The following is a summary of the Boxlight Corporation (BOXL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Boxlight reported Q1 2024 revenue of $37.1 million, a decrease of 9.9% compared to Q1 2023.
The gross profit for the quarter stood at $12.8 million, with the gross profit margin declining by 230 basis points over Q1 2023.
Boxlight reported a net loss of $7.1 million or negative $0.76 per basic and diluted share for the quarter.
The company delivered positive adjusted EBITDA, exceeding internal expectations, which amounted to $0.2 million.
Business Progress:
Boxlight launched several cost reduction and operational efficiency initiatives, including reducing approximately $5 million in fixed costs.
They have refined their strategy to integrate more within the competitive EdTech market, offering solutions at all price and specification tiers.
The company acknowledges the decline of the global market for IFPDs but has seen substantial order shipment volume growth, particularly in Europe.
Significant changes to the management structure were made to improve accountability and support the delivery of external forecasts.
Boxlight Corporation ranks among Time Magazine's list of the World's Top 250 EdTech Companies and continues working on resolving and improving its capital structure.
The company has set a forecast for Q2 2024 adjusted EBITDA of $2 million to $3 million and expects full-year revenues to remain flat year-over-year.
More details: Boxlight IR
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