BOXL · Boxlight Corporation

Revenue and Gross Profit

Revenue for FY2025 totaled $109.2 million, a 19.6% decline from $135.9 million in FY2024. As stated in Item 7 of the Management Discussion, this decrease was driven by lower sales volume across all markets, primarily resulting from lower global demand for interactive flat-panel displays as well as competitive industry pricing. Gross profit decreased 28.4% to $33.6 million, and gross margin was 30.8%. Management noted that the decrease in cost of revenues was attributable to lower units sold, offset by increases in tariffs expense — confirming that input cost pressures partially mitigated volume-driven cost reductions.

Operating and Net Income

Operating income improved 15.9% to -$16.4 million from -$19.5 million in FY2024, though the company remained deeply unprofitable from operations. Operating margin was -15.0%, reflecting structural cost pressures despite modest improvement in the absolute loss. Net income was -$23.8 million, an improvement of 16.0% versus -$28.3 million in FY2024. Diluted EPS was -$39.74, a significant decline from -$15.11, driven by both the net loss and a reduced weighted-average share count — not operational improvement.

Cash Flow and Liquidity

Business Context and Outlook

The decline in revenues triggered an impairment assessment as of September 30, 2024, confirming the materiality of demand deterioration in the core interactive display market. Shipping costs — which fluctuate with volume and shipping method — likely contributed to margin volatility but are not quantified in the authoritative packet. While management uses EBITDA and Adjusted EBITDA internally, those metrics are not disclosed in the filed financials and therefore excluded from this narrative. Deferred tax accounting remains standard practice, with valuation allowances applied based on historical and projected taxable income — however, no new tax-related developments or adjustments are supported by the authoritative data.