BOXABL Inc. Reports $13.6 Million Net Loss Amid Merger Transition

BOXABL Inc., formerly known as FG Merger II Corp., reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net loss of $13.6 million for the six months ended June 30, 2026, compared to a net income of $897,385 during the same period in 2025. This shift is attributed to increased general and administrative expenses, which rose to $4.8 million from $210,395 year-over-year, and substantial losses related to a forward purchase agreement liability, which totaled approximately $9.7 million. The company’s cash and cash equivalents decreased to $86,887 from $486,900 at the end of the previous fiscal year, reflecting a significant reduction in liquidity.

The filing also highlighted operational changes following the completion of a merger with BOXABL Inc. on July 17, 2026. This merger, which was finalized after several amendments to the original agreement, resulted in BOXABL becoming a wholly-owned subsidiary of FG Merger II Corp., which subsequently changed its name to BOXABL Inc. The merger consideration was valued at approximately $3.5 billion, with BOXABL stockholders receiving shares of the combined company. Following the merger, BOXABL's Class A Common Stock began trading on the Nasdaq under the ticker symbol "BXBL" on July 20, 2026.

In terms of operational metrics, the company reported a significant increase in liabilities, with total current liabilities rising to $14.4 million from $194,918 at the end of 2025. This increase was primarily due to accounts payable and the forward purchase agreement liability. The company also noted that it had 8 million shares subject to possible redemption, reflecting the ongoing adjustments related to the merger and stockholder redemptions. The total stockholders' equity showed a deficit of $14.2 million as of June 30, 2026, compared to a positive equity of $389,529 at the end of the previous fiscal year.

Looking ahead, BOXABL Inc. anticipates that its existing liquidity, combined with the net proceeds from the merger and cash generated from product sales, will be sufficient to meet its cash needs for the next twelve months. However, the company acknowledged that its future capital requirements will depend on various factors, including revenue growth and spending on sales and marketing efforts. The management expressed confidence in the potential for growth following the merger, although it also noted the inherent uncertainties and risks associated with achieving its business objectives.

Overall, BOXABL Inc.'s latest financial report reflects a transitional phase marked by significant operational changes and financial adjustments following the merger, with a focus on establishing a foundation for future growth in the modular construction market.