Business
Boxlight Reports Third Quarter 2020 Results
Revenues of $9.5 Million Gross Profit of 21.4% Adj. EBITDA loss of $0.9 Million Working Capital of $25.1 Million Projecting Q4 2020 Revenues of $27 Million
About this update from Boxlight Corporation
[{"type":"text","content":"\nRevenues of $9.5 Million\n\nGross Profit of 21.4%\n\nAdj. EBITDA loss of $0.9 Million\n\nWorking Capital of $25.1 Million\n\nProjecting Q4 2020 Revenues of $27 Million and Positive Adjusted EBITDA\n\n LAWRENCEVILLE, Ga.--(BUSINESS WIRE)--\nBoxlight Corporation (Nasdaq: BOXL) (“Boxlight”), a leading provider of interactive technology solutions, today announced the Company's financial results for the third quarter ended September 30, 2020.\n\nKey Financial Highlights for Q3 2020\n\n\nRevenues decreased by 16% to $9.5 million\n\n\nCustomer orders increased by 37% to $9.3 million\n\n\nGross profit decreased to 21.4%\n\n\nOperating expenses decreased by 18% to $3.8 million\n\n\nNet loss increased by 792% to $4.2 million\n\n\nEPS loss increased by 117% to $(0.10)\n\n\nAdjusted EBITDA loss increased by 66% to $0.9 million\n\n\nAdjusted EPS loss decreased by 60% to loss of $0.02\n\n\nEnded quarter with $9.7 million in backorders\n\n\nWorking capital improved by 558% to $25.1 million compared to prior quarter\n\n\nStockholders’ equity improved by 313% to $44.3 million compared to prior quarter\n\n\nKey Business Highlights for Q3 2020\n\n\nAcquired Sahara Presentation Systems for GBP 63 million\n\n\nReceived $22 million investment from The Lind Partners and closed $34.5 million secondary offering\n\n\nAcquired screen sharing intellectual property portfolio\n\n\nAdded seasoned North America sales leadership in Scott Willett, Vice President Sales and Dan Deem, Vice President Sales, Platforms & Services\n\n\nAnnounced strategic partnership with Samsung\n\n\nExtended contract with Atlanta Public Schools\n\n\nReceived two Tech & Learning Awards of Excellence for Boxlight-EOS Distance Teaching Essentials and MySTEMKits 3D printing curriculum\n\n\nManagement Commentary\n\n“Our progress during the third quarter was the most significant in our history, and we are one step closer to our vision of market leadership,” commented Michael Pope, Chairman and Chief Executive Officer. “During the quarter, we closed on fundraising of over $60 million in debt and equity, acquired Sahara Presentation Systems – a leading provider of interactive solutions with significant penetration in the EMEA region, augmented our sales leadership, formalized our partnership with Samsung, and steadied our balance sheet with a proper inventory profile and significant workin...