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Jun 30, 2021
Boxlight Q2 2021 Earnings Report
Reported record revenue driven by the acquisition of Sahara and increased demand.
Key Takeaways
Boxlight Corporation reported a record quarter with a 497% increase in revenue compared to Q2 2020. The company's revenue reached $46.8 million, with a gross profit of $12.8 million. The net loss was $(2.2) million, and Adjusted EBITDA was $5.4 million.
Revenue increased by 497% to $46.8 million compared to Q2 2020.
Gross profit reached $12.8 million, with a gross profit margin of 27.5%.
Adjusted EBITDA was $5.4 million, compared to $0.0 million in Q2 2020.
Net loss was $(2.2) million, impacted by a $2.2M expense from UK deferred tax liabilities remeasurement.
Boxlight
Boxlight
Forward Guidance
The company expects to report Q3 with revenue of $60 million, Adjusted EBITDA greater than $7 million and positive Net Income.
Positive Outlook
- Expects Q3 revenue of $60 million
- Anticipates Adjusted EBITDA greater than $7 million in Q3
- Projects positive Net Income for Q3
- Entering seasonally strongest quarter
- Fulfilling commitment to rapid growth and improved profitability
Challenges Ahead
- Increased freight and customs costs due to supply chain challenges are anticipated to continue throughout 2021.
- Gross margins have been adversely impacted by approximately four percentage points due to increased freight and customs costs caused by supply chain challenges associated with the effects of the Covid-19 pandemic
- UK deferred tax liabilities required remeasurement in the quarter to book an expense of $2.2M, following a change to the UK income tax rate in June 2021.
- Finance Bill 2021 (“the Bill”) provides for an increase in the UK statutory tax rate to 25% (from 19%) for taxpayers with profits over £250K beginning April 1, 2023.
- Net loss of $(2.2) million for the three months ended June 30, 2021 as compared to a net loss of $(1.4) million for the three months ended June 30, 2020.