Boxlight Corporation, which provides technology solutions to education companies, has reported a third-quarter 2020 net loss of $4.2 million, compared to a net loss of $470,000 in the third quarter of 2019.
Revenue for the quarter was $9.5 million, down from $11.3 million reported for Q3 2019.
Boxlight’s share price fell more than 10% on the back of its third-quarter results.
The Lawrenceville, Georgia-based company also reported results for the first nine months of 2020. Its net loss for the period was $7.6 million, compared to a net loss of $6.5 million reported for the first nine months of last year.
Revenue for the period was $23 million, down from 27.1 million reported for the first nine months of 2019.
Boxlight’s chairman and chief executive Michael Pope said: “Our progress during the third quarter was the most significant in our history, and we are one step closer to our vision of market leadership.
“During the quarter, we closed on fundraising of over $60 million in debt and equity, acquired Sahara Presentation Systems – a leading provider of interactive solutions with significant penetration in the EMEA region, augmented our sales leadership, formalised our partnership with Samsung, and steadied our balance sheet with a proper inventory profile and significant working capital.
“Although sales and gross profit lagged our expectations in Q3 due to several factors, including the effects of Covid-19, we are seeing increased demand in the fourth quarter and expect to generate greater than $27 million in revenue and positive Adjusted EBITDA.
“We are committed to a tremendous fourth quarter and 2021, and we have a renewed focus on strong revenue growth, improving gross margins and positive earnings.”
Date published: 17 November 2020