 Want to learn about stocks, cryptocurrencies, NFTs and the metaverse? Join RichTV.io Hi, how's everybody doing today? I'm your host Rich. Here we have a RichTV live with our very special guest, the CEO of Boxed Inc, Che Hwang. How are you doing today, Che? I'm doing well and I'm excited to be here, Rich. I'm very excited to have you on the show. And just so you know, the symbol for Boxed Inc is B-O-X-D on the New York Stock Exchange. And Che, why don't you tell us a little bit about yourself right off the bat? Yeah, so I'm one of the co-founders and CEO of a company called Boxed B-O-X-D on the New York Stock Exchange. The company was founded about nine years ago and today, if you fast forward to what we do as a company today, there's two business lines that we basically operate. One is the online wholesale where we separate or we separate ourselves from the pack by shipping a lot to your home and shipping and bulk to your home or to offices all around the country. And on the other hand, all that technology that's used to power that business is now extracted and licensed to folks all around the world, including one of the largest retailers in Asia who uses our software at the moment. That sounds great. Now, I know you guys just reported your earnings today on November 9th, but before we get into them, can you tell us a little bit about what are the three biggest milestones Boxed Inc hit in 2022? Oh, gosh, that's a really good question. So I think coming off this press or this earnings release, I think one of the biggest milestones is really showing that our software works even for us when it comes to increased profits. So remember, a lot of that software is being developed using kind of our data models and machine learning to be able to increase profits. And so, of course, you can buy the end to end software suite from us or you could take individual modules. This past quarter, it was the first full quarter where basically almost everything we sold was running through those machine learning pricing modules. Our gross profit for the quarter was up on a retail business was up 88.8%. So that's a big milestone for any company, especially in this environment. I think the second is signing an expansion of our agreement with Eon, A-E-O-N. They're the second largest retailer in Asia, biggest retailer in Japan. So we expanded that partnership to Vietnam. And then the third milestone, I would say, is the morale of the company. I think given the fluctuation in our stock price, you would think there would be a mass exodus. But for us, I think we really have the group that's here to stay. And there's actually been very little turnover, a voluntary turnover at the company over the last year. So I would say those are the three most salient things in my mind. Fantastic. Now with retail gross profit, which you just mentioned, increasing year to year by 88.8%. And retail gross margin increased year to year by 503 basis points. Can you go through this for the viewers and give them a comparison to other companies in the industry? Yeah, I think plus 88.8% of anything is probably a pretty good comp. In general, I think what we're really proud of is that in this difficult environment, we're kind of producing results. So last quarter, we told everyone, hey, we know the environment is changing. We've got these three really bright higher gross margin businesses, and we're going to deploy resources against them. And we did that in 90 short days. I think we're beginning to see some of the fruits of that effort. So back to your question of, well, how does that compare to everyone else out there? I think we just feel awfully good that in this environment, we basically beat on consensus on the top line. And we're pretty much in line on the bottom line when it comes to consensus. And in this environment, I think we'll take it given kind of all the other results that have been posted out there. That sounds great. Congratulations on all your success. Now gross merchandise value increased year to year by 8.3% to 49 million. Please go through this for our viewers and what it means for the company. It means quite a bit. So I guess for the most part, it seems easy to potentially kind of increase profits if you're just going to shrink the business. But for us, having kind of growth on the GMB side of the house when it comes to our retail business, while being able to really kind of boost profits by 88.8%, I think it shows that we can not only grow the bottom, but also the top as well. So usually you get one or the other, but we were showing that this past quarter we could do both. That's great. Now retail net revenue also increased year by year by 8.9% to 41.6 million. Please break this down for us and the impact on the company. Yes. So overall, I think continuing to grow is really important for us. I think there's still a lot of scale yet to be done here at the box. And so overall, the more we scale, the better rates we get for packaging, for shipping, for product costs. So all of that is really important for us. So as we continue to grow, we'll be able to have bigger negotiating power with a lot of these input costs. So we were already able to strike a really great partnership with FedEx. This past quarter was the first full quarter where those new rates came into effect. And you can see when we have the scale and when we can go all in with one of these vendors and these partners, we can actually get pretty good pricing. And so that full quarter of better pricing was reflected in some of that gross profit increase this past quarter. Fantastic. Now some great things to report this earnings call. If there was one thing you would want viewers watching to take away from the interview that we're having today, what would that be? I think there's a lot more than meets the eye. I really think even in this environment, I know I've said it a few times now, this team has been able to execute. I don't think our stock price or the stock market has been kind to us. But when you parse through it and you just look at kind of the results we posted up 90 days after we announced kind of our strategic focus, hopefully folks out there will have the confidence that this management team is the right one to navigate through these choppy waters. And so I invite everyone to learn more about it, especially our software business and how that could potentially accelerate our growth and our path to profitability in the future. But I just feel awfully lucky to speak with folks like you to get the word out about what I think is a great company. Che, last question. What is the best way for anyone who is interested to get in touch with the company to get in contact with you? So there's a lot of different ways, probably just via our IR team, you know, and they generally share everything with me. And so if you have specific questions, anyone out there, I think you'll get a pretty speedy response. So if you go to our website, there's an IR function or IR kind of sub site. If you go to it, you know, we still value every single investor that's invested in the company. And you should hear a fast response if you reach out to us. Fantastic. Super excited to see how you guys continue to grow. I'm speaking today with the CEO of Boxed Inc. Symbol for your attention is BOXD on the New York Stock Exchange. Thank you for joining us today, Che Huang, CEO of Boxed Inc. Thank you for joining us today, Che. Thanks for having me, Rich. And thanks, everyone. Always a pleasure. 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