What are the investment strengths of Boxlight Corp (BOXL)?

Gross margin of 32.6% shows viable product economics if scale returns; 5Y revenue CAGR was +25% before recent decline. Market cap of 767K implies near-zero enterprise value expectations - any turnaround creates asymmetric upside.

What are the investment risks for Boxlight Corp (BOXL)?

Negative equity (-19.5M), 3x debt-to-assets, and 36.7M current debt due with only 11.8M cash = imminent dilution or default. Revenue shrinking 19% YoY with -27M operating loss means no organic path to profitability; interest expense 10.3M exceeds EBITDA.

Boxlight Corp

BOXL

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Boxlight Corp AI Insights

Informational only. Not investment advice.

As of 2026-02-13

Snapshot

Negative equity of -19.5M with 44.5M total debt creates existential balance sheet risk; tangible book value -39M.[Common Stockholders Equity]
Revenue declined 19% YoY and -25% 3Y CAGR while burning 27M operating loss TTM - accelerating deterioration.[Total Revenue 1Y Growth]
Current debt of 36.7M vs 11.8M cash with 68.4M current liabilities against 69.9M current assets - liquidity crisis imminent.[Current Debt]

Watch Triggers

Cash and Equivalents: Falls below 5M or debt covenant breach — At current burn, sub-5M cash triggers going concern; 36.7M current debt refinancing critical
Issuance of Capital Stock: New equity raise announced — Massive dilution likely given 767K market cap; terms will signal survival probability
Total Revenue TTM: Stabilizes or returns to growth — Revenue decline must reverse for any turnaround thesis; -19% YoY unsustainable

Bull Case

Gross margin of 32.6% shows viable product economics if scale returns; 5Y revenue CAGR was +25% before recent decline.

Gross Margin TTMTotal Revenue 5Y Growth

Market cap of 767K implies near-zero enterprise value expectations - any turnaround creates asymmetric upside.

Market Cap TTMEnterprise Value

Bear Case

Negative equity (-19.5M), 3x debt-to-assets, and 36.7M current debt due with only 11.8M cash = imminent dilution or default.

Total EquityCurrent DebtCash and Equivalents

Revenue shrinking 19% YoY with -27M operating loss means no organic path to profitability; interest expense 10.3M exceeds EBITDA.

Total Revenue 1Y GrowthOperating Income TTMInterest Expense TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

15%

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Forward Thesis

Without capital raise or restructuring, BOXL faces insolvency within 12 months

3-12mhigh

Negative equity with 44.5M debt load
Operating losses of 27M/year consuming cash
36.7M current debt coming due

Cash 11.8M vs current debt 36.7MFCF -0.5M TTM, cash flow -0.2MAlready issued 5.5M equity TTM

Valuation Context

Caveats

Public Strategies Rankings

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BOXL Fundamentals

Manufacturing → Computer and Electronic Product Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$622,799		—
Enterprise Value	$33.29M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$106.61M	-29.3%	—
Earnings Per Share (diluted) - TTM	$-81.30		—
Operating Margin - TTM	-25.3%	-20.1%	—
Net Margin - TTM	-28.9%	-9.5%	—
Free Cash Flow - TTM	$-543,000		—
Return on Common Equity - TTM	0%		—
Beta 5Y (Monthly)	unknown		—

BOXL Dividend History

No dividends

BOXL Stock Splits

3 stock splits

12/23/256:1 split

02/18/255:1 split

06/15/238:1 split

BOXL SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/14/25	09/30/25	10-Q	0001628280-25-052307
08/13/25	06/30/25	10-Q	0001628280-25-040170
05/14/25	03/31/25	10-Q	0001628280-25-025565
03/28/25	12/31/24	10-K	0001628280-25-015455
11/14/24	09/30/24	10-Q	0001628280-24-047932
08/13/24	06/30/24	10-Q	0001628280-24-036937
05/08/24	03/31/24	10-Q	0001628280-24-021699
03/14/24	12/31/23	10-K	0001628280-24-011246
11/08/23	09/30/23	10-Q	0001628280-23-037856
08/09/23	06/30/23	10-Q	0001558370-23-014285
05/10/23	03/31/23	10-Q	0001558370-23-009121
03/17/23	12/31/22	10-K	0001558370-23-004059
11/09/22	09/30/22	10-Q	0001558370-22-017190
08/11/22	06/30/22	10-Q	0001558370-22-013282
05/16/22	03/31/22	10-Q	0001558370-22-008933
04/13/22	12/31/21	10-K	0001558370-22-005374
11/10/21	09/30/21	10-Q	0001493152-21-027853
08/12/21	06/30/21	10-Q	0001493152-21-019511
05/13/21	03/31/21	10-Q	0001493152-21-011283
03/31/21	12/31/20	10-K	0001493152-21-007447
11/16/20	09/30/20	10-Q	0001493152-20-021640
08/14/20	06/30/20	10-Q	0001493152-20-015691
05/15/20	03/31/20	10-Q	0001493152-20-009175
05/13/20	12/31/19	10-K	0001493152-20-008414
11/12/19	09/30/19	10-Q	0001493152-19-016909
08/13/19	06/30/19	10-Q	0001493152-19-012214
05/15/19	03/31/19	10-Q	0001493152-19-007506
03/28/19	12/31/18	10-K	0001493152-19-004118
11/13/18	09/30/18	10-Q	0001493152-18-015758
08/16/18	06/30/18	10-Q	0001493152-18-012161
05/15/18	03/31/18	10-Q	0001493152-18-007003
04/02/18	12/31/17	10-K	0001493152-18-004493
11/14/17	09/30/17	10-Q	0001493152-17-013131
09/27/17	06/30/17	424B3	0001493152-17-010963
05/15/17	03/31/17	10-Q	0001493152-17-005326
08/16/18	03/31/17	10-Q/A	0001493152-18-012159
09/27/17	12/31/16	424B3	0001493152-17-010963
08/16/18	12/31/16	10-K/A	0001493152-18-012157
01/12/17	09/30/16	S-1/A	0001493152-17-000412
10/28/16	06/30/16	S-1/A	0001493152-16-014352
09/27/17	06/30/16	424B3	0001493152-17-010963
07/11/16	03/31/16	S-1/A	0001493152-16-011443
12/15/16	12/31/15	S-1/A	0001493152-16-015924
12/28/15	09/30/15	S-1/A	0001493152-15-006416
10/09/15	06/30/15	S-1/A	0001493152-15-004753
06/09/15	03/31/15	S-1	0001493152-15-002425
12/28/15	12/31/14	S-1/A	0001493152-15-006416
05/13/16	12/31/14	S-1/A	0001493152-16-009758