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Boxabl
Company type Private
Industry Housing
Founded2017
Founders
  • Paolo Tiramani
  • Galiano Tiramani
  • Kyle Denman
Headquarters
Las Vegas, Nevada
Key people
  • Paolo Tiramani (CEO)
  • Galiano Tiramani
  • Kyle Denman
ProductsCompact and modular homes
Website www.boxabl.com
Boxabl Casita unfolding when delivered.
Boxabl Casita unfolding when delivered.

Boxabl is an American housing construction technology company based in Las Vegas, Nevada. It was founded in 2017 by Paolo Tiramani, Galiano Tiramani, and Kyle Denman to supply accessory dwelling units (ADUs). [1] [2]

History

Boxabl was started in 2017 by Paolo Tiramani, an industrial designer and mechanical engineer who holds over 150 patents, alongside his son Galiano Tiramani and mechanical engineer Kyle Denman. [3] [4] [5] The company was self started with $2 million by the co-founders and has since then raised a total of $150 million in funding across 4 rounds, as of September 2022. [6] [7] Paolo Tiramani's Build IP LLC licensed patents to Boxabl until 2023, when Boxabl bought Tiramani's patent holding company in a $30 million stock transaction. [8] [9] The company’s initial production facility was designed by Porsche. [10]

In September 2020, the company received its first order: a federal contract for more than $9 million to build and deliver 156 casitas for Camp Justice, the Guantanamo military commission, intended to house lawyers and juries for detainee trials. Galiano Tiramani noted, "We didn't even have a factory or anything" when the order was placed. However, the units ended up leaky and moldy. [9] [11] [12] [13] [14] Additionally, the company exhibited at the International Builders' Show held in Las Vegas in January 2020. [15] In May 2021, CBS News reported on Boxabl's appearance at that year's TinyFest California small home show. [16]

Boxabl hinted that Elon Musk had ordered a Boxabl unit in 2020. Musk confirmed his purchase in September 2021. [2] [17] [18] [19] Boxabl stated they delivered one unit to Texas as a demonstration, with no revenue recorded. [8]

In May 2022, the company announced a partnership agreement with homebuilder DR Horton, entailing an investment and resource sharing, including a phase 1 order of 100 Casita homes. [20] [21]

In 2022, the company opened its second factory building, though as of early 2023, it remained unequipped for production. [22] [23]

The Pronghorn Group purchased 176 casitas in 2022 to use as workforce housing for the Bagdad copper mine in Bagdad, Arizona. [22] However, 48 were installed before it was determined they violated Arizona Department of Housing laws and codes, including lack of permits, and the rest of the order was suspended when Boxabl settled with the state in April 2023. The company is assessing whether the units can be reconstructed to meet requirements. Each unit's total cost exceeded $100,000, including the foundation and utilities, leaving Pronghorn Group skeptical about their actual cost advantage. [24] [8]

Hamid Firooznia served on Boxabl's three-member board from June 2020 until sometime after January 10, 2023. He had been actively involved with the Iranian shell companies that illegally owned 650 Fifth Avenue since at least 2017. Galiano mentioned, "This is just a guy that, you know, we have a lot of respect for, who is giving solid advice." [22] [9]

Controversy

On March 3, 2023, Business Insider published an article titled "Tiny Homes, Big Problems," outlining various governance, production, and budgeting issues within the firm. This article identified serious defects in spending management, such as significantly above-market salaries for executives. Business Insider's investigation also revealed that Boxabl spent $15.7 million to build an order, for which it received $7.8 million calling into question Boxabl's claims of producing low-cost housing at scale. [25]

Products

Boxabl CEO, Paolo Tiramani w HUD Sec. Ben Carson.

