Boxlight Reports First Quarter 2022 Financial Results


  • Revenue increased by 51.4% to $50.6 million for the quarter (34% organic growth)
  • Net loss per common share improved by $0.02 to $(0.07) for the quarter
  • Ended quarter with $43.0 million Backorders, $11.3 million Cash, $49.6 million Working Capital and $47.5 million Stockholders’ Equity
  • Expect Q2 2022 Revenue of $54 million and Adjusted EBITDA greater than $2 million
  • Expect Full Year 2022 Revenue of $250 million and Adjusted EBITDA of $26 million
Duluth, GA – Business Wire – May 12, 2022 – Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”), a leading provider of interactive technology solutions, today announced the Company’s financial results for the first quarter ended March 31, 2022.
Key Financial Highlights for Q1 2022 as Compared to Q1 2021
  • Revenue increased by 51.4% to $50.6 million (34% organic growth)
  • Customer orders increased by 34.0% to $64.0 million (23% organic growth)
  • Net loss improved by $0.3 million to $(4.9) million
  • Adjusted EBITDA declined by $0.4 million to $1.2 million
  • Net loss per common share improved by $0.02 to $(0.07)
  • Working capital increased by 127.8% to $49.6 million
  • Ended quarter with $43.0 million backorders, $11.3 million cash and $47.5 million stockholders’ equity
Key Business Highlights for First quarter of 2022
  • Received significant customer orders of $10.9M from Bluum (U.S.), $6.0M from D&H Distributing (U.S.), $2.2M from Central Technologies (U.S.), $1.1M from Data Projections (U.S.), $1.9M from Unit DK (Denmark), $1.7M from Roche Audio Visual (U.K.), $1.7M from Camera Mundi (Puerto Rico) and $1.5M from ASI (Australia).
  • Amended our $68.5 million loan facility with WhiteHawk Capital Partners extending the payment term on $8.5 million of the facility by 12 months, providing for a potential 50 basis point interest rate reduction after June 30, 2023 and extending the prepayment penalty, among other provisions.
  • Received Tech & Learning Best of 2021 Awards of Excellence in the primary and secondary categories for our MimioConnect blended learning platform, ProColor interactive display, MyStemKits STEM curriculum and professional development services by Boxlight-EOS.
  • Launched the MimioStem Mobile “Mission to Mars” experience, a van completely equipped with our award-winning STEM solutions and ProColor interactive display.
Management Commentary
“We made substantial progress during the first quarter across several key company initiatives and delivered another strong financial performance with $64 million in customer orders, $51 million in revenue and $1.2 million in Adjusted EBITDA,” commented Michael Pope, Chairman and Chief Executive Officer. “We are experiencing growing demand for our solutions globally as evidenced by our organic growth of 23% in customer orders and 34% in revenue over the first quarter last year. We also concluded Q1 with $43 million in backorders, a 66% organic increase over Q1 last year, and a healthy balance sheet with $11 million in cash, $49 million in inventory, $50 million in working capital and $47 million in net assets.”
“Despite continued supply chain, logistics and other challenges, we are operating at a very high level, and for the second quarter, we expect to deliver $54 million in revenue and greater than $2 million in Adjusted EBITDA. There are a substantial number of orders which would have shipped in Q2 that will now ship in early Q3 as a result of product delays. However, we still expect to achieve our full year guidance of $250 million in revenue and $26 million in Adjusted EBITDA.”
Revenues for the three months ended March 31, 2022 were $50.6 million as compared to $33.4 million for the three months ended March 31, 2021, resulting in a 51.4% increase, primarily due to the inclusion of FrontRow and increased demand for our solutions in the U.S. and Europe.
Gross profit for the three months ended March 31, 2022 was $12.6 million as compared to $8.6 million for the three months ended March 31, 2021. The gross profit margin for the three months was 24.9% which is a reduction of 7 basis points compared to the comparable three months in 2021. Gross profit margin, adjusted for the net effect of acquisition-related purchase accounting, was 27.4% as compared to the 28.0%, as adjusted, reported for the three months ended March 31, 2021. As previously reported gross margins continue to be adversely impacted by supply chain challenges with increased freight costs which are now expected to continue throughout 2022; however, we anticipate gross profit percentage improvements in Q2 and beyond as a result of reduced manufacturing costs.
