Business
Boxlight Reports First Quarter 2020 Results
Revenue Growth of 15% to $5.7 million Gross Profit of 28% Adjusted EBITDA Improvement of 41% to Loss of $1.0 million LAWRENCEVILLE, Ga.--(BUSINESS WIRE)--
About this update from Boxlight Corporation
[{"type":"text","content":"\nRevenue Growth of 15% to $5.7 million\n\n\nGross Profit of 28%\n\n\nAdjusted EBITDA Improvement of 41% to Loss of $1.0 million\n\n LAWRENCEVILLE, Ga.--(BUSINESS WIRE)--\nBoxlight Corporation (Nasdaq: BOXL) (“Boxlight”), a leading provider of interactive technology solutions for the global education market, today announced the Company's financial results for the first quarter ended March 31, 2020.\n\n\nKey Financial Highlights for Q1 2020\n\n\n\nRevenues increased by 15% to $5.7 million\n\n\nCustomer orders increased by 85% to $7.6 million\n\n\nGross profit decreased by 568 basis points to 28%\n\n\nOperating loss increased by 14% to $2.7 million\n\n\nAdjusted EBITDA loss improved by 41% to $1.0 million\n\n\nAdjusted EPS improved by 51% to a loss of $0.08\n\n\nEnded quarter with $4.5 million in backorders\n\n\n\nKey Business Highlights for Q1 2020\n\n\n\nSelected by Shelby County Schools, Tennessee as approved provider of interactive flat panel displays\n\n\nReceived $750,000 follow on investment from The Lind Partners\n\n\nAwarded district-wide contract for interactive flat panels in Netherland Independent School District, Texas\n\n\nImplemented Mimio MyBot educational robotics system with the Giant Moon Map™ and Giant Mars Map™programs in Union County Public Schools, North Carolina\n\n\nAnnounced Daniel Leis as Global Head of Sales and Marketing\n\n\nAnnounced Michael Pope as Chairman and Chief Executive Officer\n\n\nEntered into national distribution agreement with D&H Distributing\n\n\n\nManagement Commentary\n\n\n“I would like to thank our friends and shareholders for their tremendous support during this critical time as a Company,” commented Michael Pope, Chairman and Chief Executive Officer. “We have experienced significant transition since our 2016 merger of Mimio and the Boxlight Group, and our subsequent IPO in 2017. Since that time, we have attracted a tremendous management team, assembled a global channel partner network, closed the acquisitions of Cohuba, Qwizdom, EOS Education, Modern Robotics, Robo3d and MyStemKits, continued to innovate with award-winning products and services, consolidated our operations and supply chain, and organized our systems and accounting under one ERP system. We are proud of our progress, and I believe we are better positioned as a company today than any time in our history.\n\n\nI look ...