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Boxlight Corporation (BOXL+9.57%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines a decrease in total revenues to $135.9 million from $176.7 million in the previous year, attributed to lower sales volume across all markets due to reduced global demand for interactive flat panel displays.
Cost of revenues decreased to $89.0 million from $113.4 million, reflecting the decrease in units sold. Gross profit declined to $46.9 million, with a gross profit margin of 34.5%, down from 35.8% in the previous year.
General and administrative expenses increased slightly to $62.3 million, primarily due to accelerated amortization expense related to an adjustment in the useful lives of certain intangible assets.
Research and development expenses rose to $4.1 million, attributed to the allocation of certain general and administrative expenses to ongoing projects.
The company reported a net loss attributable to common shareholders of $29.6 million, compared to a net loss of $40.4 million in the previous year.
Boxlight's liquidity and capital resources were impacted, with cash and cash equivalents reducing to $8.0 million, and a working capital balance of $1.3 million as of December 31, 2024.
The company disclosed non-compliance with certain financial covenants under its Credit Agreement, which was waived by the lender, and highlighted ongoing efforts to refinance existing debt.
Boxlight's report also detailed the issuance of Series B and Series C Preferred Stock, with redemption options available to holders starting January 2024 and January 2026, respectively.
The filing includes a discussion on the company's strategic focus on streamlining operations and consolidating its brand under the Clevertouch by Boxlight initiative.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Boxlight Corporation annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.