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Sep 30, 2021
Boxlight Q3 2021 Earnings Report
Reported strongest quarter to date with positive net income and EPS.
Key Takeaways
Boxlight Corporation reported a tremendous Q3 2021, exceeding guidance with $61 million in revenue, $7.2 million in Adjusted EBITDA, and positive net income and earnings per share for the first time. The company has delivered positive Adjusted EBITDA and above-market revenue growth for five consecutive quarters.
Q3 2021 revenue reached $61 million, a 544% increase compared to Q3 2020.
The company reported a net income of $729 thousand for Q3 2021, compared to a net loss of $(4.2) million in Q3 2020.
Adjusted EBITDA for Q3 2021 was $7.2 million, compared to a loss of $(0.8) million in Q3 2020.
The company forecasts $40 million in revenue for Q4 2021, representing 26% growth over Q4 2020.
Forward Guidance
Boxlight expects to deliver $40 million in revenue for the fourth quarter, representing 26% growth over the same quarter last year. For the full year 2022, the company is forecasting $230 million in revenue representing approximately 27% growth over 2021 guidance, and greater than 10% Adjusted EBITDA.
Positive Outlook
- Expected revenue of $40 million for Q4 2021, a 26% increase year-over-year.
- Forecasted revenue of $230 million for full year 2022, a 27% increase over 2021 guidance.
- Expected Adjusted EBITDA greater than 10% for full year 2022.
- Double-digit growth is seen globally.
- Improved balance sheet including $32 million working capital and $55 million net assets.
Challenges Ahead
- Gross margins have been adversely impacted by increased freight and customs costs due to supply chain challenges.
- Additional pressure on margin has been seen on the cost of manufacturing as a result of component shortages.
- Supply chain challenges are anticipated to continue for the remainder of 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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