BOXL shows massive deterioration in operating cash flow (-660%) despite revenue growth, coupled with dramatic balance sheet restructuring that eliminated negative stockholders' equity.
The company appears to have undergone significant financial restructuring between periods, converting from a technically insolvent position (-$12.9M equity) to positive equity of $1.3M while simultaneously reducing current liabilities by $34M. However, the severe deterioration in operating cash flow from -$439K to -$3.3M despite 26% revenue growth signals fundamental operational inefficiencies that could threaten liquidity.
BOXL presents a contradictory financial picture with revenue growing 26% to $25.7M while gross profit declined 28% to $33.6M, indicating severe margin compression. The company underwent major balance sheet restructuring, eliminating negative stockholders' equity and reducing current liabilities by $34M, but operating cash flow deteriorated dramatically by 660% to -$3.3M outflows. Despite improved net losses and a modest cash increase, the massive operating cash burn amid revenue growth suggests unsustainable unit economics that pose significant liquidity risks.
Operating cash flow fell 659.7% — earnings quality concerns; investigate working capital changes and non-cash items.
Equity base grew 109.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.
Capex reduced 79.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.
Current liabilities reduced — improved short-term financial position and working capital health.
Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.
Revenue growing 26.4% — solid top-line momentum, watch margins for quality of growth.
Cash grew 17% — improving liquidity position supports investment and shareholder returns.
Receivables declined — improved collection efficiency or conservative revenue recognition.
Net income grew 16% — bottom-line growth signals improving overall business health.
Operating income improving — cost discipline or growing revenue base absorbing fixed costs.
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