UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Nevada 8211 46-4116523 (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification Number) Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period end ...

Boxlight Corp (NASDAQ:BOXL) Q2 2021 Earnings Conference Call August 12, 2021 4:30 PM ET Company Participants Michael Pope - CEO & Chairman Mark Starkey - President Patrick Foley - CFO Conference Call Participants Jacob Silverman - Alliance Global Partners Jack Aarde - Maxim Group Brian Kinstlinger - Alliance Global Partners Operator Thank you, ladies and gentlemen, and welcome to the Boxlight Second Quarter 2021 Earnings Conference Call. By now, everyone should have access to the press release issued this a ...

Revenue Growth - Total revenues for Q2 2021 were $46.8 million, a 500% increase from $7.8 million in Q2 2020, driven by acquisitions and increased demand in the U.S. and Europe[171] - Total revenues for the first half of 2021 were $80.2 million, a 490% increase from $13.6 million in the first half of 2020, with organic revenue growth of 40%[180] Cost of Revenues - Cost of revenues for Q2 2021 was $33.9 million, a 565% increase from $5.1 million in Q2 2020, attributed to acquisitions and rising global freight costs[173] - Cost of revenues for the first half of 2021 was $58.8 million, a 532% increase from $9.3 million in the first half of 2020, driven by acquisitions and increased shipping costs[182] Gross Profit and Margins - Gross profit for Q2 2021 was $12.8 million, with a gross profit margin decrease from 34% to 27% due to increased freight costs and product cost adjustments[174] - Gross profit for the first half of 2021 was $21.4 million, with a gross profit margin decrease from 32% to 27% due to customs and freight expenses[183] Expenses - General and administrative expenses for Q2 2021 were $10.8 million, representing 23% of revenues, compared to $3.2 million and 41% of revenues in Q2 2020[175] - Research and development expenses for Q2 2021 were $481 thousand, or 1% of revenues, up from $285 thousand and 4% of revenues in Q2 2020[176] - Other expense for Q2 2021 was $1.3 million, up from $0.6 million in Q2 2020, primarily due to increased interest expense and losses from debt settlements[177] Net Loss and Income Tax - Net loss for Q2 2021 was $2.2 million, reduced from $1.4 million in Q2 2020, reflecting positive operating income and margin improvements[179] - Income tax expense for the three months ending June 30, 2021, was $2.5 million, compared to no income tax expenses for the same period in 2020[187] - Net loss increased to $7.4 million for the six months ended June 30, 2021, from $3.4 million in 2020, primarily due to lower gross profit margins and increased expenses[188] EBITDA - EBITDA for the six months ended June 30, 2021, was $507 thousand, compared to a loss of $1.848 million in 2020[195] - Adjusted EBITDA for the six months ended June 30, 2021, was $6.953 million, compared to a loss of $672 thousand in 2020[196] Cash and Liquidity - As of June 30, 2021, cash and cash equivalents were $7.4 million, up from $6.1 million a year ago, with a current ratio of 1.52[200] - Net cash used in operating activities for the six months ended June 30, 2021, was $4.6 million, an improvement from $6.2 million in 2020[201] Financing Activities - The company amended its accounts receivable agreement to increase the maximum facility limit amount to $15 million[205] - The company entered into a securities purchase agreement for a $22 million secured convertible note, with a funding amount of $20 million[208] - The company expects to manage through current challenges in equity and debt finance markets by adjusting payment terms with customers and vendors[203] Seasonal Trends and Inventory - The company anticipates that seasonal trends in revenues will reduce as the business grows, with inventory levels peaking before the school year[197] Stock Offerings - The Company completed a public offering of 17,250,000 shares of Class A common stock at a price of $2.00 per share, generating gross proceeds of $34,500,000[210] - The Company also conducted a June Offering of 13,333,333 shares at $0.75 per share, resulting in gross proceeds of $10,000,000, with an additional $1,500,000 from the Over-Allotment Option[210] - Underwriters received a 7% discount on the offerings, totaling approximately $2,415,000 for the July Offering and a similar amount for the June Offering[210] Financial Reporting and Compliance - The Company has no significant off-balance sheet arrangements that could impact its financial condition or liquidity[211] - The Company is classified as an "emerging growth company," allowing it to take advantage of reduced reporting requirements[214] - The Company has elected to defer the adoption of new or revised financial accounting standards until they apply to private companies, potentially affecting comparability with other public companies[217]

Boxlight Corporation (NASDAQ:BOXL) Q1 2021 Earnings Conference Call May 13, 2021 4:30 PM ET Company Participants Michael Pope - Chairman and Chief Executive Officer Mark Starkey - Chief Executive Officer, Clevertouch Patrick Foley - Chief Financial Officer Conference Call Participants Jack Vander Aarde - Maxim Group, LLC Operator Thank you and welcome to the Boxlight First Quarter 2021 Earnings Conference Call. By now, everyone should have access to the press release issued this afternoon. This call is bein ...

