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Boxed, Inc.

boxed.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 9, 2022. Its latest SEC filing is a 8-K from May 2, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells bulk household and office supplies online to households and businesses, and licenses online-shopping software to retailers.

How Did They Make Money?

Households and businesses buy goods through Boxed’s online store, with sales counted when delivered; members pay a recurring membership fee. Vendors pay for marketing tied to processed orders, while software customers buy licenses and services, with license fees at launch and support fees over the contract term.

FY2021 revenue

Who Were Their Customers?

Households and businesses buy bulk goods through Boxed’s website and app. Vendors use its platform for advertising and customer insights, and enterprise retailers can license its software.

Did Revenues Turn Into Profits?

No. It lost $69.2M in FY2021.

Operating income, FY2021
−28% of revenue
▲ +71% (Loss) vs FY2020 (−$28.7M, −15%)
Net income, FY2021
−39% of revenue
▲ +101% (Loss) vs FY2020 (−$34.4M, −18%)
Free cash flow, FY2021
−31% of revenue
▲ +113% (Loss) vs FY2020 (−$25.6M, −14%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▼ −15%
vs $49M in Q3 FY2021
Net income
▲ +345% (Loss)
vs −$5.9M in Q3 FY2021
  • May 2, 2023 Sold Spresso software business; CEO departed The sale closed May 1, 2023, for $26,250,000 in credit against debt; Chieh Huang left the company.
  • Apr 11, 2023 Agreed to sell Spresso software business The agreement provided for a $26,250,000 credit bid against debt and required bankruptcy court approval.
  • Apr 4, 2023 NYSE began delisting proceedings for Boxed common stock Trading was suspended after the company filed for Chapter 11.
  • Apr 3, 2023 Boxed filed for Chapter 11 and began winding down retail The company planned to sell Spresso while closing its remaining retail operations.

Held flat. Revenue was $177.3M in FY2021, about the same as the $174M of FY2019.

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