Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), an
e-commerce grocery platform that sells bulk consumables and
licenses its e-commerce software to enterprise retailers, today
reported its financial results for the first quarter ended March
31, 2022.
“We are reporting strong results to start 2022, with growth
re-accelerating and a host of exciting developments underway across
both our Retail and Software & Services segments,” said Chieh
Huang, Co-Founder and Chief Executive Officer. “B2B demand
continued to strengthen in the quarter as offices re-open across
America. Also, in this inflationary environment, we are proud to
deliver bulk-sized cost-savings and convenience to our
end-customers who may be struggling during this time. Finally, we
remain focused on investing in the advancement of our technology,
which will support growth of our Software & Services business
across the globe.”
Recent Business Highlights
- Technology Enhancements: Boxed recently
deployed its “payment on delivery” functionality, which supports a
critical retailer need in certain emerging markets due to buying
tendencies among customers in those regions. Recently launched in
AEON Malaysia, this feature will meaningfully enhance the Company’s
Software & Services offering as Boxed looks to expand across
the South-East Asia and the Middle East & North Africa
regions.
- Enhanced Service and Margin Expansion: Boxed
is expanding its commercial relationship with FedEx. The new
agreement will support improved service levels to Boxed
end-customers by leveraging the FedEx Home network's 7-day per week
service offering, while also yielding transportation cost savings,
enabling further Retail scalability and helping combat inflationary
pressures.
- Increasing Brand Awareness: Based on the
Company’s ongoing survey results, aided brand awareness of Boxed
has approximately doubled during the first quarter of 2022 compared
to levels seen throughout 2021, signaling the positive impact of
the Company’s increased investment in brand marketing.
- Leadership Expansion: Boxed expanded its
leadership team through the addition of industry veterans across
key positions, including General Counsel, Chief People Officer, and
Chief Revenue Officer. Of these key hires, all identify as female
and two of the three identify as minorities, illustrating Boxed's
continued commitment to diversity and inclusion.
- ESG Efforts Focused on Ukrainian Relief: Boxed
is supporting Ukrainian relief efforts as the Company donated 100%
of Retail order profits over a two-day period in March, and is
actively working to enable associated storage and supply chain
assistance out of its Union, New Jersey fulfillment center.
First Quarter Financial Results and
Commentary
- Net revenue was $46.6 million for
the first quarter, an increase of $5.8 million, or 14.1%, versus
the prior year period, supported by rapid year-over-year Software
& Services growth combined with strengthening B2B customer
demand in Retail.
- Software & Services net revenue
was $2.2 million, an increase of $1.2 million, or 127.1%, versus
the prior year period.
- Retail net revenue was $44.4
million, an increase of $4.5 million, or 11.3%, versus the prior
year period, supported by increased B2B customer demand, greater
marketing investment, and increased customer engagement.
- Gross profit of $6.1 million for the first quarter increased
$1.2 million, or 23.7%, versus the prior year period. Gross margin
was 13.1% for the first quarter, an increase of 101 basis points
from the prior year period, primarily due to an increase in net
revenue mix from the higher-margin Software & Services
segment.
- Net loss was $36.2 million for the first quarter, compared to a
net loss of $14.2 million in the prior year period.
- Adjusted EBITDA was a loss of $22.2 million for the first
quarter, compared to a loss of $11.0 million in the prior year
period. Increased gross profit was offset by higher growth-related
and public company-related investments, including advertising,
staff, insurance costs, and professional services costs.
- Advertising Expenses for the first quarter were $11.7 million,
an increase of $6.0 million versus the prior year period. As
marketing investment sustains at higher levels, the Company expects
the investment to help support Retail Active Customer growth,
customer retention, and continued increases in brand awareness
during 2022.
- GMV was $53.4 million for the first quarter, an increase of
$8.6 million, or 19.2% versus the prior year period. The increase
was largely attributable to accelerating B2B customer demand, as
B2B customer GMV increased by 65.4% compared to the prior year
period, combined with increases in GMV from MaxDelivery and our
Software & Services customer base.
