Financial Performance - Total revenues for Q2 2024 were $38.5 million, a decrease of 18.1% from $47.1 million in Q2 2023, primarily due to lower global demand for interactive flat panel displays [132]. - Gross profit for Q2 2024 was $14.5 million, down 18.5% from $17.8 million in Q2 2023, with a gross profit margin of 37.7% compared to 37.9% in Q2 2023 [133]. - Total revenues for the six months ended June 30, 2024 were $75.6 million, a 14.3% decrease from $88.2 million in the same period of 2023 [136]. - Gross profit for the six months ended June 30, 2024 was $27.3 million, down 17.1% from $33.0 million in 2023, with a gross profit margin of 36.2% compared to 37.4% in 2023 [137]. - Net loss for Q2 2024 was $1.5 million, compared to a net loss of $0.8 million in Q2 2023, reflecting the changes in revenues and expenses noted above [135]. - Net loss for the six months ended June 30, 2024 was $8.6 million, compared to a net loss of $3.7 million in 2023 [139]. Expenses - Cost of revenues decreased by 17.9% to $24.0 million in Q2 2024 from $29.2 million in Q2 2023, attributed to a decrease in units sold [132]. - General and administrative expenses for Q2 2024 were $12.3 million, representing 32.0% of revenue, a slight decrease from $15.2 million or 32.4% of revenue in Q2 2023 [133]. - General and administrative expenses decreased to $27.6 million, representing 36.5% of revenue, compared to $30.0 million or 33.9% of revenue in 2023 [137]. - Research and development expenses increased to $985 thousand in Q2 2024, representing 2.6% of revenue, up from $525 thousand or 1.1% of revenue in Q2 2023 [134]. - Research and development expenses increased to $2.2 million, representing 2.9% of revenue, up from $1.1 million or 1.3% of revenue in 2023 [138]. - Other expense, net for Q2 2024 was $2.8 million, an increase of $0.2 million from $2.6 million in Q2 2023, primarily due to interest expense on term loans [135]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2024 were $7.5 million, down from $15.6 million on June 30, 2023 [144]. - Net cash used in operating activities for the six months ended June 30, 2024 was $7.3 million, compared to $10 thousand in 2023 [145]. - The company had a working capital balance of $46.7 million and a current ratio of 2.21 as of June 30, 2024, down from a working capital balance of $64.8 million and a current ratio of 2.79 in 2023 [144]. Compliance and Debt Management - The company is not in compliance with its Senior Leverage Ratio financial covenant under the Credit Agreement as of June 30, 2024, but has obtained a waiver for the leverage ratio default [151]. - The company is actively working to refinance its debt with new lenders on more favorable terms, although no agreements have been executed as of the issuance of the financial statements [153]. Strategic Initiatives - The company aims to achieve significant cost-savings through merging operations of acquired companies and leveraging economies of scale [125]. - The company has implemented a comprehensive plan to reach and maintain profitability through core business operations and strategic acquisitions [123]. - The company is focused on expanding its reseller partner network in key territories and new markets to increase penetration and reach [123]. Accounting Policies - The company prepares its financial statements in accordance with GAAP, requiring assumptions and estimates about future events that may materially affect reported amounts [156]. - Significant accounting policies include revenue recognition, intangible assets, stock-based compensation expense, and income taxes, which require complex judgments [157]. - The company regularly reviews its accounting policies and estimates to ensure fair presentation of financial statements [156].

