Boxlight Corporation, a Nasdaq-listed provider of technology solutions to education companies, has reported a second-quarter 2020 net loss of $1.4 million, the same amount that it reported as a net loss in the second quarter of 2019. Revenue for the quarter was $7.8 million, down from $10.8 million reported for Q2 2019.
The Lawrenceville, Georgia-based company also reported results for the first six months of 2020. Its net loss for the period was $3.4 million, down from a net loss of $6 million reported for the first half of last year. Revenue for the period was $13.55 million, down from 15.8 million reported for the first six months of 2019,
Boxlight’s chairman and chief executive Michael Pope said: “We made significant progress as a company during the second quarter, including closing an $11.5 million secondary offering, launching our MimioConnect software platform for virtual and blended learning environments, expanding our sales channel, and acquiring Robo3D and MyStemKits, a complete 3D printing solution for education. Additionally, subsequent to quarter-end, we entered into a strategic partnership with Samsung Electronics America, and we raised another $34.5 million, positioning the company with a strong balance sheet, equipped for future acquisition and joint venture opportunities.
“Although Covid-19 has created significant disruption to the education market globally, we are well-positioned as a company to provide the solutions educators need to create engaging and collaborative experiences in any format including in-class, virtual and hybrid environments.
“We are committed to driving sustained shareholder value by delivering strong revenue growth and improved profitability both organically and through strategic partnerships and acquisitions.”
Date published: 17 August 2020