Boxlight Reports First Quarter 2026 Financial Results (Form 8-K)

Boxlight Reports First Quarter 2026 Financial Results

Duluth, GA - Business Wire - May 15, 2026 - Boxlight Corporation (Nasdaq: BOXL) ("Boxlight" or the "Company"), a leading provider of interactive technology solutions, today announced the Company's financial results for the first quarter ended March 31, 2026.

Financial and Operational Highlights:

•Revenue was $22.4 million for the quarter, an increase of 0.1% from the prior year quarter

•Gross profit margin in Q1'26 decreased to 30.9% from 35.9% from the prior year quarter

•Net loss was $(6.5) million, compared to net loss of $(3.2) million in the prior year quarter

•Net loss per basic and diluted common share was $(2.25), compared to $(8.45) net loss per basic and diluted common share in the prior year quarter

•Adjusted EBITDA1, a non-GAAP measure, decreased by $3.4 million to $(2.8) million from the prior year quarter

•Launched FrontRow Symphony™ campus communication platform in January 2026, a next-generation, IP-based solution that unifies bells, paging, intercom, classroom audio, and emergency alerts into a single platform, expanding the Company's FrontRow portfolio and strengthening its position in campus-wide communication and safety systems

•Ended the quarter with $6.9 million in cash, $25.3 million in working capital and $(2.0) million in stockholders' deficit

Management Commentary

"Boxlight has made meaningful progress in improving operational efficiency and aligning our cost structure with Fiscal Year 2026 revenue expectations," said Ryan Zeek, Chief Financial Officer. "At the same time, we have strengthened our product portfolio by moving away from proprietary network packages toward more scalable, SIP based solutions. While global trade policies continue to impact component costs, our diversified mix of audio, communications, video, and software solutions, along with a geographically broad customer base, positions Boxlight favorably within the industry. We also took proactive steps to absorb IEEPA tariff related costs in 2025 rather than passing them through to customers, which was reflected in our Q1 2026 cost of goods sold. Our continued execution and innovation have been recognized externally as well, with Boxlight named to TIME's list of the Top 250 EdTech Companies for the third consecutive year."

"Technology refresh cycles and the ongoing shift toward digital learning continue to support long term demand," Mr. Zeek added. "While near term pressures remain, we expect a recovery in spending as deferred demand returns. With a proven portfolio, operational discipline, and consistent industry recognition, Boxlight is well positioned to capitalize on this opportunity."

According to Futuresource Consulting, global unit demand for 2026 is expected to remain consistent with 2025 levels, aligning with Boxlight's Q1 2026 performance and reinforcing expectations for stabilization in the broader market.

Financial Results for the Three Months Ended March 31, 2026 (Q1'26) vs. Three Months Ended March 31, 2025 (Q1'25)

Total revenues were $22.4 million as compared to $22.4 million for the first quarter last year, resulting in a 0.1% increase. The increase in revenues was driven by higher sales of interactive flat panel displays.

Cost of revenues were $15.5 million as compared to $14.4 million for the first quarter last year, resulting in a 7.8% increase. The increase in cost of revenues was attributable to the increase in units sold and a $1.5 million increase in customs expense.

1 This is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its comparable GAAP financial measure has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading "Non-GAAP Financial Measures".

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Gross profit was $6.9 million for Q1'26 compared to $8.0 million for Q1'25, a decrease of 13.7%. Gross profit margin was 30.9% for Q1'26 and 35.9% for Q1'25. The decrease in gross profit margin was primarily related to increases in pricing pressure within the industry compared to the prior year quarter and an increase in customs expense.

General and administrative expenses for Q1'26 were $8.4 million, representing 37.2% of revenue as compared to $7.6 million representing 33.8% of revenue for Q1'25. The increase in general and administrative expenses in Q1'26 was due to increases in professional fees of $0.5 million and other expenses of $0.5 million, offset by a $0.3 million decrease in contract and consulting expenses.

Depreciation and amortization expenses for Q1'26 were $2.6 million, representing 11.4% of revenue as compared to $2.5 million representing 11.0% of revenue for Q1'25.

Research and development expenses for Q1'26 and Q1'25 were $0.9 million and $0.9 million, respectively, and represented 4.2% and 4.1% of revenue, respectively. Research and development expense primarily consists of costs associated with the development of proprietary technology. The increase was attributable to the allocation of certain general and administrative expenses to new and ongoing research and development projects.

Other expense, net for Q1'26 was $2.0 million as compared to $0.5 million for Q1'25, representing an increase of $1.5 million. The increase in other expense was primarily driven by the change in fair value of common warrants in Q1'25, offset by the decrease in interest expense on our term loan in Q1'26.

Net loss increased $3.3 million to $(6.5) million and was a result of the changes noted above. Net loss attributable to common shareholders was $(6.8) million in Q1'26 compared to $(3.6) million in Q1'25, after deducting fixed dividends recorded for Series B preferred shareholders of approximately $0.3 million in both years.

Total comprehensive loss was $(6.7) million for Q1'26 compared to $(2.7) million for Q1'25, reflecting the effect of cumulative foreign currency translation adjustments on consolidation, with the net effect of a $(0.1) million loss and a $0.6 million gain for Q1'26 and Q1'25, respectively.

Basic and diluted Loss per Share for Q1'26 was $(2.25) compared to $(8.45) per basic and diluted share for Q1'25.

EBITDA2, a non-GAAP measure, for Q1'26 was $(3.1) million loss, as compared to $1.6 million EBITDA for Q1'25.

Adjusted EBITDA for Q1'26 was $(2.83) million loss, as compared to $0.55 million gain in Q1'25. Adjustments to EBITDA included changes in fair value of common warrants, stock-based compensation expense, gains/losses from the remeasurement of derivative liabilities, severance charges, and the effects of purchase accounting adjustments in connection with prior period acquisitions.

Balance Sheet; Credit Agreement

At March 31, 2026, Boxlight had $6.9 million in cash and cash equivalents, $25.3 million in working capital and $34.1 million in debt, net of debt issuance costs.

The Company was not in compliance with its financial covenants related to the borrowing base or the Minimum Consolidated Adjusted EBITDA under the Whitehawk Credit Agreement at March 31, 2026. Pursuant to the May 2026 Forbearance Agreement, the Lenders granted a limited waiver of the borrowing base and Minimum Consolidated Adjusted EBITDA defaults for the periods ended March 31, 2026 and April 30, 2026.

About Boxlight Corporation

Boxlight Corporation (Nasdaq: BOXL) is a leading provider of interactive technology solutions under its award-winning brands Clevertouch®, FrontRow™ and Mimio®. Boxlight aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells, and services its integrated solution suite including interactive displays, collaboration software, audio solutions, supporting accessories, and professional services. For more information about Boxlight and the Boxlight story, visit http://www.boxlight.com, https://www.clevertouch.com and https://www.gofrontrow.com.

2 This is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its comparable GAAP financial measure has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading "Non-GAAP Financial Measures".

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