Duluth, GA – Business Wire – May 8, 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 first quarter ended March 31, 2024.
Financial and Operational Highlights:
Revenue was $37.1 million for the quarter, a decrease of 9.9% from the prior year quarter
Gross profit margin in Q1'24 decreased by 230 basis points to 34.5% due to change in product mix from the prior year quarter
Net loss was $7.1 million, compared to net loss of $2.9 million in the prior year quarter
Net loss per basic and diluted common share was ($0.76), compared to ($0.35) net loss per basic and diluted common share in the prior year quarter
Adjusted EBITDA decreased by $3.1 million to $0.2 million from the prior year quarter
Ended the quarter with $11.8 million in cash, $46.6 million in working capital and $9.1 million in stockholders’ equity
Expect Q2 2024 revenue of $43-$45 million and adjusted EBITDA of $2-$3 million
Management Commentary
“We have made significant progress in streamlining our organization and positioning Boxlight for profitability,” commented Dale Strang, Interim Chief Executive Officer. “Thus far in 2024, we have eliminated approximately $5 million in operating costs without significantly impacting our sales teams or other revenue-generating functions. The full impact of these reductions will take time to appear in our financial results, and the first quarter reflected approximately $940 thousand in non-recurring severance costs. The Company will begin to see the benefits of these reductions in the coming quarters.
“Simultaneously, market demand is stabilizing, and we believe there is an opportunity to capture market share over the balance of 2024,” continued Strang. “By adding clarity to our approach to the market, refocusing our sales organization on customer-centric solution selling, and streamlining our overall organization, we are better-positioned for the future.”
“Importantly, subsequent to the end of the quarter, our current lenders provided an additional $2 million bridge loan to help meet our short-term seasonal working capital needs and extended the flexibility to borrow an additional $3 million in June,” concluded Strang. “This ongoing support from our lenders will enable us to meet the higher activity in the second and third quarters, ensuring we have sufficient inventory on hand to meet our customer’s demand.
