Is Azure Printed Homes Quietly Beating Boxabl at Its Own Game?

The housing industry hasn’t changed in a century. That may be about to shift.

For over 100 years, homes have been built the same way: one nail, one beam, one brick at a time.

While just about every other industry has been transformed by automation, digitization, and advanced manufacturing, residential construction remains largely artisanal. It’s a sector that has somehow dodged the efficiency revolutions sweeping across transportation, electronics, apparel — even food.

And yet, housing is one of the most critical needs in the world. Cracking the code on mass-manufacturing homes could dramatically reduce the cost of housing — and not just homes.

It could make building anything cheaper, faster, and greener. We’re talking about an economic unlock that would rival the creation of the internet.

Boxabl: The Crowdfunding Juggernaut

If you’ve followed equity crowdfunding for even a minute, you’ve heard of Boxabl. The Las Vegas-based prefab home startup has raised more than $150 million from retail investors. Its signature foldable home — the Casita — made waves across TikTok and YouTube, with clips showing a house unfold like origami.

Not to mention, the company is always at the center of crazy news headlines - like when an ex-convict infiltrated the company and ran off with $1.6M of investor funds.

Boxabl positioned itself as the future of housing: scalable, affordable, and shippable. It promised to revolutionize housing the way Henry Ford revolutionized transportation.

But despite the buzz, Boxabl’s actual output has been modest. And in 2024, a much smaller, quieter startup generated more revenue — with just a fraction of the capital, a fraction of the team, and a radically different approach.

Meet Azure Printed Homes: The Quiet Contender

Azure Printed Homes may not have the same viral buzz as Boxabl, but they’ve quietly outperformed them where it matters most — revenue.

With just three 3D printing machines, Azure generated $5.1M in revenue in 2024, surpassing Boxabl’s $3.4M — all while operating with far fewer employees and a smaller footprint.

Azure doesn’t have sprawling factory campuses. No enormous payroll. Just smart design and a lean team doing more with less.

In fact, they get it done with just 3 robots.

I first invested in Azure in 2022 at a $24M valuation. Today, they’re raising at $88M, a 3.7x markup. And unlike many companies that scale with sizzle, Azure’s value has been earned through execution.

What They Build — and How They Build It

Azure 3D-prints modern modular buildings using recycled materials:

Their product catalog includes:

• Backyard ADUs (accessory dwelling units)

• Tiny homes (for glamping resorts and RV parks)

• Backyard studios

• Affordable homes

• Housing for the homeless

Their builds are designed to be fast, flexible, and beautiful — combining modern design with carbon-conscious production.

What makes Azure special is its proprietary 3D printing process. Their industrial-sized robotic system lays down structural material on a moving platform, allowing for continuous, uninterrupted printing. And they’ve got 3 of these bad boys cranking out structures in their first factory.

Most 3D printers are static; Azure’s mobile bed system lets the print job move with the robot. That means faster builds, less waste, and more room for automation.

The use of recycled plastic blends with construction-grade strength gives Azure’s structures a sustainability edge while also trimming costs. They’re not just solving for speed — they’re solving for the planet.

Revenue That’s Real — and Growing

At first glance, Azure’s growth may seem modest: $4.3M in 2023 to $5.1M in 2024.

But that overlooks a critical detail. In 2023, Azure was still operating its traditional construction installation business — a legacy service they wound down by the end of that year.

If you strip out that legacy revenue, the 3D printing segment nearly doubled year-over-year.

This is a rare case of a startup:

• Growing fast

• Cutting distractions

• And improving profitability all at once

In 2024, losses narrowed from $1.2M to $791K — a 34% improvement. Azure is proving you don’t need to burn cash to scale, and that kind of operational maturity is really difficult to do at this stage.

A Pipeline With Teeth

Some companies boast about waitlists or LOIs. Azure has $35M in pipeline orders — backed by $2–3M in actual deposits.

Even more compelling? The buyer mix includes two major contracts for homeless housing, totaling $5M. These are not casual shoppers or speculative buyers — they’re institutional, high-intent, high-value agreements with serious impact.

I recently caught up again with Gene Eidelman, Azure’s cofounder. It’s our third conversation — we’ve even met in-person here in New York a few years back. Gene touted that Azure is on pace to hit breakeven this July, which would be a massive milestone.

The Factory Bottleneck — and the Expansion Plan

Right now, Azure’s growth is bottlenecked by manufacturing capacity. Their first facility can produce $25M–30M in structures annually. That’s great — but not enough for where they’re headed.

To keep up with demand, they’re building a second factory in Denver, expected to go live in January 2026. And they’re not funding it the traditional way.

Instead of raising costly venture capital or taking on burdensome debt, Azure worked with the state of Colorado to secure a $3.9M loan at just 1.5% interest.

That rate is so low, Azure could park the funds in T-bills and make money off the interest arbitrage. The total cost of the factory is around $5M, meaning the state loan covers most of it.

Gene believes this financing model is repeatable — and he’s probably right. States want housing. They want jobs. They want advanced manufacturing. It’s an easy win for politicians on either side of the aisle, and Azure gives them all of it.

Lofty Revenue Targets - Where I Think They’ll Land

Gene laid out his projections for the next few years:

• $10M in 2025

• $50–60M in 2026

• $100M+ in 2027

The 2025 target already feels within reach, Gene noted that they were currently on track to come in just below that lofty goal.

I think the 2026 and 2027 goals are a bit lofty. It’s taken several years for the 1st factory to ramp up to (hopefully) $10M in production output, I don’t expect them to magically quintuple output even with the addition of a 2nd factory.

It’s going to take time to ramp up the output of both factories to their full capacity. I’m more realistically expecting ~$20M in 2026 and 2027 revenue will be contingent on whether they open a 3rd factory.

Still - with orders in hand, machines online, and a clear ramp ahead, their roadmap is shining bright with ceiling-high potential.

Domestic Moat and Tariff Immunity

Another hidden advantage of Azure is its insulation from non-US competitors.

Housing components are big, heavy, and expensive to ship. That makes the category largely immune to overseas competition.

Unlike small electronics or apparel, you can’t just make a home in China and ship it cheaply to Kansas. Azure manufactures nearly everything domestically (aside from a bit of steel), meaning they’re shielded from geopolitical shocks and potential tariffs — a luxury many hardware startups don’t have.

That makes Azure both economically and politically resilient.

TL;DR: Azure vs Boxabl

Why I’m Bullish

Azure Printed Homes checks a lot of boxes:

• ✅ Revenue-producing with real customers

• ✅ High-intent pipeline with cash in hand

• ✅ Low-cost financing for expansion

• ✅ Imminent path to breakeven

• ✅ Built-in protection from global competitors

• ✅ A leadership team that’s delivered what it promises

I think 2025 could be Azure’s breakout year. If they execute on their factory ramp, hit their revenue goals, and reach profitability — they’ll become a blue-chip startup that every investor will want a crack at.

👉 You can invest in Azure Printed Homes now on Wefunder

If you’re interested in investing a larger sum, I’m happy to connect you personally with Gene as well!