Financial Data and Key Metrics Changes - Revenues for Q2 2024 were $38.5 million, an 18.1% decrease from $47.1 million in Q2 2023 [17] - Gross profit for the quarter was $14.5 million, down from $17.8 million year-over-year, with a gross profit margin of 37.7%, a decrease of 20 basis points compared to the prior year [18] - The company reported a net loss of $1.5 million or $0.18 per share for the quarter, compared to a net loss of approximately $800,000 or $0.12 per share in the prior year [18] - Adjusted EBITDA for Q2 2024 was $3.7 million, down from $5.4 million in Q2 2023 [19] Business Line Data and Key Metrics Changes - Flat panel displays accounted for approximately 71% of total revenues, while audio solutions comprised 12% [17] - The company has introduced new products such as UNITY and TimeSign, which are expected to drive demand in the future [10][11] Market Data and Key Metrics Changes - EMEA revenues made up approximately 44% of total revenues, while Americas revenues totaled about 55% [17] - The company noted that demand remains soft in some of its largest markets, particularly in the U.S. for interactive flat panel displays [6][22] Company Strategy and Development Direction - The company is focused on adjusting its cost structure to align with current market realities and aims for ongoing consistent profitability [5][6] - Boxlight is responding to market needs with updated products and services, particularly in areas like emergency preparedness and STEM education [7][10] - The company is working on improving its capital structure and collaborating with banking partners to secure long-term alternatives to its current credit facility [13] Management's Comments on Operating Environment and Future Outlook - Management indicated that market conditions are challenging and are expected to remain so until a broader growth cycle returns [6][20] - The company is optimistic about its long-term outlook and believes it is well-positioned to gain market share as conditions improve [6][13] Other Important Information - The company eliminated approximately $5 million in fixed costs in Q1 2024, contributing to a 15.8% decrease in operating expenses quarter-over-quarter [16] - At June 30, 2024, Boxlight had $7.5 million in cash and $46.7 million in working capital [20] Q&A Session Summary Question: What has changed in the last 3 months regarding market conditions? - Management noted that the U.S. market for interactive flat panel displays has remained soft longer than anticipated, with some markets showing improvement while others remain uncertain [22][23] Question: What factors contributed to the strong gross margin in Q2? - The strong margin was attributed to a positive mix shift with increasing audio sales, which carry a higher margin, offsetting some competitive pricing pressures [24][27] Question: Are there further opportunities for cost reductions? - Management indicated that they have made significant progress in aligning operating expenses with revenue and are committed to further reductions as needed [31] Question: What is the tone of discussions with customers? - Management observed a disparity in customer sentiment, with solution providers feeling optimistic about demand recovery, while volume producers expressed concern over market conditions [33] Question: Will there be a sequential uptick in Q3 revenues? - Management expressed uncertainty about Q3 performance, noting that historical trends have not been reliable indicators this year [36]

Group 1 - Boxlight Corporation reported a quarterly loss of $0.18 per share, which was better than the Zacks Consensus Estimate of a loss of $0.37, representing an earnings surprise of 51.35% [1] - The company posted revenues of $38.51 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 13.47%, and down from $47.05 million a year ago [2] - Boxlight shares have declined approximately 50.9% since the beginning of the year, contrasting with the S&P 500's gain of 9.9% [3] Group 2 - The earnings outlook for Boxlight is mixed, with the current consensus EPS estimate for the coming quarter at $0.06 on revenues of $54.03 million, and for the current fiscal year at -$1.35 on revenues of $178.56 million [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the top 40% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8] Group 3 - Boxlight has surpassed consensus EPS estimates three times over the last four quarters, while it has topped consensus revenue estimates two times in the same period [2] - The estimate revisions trend for Boxlight is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Boxlight Reports Second Quarter 2024 Financial Results Duluth, GA – Business Wire – August 7, 2024 – Boxlight Corporation (Nasdaq: BOXL) ("Boxlight" or the "Company"), a leading provider of interactive technology solutions, today announced the Company's financial results for the second quarter ended June 30, 2024. Financial and Operational Highlights: | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------- ...

Boxlight Corporation (NASDAQ:BOXL) Q1 2024 Earnings Conference Call May 8, 2024 4:30 PM ET Company Participants Jeff Stanlis - Investor Relations Dale Strang - Chief Executive Officer Greg Wiggins - Chief Financial Officer Conference Call Participants Brian Kinstlinger - Alliance Global Jack Vander Aarde - Maxim Group Operator Good afternoon, and welcome to the Boxlight Corporation First Quarter Financial Results Call. [Operator Instructions] Please note this conference is being recorded. I will now turn th ...

Boxlight Corporation (BOXL) came out with a quarterly loss of $0.66 per share versus the Zacks Consensus Estimate of a loss of $0.93. This compares to loss of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 29.03%. A quarter ago, it was expected that this company would post a loss of $0.66 per share when it actually produced a loss of $0.63, delivering a surprise of 4.55%.Over the last four quarters, the company has surp ...

