BOXABL Inc. (NASDAQ: FGMC)

BOXABL is currently in an S-4 registration process related to its previously announced merger with FG Merger II Corp. (NASDAQ: FGMC), which, if completed, is expected to result in the combined company trading on the Nasdaq under the ticker symbol BXBL.

BOXABL Inc. (NASDAQ: FGMC) is a technology company focused on transforming residential construction through a factory-built, modular housing system designed for scale. By shifting homebuilding from traditional on-site processes to controlled manufacturing environments, the company aims to introduce a more standardized, efficient and repeatable approach to housing production. Its model integrates design, engineering and manufacturing into a unified system intended to improve speed, cost predictability and overall accessibility.

The company’s approach is rooted in addressing persistent structural challenges across the housing market, including affordability constraints, regulatory complexity and declining construction productivity. BOXABL’s platform is designed to streamline the building process by reducing reliance on fragmented workflows and enabling consistent output through automation and standardized components. This system-level strategy is intended to support a wide range of housing applications while improving efficiency across the value chain.

The company is headquartered in Las Vegas, Nevada.

Products

BOXABL’s product platform is built around a modular housing system designed for factory production, transportation efficiency and on-site deployment. Its core innovation is a folding building structure that allows homes to ship compactly on standard trailers and then unfold on-site into full residential units. This approach is intended to convert homebuilding into a repeatable manufacturing process with consistent quality and predictable costs.

The company’s flagship product line is the Casita, a fully finished modular home offered in multiple configurations, including studio, one-bedroom and two-bedroom layouts. Each unit includes a full kitchen, bathroom, and living space and can be delivered as a turnkey solution with financing and installation depending on the program. BOXABL also offers the Baby Box, a smaller unit built to RV code and designed for simpler setups without traditional foundation requirements, expanding accessibility and deployment flexibility.

The same modular system is designed to scale beyond individual units into larger residential and commercial applications, including single-family homes, townhomes, multifamily housing, hotels and mixed-use developments. BOXABL supports these applications through a 400,000-square-foot factory complex in Las Vegas, where it has produced more than 800 homes to date, and through a diversified go-to-market strategy that includes homeowners, builders, developers, commercial partners, and public sector deployments.

Market Opportunity

BOXABL is targeting a large and structurally undersupplied housing market, which the company estimates at approximately $2.2 trillion in total addressable demand. This figure is based on an estimated need for more than 5.4 million homes, including a 4.03 million unit shortfall combined with approximately 1.36 million annual housing starts at a median price point of around $405,000.

Within this broader market, the company focuses on the modular and manufactured housing segment, representing a serviceable addressable market of approximately $36 billion, based on roughly 103,000 manufactured homes shipped in 2024. BOXABL estimates its initial serviceable obtainable market at approximately $1 billion, based on a single-factory production capacity of 5,000 homes per year and an average turnkey price of approximately $175,000 per unit.

The company also highlights several structural drivers supporting demand, including affordability challenges affecting approximately 75% of U.S. households, a housing shortfall estimated at 4.7 million units, and regulatory burdens that can increase construction costs by roughly 42%. Additionally, construction productivity has declined significantly since 1970, reinforcing the potential need for alternative approaches that emphasize standardization and factory-based production.

Leadership Team

Paolo Tiramani, Co-Founder and Co-Chief Executive Officer, is an American entrepreneur with backgrounds in industrial design and mechanical engineering and has been associated with more than 150 patent filings, including work involving intellectual property licensing to Fortune 500 companies.

Galiano Tiramani, Co-Founder and Co-Chief Executive Officer, is a serial entrepreneur with experience in cryptocurrency arbitrage, Bitcoin ATM operations and agricultural ventures, contributing to the company’s focus on unconventional business models and emerging opportunities.

Kyle Denman, Co-Founder and Chief Product Officer, holds a Bachelor of Science in Mechanical Engineering and has contributed to numerous civil and automotive mechanical patent filings, supporting the development of BOXABL’s modular engineering platform.

Martin Costas, Chief Financial Officer, has held senior finance roles across organizations including Honeywell, Schlumberger, Nexans, Sysco and PwC, bringing experience in financial operations, reporting and corporate scale.

Shan Palaniappan, Chief Technology Officer, has more than two decades of experience in enterprise software and platform engineering, with prior leadership roles at Sagent, DataRobot and Salesforce, where he focused on cloud infrastructure and AI-enabled systems.