Boxlight Corporation announced its financial results for the third quarter ended September 30, 2024, reporting total revenues of $36.3 million, a 26.9% decrease from $49.7 million in the prior-year quarter. This decline was primarily attributed to lower global demand for interactive flat panel displays across all markets.
Gross profit for Q3 2024 decreased by 32.0% to $12.3 million, with the gross profit margin falling to 33.8% from 36.3% in Q3 2023, driven by competitive industry pricing and a shift in product mix. Despite this, the company's net loss improved significantly to $3.1 million, compared to $17.8 million in the prior-year quarter, largely due to a substantial reduction in total operating expenses to $13.1 million from $29.6 million, which included $13.2 million in impairment charges in Q3 2023.
As of September 30, 2024, Boxlight reported $10.5 million in cash and cash equivalents and $38.8 million in debt. The company was not in compliance with the senior leverage ratio financial covenant under its credit agreement at quarter-end, and subsequently faced non-compliance with the borrowing base covenant, necessitating an amendment to its Credit Agreement.
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