Total operating expenses for the three months ended March 31, 2022 were $16.0 million as compared to $10.6 million for the three months ended March 31, 2021. The increase primarily resulted from additional overhead costs associated with the acquired FrontRow operations (including related intangibles amortization) and growth in headcount and other related expenses.
Other income (expense) for the three months ended March 31, 2022 was net expense of $(1.5) million, as compared to net expense of $(3.1) million for the three months ended March 31, 2021. The key movements were an increase in interest expense $1.3 million and a reduction of $1.8 million in previous losses recognized upon the settlement of debt obligations, $0.8m current gain from the PPP loan forgiveness and finally $0.3 million reduction in changes in fair value of derivative liabilities.
The Company reported net loss of $4.9 million for the three months ended March 31, 2022 as compared to a net loss of $5.2 million for the three months ended March 31, 2021.
The net loss attributable to common shareholders was $5.2 million and $5.5 million loss for the three months ended March 31, 2022 and 2021, respectively, after deducting the fixed dividends to Series B preferred shareholders of $317 thousand in both 2022 and 2021.
Total comprehensive loss was $6.6 million and $5.4 million loss for the three months ended March 31, 2022 and 2021, reflecting the effect of foreign currency translation adjustments on consolidation, with the net effect in the quarter of $1.8 million loss and $0.3 million loss for the three months ended March 31, 2022 and 2021, respectively.
The EPS for the three months ended March 31, 2022 was $(0.07) loss, compared to $(0.09) loss for the three months ended March 31, 2021.
EBITDA for the three months ending March 31, 2022 was $(0.3) million loss, as compared to $(2.4) million EBITDA loss for the three months ending March 31, 2021.
Adjusted EBITDA for the three months ended March 31, 2022 was $1.2 million, as compared to $1.6 million for the three months ended March 31, 2021. Adjustments to EBITDA include stock-based compensation expense, gains/losses recognized upon the settlement of certain debt instruments, gains/losses from the remeasurement of derivative liabilities, and the effects of purchase accounting adjustments in connection with acquisitions.
At March 31, 2022, Boxlight had $11.3 million in cash and cash equivalents, $49.6 million in working capital, $49.1 million inventory, $193.1 million in total assets, $51.0 million in debt, $47.5 million in stockholders’ equity, 65.5 million common shares issued and outstanding, and 3.1 million preferred shares issued and outstanding.
First Quarter 2022 Financial Results Conference Call
Boxlight Corporation, a Nevada corporation (the “Company”), will hold a conference call to announce its First Quarter 2022 financial results on Thursday, May 12, 2022 at 4:30 p.m. Eastern Time.
The conference call details are as follows:
Thursday, May 12, 2022
4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time
1-877-545-0523 (Domestic)
1-973-528-0016 (International)
Participant Access Code:      
For those unable to participate during the live broadcast, a replay of the conference call will be available until 11:59 p.m. Eastern Time on Friday, May 12, 2023, by dialing 1-877-481-4010 (domestic) and 1-919-882-2331 (international) and referencing the replay passcode 45498.
Use of Non-GAAP Financial Measures
To supplement Boxlight’s financial statements presented on a GAAP basis, Boxlight provides EBITDA and Adjusted EBITDA as supplemental measures of its performance.
To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA and Adjusted EBITDA, non-GAAP financial measures of earnings. EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization. Adjusted EBITDA represents EBITDA plus stock-based compensation, the change in fair value of derivative liabilities, purchase accounting impact of inventory markup, and fair value adjustments to deferred revenue, and non-cash gains and losses associated with debt settlement. Our management uses EBITDA and Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to assess the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. We find this especially useful when reviewing pro forma results of operations, which include large non-cash amortizations of intangible assets from acquisitions and stock-based compensation. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

