certain debt instruments, gains/losses from the remeasurement of derivative liabilities, and the effects of purchase accounting adjustments in connection with prior period acquisitions.
At June 30, 2023, Boxlight had $15.6 million in cash and cash equivalents, $64.8 million in working capital, $37.8 million in inventory, $182.3 million in total assets, $47.2 million in debt, net of debt issuance costs, $50.9 million in stockholders’ equity, 9.5 million common shares issued and outstanding, and 3.1 million preferred shares issued and outstanding.
Financial Results for the Six Months Ended June 30, 2023
Total revenues for the six months ended June 30, 2023 were $88.2 million as compared to $110.2 million for the six months ended June 30, 2022, resulting in a 19.9% decrease. The decrease in revenues was primarily due to a lower sales volume across all markets and a decrease in foreign exchange rates during the first half of 2023 as compared to the first half of 2022.
Cost of revenues for the six months ended June 30, 2023 were $55.3 million as compared to $80.8 million for the six months ended June 30, 2022, resulting in a 31.6% decrease. The decrease in cost of revenues was attributable to the decrease in units sold, along with lower manufacturing and shipping costs in the first half of 2023 compared to the first half of the prior year.
Gross profit for the six months ended June 30, 2023 was $33.0 million as compared to $29.5 million for the six months ended June 30, 2022, an increase of 12.0%. The gross profit margin was 37.4% for the six months ended June 30, 2023 and 26.7% for the six months ending June 30, 2022. The increase in gross profit is primarily related to the decrease in manufacturing and shipping costs noted above.
Total operating expenses for the six months ended June 30, 2023 were $31.1 million as compared to $32.0 million for the six months ended June 30, 2022. The decrease can be attributed primarily to a decrease in stock compensation expense.
Other expense, net for the six months ended June 30, 2023 was $5.3 million as compared to other expense, net, of $2.3 million for the six months ended June 30, 2022, representing an increase of $3.0 million. The increase was primarily due to a $1.7 million change in the fair value of derivative liabilities from the prior year period, a $0.9 million gain recognized upon the settlement of certain debt obligations in the prior year, and a $0.5 million increase in interest expense.
The Company reported a net loss of $3.7 million for the six months ended June 30, 2023 as compared to a net loss of $4.8 million for the six months ended June 30, 2022.
The net loss attributable to common shareholders was $4.4 million and $5.5 million for the six months ended June 30, 2023 and 2022, respectively, after deducting fixed dividends paid to Series B preferred shareholders of $635 thousand in both years.
Total comprehensive loss was $1.5 million and $11.2 million for the six months ended June 30, 2023 and 2022, respectively, reflecting the effect of cumulative foreign currency translation adjustments on consolidation, with the net effect year to date of $2.3 million gain and $6.4 million loss for the six months ended June 30, 2023 and 2022, respectively.
EPS loss for the six months ended June 30, 2023 was ($0.47) per basic and diluted share, compared to ($0.67) per basic and diluted share for the six months ended June 30, 2022.
EBITDA for the six months ended June 30, 2023 was $6.4 million, as compared to $4.4 million EBITDA for the six months ended June 30, 2022.
Adjusted EBITDA for the six months ended June 30, 2023 was $8.7 million, as compared to $6.4 million for the six months ended June 30, 2022. Adjustments to EBITDA include stock-based compensation expense, gains/losses recognized upon the settlement of certain debt instruments, gains/losses from the remeasurement of derivative liabilities, and the effects of purchase accounting adjustments in connection with acquisitions.