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.
•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.