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Boxlight reports strong Q2 results, large revenue increase

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August 16, 2021

Boxlight Corporation, a provider of interactive technology solutions, primarily for the education and business markets, continues to rebound strongly from the pandemic with a positive second quarter, which ended June 30, according to a company press release.

Compared to the second quarter in 2020, this year's second quarter included the following improvements:

• Revenues increased by 497% to $46.8 million.
• Customer orders increased by 986% to $76 million.
• Gross profit margin was 27.5%, as adjusted for the net effect of acquisition-related purchase accounting, increased to 29.1%, an improvement of 16 basis points.
• Working capital improved by 575% to $26.7 million.
• Ended the quarter with $48 million of backorders, $7.4 million cash and $51.1 million stockholders' equity.

Key business highlights for Q2 2021 were:

• Received significant customer orders of $15.8 million from D&H Distributing (U.S.), $12.5 million from Tierney (U.S.), $3.5 million from Data Projections (U.S.), $2.5 million from IDNS (U.K.), $2.4 million from ASI (Australia), $2.1 million from Interactive AV (South Africa), and $1.5 million from EET Europarts (Finland).
• Published 12 case studies for technology implementations including Clelian Heights School for Exceptional Children, Greensburg, Pennsylvania; Shamrock Independent School District, Shamrock,Texas; The British Computer Society, London, U.K; Brussels School Group, Brussels, Belgium; and Horsley Park Public School, Sydney, Australia.
• Received recognition at the Cool Tool Finalist Awards, the InAVation Awards and The EdTech Breakthrough Awards for software platforms, accessories, professional development content, STEM solutions and overall business growth.
• Joined the Google Cloud Partner Advantage program as a service partner giving Google Cloud educators the ability to receive professional development focused on Google Cloud tools.
• Launched Boxlight Financial Services, a strategic customer financing program created in partnership with TEQlease Capital, to provide customers flexible payment plans.
• Released ClevertouchLive, a digital signage content management platform enabling customers to manage all their Clevertouch devices from a single content management platform.

"We delivered another record quarter, again outperforming both our external guidance and internal targets," Michael Pope, chairman and CEO of Boxlight, said in the release. "For the first half of 2021, we generated $124 million in orders, $80 million in revenue and $7 million in adjusted EBITDA. We are fulfilling our commitment to rapid growth and improved profitability. Our vision is to become the industry leader, and we made significant strides toward reaching that goal during the second quarter."

Revenues for the three months that ended June 30, 2021 were $46.8 million as compared to $7.8 million for the three months ended June 30, 2020, resulting in a 497% increase due primarily to the acquisition of Sahara in September 2020 and increased demand for Boxlight products.

Boxlight, founded in 1985, is based in Lawrenceville, Georgia.