Boxlight Corporation
Consolidated Condensed Balance Sheets
As of March 31, 2022 and December 31, 2021
(in thousands)

 March 31, 2022December 31, 2021
Current assets:    
Cash and cash equivalents$ 11,265$ 17,938
Accounts receivable – trade, net of allowances  30,033  29,573
Inventories, net of reserves  49,094  51,591
Prepaid expenses and other current assets  7,913  9,444
Total current assets  98,305  108,546
Property and equipment, net of accumulated depreciation  1,447  1,073
Operating lease right of use asset  5,198  —
Intangible assets, net of accumulated amortization  62,075  65,532
Goodwill  25,783  26,037
Other assets  308  248
Total assets$ 193,116$ 201,436
Current liabilities:    
Accounts payable and accrued expenses$ 26,131$ 33,638
Short-term debt  9,063  9,804
Operating lease liabilities, current  2,003  —
Deferred revenues, current  7,793  7,575
Derivative liabilities  3,073  3,064
Other short-term liabilities  642  667
Total current liabilities  48,705  54,748
Deferred revenues, non-current  14,547  13,952
Long-term debt  41,962  42,137
Deferred tax liabilities, net  8,313  8,449
Operating lease liabilities, non-current  3,230  —
Other long-term liabilities  334  340
Total liabilities  117,091  119,626
Commitments and contingencies (Note 17)    
Mezzanine equity:    
Preferred Series B, 1,586,620 shares issued and outstanding  16,146  16,146
Preferred Series C, 1,320,850 shares issued and outstanding  12,363  12,363
Total mezzanine equity  28,509  28,509
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 50,000,000 shares authorized; 167,972 and 167,972 shares issued and outstanding, respectively  —  —
Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,522,438 and 63,821,901 Class A shares issued and outstanding, respectively  7  6
Additional paid-in capital  111,715  110,867
Accumulated deficit  (66,162)  (61,300)
Accumulated other comprehensive income  1,956  3,728
Total stockholders’ equity  47,516  53,301
Total liabilities and stockholders’ equity$ 193,116$ 201,436

Boxlight Corporation
Consolidated Condensed Statements of Operations and Comprehensive Loss
For the three months ended March 31, 2022, and 2021
(in thousands, except per share amounts)

 Three Months Ended
 March 31
Revenues, net$ 50,603$ 33,424
Cost of revenues  37,987  24,872
Gross profit  12,616  8,552
Operating expense:    
General and administrative expenses  15,457  10,112
Research and development  613  474
Total operating expense  16,070  10,586
Loss from operations  (3,454)  (2,034)
Other income (expense):    
Interest expense, net  (2,317)  (1,018)
Other income (expense), net  (15)  15
(Loss) gain on settlement of liabilities, net  854  (1,846)
Changes in fair value of derivative liabilities  (10)  (265)
Total other income (expense)  (1,488)  (3,114)
Loss before income taxes  (4,942)  (5,148)
Income tax expense  86  (21)
Net loss  (4,856)  (5,169)
Fixed dividends – Series B Preferred  (317)  (317)
Net loss attributable to common stockholders  (5,173)  (5,486)
Comprehensive loss:    
Net income (loss)  (4,856)  (5,169)
Foreign currency translation (loss) gain  (1,772)  (261)
Total comprehensive loss$ (6,628)$ (5,430)
Net income (loss) per common share – basic$ (0.07)$ (0.09)
Weighted average number of common shares outstanding – basic  65,428  55,150

Reconciliation of net loss for the three months ended
March 31, 2022 and 2021 to EBITDA and adjusted EBITDA

 March 31, 2022March 31, 2021
Net loss$ (4,856)$ (5,169)
Depreciation and amortization  2,321  1,754
Interest expense  2,317  1,018
Income tax expense  (86)  21
EBITDA$ (304)$ (2,376)
Stock compensation expense  1,086  677
Change in fair value of derivative liabilities  9  265
Purchase accounting impact of fair valuing inventory  617  15
Purchase accounting impact of fair valuing deferred revenue  649  807
Net loss on settlement of Lind debt in stock  —  2,203
Net gain on forgiveness of PPP loan  (835)  —
Adjusted EBITDA$ 1,222$ 1,591



About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) is a leading provider of interactive technology solutions under its award-winning brands Clevertouch®, FrontRow™ and Mimio®. The Company aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells and services its integrated solution suite including interactive displays, collaboration software, audio solutions, supporting accessories, and professional services. For more information about Boxlight and the Boxlight story, visit and and


Forward Looking Statements
This press release may contain information about Boxlight's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements because of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, competition in the industry, etc. Boxlight encourages you to review other factors that may affect its future results in Boxlight’s filings with the Securities and Exchange Commission.



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+1 360-464-2119 x254
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Investor Relations
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