Boxlight Corporation (NASDAQ: BOXL) reported Q1 EPS of ($0.20). Revenue for the quarter came in at $6 million.

First Quarter 2018 Financial Highlights

• Revenue of $6.0 million increased 43.0% from $4.2 million in the first quarter of 2017.
• Gross profit of $1.5 million increased 23.4% from $1.2 million in the first quarter of 2017. Gross margin was 24.7% compared to 28.6% in the first quarter of 2017.
• Operating expenses of $3.3 million increased 23.5% from $2.6 million in the first quarter of 2017. Loss from operations was $(1.8) million, compared to a loss of $(1.4) million in the first quarter of 2017.
• Net loss was $(1.9) million, or $(0.20) per share, compared to a net loss of $(1.6) million, or $(0.34) per share, in the first quarter of 2017.
• Adjusted EBITDA was a loss of $(1.1) million, compared to a loss of $(1.1) million in the first quarter of 2017.

Management Commentary

“We are pleased to build on our 2017 performance with a very strong first quarter. Revenues were up over 40 percent year-over-year, led by the continued expansion in our network of reseller partners, growing adoption of our existing product suite and continued product introductions,” commented Mark Elliott, chief executive officer of Boxlight. “Growth in our reseller network is an important component of our organic growth strategy.”

“We intend to complement our growth with strategic acquisitions,” added Mr. Elliott. “With this in mind, we are pleased to announce our acquisition of Cohuba, a touch display technology firm based in the U.K. We look forward to leveraging Cohuba’s experienced sales and operational team and channel partner network in this important market.”

Mr. Elliott concluded, “Subsequent to quarter end, we were awarded several significant contracts to deliver Boxlight’s comprehensive suite of products and services to students in thousands of additional U.S. classrooms this year. We are seeing unprecedented adoption of technology solutions in the education market, and we exited the quarter with the strongest sales pipeline in our history. We remain confident that our comprehensive, integrated product and software suite uniquely position Boxlight as a thought leader in the educational technology market.”

For earnings history and earnings-related data on Boxlight Corporation (BOXL) click here.