Duluth, GA – Business Wire – 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 June 30, 2024.
Financial and Operational Highlights:
Revenue was $38.5 million for the quarter, a decrease of 18.1% from the prior year quarter
Gross profit margin in Q2'24 decreased to 37.7% from 37.9% from the prior year quarter
Net loss was $1.5 million, compared to net loss of $0.8 million in the prior year quarter
Net loss per basic and diluted common share was ($0.18), compared to ($0.12) net loss per basic and diluted common share in the prior year quarter
Adjusted EBITDA, a non-GAAP measure, decreased by $1.7 million to $3.7 million from the prior year quarter
Launched new products, UNITY, an all-in-one hardware device used in classrooms and on campus to unite and manage audio communication and safety ecosystems, providing audio, bells, paging, and alerts
Released TimeSign, an affordable 22” digital clock display for customized visual campus communications
Introduced our STEM Robo 3D printer, a succinct and affordable 3D printer for K12, backed with nationally aligned STEM curriculum
Recognized by TIME as one of the World’s Top 250 EdTech Companies of 2024 placing 28th
Ended the quarter with $7.5 million in cash, $46.7 million in working capital and $7.5 million in stockholders’ equity
Management Commentary
“We have made substantial progress in aligning our organization with current demand levels, while selectively investing in new solutions and enhanced sales capabilities to position Boxlight for the anticipated growth in future demand," commented Dale Strang, Chief Executive Officer. “While we faced challenging Industry conditions in certain markets in both EMEA and the Americas, our recent initiatives, including the elimination of over $5 million in annual operating expenses, have enabled us to maintain market share in the first half of 2024 and generate positive Adjusted EBITDA. We remain committed to maintaining operating expense discipline to drive future profitability."
