Boxabl, the North Las Vegas firm that makes tiny homes in a factory, is now a publicly traded company.
Shares of Boxabl started trading Monday on the Nasdaq under the ticker symbol BXBL and closed the session at $9.82. Stock trackers showed mixed results on the overall performance, though.
Nasdaq and The Wall Street Journal both showed an increase of $1.52, or 18.31 percent, while Yahoo Finance showed a drop of $1.70, or 14.75 percent, as it put the opening price at $11.52.
Boxabl went public through a combination with an existing publicly traded special-purpose acquisition company.
Shares in that entity closed at $8.30 on Friday, and the announcement of the completed combination was sent out after the market closed that day, said Boxabl chief of staff Alexis Bulloch, in an email to the Las Vegas Review-Journal.
Launched in 2017, Boxabl says that it has built more than 800 homes and that it raised more than $230 million from 50,000-plus investors before its shares began trading on the Nasdaq.
“The housing market is broken, and nobody was going to fix it,” Boxabl Chairman Paolo Tiramani said in a news release Friday. “So, we built the factory, engineered the product, and now will have access to the public markets.”
According to that release, Boxabl was valued at $3.5 billion.
Financial losses ‘likely to continue’
Led by co-CEOs Tiramani and his son Galiano Tiramani, the modular homebuilder has also been in the red since its founding and warned these losses were “likely to continue” as it keeps increasing production, according to filings with the Securities and Exchange Commission.
Plus, it recently reported that its “continuing viability” depended on the success of its ongoing efforts to boost revenue or secure additional capital.
Boxabl builds homes in a manufacturing complex at the intersection of Tropical and Centennial parkways in the northeast valley. Its products include the Casitas lineup, with a 361-square-foot studio and a one- or two-bedroom unit that both span 722 square feet.
As seen in its catalog online, its other configurations include a one-story, 1,400-square-foot home and a two-story, 2,400-square-foot house with an attached two-car garage.
The company says that it has developed patented folding and shipping technology enabling truck delivery, and that its flagship product, the studio, has a kitchen, bathroom and utilities and is designed to unfold on-site in less than an hour.
As of mid-May, according to an SEC filing, Boxabl had manufactured 806 Casitas and delivered 318 in 10 states. Plus, 271 units were under contract at the time.
Nonetheless, the company has not been profitable.
‘Continuing viability’
Boxabl reported a net loss of about $57.5 million for 2025 and a net loss of around $50.9 million for 2024, a securities filing shows.
“We have operated at a loss since inception, and these losses are likely to continue” as the company keeps increasing production, expanding its facilities and developing its manufacturing processes, Boxabl said in an SEC filing dated May 13.
Two days later, Boxabl said in another SEC filing, “Substantial doubt about the Company’s ability to continue as a going concern exists.”
It added: “Absent additional action, the Company will require additional liquidity to continue operations over the next 12 months.”
The company said that its “continuing viability” depended on the success of its continued efforts to increase revenue or access additional sources of capital.
Its plan to address this included “continued exercise of tight controls to conserve cash,” accelerating sales and deliveries, and raising funds through equity financing.
Boxabl reported a net loss of nearly $7.6 million for the three months ending March 31, down from a net loss of almost $10.3 million during the same period last year.
It also reported an accumulated deficit of $783.6 million as of March 31.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
