Business
Boxlight Reports Second Quarter 2024 Financial Results
DULUTH, Ga.--(BUSINESS WIRE)-- Boxlight Corporation (Nasdaq: BOXL) (“Boxlight” or the “Company”), a leading provider of interactive technology solutions,
About this update from Boxlight Corporation
[{"type":"text","content":" 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 second quarter ended June 30, 2024.\n\n\nFinancial and Operational Highlights:\n\n\n\nRevenue was $38.5 million for the quarter, a decrease of 18.1% from the prior year quarter\n\n\n\nGross profit margin in Q2'24 decreased to 37.7% from 37.9% from the prior year quarter\n\n\n\nNet loss was $1.5 million, compared to net loss of $0.8 million in the prior year quarter\n\n\n\nNet 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\n\n\n\nAdjusted EBITDA, a non-GAAP measure, decreased by $1.7 million to $3.7 million from the prior year quarter\n\n\n\nLaunched 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\n\n\n\nReleased TimeSign, an affordable 22” digital clock display for customized visual campus communications\n\n\n\nIntroduced our STEM Robo 3D printer, a succinct and affordable 3D printer for K12, backed with nationally aligned STEM curriculum\n\n\n\nRecognized by TIME as one of the World’s Top 250 EdTech Companies of 2024 placing 28th\n\n\n\nEnded the quarter with $7.5 million in cash, $46.7 million in working capital and $7.5 million in stockholders’ equity\n\n\n\nManagement Commentary\n\n\n“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.\"\n\n\n“While this turnaround process will take time, we are positioning our Company to capture market share through our comprehensi...