SEGMENTS
Information about our Company’s operations by operating segment is shown in the following tables (in thousands):
Year Ended
December 31, 2025
AmericasEMEARest of World
Eliminations and Adjustments (1)
Total
Revenues, net$51,717 $58,355 $1,185 $(2,011)$109,246 
Less (2)
Cost of sales37,499 39,123 421(1,426)75,617 
Segment gross profit14,218 19,232 764 (585)33,629 
Less (2)
General and administrative expenses19,830 15,230 394035,454 
Depreciation and amortization2,629 7,651 0010,280 
Research and development expenses4,129 800 0(660)4,269 
Interest expense9,726 306 — — 10,032 
Income tax (benefit) expense(1,239)319 — — (920)
Other segment items (3)
(678)(739)(262)(1,676)
Net Loss$(20,179)$(4,335)$367 $337 $(23,810)
(1) Eliminations and adjustments represent net sales between the Americas, EMEA and Rest of World segments. Sales between these segments are generally valued at market.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker.
(3) Other Segment items for reach reportable segment includes:
Research and development - consists primarily of personnel related costs, prototype and sample costs, design costs, and global product certifications mostly for wireless certifications.
Other Expense - consists of interest expense associated with our debt financing arrangements, (gains) or losses on settlements of debt, and the effects of changes in the fair value of derivative liabilities.



Year Ended
December 31, 2024
AmericasEMEARest of World
Eliminations and Adjustments (1)
Total
Revenues, net$65,514 $73,858 $593 $(4,072)$135,893 
Less (2)
Cost of sales41,024 50,770 399 (3,241)88,952 
Segment gross profit24,490 23,088 194 (831)46,941 
Less (2)
General and administrative expenses25,295 16,043 418 — 41,756 
Depreciation and amortization4,338 16,164 20 20,529 
Research and development expenses4,140 775 — (789)4,126 
Interest expense10,243 — — 10,252 
Income tax (benefit) expense(2,430)585 -64— (1,909)
Other segment items (3)
(149)594 — 77 $522 
Net Loss$(16,947)$(11,082)$(167)$(139)$(28,335)
(1) Eliminations and adjustments represent net sales between the Americas, EMEA and Rest of World segments. Sales between these segments are generally valued at market.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker.
(3) Other Segment items for reach reportable segment includes:
Research and development - consists primarily of personnel related costs, prototype and sample costs, design costs, and global product certifications mostly for wireless certifications.
Other Expense - consists of interest expense associated with our debt financing arrangements, (gains) or losses on settlements of debt, and the effects of changes in the fair value of derivative liabilities.
December 31,
2025
December 31,
2024
Identifiable Assets
Americas$40,329 $50,318 
EMEA55,833 63,863 
Rest of World1,381 1,124 
Total Identifiable Assets$97,543 $115,305 
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Historical Timeline

Fiscal YearFiled
2025Apr 15, 2026Showing above
2024Mar 28, 2025
2023Mar 14, 2024

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.