Tue, Nov 12, 10:16 PM (237 days ago)
BOXABL Inc. (NASDAQ: BOXA) reported significant financial challenges for Q3 2024, closing with a net loss of $42,921,000, exacerbated by a decline in sales tied to delays in obtaining state approvals for its modular housing products. Revenue surged to $854,000 in Q3 2024, compared to $99,000 in the same period last year, driven by increased shipments of its Casitas. However, the cost of goods sold also rose, reflecting higher production expenses. Operating expenses climbed 1.6% to $7,050,000, primarily due to increased sales and marketing efforts. The company recorded a substantial impairment loss of $12,237,000 related to equipment that became obsolete due to supplier issues. Cash and cash equivalents decreased to $6,650,000, with total assets at $80,258,000, down from $107,525,000 at year-end 2023. To address liquidity concerns, BOXABL plans to raise funds through equity offerings and tighten cash management. The company holds customer deposits of $3,660,000 but anticipates needing additional capital to sustain operations over the next 12 months. Future growth hinges on successful state approvals and ramping up production capabilities.