Shares of Boxlight Corporation (NASDAQ:BOXL) soared on Wednesday after the Georgia-based edtech company posted smaller-than-expected losses in the first quarter amid surging sales.
Boxlight shares were up nearly 5% to US$10.10 in morning trade.
For the quarter ended March 31, Boxlight posted a loss of US$0.20 per share compared to a loss of US$0.34 per share in the first quarter of 2017.
Revenue expanded to US$6mln growing 43% from US$4.2mln clocked in the first quarter of 2017. The company handily beat Wall Street revenue estimates which projected US$5.5mln in revenue.
“We are pleased to build on our 2017 performance with a very strong first quarter. Revenues were up over 40% year-over-year, led by the continued expansion in our network of reseller partners, growing adoption of our existing product suite and continued product introductions,” said Boxlight CEO Mark Elliott.
“Growth in our reseller network is an important component of our organic growth strategy.”
During the quarter, the company entered into new partnerships with leading Midwest reseller Kansas City Audio Visual, New York-based reseller TEQ for its portable STEM lab, peripherals and supporting products and New England reseller Whalley Computer Associates.
“We are seeing unprecedented adoption of technology solutions in the education market, and we exited the quarter with the strongest sales pipeline in our history,” said Elliott.
Boxlight recently introduced several products including the MimioSpace which is a tall interactive touch board, the MimioFrame which is a touch board kit that turns any existing whiteboard into a ten-touch interactive whiteboard in less than 15 minutes using a projector and a computer and the ProColor 490 Touch Table.
Boxlight announced the strategic acquisition on Monday of United Kingdom-based Cohuborate Ltd. (Cohuba) to crack open the British education market.
“We intend to complement our growth with strategic acquisitions,” said Elliott while talking about the firm’s acquisition of Cohuba, a touch display technology firm based in the U.K. “We look forward to leveraging Cohuba’s experienced sales and operational team and channel partner network in this important market.”
The Lawrenceville, Georgia-based company acquired serial entrepreneur Tony Cann’s Cohuba for around US$1.8mln through the issuance of 257,200 shares of common stock at a price of US$7 per share.
The deal allows Boxlight to tap Cohuba’s seasoned sales and distribution operation to score a slice of U.K’s £130bn education technology market.