Financial Performance - Total revenues for Q1 2021 were $33.4 million, a 484% increase from $5.7 million in Q1 2020, primarily due to the acquisition of Sahara Presentation Systems and increased demand in the U.S. and Europe[166] - Cost of revenues for Q1 2021 was $25.2 million, a 509% increase from $4.1 million in Q1 2020, driven by higher product costs and increased customs/freight costs due to supply chain challenges[167] - Gross profit for Q1 2021 was $8.2 million, with a gross profit margin of 25%, down from 28% in Q1 2020, influenced by customs and freight expenses and purchase accounting adjustments from the Sahara acquisition[168] - Net loss for Q1 2021 was $5.2 million, compared to a net loss of $1.9 million in Q1 2020, attributed to lower gross profit margins and increased interest expenses[172] - Adjusted EBITDA for Q1 2021 was $1.6 million, compared to an adjusted EBITDA loss of $677 thousand in Q1 2020, indicating improved operational efficiency[178] Expenses - General and administrative expenses for Q1 2021 were $10.0 million, representing 30% of revenue, compared to $3.9 million and 69% of revenue in Q1 2020, reflecting additional personnel costs from the Sahara acquisition[169] - Research and development expenses for Q1 2021 were $474 thousand, or 1% of revenue, up from $316 thousand and 5% of revenue in Q1 2020, primarily due to increased contract services for software development[170] Cash Flow and Financing - As of March 31, 2021, the company had cash and cash equivalents of $10.0 million and a working capital balance of $21.8 million, a significant improvement from a working capital deficit of $(7.1) million a year ago[181] - For the three months ended March 31, 2021, net cash used in operating activities was $1.6 million, compared to $890 thousand for the same period in 2020[182] - The company financed operations in 2021 with a new $20.0 million tranche of debt and a pre-existing accounts receivable financing arrangement of up to $6.0 million[184] - The company issued a $22.0 million secured convertible note to Lind Global, with a 4% interest rate, repayable in 22 equal installments[187] - The company has limited credit available from major vendors and is required to prepay for most inventory purchases, constraining cash liquidity[186] Acquisitions and Market Strategy - The company acquired Sahara Presentation Systems for a total purchase price of approximately $94.9 million, including £52.0 million in cash and £22.0 million in convertible preferred stock[148] - The company plans to expand its reseller partner network and hire new sales representatives to enhance market penetration and reach[147] Seasonal Trends - Seasonal trends affect financial performance, with inventory levels peaking in Q2 as products are prepared for the school year, leading to significant declines in Q1[179] Public Offerings and Growth Status - The company entered into a public offering on July 31, 2020, selling 17,250,000 shares of Class A common stock for gross proceeds of $34.5 million[189] - On June 11, 2020, the company completed a public offering of 13,333,333 shares at a price of $0.75 per share, raising gross proceeds of $10.0 million, with an additional $1.5 million from an overallotment option[191] - The company is classified as an "emerging growth company," allowing it to take advantage of reduced reporting requirements[197] Financial Management - The company expects to manage through current challenges in equity and debt finance markets by adjusting payment terms with customers and vendors[185] - The company has no significant off-balance sheet arrangements that could affect its financial condition or liquidity[193]

