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Boxabl valuation implied at $3.5 billion despite $3.38 million revenue
The company reported a 2024 net loss near $51 million, with 2025 revenue forecasts and interim figures indicating limited scaling so far.
HousingWire reviewed Boxabl’s recent public-market transaction, saying it implies an enterprise value of about $3.5 billion based on 350 million shares valued at $10 each.
The outlet highlighted a major mismatch between the valuation and operating results, citing roughly $3.38 million in 2024 revenue and a gross loss of about $11.6 million, plus operating expenses near $41.1 million and a net loss attributable to common shareholders approaching $51 million.
HousingWire also pointed to reported or cited early-period figures showing limited commercial traction, including commentary that put first-half 2025 revenue at about $402,000 versus about $708,000 in the prior-year period, alongside a reported loss of about $41 million over those six months.
The outlet said that while the exact reporting periods matter for analysis, the broader conclusion is unchanged: a multibillion-dollar valuation is being assigned to a company still generating annual revenue in the low single-digit millions for a capital-intensive housing manufacturer.