Boxed, Inc. (NYSE: BOXD) Announces First Quarter 2022 Financial Results

Gross Merchandise Value (“GMV”) Increased YoY by 19.2% to $53.4 million
Retail Net Revenue per Active Customer Increased YoY by 32.4% to $276
Net Revenue Increased YoY by 14.1% to $46.6 million
First Quarter YoY Gross Profit Growth of 23.7%
Maintains Fiscal Year 2022 Guidance

NEW YORK, May 10, 2022 — Boxed, Inc. (NYSE: BOXD) (“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 first quarter ended March 31, 2022.

“We are reporting strong results to start 2022, with growth re-accelerating and a host of exciting developments underway across both our Retail and Software & Services segments,” said Chieh Huang, Co-Founder and Chief Executive Officer. “B2B demand continued to strengthen in the quarter as offices re-open across America. Also, in this inflationary environment, we are proud to deliver bulk-sized cost-savings and convenience to our end-customers who may be struggling during this time. Finally, we remain focused on investing in the advancement of our technology, which will support growth of our Software & Services business across the globe.”

Recent Business Highlights

  • Technology Enhancements: Boxed recently deployed its “payment on delivery” functionality, which supports a critical retailer need in certain emerging markets due to buying tendencies among customers in those regions. Recently launched in AEON Malaysia, this feature will meaningfully enhance the Company’s Software & Services offering as Boxed looks to expand across the South-East Asia and the Middle East & North Africa regions.
  • Enhanced Service and Margin Expansion: Boxed is expanding its commercial relationship with FedEx. The new agreement will support improved service levels to Boxed end-customers by leveraging the FedEx Home network’s 7-day per week service offering, while also yielding transportation cost savings, enabling further Retail scalability and helping combat inflationary pressures.
  • Increasing Brand Awareness: Based on the Company’s ongoing survey results, aided brand awareness of Boxed has approximately doubled during the first quarter of 2022 compared to levels seen throughout 2021, signaling the positive impact of the Company’s increased investment in brand marketing.
  • Leadership Expansion: Boxed expanded its leadership team through the addition of industry veterans across key positions, including General Counsel, Chief People Officer, and Chief Revenue Officer. Of these key hires, all identify as female and two of the three identify as minorities, illustrating Boxed’s continued commitment to diversity and inclusion.
  • ESG Efforts Focused on Ukrainian Relief: Boxed is supporting Ukrainian relief efforts as the Company donated 100% of Retail order profits over a two-day period in March, and is actively working to enable associated storage and supply chain assistance out of its Union, New Jersey fulfillment center.

First Quarter Financial Results and Commentary

  • Net revenue was $46.6 million for the first quarter, an increase of $5.8 million, or 14.1%, versus the prior year period, supported by rapid year-over-year Software & Services growth combined with strengthening B2B customer demand in Retail.
    • Software & Services net revenue was $2.2 million, an increase of $1.2 million, or 127.1%, versus the prior year period.
    • Retail net revenue was $44.4 million, an increase of $4.5 million, or 11.3%, versus the prior year period, supported by increased B2B customer demand, greater marketing investment, and increased customer engagement.
  • Gross profit of $6.1 million for the first quarter increased $1.2 million, or 23.7%, versus the prior year period. Gross margin was 13.1% for the first quarter, an increase of 101 basis points from the prior year period, primarily due to an increase in net revenue mix from the higher-margin Software & Services segment.
  • Net loss was $36.2 million for the first quarter, compared to a net loss of $14.2 million in the prior year period.
  • Adjusted EBITDA was a loss of $22.2 million for the first quarter, compared to a loss of $11.0 million in the prior year period. Increased gross profit was offset by higher growth-related and public company-related investments, including advertising, staff, insurance costs, and professional services costs.
    • Advertising Expenses for the first quarter were $11.7 million, an increase of $6.0 million versus the prior year period. As marketing investment sustains at higher levels, the Company expects the investment to help support Retail Active Customer growth, customer retention, and continued increases in brand awareness during 2022.
  • GMV was $53.4 million for the first quarter, an increase of $8.6 million, or 19.2% versus the prior year period. The increase was largely attributable to accelerating B2B customer demand, as B2B customer GMV increased by 65.4% compared to the prior year period, combined with increases in GMV from MaxDelivery and our Software & Services customer base.
  • Retail Average Order Value (“AOV”) was $130 for the first quarter, an increase of $19, or 16.6%, versus the prior year period. The increase was attributable to an increase in B2B order mix, expanding assortment, and ongoing price optimizations.
  • Retail Net Revenue per Active Customer (“RPAC”) was $276, an increase of $67, or 32.4%, compared to the prior year period, as higher Retail AOVs were coupled with increasing customer order frequency, both supported by growth in B2B customer demand.

For more information on Retail Active Customers, Retail AOV, RPAC, and GMV, please refer to the section on “Operating Metrics” below.

The Company’s total cash balance as of March 31, 2022 was $72.7 million, inclusive of $2.8 million in restricted cash. Total debt principal outstanding was $132.5 million, of which $87.5 million relates to the PIPE Convertible Notes. As of March 31, 2022, the Company also had $58.2 million in receivables related to the Forward Purchase Agreement entered into in connection with its business combination. The timing and terms of any recoupment of the receivables (or some portion thereof) are influenced by the Company’s stock price performance over the next 18 months.

Fiscal Year 2022 Outlook
Boxed is maintaining its previously provided guidance for Fiscal Year 2022, and providing additional disclosure for its Software & Services Segment:

  • Total Net Revenue of $220 to $245 million, reflecting a range of 24% and 38% YoY growth.
  • Total Software & Services Revenue of $15 to $23 million.
  • Total Adjusted EBITDA loss of $70 to $80 million.

For more information on Adjusted EBITDA, a financial measure that is not presented in accordance with generally accepted accounting principles (“GAAP”), please refer to “Non-GAAP Financial Measures” below.

Conference Call Information
Boxed will host a conference call and webcast today at 4:30 p.m. ET to discuss the results. The live webcast can be accessed on the Boxed Investor Relations website at under “Events & Presentations”. The webcast will also be archived and available for replay. Investors interested in participating in the live call can dial 844-200-6205 from the U.S. and 929-526-1599 internationally, and enter code 530631.

About Boxed
Boxed is an e-commerce retailer and an e-commerce enabler. The Company operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a “big-box” store membership. This service is powered by the Company’s own purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed further enables e-commerce through its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology. The Company aspires to make a positive social impact with an emphasis on good Environmental, Social and Governance (“ESG”) practices, and as such, has developed a powerful, unique brand, known for doing right by its customers, employees and society. For more information, please visit

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