Mohawk Group Ranked Number 163 Fastest Growing Company in North America on Deloitte’s 2019 Technology Fast 500
Attributes 707% Revenue Growth to the Performance of its Artificial Intelligence-Driven
E-Commerce Platform and Agile Supply Chain
NEW YORK, Nov. 20, 2019 (GLOBE NEWSWIRE) -- Mohawk Group Holdings, Inc. (NASDAQ: MWK) (“Mohawk”) the tech-enabled, consumer-focused product company, today announced it ranked 163 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing —public and private— technology, media, telecommunications, life sciences and energy tech companies in North America. The ranking is now in its 25th year and award winners for 2019 are selected based on percentage fiscal year revenue growth during the period from 2015 to 2018. During this period, Mohawk’s revenues grew 707%.
Mohawk’s chief executive officer, Yaniv Sarig, credits the company’s AI driven e-commerce software platform and its agile supply chain for the 707% revenue growth. He said, "I am very pleased with the development of AIMEE, our software platform, and our agile supply chain, as they have been critical in helping us build the CPG company of the future."
Overall, 2019 Technology Fast 500TM companies achieved revenue growth ranging from 166% to 37,458% from 2015 to 2018, with median growth of 439%.
About Deloitte’s 2019 Technology Fast 500™
Now in its 25th year, Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2015 to 2018. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $US50,000, and current-year operating revenues of at least $US5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
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 incubated and grouped four owned and operated brands: hOme, Vremi, Xtava and RIF6. 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.
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Ilya Grozovsky, Mohawk Group
Brendon Frey, ICR