Business
Boxlight Reports Fourth Quarter and Full Year 2023 Financial Results
New Leadership, Board Corporate Restructuring, Positions Boxlight for Improved Profitability and Sales Efficiency DULUTH, Ga.--(BUSINESS WIRE)-- Boxlight
About this update from Boxlight Corporation
[{"type":"text","content":"\nNew Leadership, Board Corporate Restructuring, Positions Boxlight for Improved Profitability and Sales Efficiency\n\n\n DULUTH, Ga.--(BUSINESS WIRE)--\nBoxlight Corporation (Nasdaq: BOXL) (“Boxlight” or the “Company”), a leading provider of interactive technology solutions, today announced the Company’s financial results for the fourth quarter and full year ended December 31, 2023.\n\n\nFinancial and Operational Highlights:\n\n\n\nRevenue was $38.8 million for the quarter, a decrease of 9.3% from the prior year quarter\n\n\n\nGross profit margin in Q4'23 decreased by 190 basis points to 31.7% due to non-recurring charges\n\n\n\nNet loss was $17.7 million, inclusive of non-recurring impairment charges of $12.0 million, compared to net loss of $2.0 million in the prior year quarter\n\n\n\nNet loss per basic and diluted common share was $1.87, compared to $0.25 net loss per basic and diluted common share in the prior year quarter\n\n\n\nAdjusted EBITDA decreased by $3.7 million to ($1.1) million from the prior year quarter\n\n\n\nEnded the quarter with $17.3 million in Cash, $54.1 million in Working Capital and $16.8 million in Stockholders’ Equity\n\n\n\nExpect Q1 2024 Revenue and adjusted EBITDA at $34 million and ($3.0) million, respectively\n\n\n\nQ4'23 Sales orders slightly decreased 3% to $38.3 million\n\n\n\nAnnounced the opening of our Central European Hub Showroom in the UK\n\n\n\nManagement Commentary\n\n\n“My first few weeks have confirmed my perception that Boxlight is comprised of high-quality assets, exceptional technology, and talented, committed employees,” commented Dale Strang, Boxlight Chief Executive Officer. “With that said, our customers’ needs, as well as the overall dynamics of our market are evolving, and strategically aligning to those changes requires that we make substantial changes to our business. My goal is to empower our team, eliminate duplicative efforts and focus our commercial messages, with the goal of quickly establishing a sustainable platform for profitable growth.”\n\n\nMr. Strang continued, “This reset is already under way, and we’ve made immediate progress in the clarity in our go-to-market initiatives and a streamlined senior team focused on the evolving needs of our customers. The initial improvements, and the positive reaction from employees, customers, and other stakeholders, gives m...