Boxlight Corporation (NASDAQ: BOXL) reported Q2 EPS of ($0.01), $0.04 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $7.8 million versus the consensus estimate of $7.89 million.

Key Financial Highlights for Q2 2020

• Revenues decreased by 28% to $7.8 million
• Customer orders decreased by 55% to $6.4 million
• Gross profit increased by 670 basis points to 34%
• Operating expenses decreased by 17% to $3.5 million
• Operating loss decreased by 36% to $0.8 million
• Net loss was even at $1.4 million
• EPS loss decreased by 40% to $(0.08)
• Adjusted EBITDA loss decreased by 69% to $0.3 million
• Adjusted EPS decreased by 81% to loss of $0.01
• Ended quarter with $2.5 million in backlog orders
• Working capital improved by 175% to $3.8 million
• Stockholders’ equity improved by 1,757% to $10.7 million

Key Business Highlights for Q2 2020

• Entered into a partnership with JB&A distribution
• Acquired Robo3D and MyStemKits
• Entered into a supply agreement and strategic partnership with CEC Finance and Logistics
• Entered into a distribution agreement with CT International
• Expanded partnership with Clayton County Public Schools
• Closed $11.5 million secondary offering
• Released MimioConnect software platform for virtual and blended learning

Management Commentary

“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,” commented Michael Pope, Chairman and Chief Executive Officer. “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.”

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