Boxlight Corp (NASDAQ: BOXL)

Sector: Technology Industry: Consumer Electronics CIK: 0001624512
Market Cap 671,656.40
P/B -0.03
P/E -0.02
P/S 0.01
ROIC (Qtr) -99.97
Div Yield % 0.00
Rev 1y % (Qtr) -19.16
Total Debt (Qtr) 44.48 Mn
Debt/Equity (Qtr) -2.29

About

Boxlight Corporation, known by its ticker symbol BOXL, is a technology company operating primarily in the global education market, with a significant presence in the corporate and government sectors as well. The company specializes in the development, sale, and servicing of interactive solutions that aim to enhance collaboration and effective communication in meeting environments. Boxlight's main business activities revolve around the creation and distribution of interactive displays and related software. The company's offerings are designed to...

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Price action

Investment thesis

Bull case

  • Robust tangible asset base of 80.01M provides 52.54x coverage of working capital 1.52M, indicating strong operational backing.
  • Tangible assets of 80.01M provide robust 5.63x coverage of other current liabilities 14.22M, indicating strong asset backing.
  • Retained earnings of (146.76M) represent substantial 7.54x of equity (19.46M), indicating strong internal capital generation.
  • Cash reserves of 11.81M provide comfortable 13.47x coverage of tax obligations 877000, showing strong fiscal management.
  • Cash position of 11.81M represents healthy 7.76x of working capital 1.52M, demonstrating strong operational liquidity.

Bear case

  • Operating cash flow of (158000) barely covers its investment activities of (385000), with a coverage ratio of 0.41, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (385000) provide weak support for R&D spending of 4.11M, which is -0.09x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (158000) provides insufficient coverage of deferred revenue obligations of 24.48M, which is -0.01x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (158000) shows concerning coverage of stock compensation expenses of 615000, with a -0.26 ratio indicating potential earnings quality issues.
  • Free cash flow of (543000) provides weak coverage of capital expenditures of 385000, with a -1.41 ratio suggesting additional external financing needs for growth initiatives.

Product and Service Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Consumer Electronics
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 AAPL Apple Inc. 3,878.78 Bn 34.63 9.32 98.66 Bn
2 SONY Sony Group Corp 150.52 Bn 19.23 1.76 13.01 Bn
3 LPL LG Display Co., Ltd. 2.14 Bn -16.47 0.11 9.69 Bn
4 SONO Sonos Inc 1.99 Bn -32.61 1.38 0.05 Bn
5 ZEPP Zepp Health Corp 0.42 Bn -6.30 1.78 0.21 Bn
6 TBCH Turtle Beach Corp 0.26 Bn 14.29 0.75 0.09 Bn
7 VUZI Vuzix Corp 0.26 Bn -6.90 48.49 0.00 Bn
8 GPRO GoPro, Inc. 0.23 Bn -1.92 0.36 0.20 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.41 1.60
EV to Cash from Ops. EV/CFO -256.27 12.05
EV to Debt EV to Debt 0.91 190.88
EV to EBIT EV/EBIT -1.74 -26.74
EV to EBITDA EV/EBITDA -8.15 5.01
EV to Free Cash Flow [EV/FCF] EV/FCF -74.57 91.29
EV to Market Cap EV to Market Cap 60.28 4.51
EV to Revenue EV/Rev 0.38 3.74
Price to Book Value [P/B] P/B -0.03 4.74
Price to Earnings [P/E] P/E -0.02 -22.81
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -25.33 -85.09
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.06
Dividend per Basic Share Div per Share (Qtr) 0.00 0.06
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.86
Interest Coverage Int. cover (Qtr) -2.26 -21.34
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 71.98 -25,917.65
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 12.57 24.14
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -3.99
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -11.25 -460.09
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 57.48 -135.96
EBIT Growth (1y) % EBIT 1y % (Qtr) -18.38 574.68
EBT Growth (1y) % EBT 1y % (Qtr) -12.05 39.32
EPS Growth (1y) % EPS 1y % (Qtr) 14.15 -8.06
FCF Growth (1y) % FCF 1y % (Qtr) -337.90 -2,232.41
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -33.12 60.40
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.07 0.77
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 0.17 0.81
Current Ratio Curr Ratio (Qtr) 1.02 3.16
Debt to Equity Ratio Debt/Equity (Qtr) -2.29 3.74
Interest Cover Ratio Int Coverage (Qtr) -2.26 -21.34
Times Interest Earned Times Interest Earned (Qtr) -2.26 -21.34
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -1.20 -156.08
EBIT Margin % EBIT Margin % (Qtr) -21.88 393.83
EBT Margin % EBT Margin % (Qtr) -31.58 -168.19
Gross Margin % Gross Margin % (Qtr) 32.60 19.36
Net Profit Margin % Net Margin % (Qtr) -30.10 -169.48