Boxlight (BOXL) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $30.9M, down 19.9% year-over-year but up 37.6% sequentially from Q1 2025.

• Net loss for Q2 2025 was $4.7M, widening from $1.5M in Q2 2024; EPS was $(1.53) vs. $(0.92) year-over-year.

• Adjusted EBITDA for Q2 2025 was $1.3M, down from $3.7M in Q2 2024.

• Management anticipates a return to growth in 2026, citing improved demand and recent contract wins.

• The company faces significant liquidity and covenant compliance challenges, raising substantial doubt about its ability to continue as a going concern.

Financial highlights

• Q2 2025 revenue: $30.9M (down from $38.5M in Q2 2024, up 37.6% sequentially); H1 2025 revenue: $53.3M (down from $75.6M year-over-year).

• Gross margin for Q2 2025 was 35.0% (vs. 37.7% in Q2 2024); H1 2025 gross margin was 35.4% (vs. 36.2%).

• Net loss attributable to common stockholders: $5.0M for Q2 2025 ($1.8M in Q2 2024); $8.6M for six months ($9.2M in 2024).

• Q2 2025 operating expenses: $14.7M (47.7% of revenue), up from $13.3M (34.5%) YoY.

• Cash and cash equivalents at June 30, 2025: $7.6M; working capital deficit: $0.5M; debt: $39.0M.

Outlook and guidance

• Management expresses substantial doubt about the ability to continue as a going concern due to recurring covenant breaches and upcoming debt maturities.

• The company is actively seeking to refinance its debt and recapitalize but has no executed agreements as of the report date.

• Management expects industry demand to support growth in 2026, driven by customer technology upgrades and recent contract awards.

• If unable to refinance or obtain further waivers, the company may face acceleration of debt and potential cessation of operations.