Q1 2024 Boxlight Corp Earnings Call Transcript
Key Points
- Boxlight Corp (BOXL) achieved positive adjusted EBITDA, surpassing internal expectations for the quarter.
- The company successfully reduced approximately $5 million in fixed costs through streamlining efforts.
- Boxlight Corp (BOXL) was recognized by Time Magazine as one of the world's top 250 ad tech companies, highlighting its strong market position.
- Revenue for the quarter was $37 million, exceeding the forecasted $34 million.
- Boxlight Corp (BOXL) has a broad and comprehensive product suite, allowing it to meet diverse customer needs and maintain competitive advantage.
- Boxlight Corp (BOXL) reported a net loss of $7.1 million for the quarter.
- The company experienced a 9.9% decrease in revenue compared to the same quarter the previous year.
- Gross profit margin decreased by 230 basis points compared to the same period last year, primarily due to changes in product mix.
- The market for interactive flat-panel displays remains soft, posing challenges for growth in this segment.
- Despite cost-cutting measures, the company incurred severance charges of approximately $940,000 due to headcount reductions.
Good afternoon and welcome to the Boxlight Corporation First Quarter Financial Results Call. At this time, all participants are on a listen only mode. A question and answer session will follow the formal presentation, you could submit a question via the web at any time by typing typing them in the ask-a-question field. We will also be having a telephone Q&A for analysts and if you would like to ask a question on that, you may press star one on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to our host, Mr. Jeff Stan, Miss of FNK. IR, you may begin.
Thank you, operator, and thank you, everyone, for joining us today. Earlier today, Oxycyte issued a press release, providing an operational update and discussing financial results for the first quarter ended March 31, 2024. The release is available on the Investor Relations section of the Company's website at www.boxlight.com.
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