Boxlight Corporation, which provides technology solutions to education companies, has reported a net loss of $4.9 million for the first quarter of 2022, compared to a net loss of $5.2 million reported for the first quarter of 2021.
First-quarter 2022 revenue for the Lawrenceville, Georgia-based company was $50.6 million, up 51.4% from $33.4 million reported for Q1 2021.
Boxlight’s chairman and chief executive Michael Pope said: “We made substantial progress during the first quarter across several key company initiatives and delivered another strong financial performance with $64 million in customer orders, $51 million in revenue and $1.2 million in adjusted EBITDA. We are experiencing growing demand for our solutions globally as evidenced by our organic growth of 23% in customer orders and 34% in revenue over the first quarter last year. We also concluded Q1 with $43 million in backorders, a 66% organic increase over Q1 last year, and a healthy balance sheet with $11 million in cash, $49 million in inventory, $50 million in working capital and $47 million in net assets.
“Despite continued supply chain, logistics and other challenges, we are operating at a very high level, and for the second quarter, we expect to deliver $54 million in revenue and greater than $2 million in adjusted EBITDA. There are a substantial number of orders which would have shipped in Q2 that will now ship in early Q3 as a result of product delays. However, we still expect to achieve our full-year guidance of $250 million in revenue and $26 million in adjusted EBITDA.”
Date published: 13 May 2022