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Boxed, Inc. (BOXD) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

BOXD Annual Reports

  • 10-K Annual Report March 2022

Boxed, Inc.

CIK: 1828672 Ticker: BOXD
Exhibit 99.1
Boxed, Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results
Completion of Business Combination in December 2021 Delivering Liquidity to Support Growth Investments
Successful Software & Services Launch Generates $20.3 Million in Fiscal Year 2021 Net Revenue
Fourth Quarter YoY Gross Profit Growth of 50.4%
Fourth Quarter YoY Average Order Value Increased by 11.5% to $131


New York, March 15, 2022 – 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 fourth quarter and fiscal year ended December 31, 2021.

“I am proud of how the entire Boxed team executed this year. Even in light of all the focus we put into our go-public process, we are pleased to be announcing results in line with the forecast released in October 2021,” said Chieh Huang, Co-Founder and Chief Executive Officer of Boxed. “With $105 million of cash on our balance sheet at year end, we are making strategic investments to fuel growth. We are investing in our B2C and B2B platforms to drive customer acquisition, further enhance our loyalty programs, and broaden our product assortment; we are also investing in our Software & Services business to help make the world’s e-commerce market more efficient through our advanced technology.”

Recent Business Highlights
Software & Services
AEON: On September 9, 2021, Boxed and AEON Co., Ltd. (“AEON”), one of the largest retailers in Asia, announced the launch of the Company’s end-to-end software and services platform in the Malaysian market with "myAEON2go", AEON's new e-commerce storefront, powered by Boxed's proprietary technology. Boxed and AEON are currently in discussions to expand the partnership in other AEON Asian markets.
Google Cloud: On December 9, 2021, Boxed announced it was deepening its partnership with Google Cloud to drive innovation throughout its platform and continuously improve the Boxed customer buying experience through enhanced personalization, and faster supply and demand planning services. Through the partnership, the Company is bringing the power of Google's services to the Boxed platform and Software & Services customers across the globe.
Retail
MaxDelivery: On December 9, 2021, Boxed closed its acquisition of substantially all the assets and operations of MaxDelivery, LLC ("MaxDelivery"), one of New York’s first on-demand grocery delivery services. The acquisition marks Boxed’s entry point into the rapidly growing fast-grocery delivery space and broadens the Company’s fresh grocery and dark-store fulfillment capabilities. MaxDelivery will also become a client of Boxed’s Software & Services business, adopting its proprietary commerce technology to help enable scalability of its operations, and expansion into additional markets.
Expansion of Assortment through Third Party Marketplace: By the end of the fourth quarter of 2021, approximately 1,000 unique marketplace SKUs were sold by third-party sellers on the Boxed Retail platform, which increased from approximately 200 SKUs sold in the fourth quarter of 2020. The Company's marketplace offering broadens its assortment to provide a more holistic experience for customers, which it expects will help support improved conversion rates and long-term retention.


The following information was filed by Boxed, Inc. (BOXD) on Tuesday, March 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Convertible Preferred Stock And Stockholders??? Deficit
Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Schedule Of Allocations Of The Purchase Price (Details)
Acquisitions - Schedule Of Business Acquisition, Pro Forma Information (Details)
Acquisitions- Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Future Minimum Rental Commitments (Details)
Convertible Notes
Convertible Notes (Details)
Debt
Debt (Tables)
Debt - Aggregate Principal Maturities Of Debt (Details)
Debt - Amounts Outstanding Under Long Term Debt (Details)
Debt - Narrative (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Description Of Business And Summary Of Significant Accounting Policies - Business Combination (Details)
Description Of Business And Summary Of Significant Accounting Policies - Narrative (Details)
Description Of Business And Summary Of Significant Accounting Policies - Property And Equipment, Net (Details)
Description Of Business And Summary Of Significant Accounting Policies - Reconciliation Of Elements Of The Business Combination (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Changes In Level 3 Financial Liabilities (Details)
Forward Purchase Agreement
Forward Purchase Agreement (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Loss Before Income Tax (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Net Loss Per Share - Schedule Of Computation Of Basic And Diluted Income (Loss) Per Share (Details)
Other Current Liabilities
Other Current Liabilities (Tables)
Other Current Liabilities - Components Of Other Current Liabilities (Details)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Tables)
Prepaid Expenses And Other Current Assets - Schedule Of Prepaid Expenses And Other Current Assets (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Assets And Liabilities (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Revenue Disaggregation (Details)
Revenue Recognition- Performance Obligations (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
Stock-Based Compensation - Schedule Of Stock Options Activity (Details)
Stockholders??? Deficit And Mezzanine Equity
Stockholders??? Deficit And Mezzanine Equity (Tables)
Stockholders??? Deficit And Mezzanine Equity - Narrative (Details)
Stockholders??? Deficit And Mezzanine Equity - Schedule Of Preferred Stock (Details)
Subsequent Events
Warrants
Warrants (Tables)
Warrants - Narrative (Details)
Warrants - Significant Inputs To The Warrant Valuation (Details)
Ticker: BOXD
CIK: 1828672
Form Type: 10-K Annual Report
Accession Number: 0001828672-22-000026
Submitted to the SEC: Tue Mar 15 2022 4:13:23 PM EST
Accepted by the SEC: Tue Mar 15 2022
Period: Friday, December 31, 2021
Industry: Retail Catalog And Mail Order Houses

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