- Retail Average Order Value (“AOV”)
was $130 for the first quarter, an increase of $19, or 16.6%,
versus the prior year period. The increase was attributable to an
increase in B2B order mix, expanding assortment, and ongoing price
optimizations.
- Retail Net Revenue per Active
Customer (“RPAC”) was $276, an increase of $67, or 32.4%, compared
to the prior year period, as higher Retail AOVs were coupled with
increasing customer order frequency, both supported by growth in
B2B customer demand.
For more information on Retail Active Customers, Retail AOV,
RPAC, and GMV, please refer to the section on “Operating Metrics”
below.
LiquidityThe Company’s total cash balance as of
March 31, 2022 was $72.7 million, inclusive of $2.8 million in
restricted cash. Total debt principal outstanding was $132.5
million, of which $87.5 million relates to the PIPE Convertible
Notes. As of March 31, 2022, the Company also had $58.2 million in
receivables related to the Forward Purchase Agreement entered into
in connection with its business combination. The timing and terms
of any recoupment of the receivables (or some portion thereof) are
influenced by the Company's stock price performance over the next
18 months.
Fiscal Year 2022 OutlookBoxed is maintaining
its previously provided guidance for Fiscal Year 2022, and
providing additional disclosure for its Software & Services
Segment:
- Total Net Revenue of $220 to $245 million, reflecting a range
of 24% and 38% YoY growth.
- Total Software & Services Revenue of $15 to $23
million.
- Total Adjusted EBITDA loss of $70 to $80 million.
For more information on Adjusted EBITDA, a financial measure
that is not presented in accordance with generally accepted
accounting principles (“GAAP”), please refer to “Non-GAAP Financial
Measures” below.
Conference Call InformationBoxed will host a
conference call and webcast today at 4:30 p.m. ET to discuss the
results. The live webcast can be accessed on the Boxed Investor
Relations website at https://investors.boxed.com under “Events
& Presentations”. The webcast will also be archived and
available for replay. Investors interested in participating in the
live call can dial 844-200-6205 from the U.S. and 929-526-1599
internationally, and enter code 530631.
About BoxedBoxed is an e-commerce retailer and
an e-commerce enabler. The Company operates an e-commerce retail
service that provides bulk pantry consumables to businesses and
household customers, without the requirement of a “big-box” store
membership. This service is powered by the Company’s own
purpose-built storefront, marketplace, analytics, fulfillment,
advertising, and robotics technologies. Boxed further enables
e-commerce through its Software & Services business, which
offers customers in need of an enterprise-level e-commerce platform
access to its end-to-end technology. The Company aspires to make a
positive social impact with an emphasis on good Environmental,
Social and Governance (“ESG”) practices, and as such, has developed
a powerful, unique brand, known for doing right by its customers,
employees and society. For more information, please visit
investors.boxed.com.
Investor ContactsChris
MandevilleICRBoxedIR@icrinc.com
Media ContactsDavid
TaftBoxedpress@boxed.com
Forward-Looking StatementsCertain statements in
this press release may constitute “forward-looking statements”
within the meaning of the federal securities laws. Forward-looking
statements generally relate to future events or Boxed’s future
financial or operating performance. For example, statements
regarding the Company’s financial outlook for 2022, the potential
launch of the Software & Services business in other AEON
markets, the competitive environment in which Boxed operates and
the expected future operating and financial performance and market
opportunities of Boxed are forward-looking statements, among
others. In some cases, you can identify forward-looking statements
by terminology such as “pro forma,” “outlook,” “guidance,” “may,”
“should,” “could,”, “might,” “plan,” “possible,” “project,”
“strive,” “budget,” “forecast,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” “potential,” or
“continue,” or the negatives of these terms or variations of them
or similar terminology. Such forward-looking statements are subject
to risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon estimates and assumptions that, while considered
reasonable by Boxed and its management, are inherently uncertain.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: (i) the
ability of Boxed to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (ii) the evolution of the markets in
which Boxed competes; (iii) the ability of Boxed to implement its
strategic initiatives and continue to innovate its existing
offerings; (iv) the ability of Boxed to defend its intellectual
property; (v) the ability of Boxed to satisfy regulatory
requirements; (vi) the impact of the COVID-19 pandemic on Boxed's
business; and (vii) other risks and uncertainties set forth in our
Annual Report on Form 10-K for the year ended December 31, 2021,
and any subsequent Quarterly Report on Form 10-Q or Current Report
on Form 8-K, which are filed with the Securities and Exchange
Commission. Therefore, such statements are not intended to be a
guarantee of the Company’s performance in future periods, and you
should not place undue reliance on these forward-looking
statements, which are made only as of the date of this press
release. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Website DisclosureBoxed intends to use its
website as a distribution channel of material company information.
