Company Summary: Boxabl Inc.

Business Overview

• Industry: Modular Building Construction / Prefabricated Homes
• Core Innovation: Develops and manufactures a revolutionary building system called the “Building Box,” composed of prefabricated room modules (“Boxes”) that can be shipped, stacked, and connected to create various building styles, primarily residential and commercial.
• Technology: Patented folding design allows large room modules to fit within standard shipping dimensions, enabling cost-effective transportation across roads, sea, and rail. Factory assembly improves safety and quality, significantly reducing on-site construction time and costs.
• Mission: To modernize building construction by streamlining manufacturing, reducing costs, speeding up project timelines, and achieving sustainable practices with lower carbon footprints.

Product Offerings

• Casita: Flagship product introduced in 2020.
  • Size: 19x19 ft. (361 sq ft); folds to 8.5 ft wide for shipping.
  • Features: Full kitchen, bedroom, bathroom, living area, pre-wired, pre-plumbed.
  • Price: $60,000 (about $166/sq ft).
• Additional Configurations:
  • 722 sq ft (connecting two Casitas).
  • Expanded two-bedroom and one-bedroom models.
  • Number Manufactured (as of December 31, 2024): 696 Casitas.
  • Delivered: 270 Casitas, including 156 units shipped to ADS Inc. and 18 Park Model RV Casitas.
• New Products:
  • Phase 2 Modular Building System (launched prototypes in January 2025): Various dimensions (20x20, 20x30, 20x40 ft.) with stacking/connectivity, targeting larger and customizable building types like single-family homes, townhouses, low-rise apartments.
  • Baby Box: 120 sq ft towable RV with factory-installed kitchen and bathroom, designed for off-grid, temporary accommodation.
    • Pre-orders as of March 31, 2025: 373.
    • Non-refundable pre-order fees collected: $74,600.

Market & Market Size

• Target Markets:
  • ADU (Accessory Dwelling Units): $3.3 billion in 2023, projected to grow to $10.6 billion by 2030.
  • Modular Construction Market in US: $10.5 billion in 2022, expected to reach $19.2 billion by 2030.
  • Residential Construction: $5.5 trillion in 2024, projected to grow to $7.7 trillion by 2030.
  • Recreational Vehicle Market: $35.9 billion in 2024, expected to grow to $53.2 billion by 2030.
• Use Cases: Residential, commercial, disaster relief housing, mid-rise multi-family, military, labor housing, off-grid living, temporary accommodations.

Business Strategy

• Focuses on regulatory approvals to expand sales geography.
• Building a network of 80 preferred dealers/installers across 11 states.
• Product certification and approval in states including Arizona, California, Nevada, New Mexico.
• Emphasizes on building manufacturing capacity with three leased facilities (~421,823 sq ft total) to meet demand.
• Developed a prototype of the Phase 2 Modular System for large orders, primarily targeting developers.
• Has entered pre-sales for Baby Box RV and new home configurations for ADU markets.

Financial Highlights

• Employees:

  • As of December 31, 2024: 72 direct employees, 58 indirect salaried, 31 indirect hourly, and 6 field hours.
  • As of March 31, 2025: Approximately 119 employees (reduction from 167 in December 2024).

• Revenue & Income:

  • FY 2024 Revenue: $3.4 million (primarily from Casita sales).
  • FY 2023 Revenue: $344 thousand.
  • Net Loss for FY 2024: $51.0 million.
  • Net Loss for FY 2023: $39.5 million.
  • Operating cash outflow in 2024: $38.4 million; in 2023: $35.6 million.
  • Gross margin was negative, with a gross loss of $11.6 million in 2024.

• Customer Base:

  • As of December 31, 2024:
    • 270 Casitas delivered.
    • 8,592 potential customers with deposits (~$3.6 million in customer deposits).
    • 42 units under contract with dealers and customers.
    • Major sales: 156 Casitas to ADS Inc.; 51 Casitas in total sold in 2024.

• Pre-Orders:

  • Casita: Started in 2020, with ongoing sales.
  • Baby Box (launched in January 2025): 373 pre-orders, $74,600 in pre-order fees collected.

• Market Capitalization:

  • As of December 31, 2024: approx. $974 million, based on current offering prices under Regulation A.

Intellectual Property

• Holds patents covering the structural and transportation technology of the foldable, mobile buildings.
• Owned patents include equipment, methods, and structural patents in the US and internationally, developed through the merger with Build IP.

Regulatory & Certification

• Approved as modular homes or Park Model RVs in multiple states:
  • Approved in Arizona, California, Nevada, New Mexico.
• Deals with county and state agencies for compliance.
• Works with third-party inspectors to achieve certifications.
• Plans to expand certifications across additional states and regions with different standards.

Summary

Boxabl Inc. manufactures innovative, prefabricated modular homes using patented folding and shipping technology, enabling efficient, low-cost, high-quality construction. It has produced 696 units by late 2024 and delivered 270. The company is expanding product offerings, manufacturing capacity, and dealer networks to accelerate sales, primarily targeting the ADU and RV markets, with significant potential due to market size growth projections. Its fiscal 2024 revenue was $3.4 million, but it reported a net loss of $51 million amid ongoing investment and capacity expansion.