Financial Performance - Revenues for Q1 2024 were $37,093,000, a decrease of 10.1% compared to $41,189,000 in Q1 2023[63] - Gross profit for Q1 2024 was $12,815,000, down from $15,148,000 in Q1 2023, reflecting a gross margin decline[63] - Net loss for Q1 2024 was $7,089,000, compared to a net loss of $2,924,000 in Q1 2023, indicating a significant increase in losses[63] - The Company reported a comprehensive loss of $7,900,000 for Q1 2024, compared to a comprehensive loss of $2,366,000 in Q1 2023[63] - Net loss per common share for Q1 2024 was $(0.76), compared to $(0.35) in Q1 2023, reflecting worsening financial performance[63] - The Company recorded a total pretax book loss of $6.22 million for the three months ended March 31, 2024, compared to a loss of $2.87 million for the same period in 2023[196] Assets and Liabilities - The company generated total current assets of $86.485 million as of March 31, 2024, down from $100.378 million at the end of 2023, reflecting a decrease of approximately 13.8%[48] - The company's total liabilities decreased to $104.792 million as of March 31, 2024, compared to $113.311 million at the end of 2023, representing a reduction of about 7.5%[48] - The company’s accumulated deficit increased to $(111.364) million as of March 31, 2024, compared to $(104.275) million at the end of 2023, indicating a worsening financial position[48] - The company’s cash and cash equivalents decreased to $11.812 million as of March 31, 2024, down from $17.253 million at the end of 2023, a decline of approximately 31.5%[48] - Accounts receivable – trade as of March 31, 2024, was $29.8 million, a decrease from $33.1 million as of December 31, 2023[127] - The balance of derivative liabilities decreased from $696,000 as of March 31, 2023, to $13,000 as of March 31, 2024[84] Revenue Breakdown - For the three months ended March 31, 2024, total revenues were $37.1 million, a decrease of 9.5% from $41.2 million in the same period of 2023[120] - Product revenue for the same period was $34.4 million, down 10.0% from $38.7 million year-over-year[120] - Service revenue increased to $2.7 million, up 6.0% from $2.5 million in the prior year[120] Operating Expenses - Operating expenses increased to $16,420,000 in Q1 2024 from $15,328,000 in Q1 2023, driven by higher general and administrative costs[63] - Total operating expenses for Q1 2024 included $15,249,000 in general and administrative expenses, an increase from $14,731,000 in Q1 2023[63] - Research and development expenses rose to $1,171,000 in Q1 2024, up from $597,000 in Q1 2023, highlighting increased investment in innovation[63] - Cost of revenues for Q1 2024 was $24.3 million, down 6.8% from $26.0 million in Q1 2023, attributed to a decrease in units sold[214] Debt and Financing - The Company may not maintain compliance with the Senior Leverage Ratio, raising substantial doubt about its ability to continue as a going concern within one year[77] - The Senior Leverage Ratio decreased to 2.50 at December 31, 2023, and will be 2.00 at March 31, 2024, with a requirement of 6.00 under the amended agreement[102] - The Company is actively working to refinance its debt with new lenders, although it does not have written agreements as of the issuance of this report[103] - Total debt, net of premium, discount, and issuance costs, decreased from $40.171 million as of December 31, 2023, to $38.456 million as of March 31, 2024, a reduction of approximately 4.3%[158] Stock and Equity - The Company issued 33,414 shares of Class A common stock to adjust fractional shares following a reverse stock split[75] - The Company’s authorized shares for Class A common stock were adjusted to 18,750,000 following the reverse stock split[100] - The Company has a share repurchase program authorized for up to $15.0 million of Class A common stock, which remains unused as of March 31, 2024[205] - The Company issued 1,586,620 shares of Series B preferred stock and 1,320,850 shares of Series C preferred stock, with a stated value of $10.00 per share and an 8% annual dividend for Series B[177] Compliance and Legal Matters - The company has not identified any legal matters that could materially affect its consolidated results of operations, financial position, or cash flows[35] - The Company recorded a decrease in stock options expense from $169 million in 2023 to $104 million in 2024[209] - The Company has evaluated its deferred tax assets and maintained a full valuation allowance due to a history of cumulative losses, impacting its ability to utilize net operating loss carryforwards[198] Future Outlook - The Company expects to recognize revenue on 35.5% of the remaining performance obligations during the next 12 months[144] - The Company is evaluating alternatives to refinance or restructure the Series B preferred shares[78] - The Company is evaluating the impact of IRC Sec 382 ownership changes on its net operating losses, which may limit future utilizations[172]