Financial and other important information regarding the Company is
routinely posted on and accessible through the Company’s website at
https://boxed.com. Accordingly, you should monitor the investor
relations portion of our website at https://investors.boxed.com in
addition to following our press releases, SEC filings, and public
conference calls and webcasts. In addition, you may automatically
receive email alerts and other information about Boxed when you
enroll your email address by visiting the “Investor Email Alerts”
section of our investor relations page at
https://investors.boxed.com under "Resources."
Non-GAAP Financial MeasuresThis press release
includes certain financial measures not presented in accordance
with generally accepted accounting principles (“GAAP”) including
Adjusted EBITDA and certain ratios and other metrics derived
therefrom. The Company defines Adjusted EBITDA as net income (loss)
before interest expense, tax expense, depreciation and
amortization, stock-based compensation expense and other one-time
or non-recurring expenses, such as executive recruiting fees,
severance, 3rd party consulting fees, and transaction-related fees,
among others, that the Company does not believe are recurring in
nature or necessary for the ongoing operations of the business.
These non-GAAP financial measures are not measures of financial
performance in accordance with GAAP and may exclude items that are
significant in understanding and assessing the Company’s financial
results. Therefore, these measures should not be considered in
isolation or as an alternative to net income, cash flows from
operations or other measures of profitability, liquidity or
performance under GAAP. You should be aware that the Company’s
presentation of these measures may not be comparable to
similarly-titled measures used by other companies. The Company
believes these non-GAAP measures of financial results provide
useful information to management and investors regarding certain
financial and business trends relating to the Company’s financial
condition and results of operations. The Company believes that the
use of these non-GAAP financial measures provides an additional
tool for investors to use in evaluating ongoing operating results
and trends in comparing the Company’s financial measures with other
similar companies, many of which present similar non-GAAP financial
measures to investors. These non-GAAP financial measures are
subject to inherent limitations as they reflect the exercise of
judgments by management about which expense and income are excluded
or included in determining these non-GAAP financial measures.
This press release also includes certain projections of Adjusted
EBITDA. Due to the high variability and difficulty in making
accurate forecasts and projections of some of the information
excluded from Adjusted EBITDA, together with some of the excluded
information not being ascertainable or accessible, the Company is
unable to quantify certain amounts that would be required to be
included in the most directly comparable GAAP financial measures
without unreasonable effort. Consequently, no disclosure of
estimated comparable GAAP measures is included and no
reconciliation of the forward-looking non-GAAP financial measures
is included.
Boxed, Inc. |
Operating Metrics |
(unaudited) |
|
|
Three Months Ended |
|
March 31, 2021 |
|
June 30, 2021 |
|
September 30, 2021 |
|
December 31, 2021 |
|
March 31, 2022 |
Retail Active Customers (in thousands) |
|
191 |
|
|
153 |
|
|
157 |
|
|
149 |
|
|
161 |
Retail AOV (in whole
dollars) |
$ |
112 |
|
$ |
123 |
|
$ |
123 |
|
$ |
131 |
|
$ |
130 |
RPAC (in whole dollars) |
$ |
208 |
|
$ |
256 |
|
$ |
243 |
|
$ |
266 |
|
$ |
276 |
GMV (in millions) |
$ |
44.8 |
|
$ |
44.2 |
|
$ |
45.2 |
|
$ |
45.9 |
|
$ |
53.4 |
This above table sets forth key performance indicators for the
last five quarters. Figures disclosed for Retail Active Customers
and Retail AOV reflect Retail segment metrics only, and do not
aggregate metrics from Software & Services customers who are
leveraging our software or technology for their own retail
operations.