Revenue Generation and Market Presence - The company generated substantially all of its revenue in the U.S. from the sale of software and interactive displays to the educational market, with approximately 75% of revenues in EMEA also related to the education sector [18]. - The company’s products are sold in approximately 60 countries and its software is available in 32 languages, supporting learning in over 850,000 classrooms [19]. - Sales outside the US represented 64% of the company's revenues for the year ended December 31, 2020 [163]. Market Characteristics and Trends - The U.S. K-12 education market is characterized by approximately 15,600 public school districts and 132,000 public and private schools, highlighting the need for broad coverage and relationships across states and districts [46]. - U.S. education expenditure is estimated at approximately $1.3 trillion, with K-12 education accounting for close to half of this spending, approximately $625 billion [49]. - The K-12 services and technology market has historically grown at an average rate of 7.2% annually since 1969, indicating resilience against inflation [50]. - Global EdTech Venture Capital reached $32 billion over the last decade, with predictions of nearly tripling that investment by 2030, as global education expenditure is expected to reach $10 trillion by 2030 [51]. - The U.S. Interactive Display Market is forecasted to grow at an average of 13% per year, potentially doubling in value to $1.6 billion by 2023 [52]. - The e-learning market is projected to generate revenue of $65.41 billion by 2023, growing at a CAGR of 7.07% during the forecast period [58]. Product Offerings and Innovations - The company has sold its patented interactive projectors to public schools in the U.S. and 49 other countries, including approximately 3,000 classrooms in 20 countries [26]. - Boxlight's product portfolio includes various categories such as Front-of-Class Displays, Classroom Audio, and Educational Software, aimed at creating integrated solutions for modern classrooms [61]. - The Clevertouch IMPACT Plus interactive LED flat panels are available in sizes ranging from 55" to 86", featuring 4K resolution and built-in collaboration tools [63]. - The MimioDisplay 3 offers a touchscreen UHD HDR display with 20 points of touch, designed to enhance teacher engagement and learning outcomes [75]. - The Clevertouch Live Rooms tablet integrates room booking and digital signage software, providing analytics on room usage and bookings [70]. - The Clevertouch PRO V4 media player is designed for 24/7 operation, suitable for large rollouts, and supports multimedia zoned presentations [71]. - Boxlight launched the MimioClarity audio system to enhance learning outcomes, featuring a 60W amplifier and options for two or four speakers [83]. - Through acquisitions of Modern Robotics, Robo3D, and MyStemKits, Boxlight expanded its STEM product portfolio [84]. - The Mimio MyBot system allows students to develop skills in programming and robotics, facilitating hands-on learning without requiring extensive infrastructure [85]. - Boxlight's MimioVote system enables student assessments with intuitive handheld devices, designed for durability in classroom environments [100]. Competitive Landscape and Challenges - The company faces competition from major players like Smart Technologies and Promethean, but sees opportunities in replacing outdated interactive whiteboards [112]. - The company operates in a highly competitive industry, facing competition from developers and manufacturers of interactive learning products, which may lead to price reductions and loss of market share [131]. - Future sales growth in developed markets may slow due to market saturation, particularly in the U.S., U.K., and Australia [142]. - The company may experience challenges in expanding sales in the business and government markets, which have not yet widely adopted interactive displays [140]. - The ongoing COVID-19 pandemic presents unpredictable risks that could adversely affect the company's business operations and market conditions [117]. Financial Performance and Risks - For the year ended December 31, 2020, approximately 88.1% of the company's revenue was generated from sales of interactive display products, including projectors and interactive flat panels [126]. - The company faces significant risks due to the ongoing COVID-19 pandemic, which has led to reduced demand for classroom solutions and potential borrowing limitations [122]. - The U.S. has experienced a substantial economic downturn, with unemployment reaching levels not seen since the Great Depression, impacting state and local government budgets for educational resources [124]. - Seasonal fluctuations in the education market significantly affect the company's revenues and operating results, with the bulk of expenditures occurring in the second and third quarters [128]. - The company relies on third-party suppliers for all products and components, which may lead to disruptions in operations if suppliers fail to deliver on time [149]. - The company is exposed to fluctuations in foreign currencies, which may materially adversely affect its results of operations [173]. - The company faces risks related to compliance with various product safety and environmental regulations, which could lead to increased costs and lost sales if not met [162]. Corporate Governance and Financial Management - The company has centralized business management through an ERP system, improving sales forecasting and performance visibility across subsidiaries [106]. - The company believes its existing working capital and expected cash flow will meet its working capital requirements for at least the next 12 months, but may seek additional financing for expansion and product development [192]. - The company does not anticipate declaring any dividends in the foreseeable future, intending to use excess cash to fund operations instead [203]. - The market price of the company's Class A common stock may be highly volatile, influenced by various factors including financial performance and market conditions [195]. - The company may face challenges in keeping pace with technological changes, which could require substantial expenditures and impact competitiveness [190]. - The company is classified as an "emerging growth company" and intends to rely on exemptions from certain disclosure requirements until specific revenue or filing thresholds are met [211]. - The company has elected to take advantage of the extended transition period under the JOBS Act, delaying the adoption of new or revised accounting standards until they apply to private companies [214]. - The company must meet specific financial and liquidity criteria to maintain its listing on Nasdaq; failure to do so could result in delisting, adversely affecting stockholder value and capital-raising ability [216].

Boxlight Corporation (NASDAQ:BOXL) Q4 2020 Earnings Conference Call March 25, 2021 4:30 PM ET Company Participants Michael Pope - Chairman and CEO Patrick Foley - Chief Financial Officer Mark Starkey - President Conference Call Participants Brian Kinstlinger - Alliance Global Partners Allen Klee - Maxim Group Operator Thank you and welcome to the Boxlight Fourth Quarter and Full Year 2020 Earnings Conference Call. By now, everyone should have access to the press release issued this afternoon. This call is b ...

Boxlight Corporation (NASDAQ:BOXL) Q3 2020 Results Earnings Conference Call November 16, 2020 4:30 PM ET Company Participants Michael Pope - Chairman and CEO Takesha Brown - Chief Financial Officer Conference Call Participants John Nobile - Taglich Brothers Brian Kinstlinger - Alliance Global Partners Jack Vander Aarde - Maxim Group Allen Klee - National Securities Howard Schwartz - Microcap Headlines Operator Thank you. And welcome to the Boxlight Third Quarter 2020 Earnings Conference Call. By now, everyo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Nevada 8211 46-4116523 (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification Number) Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Emerging growth company [X] FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterl ...

Boxlight Corp (NASDAQ:BOXL) Q2 2020 Earnings Conference Call August 14, 2020 9:30 AM ET Company Participants Michael Pope - CEO & Chairman Takesha Brown - CFO Conference Call Participants Brian Kinstlinger - Alliance Global Partners John Nobile - Taglich Brothers Jack Aarde - Maxim Group Allen Klee - National Securities Corporation Jacob Silverman - Alliance Global Partners Operator Thank you, and welcome to the Boxlight Second Quarter 2020 Earnings Conference Call. By now, everyone should have access to th ...