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Boxlight Corporation (BOXL-5.16%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $36.3 million from $49.7 million in the same quarter the previous year. The decrease is attributed to lower global demand for interactive flat panel displays.
Cost of revenues for the quarter was $24.0 million, representing 66% of sales, compared to 64% in the same quarter of the previous year. This increase in cost ratio is due to competitive industry pricing.
The company reported a gross profit of $12.3 million for the quarter, compared to $18.0 million in the previous year, with the decline attributed to reduced sales volume.
General and administrative expenses decreased to $12.1 million from $15.4 million, primarily due to reductions in employee-related expenses and other cost-saving initiatives.
Net loss for the quarter was $3.1 million, down from $17.8 million in the previous year. After preferred dividends, net loss attributable to common stockholders was $3.4 million, compared to $18.1 million in the previous year.
Cash used in operating activities was $2.1 million, while cash used in investing and financing activities was $279,000 and $4.4 million, respectively.
Boxlight had a working capital of $45.8 million as of September 30, 2024. The company acknowledges challenges in maintaining compliance with financial covenants under its Credit Agreement.
The filing also details various financial agreements, including a waiver obtained for non-compliance with the Senior Leverage Ratio covenant under its Credit Agreement.
Boxlight does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its product offerings and increasing its market reach in the education technology sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Boxlight Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.