Retail Active Customers - Boxed defines active
customers as the distinct number of customers in its Retail segment
who placed at least one order in the referenced respective
time-period (“Retail Active Customers”). The change in Retail
Active Customers in a reporting period captures both the inflow of
new customers as well as the outflow of customers who have not made
a purchase in the time period. The Company views the number of
Retail Active Customers as a key indicator of its performance,
which is influenced by the level of investment in advertising
expenses, the number of new customers acquired during a given time
period, as well as the churn of previously Retail Active
Customers.
Retail Average Order Value (AOV) - The Company
defines Retail AOV as the GMV for the respective time-period
divided by the total number of orders placed by customers during
the same period. Boxed believes Retail AOV is an important
indicator of business performance as it is supported by the
Company's proprietary e-commerce technology, where its mobile app,
website, and personalization engine provide a seamless shopping
experience, enabling customers to easily discover new and relevant
products and categories. This results in a trend where on average,
Retail AOVs expand over the course of a customer’s lifecycle.
Further, larger orders are on average more profitable, helping to
drive margin improvement from shipping, packaging, and labor
efficiencies.
Retail Net Revenue per Active Customer (RPAC)
– The Company defines Retail Net Revenue per
Active Customer as total Retail Net Revenue for the respective
time-period divided by the total number of Retail Active Customers
during the same period. We believe RPAC is an important indicator
of business performance as it demonstrates customer engagement
within our Retail business, blending both our Retail Average Order
Values along with the order frequency of customers shopping our
Retail e-Commerce offerings.
Gross Merchandise Value (GMV) - The Company
defines GMV as (i) the total value of Boxed goods sold, (ii) 3rd
party goods sold on Boxed Sites, gross of any customer promotions,
price discounts, credits, or rewards used, and (iii) goods sold on
3rd party (i.e. AEON) websites which are leveraging Boxed Software
& Services technology, all of which are (iv) inclusive of
shipping fees, service fees and taxes. The Company believes its
ability to expand GMV is an indicator of the global scale of our
technology services platform in any given period, and an indicator
of end-customer engagement on its technology services platform
worldwide. GMV is not intended for use as an alternative to net
revenue recorded in accordance with GAAP.
Boxed, Inc. |
Condensed Consolidated Balance Sheets |
(unaudited) |
(in thousands) |
|
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
ASSETS |
|
|
|
CURRENT
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
69,935 |
|
|
$ |
105,027 |
|
Restricted cash |
|
2,768 |
|
|
|
2,768 |
|
Accounts receivable, net |
|
3,194 |
|
|
|
3,122 |
|
Inventories |
|
13,066 |
|
|
|
11,428 |
|
Prepaid expenses and other current assets |
|
12,000 |
|
|
|
4,915 |
|
Deferred contract costs, current |
|
— |
|
|
|
7,580 |
|
TOTAL CURRENT
ASSETS |
|
100,963 |
|
|
|
134,840 |
|
Property and equipment, net |
