Boxabl's first quarterly report is finally here. Here are the numbers buyers should read.

Background

Last week we reported that Boxabl had filed two late-filing notices, pushing its Q2 2026 quarterly report past its deadline with no committed date. On August 21, 2026, the 10-Q arrived on SEC EDGAR. The filing covers the three and six months ended June 30, 2026. Legacy BOXABL's operating results appear in Exhibit 99.2 of the filing; figures below are taken directly from those exhibits. All financial figures come from SEC filings; this article contains no investment opinion.

The production and delivery numbers

H1 2026 (January 1 – June 30, 2026):

• Revenue: $2.1 million — generated by 27 Casitas delivered to 11 customers
• H1 2025 comparison: $402,000 from 5 Casitas to 5 customers

Q2 2026 (April 1 – June 30, 2026):

• Revenue: $495,000 from 7 Casitas delivered to 4 customers
• Q2 2025 comparison: $279,000 from 4 Casitas to 4 customers

Units produced:

• H1 2026: 41 Casitas produced
• H1 2025: 35 Casitas produced
• Q2 2026: 15 produced (Q2 2025: 25)

Lifetime totals as of August 21, 2026:

• 846 Casitas manufactured since inception
• 335 Casitas delivered across 10 states
• 341 units currently under contract

Revenue concentration is high: the City of Henderson and Hideaway Inn together represented approximately 67% of H1 2026 revenue. The company launched an all-inclusive pricing model in April 2026 that bundles the unit, site preparation, foundation, and utility connections under a single contract; as of the filing date, approximately 9% of units under contract use this model.

The financial picture

Legacy BOXABL reported a net loss of $17.2 million for H1 2026, compared to $41.1 million for H1 2025. The year-over-year improvement is substantial, driven mostly by the non-recurrence of a one-time $8.3 million inventory write-down and $19 million reduction in sales-and-marketing spend (2025 expenses were inflated by fundraising advertising for the Regulation A close). Cost of goods sold was $9.3 million on $2.1 million of revenue, meaning Boxabl is still producing at a loss per unit — a pattern typical of early-stage manufacturing before volume-driven cost reduction takes hold.

Cash at June 30, 2026: $14.7 million (down from $29 million at December 31, 2025). Customer deposits held: $3.5 million.

Two disclosures buyers should read carefully

Going concern. The filing states that "prior to the consummation of the Business Combination, substantial doubt about the Company's ability to continue as a going concern exists." The Business Combination closed July 17, so this refers to the pre-merger Legacy BOXABL entity. The combined company's liquidity position following the merger is addressed separately. Still, this disclosure is material context: Boxabl used crowdfunding and preferred-stock sales as its primary financing mechanism before the SPAC deal, and the combined company will need continued funding to scale production.

Material weakness in internal controls. The filing discloses that internal controls over financial reporting are not effective, citing deficiencies in IT general controls (user access, change management), segregation of duties, and timely financial statement preparation. The company has engaged third-party consultants and hired a full-time CTO and is working on remediation; as of June 30, the weaknesses are not yet resolved. This does not mean the financial statements are misstated — management says the financials are prepared in accordance with GAAP — but it is a meaningful disclosure for anyone relying on the reported figures.

What improved that matters to buyers

• State coverage: California approval for both studio and 1-bedroom Casita configurations, plus Texas and Arizona certifications added in early 2026.
• Phase 2 Modular Building System (20' × 30' and 20' × 40' configurations) is in active R&D for multi-unit residential applications.
• Manufacturing lease extended for 63 months on Building 1 (174,250 sq ft) in North Las Vegas — a signal of operational continuity at the existing factory.
• The company is refocusing go-to-market on the California ADU market where it holds a Commercial Modular Manufacturer license, rather than broad national marketing.

How to use this as a buyer

The most useful number in this filing for a buyer is the delivery trend: 27 units in H1 2026 versus 5 in H1 2025. Production is growing, but the ratio between inventory on hand (376 units at June 30) and deliveries (27 in six months) tells you lead times are long and the order-to-installation pipeline is deep. If you are planning around a specific date, use that inventory and delivery rate, not the production-throughput marketing claim.

Read the full filing at EDGAR before placing a significant deposit. The Q2 filing is EDGAR accession number 0001493152-26-039614.