The first half financial report of the little house that has grabbed America’s attention is in good shape despite a loss for the first half of 2022.
Coming off a record-breaking $75 million equity crowdfunding campaign on StartEngine, Boxabl recently released its financials for the first half of 2022.
A point of contention throughout the fundraising process was its valuation. The startup went into its nine-figure fundraising efforts with a roughly $3 billion valuation and very little revenue on the books.
While this isn’t unheard of, it can make investors uneasy knowing how much ground the company has to make up before it breaks even. Fortunately, investors might have just gotten their first glimpse into the company’s momentum following the release of its 2022 financials.
The company’s financials showed $7.6 million in revenue for the first six months of 2022 and an overall net loss of $31 million. It has a strong cash position of over $56 million and over $74 million in total assets with very few liabilities. Many investors might be balking at the $31 million loss, and that’s understandable, but it’s important to give context to the numbers.
Throughout 2022, Boxabl finished its Factory 1 and continually improved it with new machinery to improve efficiency. Boxabl has since signed a lease and begun building its second factory.
There will be continued substantial upfront costs as the company turns its focus to its announced billion-dollar giga-factory. As Boxabl ramps up its production efforts from these investments in manufacturing capacity, it’s likely those numbers will slowly turn more favorably over time, including increased revenue and decreased costs.
CLICK HERE to read the entire yahoo! article
Gary Fleisher is the Editor in Chief of Modular Home Source and Offsite Builder. Email at [email protected]
Gary Fleisher, Editor in Chief of Offsite Construction Magazine
To learn more about the Offsite Construction Industry, sign up for your free monthly issue of Offsite Builder, the Construction Magazine for Builders and Developers