|
6,602 |
|
|
|
7,019 |
|
Unbilled receivables |
|
11,044 |
|
|
|
8,891 |
|
Forward purchase receivable |
|
58,184 |
|
|
|
60,050 |
|
Operating right-of-use assets |
|
10,520 |
|
|
|
— |
|
Goodwill |
|
7,444 |
|
|
|
7,444 |
|
Prepaid expenses, noncurrent |
|
10,702 |
|
|
|
— |
|
Deferred contract costs, noncurrent |
|
— |
|
|
|
11,847 |
|
Other long-term assets |
|
1,431 |
|
|
|
1,514 |
|
TOTAL
ASSETS |
$ |
206,890 |
|
|
$ |
231,605 |
|
LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
|
|
|
CURRENT
LIABILITIES |
|
|
|
Accounts payable |
$ |
16,542 |
|
|
$ |
28,936 |
|
Accrued expenses |
|
10,600 |
|
|
|
6,392 |
|
Deferred revenue |
|
1,904 |
|
|
|
2,020 |
|
Other current liabilities |
|
3,270 |
|
|
|
— |
|
Operating lease liabilities, current |
|
18,031 |
|
|
|
21,899 |
|
SPAC warrant liabilities |
|
19,820 |
|
|
|
22,045 |
|
TOTAL CURRENT
LIABILITIES |
|
70,167 |
|
|
|
81,292 |
|
PIPE Convertible Notes, net of transaction costs |
|
77,371 |
|
|
|
77,047 |
|
Long-term debt |
|
43,386 |
|
|
|
43,287 |
|
Forward option derivative |
|
17,609 |
|
|
|
4,203 |
|
Earnout liability |
|
20,145 |
|
|
|
27,134 |
|
Operating lease liabilities, noncurrent |
|
7,703 |
|
|
|
— |
|
Other long-term liabilities |
|
104 |
|
|
|
217 |
|
TOTAL
LIABILITIES |
|
236,485 |
|
|
|
233,180 |
|
STOCKHOLDERS’
DEFICIT |
|
|
|
Common stock |
|
7 |
|
|
|
7 |
|
Additional paid-in
capital |
|
391,257 |
|
|
|
383,066 |
|
Accumulated deficit |
|
(420,859 |
) |
|
|
(384,648 |
) |
TOTAL STOCKHOLDERS’
DEFICIT |
|
(29,595 |
) |
|
|
(1,575 |
) |
TOTAL LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
$ |
206,890 |
|
|
$ |
231,605 |
|
Boxed, Inc. |
Condensed Consolidated Statements of
Operations |
(unaudited) |
(in thousands except share and per share amounts) |
|
|
Three Months Ended March 31, |
|
2022 |
|
2021 |
Net revenue: |
|
|
|
Retail |
$ |
44,396 |
|
|
$ |
39,876 |
|
Software & Services |
|
2,230 |
|
|
|
982 |
|
Total net revenue |
|
46,626 |
|
|
|
40,858 |
|
Cost of sales: |
|
|
|
Retail |
|
(40,049 |
) |
|
|
(35,664 |
) |
Software & Services |
|
(482 |
) |
|
|
(265 |
) |
Total cost of sales |
|
(40,531 |
) |
|
|
(35,929 |
) |
Gross profit |
|
6,095 |
|
|
|
4,929 |
|
Advertising expense |
|
(11,695 |
) |
|
|
(5,707 |
) |
Selling, general, and
administrative expense |
|
(23,410 |
) |
|
|
(12,514 |
) |
Loss from
operations |
|
(29,010 |
) |
|
|
(13,292 |
) |
Other income (expense),
net |
|
(7,201 |
) |
|
|
(913 |
) |
Loss before income taxes |
|
(36,211 |
) |
|
|
(14,205 |
) |
Income taxes |
|
— |
|
|
|
— |
|
Net loss |
$ |
(36,211 |
) |
|
$ |
(14,205 |
) |
Net loss per common
share: |
|
|
|
Basic net loss per common share |
$ |
(0.54 |
) |
|
$ |
(1.55 |
) |
Diluted net loss per common share |
$ |
(0.54 |
) |
|
$ |
(1.55 |
) |
Weighted-average
shares outstanding: |
|
|
|
Basic |
|
66,861,005 |
|
|
|
9,419,197 |
|
Diluted |
|
66,861,005 |
|
|
|
9,419,197 |
|
Boxed, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(unaudited) |
(in thousands except share and per share amounts) |
|
|
For the Three Months Ended March 31, |
|
2022 |
|
2021 |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(36,211 |
) |
|
$ |
(14,205 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
— |
|
|
|
Depreciation and amortization |
|
1,016 |
|
|
|
1,230 |
|
