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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DULUTH, Ga.--(BUSINESS WIRE)--Boxlight Corporation (Nasdaq: BOXL), a leading provider of interactive technology solutions (the "Company"), will hold its Fourth Quarter and Full Year 2023 earnings conference call on Wednesday, March 13, 2024 at 4:30 p.m. Eastern Time. The conference details are as follows: Date: Wednesday, March 13, 2024 Time: 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time Dial-in: 1-888-506-0062 (Domestic)   1-973-528-0011 (International) Particip ...

DULUTH, Ga.--(BUSINESS WIRE)--Boxlight Corporation (Nasdaq: BOXL), a leader in interactive technology, digital signage, classroom audio, campus communication, and services, is pleased to announce that Father Yermo Schools has successfully integrated Mimio interactive displays and MimioSTEM solutions. Father Yermo Schools in El Paso, TX, committed to providing accessible Catholic education, faced challenges in student engagement, particularly in science and technology. To enhance hands-on learning, the sc ...

DULUTH, Ga.--(BUSINESS WIRE)--Boxlight Corporation (Nasdaq: BOXL), a leading provider of interactive technology, digital signage, classroom audio, campus communication, and services today announces that three of its solutions have been recognized as Best of 2023 by Tech & Learning for a total of six awards. Tech & Learning delivers exclusive content on effective technology integration in education through original case studies, guides, and profiles by experienced educators and journalists. It is part of th ...