Fourth Quarter and Annual Financial and Operating Highlights:
- Total revenue for the fourth quarter of 2023 was
$781,156 as compared to$1,068,158 for the same period in 2022. Revenue for the year endedDecember 31, 2023 was$3,106,026 as compared to$4,959,109 for the prior year period. - Fourth quarter 2023 revenue increased 7.2% compared to revenue in the third quarter of 2023 of
$728,468 . - Operating expenses were
$1,397,837 in the fourth quarter of 2023 as compared to$1,717,464 for the same period in 2022. For the year endedDecember 31, 2023 operating expenses were$6,737,505 as compared to$7,424,256 for the year endedDecember 31, 2022 and included$971,602 in stock-based compensation. - Executed a binding LOI with Evtec in November of 2023 which resulted in
$575,000 in extension fees and expense reimbursements to Blackbox and up to an additional$400,000 in working capital in March and April of 2024. - Executed a Share Exchange Agreement with Evtec Aluminum whereby Blackbox would retain approximately 26.7% of the equity of the combined company.
- Adjusted EBITDA was
$(559,028) and$(1,034,565) for the three months endedDecember 31, 2023 and 2022, respectively. Adjusted EBITDA for the year endedDecember 31, 2023 and 2022 was$(3,225,199) and$(4,040,838) , respectively.
- We have now stabilized the revenue from our core platform and significantly reduced our operating expenses.
- As announced, we executed a Share Exchange Agreement with Evtec Aluminum and intend to acquire
Evtec Automotive Ltd. /Evtec Group , of which we currently own approximately 13%. We expect to consummate the merger with Evtec Aluminum within the next three months pendingSEC and Nasdaq approval. - We are also in late-stage discussions to enter into a strategic marketing partnership with a company in the financial publishing and education sector to leverage and increase the growth of our core Blackbox product.
- We have completed development for our exciting new product StockNanny which we are planning to launch in Q2 of this year.
As we work through multiple strategic and operating initiatives, I am confident that our stockholders will be well rewarded for their faith in our company.”
Summary financial data is presented in the tables below. Please see the Company’s Annual Report on Form 10-K filed with the
About
Safe Harbor Statement
Our prospects here at Blackbox stocks are subject to uncertainties and risks. This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business, and reflect our beliefs and assumptions based upon information available to us at the date of this press release. In some cases, you can identify these statements by words such as “if,” “may,” “might,” “will, “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” and other similar terms. These forward-looking statements include, among other things, plans for proposed operations, descriptions of our strategies, our product and market development plans, and other objectives, expectations and intentions, the trends we anticipate in our business and the markets in which we operate, and the competitive nature and anticipated growth of those markets. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors including, but not limited to, the risks and uncertainties discussed in our other filings with the
Disclosure of Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in
We refer to the term “EBITDA” in various places of our financial discussion. EBITDA is defined by us as net income (loss) from continuing operations before interest expense, income tax, depreciation and amortization expense and certain non-cash expenses including stock-based compensation. EBITDA is not a measure of operating performance under GAAP and therefore should not be considered in isolation nor construed as an alternative to operating profit, net income (loss) or cash flows from operating, investing or financing activities, each as determined in accordance with GAAP. Also, EBITDA should not be considered as a measure of liquidity. Moreover, since EBITDA is not a measurement determined in accordance with GAAP, and thus is susceptible to varying interpretations and calculations, EBITDA, as presented, may not be comparable to similarly titled measures presented by other companies.
Contacts:
Investors@blackboxstocks.com
PCG Advisory
jramson@pcgadvisory.com
-Tables Follow-
Summary Balance Sheet Data | ||||||||
As of | ||||||||
Assets | ||||||||
Cash | $ | 472,697 | $ | 425,578 | ||||
Marketable securities | 2,955 | 3,216,280 | ||||||
Other current assets | 531,837 | 265,197 | ||||||
Total current assets | $ | 1,007,489 | $ | 3,907,055 | ||||
Property and equipment, net | $ | 396,651 | $ | 428,726 | ||||
Investments | 8,424,000 | - | ||||||
Total assets | $ | 9,828,140 | $ | 4,335,781 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 842,404 | $ | 730,099 | ||||
Unearned subscriptions | $ | 1,295,514 | $ | 1,022,428 | ||||
Other current liabilities | $ | 66,431 | $ | 71,615 | ||||
Note payable, current portion | $ | 28,064 | $ | 28,733 | ||||
Total current liabilities | $ | 2,232,413 | $ | 1,852,875 | ||||
Long term liabilities: | ||||||||
Note payable, net of current portion | $ | 11,550 | $ | 39,614 | ||||
Lease liability right of use, long term | $ | 287,417 | $ | 265,639 | ||||
Total long term liabilities | $ | 298,967 | $ | 305,253 | ||||
Total stockholders' equity | $ | 7,296,760 | $ | 2,177,653 | ||||
Total liabilities and stockholders' equity | $ | 9,828,140 | $ | 4,335,781 |
Summary Statements of Operations | ||||||||||||||||
For the Years Ended | ||||||||||||||||
For the three months ended | For the year ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | 781,156 | $ | 1,068,158 | $ | 3,106,026 | $ | 4,959,109 | ||||||||
Cost of revenue | 463,658 | 508,499 | 1,666,192 | 2,080,879 | ||||||||||||
Gross margin | $ | 317,498 | $ | 559,659 | $ | 1,439,834 | $ | 2,878,230 | ||||||||
Operating expenses: | 1,397,837 | 1,717,464 | 6,737,505 | 7,424,256 | ||||||||||||
Operating loss | $ | (1,080,339 | ) | $ | (1,157,805 | ) | $ | (5,297,671 | ) | $ | (4,546,026 | ) | ||||
Other (income) expense | (382,491 | ) | (4,907 | ) | (633,216 | ) | 473,856 | |||||||||
Net loss | $ | (697,848 | ) | $ | (1,152,898 | ) | $ | (4,664,455 | ) | $ | (5,019,882 | ) | ||||
Adjusted EBITDA | $ | (559,028 | ) | $ | (1,034,565 | ) | $ | (3,225,199 | ) | $ | (4,140,195 | ) | ||||
Adjusted EBITDA Calculation | ||||||||||||||||
Net loss | $ | (697,848 | ) | $ | (1,152,898 | ) | $ | (4,664,455 | ) | $ | (5,019,882 | ) | ||||
Adjustments: | ||||||||||||||||
Depreciation and amortization expense | 11,113 | 6,082 | 43,410 | 22,728 | ||||||||||||
Interest and financing expense | 111 | 18,976 | 633 | 145,138 | ||||||||||||
Investment (income) loss | 3,638 | (23,883 | ) | (58,849 | ) | 328,718 | ||||||||||
Stock based compensation | 123,958 | 117,158 | 1,454,062 | 482,460 | ||||||||||||
Total adjustments | $ | 138,820 | $ | 118,333 | $ | 1,439,256 | $ | 979,044 | ||||||||
Adjusted EBITDA | $ | (559,028 | ) | $ | (1,034,565 | ) | $ | (3,225,199 | ) | $ | (4,040,838 | ) |
Source:
2024 GlobeNewswire, Inc., source