Financial Data and Key Metrics Changes - Revenues for Q3 2024 were $36.3 million, a decrease of 26.9% compared to $49.7 million in Q3 2023 [22] - Gross profit for the quarter was $12.3 million, down from $18 million in the prior year, with a gross profit margin of 33.8%, a decrease of 250 basis points year-over-year [24] - The company reported a net loss of $3.1 million or $0.34 per share, compared to a net loss of approximately $17.8 million or $1.90 per share in the prior year [26] - Adjusted EBITDA for Q3 2024 was $2.2 million, down from $4.9 million in Q3 2023 [27] - Total operating expenses for Q3 2024 were $13.1 million, significantly reduced from $29.6 million in Q3 2023 [25] Business Line Data and Key Metrics Changes - Flat panel displays accounted for approximately 72% of total revenues, while audio solutions comprised 12% [23] - EMEA revenues made up about 49% of total revenues, totaling $18 million, while Americas revenues were approximately 48%, totaling $17 million [22] Market Data and Key Metrics Changes - Demand for interactive flat panel displays (IFPD) remains soft, particularly in the U.S., while Europe has shown stronger performance, with returns in Germany and Belgium up 29% and 18% respectively [16] Company Strategy and Development Direction - The company is simplifying its brand structure, consolidating major product lines under three solution categories: Clevertouch for display products, FrontRow for audio and communication solutions, and Mimio for STEM solutions [8][9] - The focus is on aligning expenses with current revenue levels and enhancing product offerings to provide a robust end-to-end suite of solutions [7][11] - The company aims to capture market share by leveraging its broad portfolio and competitive advantages against industry players [11] Management's Comments on Operating Environment and Future Outlook - Management expressed a bullish long-term outlook for the market, citing growth areas in classroom solutions, digital signage, and higher education [17][41] - The current market conditions are expected to lead to quarter-to-quarter volatility, but the company is positioned for recovery as market conditions improve [18][41] - Management acknowledged the challenges of a prolonged industry softness but remains optimistic about future growth opportunities [41] Other Important Information - The company repaid a $4 million bridge loan early, which was used to meet short-term working capital needs [20] - As of September 30, 2024, the company had $10.5 million in cash and $141.5 million in total assets [28] Q&A Session Summary Question: Impact of consolidating to one brand on exclusive channel partner agreements - Management clarified that the move to expand the Clevertouch brand is seen as beneficial and has been positively received by partners [30][31] Question: Reasons for the rapid market shrinkage in the U.S. - Management attributed the decline to a previous period of heavy spending and the durability of existing devices, leading to a slowdown in refresh cycles [35][36] Question: Insights on the long-term outlook amidst weakening demand trends - Management remains cautiously optimistic, citing historical resilience and signs of recovery in certain markets [39][41] Question: Compliance with senior credit agreement - Management confirmed they are in the process of finalizing a waiver related to a senior leverage ratio covenant that was not met for Q3 [42][43] Question: Thoughts on U.S. tariffs and their impact - Management indicated preparedness for potential tariff impacts and emphasized proactive planning with suppliers [52][53] Question: Opportunities in higher education and enterprise markets - Management highlighted the potential for growth in these sectors, noting the need for enhanced communication technology in various settings [56][58]

Financial Performance - Boxlight Corporation reported a quarterly loss of $0.34 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.09, representing an earnings surprise of -277.78% [1] - The company's revenues for the quarter ended September 2024 were $36.29 million, missing the Zacks Consensus Estimate by 18.82%, and down from $49.67 million a year ago [2] - Over the last four quarters, Boxlight has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Boxlight shares have declined approximately 48.6% since the beginning of the year, contrasting with the S&P 500's gain of 25.5% [3] - The current Zacks Rank for Boxlight is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is -$0.29 on revenues of $36.05 million, and for the current fiscal year, it is -$1.26 on revenues of $156.36 million [7] - The outlook for the Technology Services industry, where Boxlight operates, is currently in the top 28% of over 250 Zacks industries, suggesting a favorable environment for performance [8]

Financial Performance - Revenue for Q3 2024 was $36.3 million, a decrease of 26.9% from $49.7 million in Q3 2023[1][2] - Gross profit margin decreased to 33.8% in Q3 2024 from 36.3% in Q3 2023, with gross profit down 32.0% to $12.3 million[1][4] - Net loss for Q3 2024 was $3.1 million, significantly improved from a net loss of $17.8 million in Q3 2023[1][6] - Adjusted EBITDA for Q3 2024 was $2.2 million, down from $4.9 million in Q3 2023[1][9] - Total revenues for the nine months ended September 30, 2024, were $111.9 million, an 18.9% decrease from $137.9 million in the same period of 2023[1][10] - Total revenues for the three months ended September 30, 2024, were $36,289, a decrease of 27% compared to $49,667 in the same period of 2023[27] - Adjusted EBITDA for the nine months ended September 30, 2024, was $6,026, down from $13,652 in the same period of 2023, a decrease of 56%[31] Operating Expenses - Total operating expenses were $13.1 million, a reduction from $29.6 million in Q3 2023, primarily due to planned cost-cutting initiatives[1][5] - Operating expenses for the three months ended September 30, 2024, totaled $13,111, significantly lower than $29,613 in the same period of 2023, a decrease of 56%[29] Cash and Working Capital - Cash and cash equivalents at the end of Q3 2024 were $10.5 million, with total working capital of $45.8 million[1][16] - Cash and cash equivalents as of September 30, 2024, were $10,493, down from $17,253 as of December 31, 2023[28] - Total current assets decreased to $87,357 as of September 30, 2024, from $100,378 as of December 31, 2023, a decline of 13%[28] - Total liabilities decreased to $106,344 as of September 30, 2024, from $113,311 as of December 31, 2023, a reduction of 6%[28] Product Development and Certifications - The company launched the new IMPACT Max 2 interactive panel, enhancing its product offerings in the interactive technology sector[1][2] - Boxlight achieved Cyber Essentials certification, ensuring product safety across all Clevertouch products[1][1] Compliance and Financial Agreements - The company is finalizing an amendment to its Credit Agreement due to noncompliance with financial covenants[1][17] Comprehensive Loss - The company reported a comprehensive loss of $791 for the three months ended September 30, 2024, compared to a comprehensive loss of $20,604 in the same period of 2023[29]

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]