Boxabl provides pre-fabricated homes with walls, a floor, and a roof that fold into each other to form a self-contained transportable unit. [1] The company's main model is called the Casita, it is a 361 square foot base unit. [14] [25] [26] When shipping or moving the unit, the Casita can fold into shipping dimensions of 19′ L × 8′6″ W × 12′4″ H, which prevents increased costs derived from special permits, escort vehicles, and specialized transportation equipment. The homes can be unpacked and assembled in less than an hour. [1] [27] Manufactured in an assembly line similar to automobile assembly lines, [12] the houses are constructed with materials including steel, ceramic boards, and expanded polystyrene foam. [6] [12] In 2022, Founder Galiano Tiramani shared a video of a Tesla Model 3 pulling a 15,000-pound Boxabl Casita at the Las Vegas Speedway, highlighting the ease of transportation of Boxabl's homes. [28]

Various models can be stacked and configured into a variety of configurations. [14] The company reported that it could produce a new home every 90 minutes, though in a year, the company built under 400 homes. [22] [29] By early 2023 there were 160,000 entries on the casita waitlist with $5.4 million in deposits, though $1 million in deposits had been refunded. [22] [30]

At the 2023 International Builders Conference, Boxabl showcased a new two-story prototype containing three bedrooms, two-and-a-half baths, and an outdoor patio. [31] [32]

Boxabl also has plans to introduce house styles such as multifamily and suburban mansion designs. [33]

Operations

Boxabl Factory interior
Boxabl Factory interior

Boxabl is headquartered in Las Vegas, Nevada, and has a factory in North Las Vegas. [12] [34] Paolo Tiramani is the company's CEO. [12]

Boxabl's revenue for 2022 was $11 million, with a net loss of $33 million. [35] [24]

