Executive Summary

Q4 2024 revenue was $24.0M, down 38.2% year over year; gross margin compressed 110 bps to 30.6%, and adjusted EBITDA was -$1.8M as competitive pricing pressure and softer IFPD demand weighed on results .
Versus Wall Street consensus, revenue missed by $6.08M and EPS missed by $10.58 per share as reported by S&P Global; Boxlight’s GAAP EPS was ($8.65) while S&P’s Primary EPS actual recorded ($13.40), reflecting methodology/share count differences; estimates coverage was thin (two analysts)*.
Management emphasized brand consolidation under Clevertouch, ongoing OpEx discipline, and diversification into audio/campus communication, with expectations for market recovery beginning in H2 2025; no quantitative guidance was provided .
Balance sheet pressure intensified: cash was $8.0M, working capital fell to $1.3M, stockholders’ equity turned to a $(12.9)M deficit, and the company disclosed covenant noncompliance subsequently waived via an amendment .

*Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

Operating discipline: Q4 operating expenses fell 18.5% YoY to $23.6M; excluding accelerated amortization, OpEx was $11.3M vs $16.9M (ex-impairment) last year, driven by reductions in employee-related costs, occupancy, stock comp, sales & marketing, and travel .
Strategic brand unification: “We are simplifying our brand structure... worldwide IFPD and display products will all be under the Clevertouch label... FrontRow will be our global brand for all audio and communication solutions” .
Solution breadth and awards: Clevertouch Edge won Pro AV Best in Market; management highlighted integrated safety/communications solutions (UNITY, TimeSign) that broaden the portfolio and support future demand .

What Went Wrong

Revenue/margin pressure: Q4 revenue fell to $24.0M (down 38.2% YoY) with gross margin down to 30.6% due to competitive pricing and lower global IFPD demand .
Losses and accelerated amortization: Q4 net loss was $16.7M, inclusive of $12.3M accelerated amortization; adjusted EBITDA deteriorated to -$1.8M .
Covenant noncompliance and equity deficit: As of 12/31/24, Boxlight was not in compliance with covenants; an amendment/waiver was secured on 3/24/25, and stockholders’ equity moved to $(12.9)M, highlighting balance sheet stress .

Financial Results

Quarterly Comparison vs Prior Periods

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$38.5	$36.3	$24.0
Gross Margin (%)	37.7%	33.8%	30.6%
EBITDA ($USD Millions)	$3.04	$1.55	($2.51)
Adjusted EBITDA ($USD Millions)	$3.65	$2.20	($1.76)
Net Loss ($USD Millions)	($1.48)	($3.06)	($16.71)
Basic & Diluted EPS ($USD)	($0.18)	($0.34)	($8.65)

Q4 2024 Actuals vs Consensus

Metric	Consensus	Actual	Surprise
Revenue ($USD Millions)	$30.08*	$23.996	($6.08)*
Primary EPS ($USD)	($2.83)*	($13.40)*	($10.58)*

Values retrieved from S&P Global.
Note: Company-reported GAAP EPS for Q4 2024 was ($8.65) . S&P “Primary EPS actual” recorded ($13.40), indicating methodological/share count differences.

Segment Mix (Revenue %) – context from prior quarters

Segment	Q2 2024	Q3 2024
Interactive Flat Panel Displays (IFPD)	71%	72%
Audio Solutions	12%	12%
Other (accessories, software, services, STEM)	17%	16%

Key Balance Sheet/KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Cash & Equivalents ($M)	$7.5	$10.5	$8.0
Working Capital ($M)	$46.7	$45.8	$1.3
Debt, net ($M)	$40.3	$38.8	$37.1
Stockholders’ Equity ($M)	$7.5	$6.5	$(12.9)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2024	None provided	None provided	Maintained (no formal guidance)
Margins/OpEx	FY/Q4 2024	OpEx discipline target $12–13M/quarter by YE’24 (communicated earlier)	Continued discipline; no numeric guidance in Q4 PR	Maintained narrative
Other (OI&E, tax, segment, dividends)	FY/Q4 2024	None provided	None provided	N/A