Boxlight First Quarter 2024 Financial Results [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Boxlight reported a 9.9% revenue decrease to $37.1 million in Q1 2024, resulting in a $7.1 million net loss and $0.2 million Adjusted EBITDA Q1 2024 Key Financial Metrics vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $37.1 million | $41.2 million | -9.9% | | Gross Profit | $12.8 million | $15.1 million | -15.4% | | Gross Profit Margin | 34.5% | 36.8% | -230 bps | | Net Loss | ($7.1 million) | ($2.9 million) | +$4.2M | | Net Loss per Share | ($0.76) | ($0.35) | +$0.41 | | Adjusted EBITDA | $0.2 million | $3.3 million | -$3.1M | - The company ended the quarter with **$11.8 million in cash**, **$46.6 million in working capital**, and **$9.1 million in stockholders' equity**[10](index=10&type=chunk)[15](index=15&type=chunk) - Boxlight expects Q2 2024 revenue to be in the range of **$43-$45 million** and adjusted EBITDA between **$2-$3 million**[10](index=10&type=chunk) [Management Commentary & Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Outlook) Management streamlined operations, eliminating approximately **$5 million** in annualized operating costs, and secured a **$2 million** bridge loan post-quarter end - The company has eliminated approximately **$5 million** in operating costs in 2024. The first quarter included about **$940 thousand** in non-recurring severance costs, with the full benefits of these reductions expected in coming quarters[10](index=10&type=chunk) - Management believes market demand is stabilizing and sees an opportunity to capture market share in 2024 by refocusing the sales organization on customer-centric solutions[2](index=2&type=chunk) - Subsequent to the quarter's end, lenders provided a **$2 million** bridge loan for short-term seasonal working capital and extended the flexibility to borrow an additional **$3 million** in June[11](index=11&type=chunk) [Detailed Financial Performance (Q1 2024 vs Q1 2023)](index=1&type=section&id=Detailed%20Financial%20Performance) Q1 2024 total revenues decreased by **9.9%** to **$37.1 million**, with gross profit margin falling to **34.5%** and a net loss of **$7.1 million** Revenue Breakdown (Q1 2024 vs Q1 2023) | Category | Q1 2024 (in millions) | Q1 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total Revenues (As Reported) | $37.1M | $41.2M | -9.9% | | Constant-Currency Revenue | $36.2M | $41.2M | -12.0% | - The decrease in gross profit margin to **34.5%** from **36.8%** was primarily related to a different product mix compared to the prior year quarter[2](index=2&type=chunk) - Operating expenses increased to **$16.4 million** from **$15.3 million**, primarily due to approximately **$0.9 million** in severance charges from recent headcount reductions[26](index=26&type=chunk) Profitability Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Loss from Operations | $(3,605) | $(180) | | Net Loss | $(7,089) | $(2,924) | | Net Loss Attributable to Common Stockholders | $(7,406) | $(3,241) | | Comprehensive Loss | $(7,900) | $(2,366) | [Balance Sheet Summary](index=2&type=section&id=Balance%20Sheet%20Summary) As of March 31, 2024, Boxlight reported total assets of **$142.4 million**, total liabilities of **$104.8 million**, and stockholders' equity of **$9.1 million** Condensed Balance Sheet (in thousands) | Account | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $11,812 | $17,253 | | Inventories, net | $39,155 | $44,131 | | Total current assets | $86,485 | $100,378 | | Total assets | $142,384 | $158,571 | | **Liabilities & Equity** | | | | Total current liabilities | $39,894 | $46,232 | | Long-term debt | $37,401 | $39,134 | | Total liabilities | $104,792 | $113,311 | | Total stockholders' equity | $9,083 | $16,751 | - As of March 31, 2024, the company had **$38.5 million** in total debt (net of debt issuance costs), comprised of **$1.1 million** in short-term and **$37.4 million** in long-term debt[15](index=15&type=chunk)[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) Boxlight utilizes non-GAAP measures like EBITDA, Adjusted EBITDA, and constant-currency results to provide additional insight into operational performance Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Net Loss | $(7,089) | $(2,924) | | EBITDA | $(1,543) | $1,837 | | Severance charges | $943 | $— | | Stock compensation expense | $549 | $641 | | **Adjusted EBITDA** | **$179** | **$3,315** | - Adjusted EBITDA is calculated by taking EBITDA and adding back non-cash or non-recurring items like stock-based compensation, severance charges, change in fair value of derivative liabilities, and purchase accounting adjustments[29](index=29&type=chunk) - The company presents constant-currency results to facilitate period-to-period comparisons by excluding the impact of fluctuating foreign currency exchange rates, translating current period local currency amounts at prior year exchange rates[17](index=17&type=chunk)[8](index=8&type=chunk) [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides details for the Q1 2024 financial results conference call, a brief company profile, and a standard forward-looking statements disclaimer - A conference call to discuss the results was held on May 8, 2024. A replay is available until May 22, 2024[28](index=28&type=chunk)[16](index=16&type=chunk) - Boxlight Corporation is a provider of interactive technology solutions under brands like Clevertouch®, FrontRow™, and Mimio®, aimed at improving engagement in business and education[20](index=20&type=chunk) - The press release contains forward-looking statements, and actual results may differ. Readers are encouraged to review the company's SEC filings, including its Form 10-K[21](index=21&type=chunk)

Boxlight Corporation (NASDAQ:BOXL) Q4 2023 Earnings Conference Call March 13, 2024 4:30 PM ET Company Participants Jeff Stanlis - FNK IR Dale Strang - Chief Executive Officer Greg Wiggins - Chief Financial Officer Conference Call Participants Brian Kinstlinger - Alliance Global Jack Vander Aarde - Maxim Group Operator Good afternoon, and welcome to the Boxlight Corporation Fourth Quarter Financial Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will foll ...

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