In This Article:
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Revenue: $38.5 million for Q2 2024, an 18.1% decrease from $47.1 million in Q2 2023.
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Gross Profit: $14.5 million for Q2 2024, down from $17.8 million in Q2 2023.
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Gross Profit Margin: 37.7%, a decrease of 20 basis points from the prior year period.
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Operating Expenses: $13.3 million for Q2 2024, a 15.8% decrease from $15.8 million in Q2 2023.
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Net Loss: $1.5 million or $0.18 per share for Q2 2024, compared to a net loss of $800,000 or $0.12 per share in Q2 2023.
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Adjusted EBITDA: $3.7 million for Q2 2024, down from $5.4 million in Q2 2023.
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Cash: $7.5 million as of June 30, 2024.
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Working Capital: $46.7 million as of June 30, 2024.
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Inventory: $37.8 million as of June 30, 2024.
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Total Assets: $138.8 million as of June 30, 2024.
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Debt: $40.3 million net of debt issuance cost of $1.9 million as of June 30, 2024.
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Stockholders' Equity: $7.5 million as of June 30, 2024.
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Common Shares Outstanding: 9.8 million as of June 30, 2024.
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Preferred Shares Outstanding: 3.1 million as of June 30, 2024.
Release Date: August 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Boxlight Corp (NASDAQ:BOXL) has successfully streamlined its operations, meeting profitability targets despite revenue headwinds.
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The company has introduced innovative products like UNITY and TimeSign, which align with industry demand catalysts such as school safety and STEM education.
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Boxlight Corp (NASDAQ:BOXL) has reduced operating expenses by 15.8% quarter-over-quarter, marking the lowest quarterly operating expense total since Q3 2021.
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The company has maintained strong gross margins, aided by a positive mix shift with increasing audio sales.
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Boxlight Corp (NASDAQ:BOXL) is well-positioned to capture market share with its comprehensive and integrated suite of edtech solutions.
Negative Points
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Boxlight Corp (NASDAQ:BOXL) experienced an 18.1% decrease in revenues for Q2 2024 compared to the same period in 2023.
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The company reported a net loss of $1.5 million for the quarter, an increase from the net loss of $800,000 in the prior year quarter.
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Market conditions remain challenging, with demand in key markets like the US and UK recovering slower than anticipated.
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The industry downturn has persisted longer than expected, affecting Boxlight Corp (NASDAQ:BOXL)'s revenue projections for the upcoming quarters.
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Boxlight Corp (NASDAQ:BOXL) faces competitive pricing pressures, which could impact future gross margins.
Q & A Highlights
Q: Last quarter, you mentioned improving market conditions for the second half. However, you now suggest that Q3 might not see such growth. What has changed in the last three months? A: Dale Strang, CEO: The US market for interactive flat panel displays has remained soft longer than anticipated, though some markets are recovering. The UK, for example, is showing signs of improvement following political clarity. Overall, market recovery is slower than expected, with varying conditions across different regions.