Boxlight Corporation (NASDAQ:BOXL) is pursuing a roll-up strategy mostly in the interactive classroom technology solutions field. Since 2016, the company has closed nine acquisitions and, according to management on the most recent conference call, Boxlight is “currently evaluating several additional M&A targets that would result in either improving our product offering or expanding our geographic footprint“.

Unfortunately, the company is also known as a bad case of overpromise and underdeliver. After initially guiding FY2019 revenues to grow 25% to $47 million, the company ended the year with revenues of just $33 million, a 13% decrease from 2018 levels. Remember, these results were entirely unaffected by the ongoing COVID-19 pandemic.

MimioDisplay 3 - Interactive Touchscreen | Boxlight Mimio

Picture: Boxlight MimioDisplay 3 Interactive Touchscreen – Source: Company Website

FY2020 will likely see even weaker top-line results as COVID-19 causes customers to delay purchase decisions.

The poor business performance has resulted in substantial cash burn. Since Q1 2019,

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