |
| EPS, diluted | 0.10 | -1.34 | -8.65 | -8.38 | -0.09 | -0.15 | -0.18 | 0.00 | -0.09 | -0.21 |
| Shares, diluted (wtd. avg.) | $7.1M | $3.2M | $2.0M | $1.9M | $39.8M | $25.3M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.1M | $30.2K | $709.3K | $530.1K | $12.6M | $771.8K | $1.2M | $126.0K | $229.2K | $179.8K |
| Receivables | $2.1M | $0 | $701.4K | $2.8M | $4.9M | $9.2M | $4.1M | $2.8M | $2.2M | $2.5M |
| Inventory | — | — | $10.0M | $25.4M | $33.9M | $16.5M | $7.4M | $7.9M | $5.2M | $4.9M |
| Total current assets | $6.6M | $164.9K | $11.4M | $29.6M | $52.4M | $27.7M | $13.1M | $11.7M | $8.2M | $8.3M |
| Property, plant and equipment | $366.4K | $119.9K | $432.5K | $637.0K | $762.8K | $455.1K | $303.1K | $261.5K | $161.6K | $175.7K |
| Goodwill | — | — | — | — | $58.9K | $58.9K | $0 | — | — | — |
| Other intangibles | $3.5M | — | $33.2K | $73.3K | $262.7K | $388.6K | $0 | — | — | — |
| Total assets | $10.8M | $307.0K | $12.4M | $31.0M | $54.3M | $29.6M | $13.9M | $12.2M | $8.8M | $9.0M |
| Accounts payable | $511.2K | $143.4K | $11.1M | $2.8M | $12.5M | $11.7M | $5.0M | $4.4M | $3.5M | $2.5M |
| Short-term debt | — | — | — | — | $34.2K | $2.5M | $0 | — | — | — |
| Total current liabilities | $4.2M | $437.0K | $12.2M | $13.8M | $23.3M | $21.8M | $7.8M | $8.3M | $5.6M | $4.9M |
| Long-term debt | — | — | — | — | — | $15.2K | $0 | — | — | — |
| Total liabilities | $4.2M | $437.0K | $12.2M | $14.6M | $23.8M | $21.8M | $7.8M | — | — | $4.9M |
| Retained earnings | -$95.6M | -$96.7M | -$92.5M | -$74.8M | -$59.3M | -$57.1M | -$40.6M | -$37.3M | -$37.2M | -$35.9M |
| Total equity | $6.6M | -$130.0K | $115.9K | $16.3M | $30.5M | $7.8M | $6.1M | $3.9M | $3.2M | $4.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.6M | -$3.8M | $4.8M | -$12.2M | -$14.3M | -$7.1M | -$1.5M | -$1.8M | $1.3M | -$4.2M |
| Depreciation and amortisation | $160.0K | $282.0K | $368.0K | $403.0K | $255.0K | $157.0K | $132.6K | $137.0K | $114.0K | $87.6K |
| Stock-based compensation | $122.7K | $897.2K | $279.4K | $1.2M | $996.9K | $440.9K | $505.2K | $399.8K | $196.3K | $178.0K |
| Capital expenditure | $186.1K | — | $162.3K | $276.7K | $593.1K | $302.5K | $174.3K | $236.9K | $99.8K | $58.2K |
| Investing cash flow | -$4.9M | $11.6K | -$381.9K | -$695.0K | -$681.8K | -$578.1K | -$484.3K | -$329.9K | -$249.8K | -$531.2K |
| Financing cash flow | $4.3M | $3.1M | -$4.8M | $824.8K | $26.5M | $7.9M | $3.3M | $2.0M | -$1.0M | $3.1M |
| Buybacks | — | — | — | — | $15.0K | $15.0K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001829126-26-004105.
Others in SIC 3661
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| CIEN | CIENA CORP | $45.52B | 377.6x | 18.8% |
| FN | Fabrinet | $14.60B | 31.2x | 35.7% |
| ADTN | ADTRAN Holdings, Inc. | $578.5M | — | 17.5% |
| CLFD | Clearfield, Inc. | $389.2M | — | 19.6% |
| FKWL | FRANKLIN WIRELESS CORP | $28.9M | — | 49.6% |
| CLRO | CLEARONE INC | $13.6M | — | — |
| SONM | DNA X, Inc. | $4.8M | — | — |
| AUDC | AUDIOCODES LTD | — | — | 1.4% |