Boxlight Corporation, which provides technology solutions to education companies, has reported a 2020 net loss of $16.2 million, compared to a net loss of $9.4 million in 2019.
Revenue for the year was $54.9 million, up 66% from $33 million reported for 2019.
The Lawrenceville, Georgia-based company also reported results for the fourth quarter of 2020. Its net loss for the period was $8.6 million, compared to a net loss of $2.9 million reported for the fourth quarter of 2019.
Revenue for the period was $31.9 million, up 437% and a record for a Boxlight quarter, up from $5.9 million reported for Q4 2019
Boxlight’s chairman and chief executive Michael Pope said: “We closed the fourth quarter with record customer orders and outperformed our revenue and earnings guidance. Despite challenging disruptions to how we interact and communicate in both education and business settings, we have experienced increased demand for our solutions in 2021 and expect to report the first quarter with revenue greater than $28 million and positive adjusted EBITDA. Note that the first quarter is seasonally slow and has historically accounted for less than 20% of annual sales.
“We are benefiting from a robust and growing market for interactive hardware and software solutions, and are executing on our strategy to take market share by providing superior solutions and unsurpassed customer support. Specifically, we are managing an unprecedented order pipeline for our education technology solutions, including our range of interactive displays, in both the EMEA and the US markets.
“We are committed to improving profit margins as we diversify our product mix with increasing sales from high-margin solutions such as software, proprietary accessories and professional services.”
Date published: 31 March 2021