BOXABL Inc. Annual Report: A Simple Breakdown

I’ve put together this guide to help you understand how BOXABL performed this year. My goal is to turn complex filings into clear information so you can decide if this company fits your investment goals.

1. The Big Picture

BOXABL is working to revolutionize construction by building modular homes, called "Casitas," in a factory setting. These homes ship like standard cargo and unfold on-site. The company is transitioning from a startup with a prototype to a full-scale manufacturer. They now focus on "turnkey" solutions, managing everything from the factory floor to final permits. By controlling the supply chain, they aim to turn a 12-month building project into a process that takes only days once the unit arrives.

2. The Numbers

As of March 2026, BOXABL has built 795 Casitas and delivered 312. They have 374 units under contract, representing $25.7 million in potential revenue. The company is currently funding growth by selling ownership stakes. With 3 billion shares outstanding, it is important to note that your "slice of the pie" is part of a very large total; as more shares are issued, your ownership percentage and potential earnings per share are diluted. The company reported a loss of $142 million in 2025, primarily driven by $88 million in research and factory development costs.

3. Wins & Challenges

• Wins: They expanded to four facilities in North Las Vegas, totaling over 421,000 square feet. They also transitioned to a "Phase 2" steel frame system. Steel is more cost-effective, easier to stack for multi-family apartments, and faster to get approved, which could lower production costs by 15%.
• Challenges: Sales cycles currently take 6 to 18 months to complete. In 2024, an installation issue in Arizona led to a state approval being revoked, which paused 45 deliveries. To mitigate risks associated with outside installers, the company is applying for its own dealer and manufacturer licenses in 32 states.

4. Financial Health

BOXABL is spending cash rapidly to automate their factories, with a burn rate of approximately $6.5 million per month. They plan to go public by merging with FG Merger II Corp, a move expected to bring in $110 million. They have brought all intellectual property in-house, eliminating the previous 5% revenue royalty paid to founders. They now utilize "all-inclusive" pricing—up to $210,000 for a two-bedroom unit—to bundle shipping and permits. They are targeting a 20% profit margin per unit once full automation is achieved.

5. The Risks

The business model is sensitive to regulatory hurdles; because they require state-by-state approvals, a single issue can stall sales in an entire region. They are also targeting developers, which requires significant upfront cash and carries the risk that a developer might default on a loan. Furthermore, their reliance on crowdfunding means they frequently issue new shares, which reduces your ownership percentage over time.

6. What’s Next

The company is diversifying its product line with the "Baby Box" (an RV) and the "Sanctuary" (emergency housing), which already has 150 pre-orders. They are implementing AI chatbots to streamline sales, reducing response times from 48 hours to under 5 minutes. Their goal is to convert 15% of their 180,000-person waitlist into contracts by late 2026. Success hinges on scaling these products while keeping factory costs low enough to reach a break-even point by late 2027.

Investor Note: When considering an investment in BOXABL, focus on their ability to secure state-by-state regulatory approvals and their progress toward factory automation. Because the company is currently in a high-growth, high-burn phase, monitor their cash reserves and the dilution impact of future share offerings to determine if the potential for long-term scaling aligns with your personal risk tolerance.