Casita production by year


References

  1. ^ a b c Quinones, Todd (May 14, 2021). "North Las Vegas company creating affordable housing in a box". KTNV. Retrieved August 17, 2022.
  2. ^ a b Chang, Brittany; Levin, Tim (August 8, 2021). "Elon Musk reportedly lives in a $50,000 prefab tiny home that already has a 100,000-unit wait list — see inside a unit". Business Insider. Retrieved August 17, 2022.
  3. ^ "Homes of Mass Production: Q+A with Boxabl's Galiano Tiramani". builderonline.com. September 1, 2022. Retrieved September 23, 2022.
  4. ^ "Modular Manufacturer, Boxabl, uses Saniflo Rear Discharge Toilets for plumbing". saniflo.com. Retrieved September 23, 2022.
  5. ^ Meisenzahl, Mary. "These shipping containers unfold into $50,000 tiny homes that can be stacked into custom buildings — here's how they work". Business Insider. Retrieved September 23, 2022.
  6. ^ a b Admin (May 19, 2021). "A Tiny Home in a Backyard? Boxabl Says Yes. But It Depends on Where You Live". Inter-tech-ion. Retrieved August 17, 2022.
  7. ^ "OFFERING CIRCULAR BOXABL INC". sec.gov. September 14, 2022. Retrieved October 5, 2022.
  8. ^ a b c d e f "Boxabl Form 10, 2022 filing". sec.gov. August 10, 2023. Retrieved September 14, 2023.
  9. ^ a b c "OFFERING CIRCULAR DATED APRIL 1, 2022 BOXABL INC". sec.gov. April 1, 2022. Retrieved September 16, 2022.
  10. ^ "Boxabl looks to create a better housing solution". HBS Dealer. Retrieved October 5, 2022.
  11. ^ Carol Rosenberg (September 16, 2022). "At Millions Per Detainee, Guantánamo Prison Stuck in a Cycle of Costly Delays". The New York Times. Retrieved September 16, 2022.
  12. ^ a b c d e Hudson, Subrina (September 19, 2021). "North Las Vegas company aims to deliver affordable modular homes". Las Vegas Review-Journal. Retrieved August 17, 2022.
  13. ^ Orrall, Jesse (July 24, 2021). "Boxabl aims to build foldable homes that cut costs, go up fast". CNET. Retrieved August 17, 2022.
  14. ^ a b c Newsource, C. N. N. (January 4, 2022). "North Las Vegas-based Boxabl racks up 70K-person waitlist for tiny homes amid housing crisis". KESQ. Retrieved August 17, 2022.
  15. ^ "Tiny, modular homes introduced at International Builders' Show". calgarysun. Retrieved October 5, 2022.
  16. ^ "Learn more about tiny homes at TinyFest California". CBS News. May 14, 2021.
  17. ^ Rosen, Larry (July 14, 2021). "Is the future a home that unfolds?". The San Francisco Examiner. Retrieved August 17, 2022.
  18. ^ Jain, Sanya (November 15, 2021). "No, Elon Musk Does Not Live In A Boxabl Tiny Home. Here's What He Tweeted". NDTV.com. Retrieved August 17, 2022.
  19. ^ Chang, Brittany; Levin, Tim (August 5, 2022). "Yes, Elon Musk Owns a Boxabl, Here's Everything You Need To Know". Business Insider. Retrieved September 7, 2022.
  20. ^ "D.R. Horton invests in Boxabl, agrees to first phase 100-unit order". Seeking Alpha. May 24, 2022. Retrieved August 18, 2022.
  21. ^ Jackson, Margaret (October 13, 2022). "Box It Up — This Company's Technology Is Aimed At Making Housing Affordable". Yahoo Finance. Retrieved November 4, 2022.
  22. ^ a b c d e Daniel Geiger; Alex Nicoll (February 6, 2023). "A tiny-home startup has attracted 160,000 customers, including Elon Musk. But disgruntled customers, an empty factory, and a tie to an alleged Iranian agent cloud its future". Business Insider. Retrieved February 8, 2023.
  23. ^ "Startup that created Elon Musk's foldable house opens a new factory". Freethink. August 11, 2022. Retrieved October 5, 2022.
  24. ^ a b Daniel Geiger; Alex Nicoll (September 13, 2023). "The SEC is asking questions about Boxabl, the tiny-home startup that boasts Elon Musk and Post Malone as fans". Business Insider. Retrieved September 14, 2023.
  25. ^ a b Alex Nicoll; Daniel Geiger. "Tiny homes, big problems". Business Insider. Retrieved April 17, 2024.
  26. ^ "BOXABL - Accessory Dwelling Unit". Boxabl. Retrieved April 2, 2024.
  27. ^ "These New $49K Prefabs Can Snap Together Like LEGO Bricks". Decor Report. Retrieved August 17, 2022.
  28. ^ Crider, Johnna (December 22, 2022). "Tesla Model 3 tows a 15,000-pound Boxabl house". TESLARATI. Retrieved April 8, 2024.
  29. ^ "$50K for a foldable tiny house? The Boxabl dream explained". CNET. July 24, 2021. Retrieved August 17, 2022.
  30. ^ Naysmith, Caleb. "'A New House Every Minute': How Boxabl's Modular Home Platform Is Making Affordable Housing A Reality And Attracting A Waitlist Of Over 160,000". Benzinga. Retrieved March 1, 2023.
  31. ^ "Why Have 40,000 Investors Bought into Boxabl? - Grit Daily News". February 20, 2023. Retrieved March 1, 2023.
  32. ^ Newsource, C. N. N. (February 3, 2023). "Company unveils 3 bedroom tiny home for $150,000". WKRC. Retrieved March 1, 2023.
  33. ^ "Boxabl Launches $50K Foldable House". Treehugger. August 12, 2021. Retrieved October 5, 2022.
  34. ^ "North Las Vegas modular home maker opens 2nd factory". Las Vegas Review-Journal. January 10, 2023. Retrieved November 22, 2023.
  35. ^ Caleb Naysmith (November 16, 2022). "Boxabl, The Startup That Made Elon Musk's Tiny Home, Reports $7 Million Revenue Jump After Releasing First Half 2022 Financials". yahoo.com. Retrieved November 17, 2022.

External links

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