Boxlight(BOXL) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4'24 were $24.0 million, a decrease of 38.2% from $38.8 million in Q4'23[5] - Gross profit for Q4'24 was $7.3 million, down 40.3% from $12.3 million in Q4'23, with a gross profit margin of 30.6%[6] - Net loss for Q4'24 was $16.7 million, compared to a net loss of $17.7 million in Q4'23, with net loss per share of ($8.65) versus ($9.35) in the prior year[7] - Total revenues for FY'24 were $135.9 million, a decrease of 23.1% from $176.7 million in FY'23[13] - FY'24 gross profit was $46.9 million, representing a gross profit margin of 34.5%, down from 35.8% in FY'23[13] - Net loss for FY'24 was $28.3 million, compared to $39.2 million in FY'23, with net loss attributable to common shareholders of $29.6 million[15] - Total revenues for the year ended December 31, 2024, decreased to $135.893 million, down 23.1% from $176.721 million in 2023[33] - Gross profit for 2024 was $46.941 million, representing a decline of 25.9% compared to $63.302 million in 2023[33] - Net loss attributable to common stockholders for 2024 was $29.604 million, an improvement from a net loss of $40.425 million in 2023[33] - The company reported a comprehensive loss of $29.409 million for 2024, compared to a comprehensive loss of $36.941 million in 2023[33] Operating Expenses - Total operating expenses for FY'24 were $66.4 million, down from $89.6 million in FY'23, primarily due to cost reduction initiatives[14] - Operating expenses for 2024 were $66.411 million, down 25.8% from $89.602 million in 2023[33] - Research and development expenses increased to $4.126 million in 2024, up 30.8% from $3.155 million in 2023[33] Cash and Assets - The company ended Q4'24 with $8.0 million in cash and $1.3 million in working capital[17] - Total current assets decreased to $78.382 million in 2024, down 24.3% from $103.580 million in 2023[29] - Cash and cash equivalents decreased significantly to $8.007 million in 2024, down 53.6% from $17.253 million in 2023[29] - Total assets decreased to $115.305 million in 2024, down 28.7% from $161.773 million in 2023[29] Liabilities - Total liabilities increased to $99.692 million in 2024, compared to $116.513 million in 2023, reflecting a decrease of 14.4%[30] Business Developments - Boxlight opened a new showroom in Poland in August 2024 and launched a unified worldwide display brand as Clevertouch by Boxlight[7] - Analysts project a market recovery beginning in the second half of 2025, which may benefit Boxlight's performance[4]