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 ...

DULUTH, Ga.--(BUSINESS WIRE)--Boxlight Corporation (Nasdaq: BOXL), a leader in interactive technology, digital signage, classroom audio, campus communication and services, today announced that its Board of Directors has named independent director Dale Strang as interim Chief Executive Officer, effective immediately. Mr. Strang succeeds Michael Pope, whose last day as an employee of Boxlight will be January 12, 2024. In addition, R. Wayne Jackson has been elected as non-executive Chairman of the Boxlight Boa ...

DULUTH, Ga.--(BUSINESS WIRE)--Boxlight Corporation (Nasdaq: BOXL), a leading provider of interactive technology, digital signage, classroom and campus audio, and services, today announces the launch of MimioPro G, a Google EDLA-certified interactive flat panel that includes free Google certified training. Boxlight is the only education technology solutions provider to offer this unique combination, reinforcing its commitment to innovative and holistic offerings. The EDLA-certified MimioPro G interactive ...

Boxlight Corporation (NASDAQ:BOXL) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET Company Participants Michael Pope - Chairman and CEO Mark Starkey - President Greg Wiggins - CFO Conference Call Participants Brian Kinstlinger - Alliance Global Partners Jack Vander Aarde - Maxim Group Operator Thank you, and welcome to the Boxlight Third Quarter 2023 Earnings Conference Call. By now, everyone should have access to the press release issued this afternoon. This call is being webcast and is availa ...

Revenue Performance - Total revenue for the three months ended September 30, 2023, was $49.67 million, a decrease of 27.8% compared to $68.74 million for the same period in 2022[142] - Revenue from the Americas for the three months ended September 30, 2023, was $25.72 million, down 19.5% from $31.78 million in the same period last year[142] - EMEA revenue for the three months ended September 30, 2023, was $24.33 million, a decline of 35.2% compared to $37.54 million for the same period in 2022[142] - Total revenues for Q3 2023 were $49.7 million, a decrease of 27.7% compared to $68.7 million in Q3 2022[184] - Total net revenue for the nine months ended September 30, 2023, was $137.91 million, down 22.9% from $178.97 million for the same period in 2022[142] - Total revenues for the nine months ended September 30, 2023, were $137.9 million, a decrease of 22.9% compared to $179.0 million for the same period in 2022, primarily due to lower sales volume across all markets[211] Profitability and Loss - The company reported a total loss from operations of $11.60 million for the three months ended September 30, 2023, compared to an income of $6.46 million for the same period in 2022[142] - Net loss for the three months ended September 30, 2023, was $17.8 million, compared to a net income of $3.1 million for the same period in 2022[187] - Net loss for the nine months ended September 30, 2023, was $21.5 million, compared to a net loss of $1.7 million for the same period in 2022[215] - Gross profit for Q3 2023 was $18.0 million, down 14.3% from $21.0 million in Q3 2022, with a gross profit margin of 36.3% compared to 30.6% in the prior year[185] - Gross profit for the nine months ended September 30, 2023, was $51.0 million, a 1.0% increase from $50.5 million in the same period of 2022, with a gross profit margin of 37.0%[188][189] Expenses - General and administrative expenses for Q3 2023 were $15.4 million, representing 31.0% of revenue, up from $14.0 million or 20.3% of revenue in Q3 2022[161] - General and administrative expenses for the nine months ended September 30, 2023, were $45.4 million, representing 32.9% of revenue, up from 25.0% in the same period of 2022[213] - Research and development expenses for the nine months ended September 30, 2023, were $2.1 million, representing 1.5% of revenue, compared to $1.9 million or 1.0% of revenue in 2022[165] - Research and development expenses were $979 thousand for the three months ended September 30, 2023, representing 2.0% of revenue, compared to 0.9% in the same period of 2022[209] - Other expenses for the nine months ended September 30, 2023, were $8.4 million, an increase of $3.3 million from $5.1 million in the same period of 2022[214] Assets and Liabilities - Identifiable assets totaled $180.4 million as of September 30, 2023, down from $195.4 million as of December 31, 2022[144] - The company’s inventory as of September 30, 2023, was $44.14 million, a decrease of 24.2% from $58.21 million as of December 31, 2022[127] - Accounts receivable – trade increased to $43.8 million in 2023 from $33.2 million in 2022, net of allowances[159] - The EMEA segment's identifiable assets decreased to $84.1 million in 2023 from $105.0 million in 2022[144] - The Americas segment's identifiable assets increased to $93.6 million in 2023 from $88.5 million in 2022[144] Compliance and Financial Covenants - The company was not in compliance with its Senior Leverage Ratio financial covenant at September 30, 2023, but cured this by paying $4.3 million in November 2023[224] - The Senior Leverage Ratio is set to decrease to 2.50 at December 31, 2023, and further to 2.00 at March 31, 2024, raising concerns about the company's ability to maintain compliance[224] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2023, were $18.4 million, down from $22.0 million on September 30, 2022[194] - For the nine months ended September 30, 2023, net cash provided by operating activities was $8.2 million, up from $0.5 million in the same period of 2022, indicating improved operating income due to higher product margins[219] - The company anticipates that cash and cash equivalents, along with expected cash flows from operations, will provide sufficient liquidity for working capital needs and debt service requirements[223] Goodwill Impairment - The company recorded goodwill impairment charges of $13.2 million for Q3 2023, with no such charges in 2022[186] - The company recorded goodwill impairment charges of $13.2 million for the nine months ended September 30, 2023, with no such charges in 2022[190] - The company recorded goodwill impairment charges of $10.4 million and $2.8 million for the Americas and EMEA reporting units, respectively, for the three and nine months ended September 30, 2023[230]