Boxlight(BOXL) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $36.3 million, a decrease of 26.9% from$ 49.7 million in Q3 2023[1][2] - Gross profit margin decreased to 33.8% in Q3 2024 from 36.3% in Q3 2023, with gross profit down 32.0% to $12.3 million[1][4] - Net loss for Q3 2024 was$ 3.1 million, significantly improved from a net loss of $17.8 million in Q3 2023[1][6] - Adjusted EBITDA for Q3 2024 was$ 2.2 million, down from $4.9 million in Q3 2023[1][9] - Total revenues for the nine months ended September 30, 2024, were$ 111.9 million, an 18.9% decrease from $137.9 million in the same period of 2023[1][10] - Total revenues for the three months ended September 30, 2024, were$ 36,289, a decrease of 27% compared to $49,667 in the same period of 2023[27] - Adjusted EBITDA for the nine months ended September 30, 2024, was$ 6,026, down from $13,652 in the same period of 2023, a decrease of 56%[31] Operating Expenses - Total operating expenses were$ 13.1 million, a reduction from $29.6 million in Q3 2023, primarily due to planned cost-cutting initiatives[1][5] - Operating expenses for the three months ended September 30, 2024, totaled$ 13,111, significantly lower than $29,613 in the same period of 2023, a decrease of 56%[29] Cash and Working Capital - Cash and cash equivalents at the end of Q3 2024 were$ 10.5 million, with total working capital of $45.8 million[1][16] - Cash and cash equivalents as of September 30, 2024, were$ 10,493, down from $17,253 as of December 31, 2023[28] - Total current assets decreased to$ 87,357 as of September 30, 2024, from $100,378 as of December 31, 2023, a decline of 13%[28] - Total liabilities decreased to$ 106,344 as of September 30, 2024, from $113,311 as of December 31, 2023, a reduction of 6%[28] Product Development and Certifications - The company launched the new IMPACT Max 2 interactive panel, enhancing its product offerings in the interactive technology sector[1][2] - Boxlight achieved Cyber Essentials certification, ensuring product safety across all Clevertouch products[1][1] Compliance and Financial Agreements - The company is finalizing an amendment to its Credit Agreement due to noncompliance with financial covenants[1][17] Comprehensive Loss - The company reported a comprehensive loss of$ 791 for the three months ended September 30, 2024, compared to a comprehensive loss of $20,604 in the same period of 2023[29]