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3)	Current Period (Q4)	Trend
Pricing pressure & margins	Management expected pressure; audio mix helped Q2 margins (~100 bps uplift) and margins held better than expected short-term . Q3 margin down 250 bps YoY due to competitive pricing/mix .	Gross margin down to 30.6% on pricing pressure .	Downward pressure persists; stabilization expected with market recovery.
Brand consolidation (Clevertouch)	Plan to unify display brand; simplify supply chain; partners receptive .	“Recently announced a unified worldwide display brand as Clevertouch by Boxlight” .	Execution underway; expected go-to-market clarity.
Audio/campus communication (UNITY/TimeSign)	Launched UNITY & TimeSign; integrated safety/communications ecosystem; favorable feedback .	Near-term demand in audio/campus communication expected to benefit 2025 .	Building momentum; tailwind for ’25.
Geographic trends	EMEA stronger vs U.S.; Germany/Belgium up; U.K. mixed; seasonality deviations in U.S. due to funding delays .	Diversified geographic base; macro/tariffs seen as manageable given supply chain .	EMEA pockets resilient; U.S. still soft; gradual recovery expected.
Tariffs/macro	Prepared for tariff scenarios with suppliers; prior experience; contingency planning .	Diversified supply chain; largely insulated from direct tariff impact .	Monitoring; mitigations in place.
Debt/refinancing & covenants	Working with lenders; bridge loan repaid; pursuing waiver for leverage ratio covenant .	Not in compliance at year-end; waiver secured via Eighth Amendment on 3/24/25 .	Ongoing focus; refinancing remains strategic priority.
Product innovation & awards	IMPACT Max 2; Cyber Essentials certification; AV awards .	Best in Market award; showroom expansion; display brand unification .	Continued innovation supports brand and mix.

Management Commentary

“The market for interactive flat panel technology was challenging throughout 2024... The uncertainty surrounding government spending had a significant impact on buying behavior... We have... improving our operating efficiency by streamlining processes and aggressive expense reduction... analysts project a market recovery beginning in the second half of 2025 and into 2026” .
“Our largest... market... has begun shifting... to a technology refresh cycle... this dynamic will ultimately benefit Boxlight due to our existing installation base... we are seeing encouraging signs of near-term demand in the audio and campus communication sector... which should benefit our 2025 results” .
Q3 call on brand unification: “Worldwide IFPD... under the Clevertouch label... FrontRow... for audio and communication... Mimio and EOS identities for STEM/curriculum... unified product lineup and supply chain” .

Q&A Highlights

Note: A Q4 2024 earnings call transcript was not available in our document set. The latest Q&A (Q3 2024) provides context:

Channel/brand impact: Management addressed Clevertouch exclusivity and emphasized no orphaning of Mimio customers; users can select Mimio or Clevertouch UI on provisioned panels .
Demand drivers: Discussed funding “hangover” and long product life extending refresh cycles; bullish longer-term outlook with signs of EMEA recovery .
Covenants/refinancing: Leverage ratio covenant (required 1.75x) not met; waiver process underway; debt under $40M post paydowns .
Tariffs: Prepared via supplier contingency plans; prior experience with tariff environments .
Enterprise/higher ed: Identified as growth vectors supported by higher-end panels with conferencing/audio features; EMEA enterprise ~20% of business used as benchmark .

Estimates Context

Q4 2024 missed consensus materially: revenue $30.08M vs actual $24.0M (miss $6.08M), Primary EPS ($2.83) vs actual ($13.40) (miss $10.58)*. Thin coverage (two estimates) increases volatility of consensus.
Given the magnitude of underperformance and management’s commentary on pricing pressure and U.S. demand softness, near-term Street estimates likely require downward revisions on revenue and margin assumptions until clearer signs of recovery emerge, particularly in the U.S. K-12 IFPD market .