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 third quarter ended September 30, 2024.
Financial and Operational Highlights:
Revenue was $36.3 million for the quarter, a decrease of 26.9% from the prior year quarter
Gross profit margin in Q3'24 decreased to 33.8% from 36.3% from the prior year quarter
Net loss was $3.1 million, compared to net loss of $17.8 million in the prior year quarter
Net loss per basic and diluted common share was ($0.34), compared to ($1.90) net loss per basic and diluted common share in the prior year quarter
Adjusted EBITDA, a non-GAAP measure, decreased by $2.7 million to $2.2 million from the prior year quarter
Announced a unified worldwide display brand as Clevertouch by Boxlight
Formed partnerships with leading 3rd party emergency management platforms, including CrisisGo, for integrated School Safety Solutions
Launched the new IMPACT Max 2 interactive panel with upgraded storage, access to Google Chrome and an exclusive chipset for a faster, more intuitive display
Achieved Cyber Essentials certification ensuring product safety and robustness across all Clevertouch products
Won AV Technology awards for Clevertouch Edge
Ended the quarter with $10.5 million in cash, $45.8 million in working capital and $6.5 million in stockholders’ equity
Management Commentary
“We continue to position our organization for future growth through the alignment of our brand strategy and new product innovation in both the audio and video sectors,” commented Dale Strang, Chief Executive Officer. “The recent introduction of the IMPACT Max 2 interactive panel, along with UNITY, our all-in-one hardware device used to manage audio communication and safety ecosystems, complement our existing, award-winning and state-of-the-art portfolio, enabling us to meet the anticipated growth in future demand, as schools modernize technology, increase STEM programs and focus on school safety.”
“We continue to maintain operating expense discipline amidst challenging industry conditions and expect further expense reductions as we align our organization with current demand levels to drive future profitability,” added Strang. “We are excited about the long-term outlook for the Industry and believe our recent initiatives to streamline our brands and unify our go-to-market message will position the Company for further success.”
