Liquidity remains under pressure as evidenced by a negative free cash flow margin of -22.7% in 2026Q1, forcing the company to rely on working capital shifts to manage its $6.9 million cash position.
| Cash from Operations | -3.7M | -3.33M | -439K | 11.58M | 1.19M | -2.33M | -4.66M | -4.26M | -3.77M | -1.34M | 2.37M | 215.57K | -405.53K |
| Operating CF Margin % | - | -3.05% | -0.32% | 6.55% | 0.54% | -1.26% | -8.5% | -12.91% | -9.98% | -5.22% | 11.64% | 6.38% | -13.97% |
| Operating CF Growth % | -146.24% | -659.68% | -103.79% | 873.19% | 151.07% | 50.04% | -9.39% | -12.94% | -180.99% | -156.67% | 999.59% | 153.16% | - |
| Net Income | -27.09M | -23.81M | -28.34M | -39.16M | -3.74M | -13.8M | -16.15M | -9.4M | -7.18M | -7.3M | -2.06M | -2.26M | -1.09M |
| Depreciation & Amortization | 10.37M | 10.28M | 20.53M | 8.86M | 9.13M | 7.17M | 2.61M | 908.99K | 885.7K | 747.21K | 353.39K | 0 | 0 |
| Stock-Based Compensation | 263K | 269K | 1.39M | 3.13M | 3.31M | 4.06M | 1.64M | 1.19M | 2.02M | 4.24M | 464.32K | 65 | 0 |
| Deferred Taxes | -2.36M | -2.37M | -3.42M | -347K | -3.78M | 788K | -1.48M | -424.55K | -230.02K | 0 | 509.4K | 0 | 0 |
| Other Non-Cash Items | -6K | -747K | 3.44M | 31.05M | -767K | 7.9M | 4.1M | 456.06K | 4.42K | 184.15K | 350K | 12.97K | 5.33K |
| Working Capital Changes | 15.12M | 13.05M | 5.96M | 8.04M | -2.97M | -8.45M | 4.62M | 3.01M | 722.38K | 781.7K | 2.76M | 2.46M | 676.03K |
| Change in Receivables | 3.62M | 3.43M | 13.96M | 763K | -3.8M | -6.43M | -212K | 142.3K | -72.88K | -464.66K | -909.47K | 1.52M | -41.29K |
| Change in Inventory | 2.93M | 8.07M | 631K | 13.11M | -10.27M | -21M | 795K | 1.3M | 836.38K | -596.65K | 2.65M | 283.87K | 0 |
| Change in Payables | 1.35M | 1.26M | -8.49M | -4.82M | 5.76M | 18.05M | 1.12M | 1.46M | 183.34K | 1.23M | 1.01M | 490.09K | 0 |
| Cash from Investing | -17K | -102K | -506K | -1.32M | -1.21M | -34.01M | -45.32M | 6.65K | 900.2K | -10K | 366.61K | 8.37K | 0 |
| Capital Expenditures | -17K | -102K | -506K | -1.32M | -1.11M | -285K | -265K | -3.61K | -410.14K | -10K | 0 | 0 | 0 |
| CapEx % of Revenue | 0.02% | 0.09% | 0.37% | 0.75% | 0.5% | 0.15% | 0.48% | 0.01% | 1.08% | 0.04% | 0% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -100K | -33.6M | -45.05M | 10.26K | 1.31M | 0 | 357.57K | 8.37K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -119K | 0 | 0 | 0 | 0 | 9.03K | 0 | 0 |
| Cash from Financing | 1.86M | 3.39M | -7.14M | -8.01M | -5.13M | 41.15M | 65.58M | 4.46M | 1.78M | 2.93M | -3.29M | 737.77K | 344K |
| Debt Issued (Net) | -7.34M | -5.55M | -5.87M | -6.75M | -8.64M | 45.81M | 23.22M | 4.7M | 1.36M | -2.75M | -3.7M | 687.6K | 320.08K |
| Equity Issued (Net) | 7.27M | 8.29M | 0 | 13K | 4.78M | 428K | 42.72M | 0 | 420K | 5.68M | 1.22M | 0 | 0 |
| Dividends Paid | 0 | 0 | -1.27M | -1.27M | -1.27M | -1.27M | -338K | 0 | 0 | 0 | -814.63K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.93M | 658K | 0 | 0 | 0 | -3.82M | -20K | -237.06K | 103 | 29 | 1.75K | 50.17K | 23.93K |
| Net Change in Cash | -1.19M | 1.36M | -9.25M | 2.66M | -3.35M | 4.48M | 12.29M | 271.54K | -1.11M | 1.55M | -537.6K | 961.71K | -61.52K |
| Free Cash Flow | -3.72M | -3.44M | -945K | 10.26M | 84K | -2.62M | -4.93M | -4.27M | -4.18M | -1.35M | 2.37M | 215.57K | -405.53K |
| FCF Margin % | -3.41% | -3.15% | -0.7% | 5.81% | 0.04% | -1.41% | -8.98% | -12.92% | -11.06% | -5.26% | 11.64% | 6.38% | -13.97% |
| FCF Growth % | -8.93% | -263.7% | -109.21% | 12114.29% | 103.21% | 46.95% | -15.51% | -1.96% | -209.22% | -157.1% | 999.59% | 153.16% | - |
