Boxabl, The Startup That Made Elon Musk’s Tiny Home, Reports $7 Million Revenue Jump After Releasing First Half 2022 Financials

Coming off a record-breaking $75 million equity crowdfunding campaign on StartEngine, Boxabl recently released its financials for the first half of 2022.

A point of contention throughout the fundraising process was its valuation. The startup went into its nine-figure fundraising efforts with a roughly $3 billion valuation and very little revenue on the books.

While this isn’t unheard of, it can make investors uneasy knowing how much ground the company has to make up before it breaks even. Fortunately, investors might have just gotten their first glimpse into the company’s momentum following the release of its 2022 financials.

The company’s financials showed $7.6 million in revenue for the first six months of 2022 and an overall net loss of $31 million. It has a strong cash position of over $56 million and over $74 million in total assets with very few liabilities. Many investors might be balking at the $31 million loss, and that’s understandable, but it’s important to give context to the numbers.

Throughout 2022, Boxabl finished its Factory 1 and continually improved it with new machinery to improve efficiency. Boxabl has since signed a lease and begun building its second factory.

There will be continued substantial upfront costs as the company turns its focus to its announced billion-dollar giga-factory. As Boxabl ramps up its production efforts from these investments in manufacturing capacity, it’s likely those numbers will slowly turn more favorably over time, including increased revenue and decreased costs.

What is Boxabl?

Boxabl is a manufacturer of tiny homes, known as Casitas that can be stacked and set up in about an hour.

The company made headlines earlier this year when it came out that Elon Musk purchased a Boxabl himself and rumors suggested that the prefab house was his primary residence. It turns out, however, that the $50,000 foldable house is actually being used as Musk’s guest house.

The company has raised on several crowdfunding platforms, including most recently on StartEngine, a leading equity crowdfunding platform.

StartEngine hosts hundreds of top startups like GameFlip and TruBrain, which anyone can invest in on the ground floor in hopes of a future initial public offering (IPO). As Boxabl seemingly wraps up its ongoing equity crowdfunding efforts, it’s likely to focus on growth. In recent months, the company has announced deals with the Las Vegas Motor Speedway and other innovative ways the company is using the houses.