Stock-based compensation |
|
5,180 |
|
|
|
375 |
|
Bad debt expense/(change in reserve) |
|
64 |
|
|
|
(43 |
) |
Change in fair value of warrants and derivative instruments |
|
4,193 |
|
|
|
786 |
|
Amortization of debt discount |
|
423 |
|
|
|
— |
|
Noncash operating lease expense |
|
779 |
|
|
|
— |
|
Changes in assets and
liabilities: |
|
|
|
Receivables, net |
|
(136 |
) |
|
|
(3,106 |
) |
Inventories |
|
(1,638 |
) |
|
|
(460 |
) |
Prepaid expenses and other current assets |
|
(7,085 |
) |
|
|
(394 |
) |
Unbilled receivables |
|
(2,153 |
) |
|
|
— |
|
Operating lease liabilities |
|
(768 |
) |
|
|
— |
|
Prepaid expenses, noncurrent |
|
(10,702 |
) |
|
|
— |
|
Deferred contract costs |
|
19,428 |
|
|
|
— |
|
Other long-term assets |
|
82 |
|
|
|
— |
|
Accounts payable |
|
(12,396 |
) |
|
|
4,072 |
|
Accrued expenses |
|
4,208 |
|
|
|
2,274 |
|
Deferred Revenue |
|
(116 |
) |
|
|
4,951 |
|
Other liabilities |
|
(520 |
) |
|
|
(1,738 |
) |
Net cash used in
operating activities |
|
(36,352 |
) |
|
|
(6,258 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
Capital expenditures |
|
(599 |
) |
|
|
(420 |
) |
Forward purchase payments |
|
(474 |
) |
|
|
— |
|
Forward purchase receipts |
|
2,340 |
|
|
|
— |
|
Net cash used in
investing activities |
|
1,267 |
|
|
|
(420 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
Principal payments on finance
lease obligations |
|
(18 |
) |
|
|
(19 |
) |
Proceeds from warrants
exercise |
|
11 |
|
|
|
68 |
|
Repayments from
borrowings |
|
— |
|
|
|
(938 |
) |
Net cash provided by
financing activities |
|
(7 |
) |
|
|
(889 |
) |
Total change in cash,
cash equivalents and restricted cash |
|
(35,092 |
) |
|
|
(7,567 |
) |
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH BEGINNING OF PERIOD |
|
107,795 |
|
|
|
30,043 |
|
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH AT END OF PERIOD |
$ |
72,703 |
|
|
$ |
22,476 |
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
Cash paid during the period for: |
|
|
|
Cash paid for taxes |
$ |
3 |
|
|
$ |
2 |
|
Cash paid for interest |
$ |
1,093 |
|
|
$ |
117 |
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: |
|
|
|
Shares issued related to
equity consideration of acquisition |
$ |
3,000 |
|
|
$ |
— |
|
|
|
|
|
Cash and cash equivalents at
end of period |
$ |
69,935 |
|
|
$ |
22,476 |
|
Restricted cash at end of
period |
|
2,768 |
|
|
|
— |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
72,703 |
|
|
$ |
22,476 |
|
Boxed, Inc. |
Reconciliation of Non-GAAP Financial Measures |
(unaudited) |
(in thousands) |
|
|
Three Months Ended March 31, |
|
2022 |
|
2021 |
Net loss |
$ |
(36,211 |
) |
|
$ |
(14,205 |
) |
Adjusted to exclude the
following: |
|
|
|
Depreciation and amortization |
|
1,016 |
|
|
|
1,230 |
|
Change in fair value of warrants and derivative instruments |
|
4,194 |
|
|
|
786 |
|
Interest income (expense) |
|
3,026 |
|
|
|
116 |
|
Other income (expense) |
|
(19 |
) |
|
|
11 |
|
Stock-based compensation |
|
5,180 |
|
|
|
375 |
|
One-time costs(1) |
|
654 |
|
|
|
721 |
|
Adjusted
EBITDA |
$ |
(22,160 |
) |
|
$ |
(10,966 |
) |
(1) One-time costs represent non-recurring
consulting and advisory costs with respect to the business
combination and other debt financing transactions.
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