| FCF per Share | -35.38 | -32.68 | -15.12 | 195.32 | 1.75 | -63.99 | -168.20 | -574.84 | -607.40 | -357.28 | 793.83 | 76.01 | -163.39 |
| FCF Conversion (FCF/Net Income) | 0.14x | 0.14x | 0.02x | -0.30x | -0.32x | 0.17x | 0.29x | 0.45x | 0.53x | 0.21x | -1.15x | -0.10x | 0.37x |
| Interest Paid | 5.66M | 6.47M | 7.17M | 8.29M | 8.34M | 1.5M | 542K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 888K | 1.36M | 3.19M | 2.69M | 1.61M | 1.48M | 2.32M | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and funding cliff
As reported in recent financial filings, the persistent gap between net losses and operating cash flow suggests that Boxlight's earnings quality is heavily influenced by non-cash charges, with the OCF/NI ratio reaching 0.77 in 2026Q1, indicating that accounting losses are not fully mirrored by cash outflows.
The divergence between net income and operating cash flow appears to be driven by significant non-cash items, likely including depreciation and amortization related to past acquisitions. Investors should monitor whether this reliance on non-cash adjustments masks a deeper, structural inability to generate positive cash flow from core operations.
Based on the provided cash flow statements, Boxlight's free cash flow trajectory remains highly erratic, with FCF margins swinging from a positive 14.7% in 2024Q3 to a negative 22.7% in 2026Q1, reflecting the company's struggle to stabilize cash generation amidst a declining revenue environment.
The extreme volatility in FCF margins suggests that the company's cash flow is highly sensitive to seasonal procurement cycles and potential inventory management challenges. The inability to maintain positive FCF suggests that the business model may be fundamentally challenged by the current EdTech funding environment.
According to the company's historical cash flow data, working capital changes have frequently served as the primary source of liquidity, with positive adjustments of $661,000 in 2026Q1 helping to partially offset the cash burn from operations during periods of significant revenue contraction.
The reliance on working capital management to support cash flow suggests that the company may be aggressively managing payables or liquidating inventory to preserve liquidity. This strategy appears unsustainable in the long term, as it may eventually lead to strained relationships with suppliers or inventory shortages.
Financial statements indicate that stock-based compensation and significant depreciation charges, such as the $14.3 million recorded in 2024Q4, obscure the true cash-generative capacity of the business, warranting further investigation into how much of the reported operating cash flow is truly representative of sustainable operational performance.
The consistent presence of stock-based compensation suggests that the company is utilizing equity to preserve cash, which may lead to shareholder dilution. Furthermore, the high level of depreciation and amortization suggests that the company's past M&A activity continues to weigh heavily on the reported financial results.
Quick answers to the most common questions about buying BOXL stock.
Boxlight Corporation (BOXL) generated $-3.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Boxlight Corporation (BOXL) reported negative free cash flow of $3.4M in 2025, indicating capital requirements exceeded cash from operations.
Boxlight Corporation (BOXL) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.