PALO ALTO, Calif., Aug. 16, 2021 /PRNewswire/ -- Inpixon (Nasdaq:
INPX), the Indoor Intelligence™ company, today provided a business
update and reported financial results for the second quarter of
2021.
Nadir Ali, CEO of Inpixon,
stated, "We continue to make tremendous growth strides, reporting a
221% increase in revenue for the three months ended June 30, 2021 as compared to the same period last
year, in addition to $14.8 million in
net income attributable to the stockholders of Inpixon primarily
resulting from the settlement of a note receivable with equity. As
a result of our expanded Indoor Intelligence product offering, we
are increasing our SaaS subscription sales, and we are beginning to
see higher recurring revenue streams and increases in the average
selling price for certain of our products. We have had strong
momentum, securing several new customer relationships for our smart
office app following the acquisition of The CXApp during the second
quarter of 2021. Organizations need to keep pace with the
continuously evolving work environment in order to maintain a
productive, satisfied and safe workforce. They are seeking
simplified and comprehensive workplace solutions that can support
hybrid return-to-the-office initiatives and selecting Inpixon to
help them create and deliver a connected workplace where employees
work in a mix of on-site and remote options. By delivering the best
possible workplace experience for employees, one that fosters
engagement and collaboration via a unified, user-friendly mobile
app, we believe organizations can increase employee retention rates
and remain competitive in the market.
"We are delivering a range of solutions that enhance indoor
experiences by allowing our customers to provide smarter, safer and
more secure environments. With activity around in-person events
restarting including conferences and executive briefings, the need
to deliver hybrid event options remains, and our app and events
platform is optimized to deliver hybrid and omni-device experiences
in a way that we believe other event app vendors don't provide. We
are also delivering solutions for other work environments such as
industrial, manufacturing and mining, where heavy equipment and
vehicles are in close proximity to one another or people, and
determining precise location is critical to ensure the safety of
visitors and personnel. Utilization of our chirp and UWB
technologies, such as is offered with our recently launched Inpixon
Asset Tag and Inpixon Personnel Tag, can deliver increased
visibility of people and assets, enhancing safety and resource
utilization. Our technology offers a unique performance profile
combining high accuracy, long operational range and interference
resilience that makes it an excellent choice for a wide range of
location and ranging use cases. According to MarketsandMarkets, the
RTLS market is expected to grow at a CAGR of 24.8% during
2020-2025, and we expect to ride this wave of sharp growth.
"Overall, we have approximately $70
million available to the company as of June 30, 2021 including approximately
$24.9 million in cash and an
additional $45.3 million in
short-term investments. With our strong financial position and
increasing market awareness, we believe we are well positioned to
aggressively penetrate the Indoor Intelligence market with the
ability to offer products and solutions to satisfy the range of
Indoor Intelligence needs. We are excited and pleased with the
momentum we are gaining and look forward to providing updates
regarding contract wins, technology enhancements and more as
developments unfold," concluded, Mr. Ali.
Recent milestones:
- Selected by leading global social media and information sharing
company with hundreds of millions of active users worldwide for
smart office app implementation across dozens of corporate
locations.
- Added to the Russell Microcap® Index.
- Secured purchase order for implementation of smart office app
with multinational mass media and entertainment conglomerate.
- Launched Inpixon Asset Tag, a compact, active radio frequency
(RF) tag for long-range RTLS asset tracking.
- Won multi-year contract for smart office app for implementation
with international banking organization, supporting European-based
financial company's hybrid return-to-work initiative for employees
in more than 75 locations.
- Won "Best Smart Building Solution for Return to Work" award.
Recognition was based on ability to add value and drive change
through innovative solutions.
- Secured purchase orders for tens of thousands of units in
Inpixon's RTLS product line from integrator partners for customers
in Europe, Asia, Africa
and North America.
Financial Results
Revenues for the three months ended June
30, 2021 were $3.5 million
compared to $1.1 million for the
comparable period in the prior year for an increase of
approximately $2.4 million, or
approximately 221%. This increase is primarily attributable to an
approximate $1.5 million increase in
Indoor Intelligence sales and an increase of approximately
$0.7 million of SAVES sales. Gross
profit for the three months ended June 30,
2021 was $2.6 million compared
to $0.77 million for the comparable
period in the prior year, an increase of 232%. The gross profit
margin for the three months ended June 30,
2021 was 74% compared to 72% for the three months ended
June 30, 2020. This increase in
margin is primarily due to a higher mix of gross profit from the
Indoor Intelligence products. Net income attributable to
stockholders of Inpixon for the three months ended June 30, 2021 was income of $14.8 million compared to a loss of $7.3 million for the comparable period in the
prior year. This increase in income of approximately $22.1 million was primarily attributable to
higher gross profit, the discounted net gain on the Sysorex note
and release of valuation allowance on the Sysorex note, offset by
the increased operating expenses including operating expenses from
recent acquisitions. Non-GAAP Adjusted EBITDA for the three months
ended June 30, 2021 was a loss of
$6.3 million compared to a loss of
$3.9 million for the prior year
period. EBITDA is defined as net income (loss) before interest,
provision for income taxes, and depreciation and amortization.
Adjusted EBITDA is used by Inpixon management as a metric by which
it manages the business. It is defined as EBITDA plus adjustments
for other income or expense items, non-recurring items and other
non-cash items including stock-based compensation.
Proforma non-GAAP net loss per basic and diluted common share
for the three months ended June 30,
2021 was a loss of $0.07
compared to a loss of $0.21 per share
for the prior year period. Proforma non-GAAP net income (loss) per
share is used by Inpixon management as an evaluation tool as it
manages the business and is defined as net income (loss) per basic
and diluted share adjusted for non-cash items including stock-based
compensation, amortization of intangibles and one-time charges and
other adjustments including loss on the exchange of debt for
equity, provision for valuation allowance on notes and acquisition
costs.
Conference Call
Inpixon management will host a conference call at 4:30 p.m. Eastern Time on Monday, August 16, 2021
to discuss the company's financial results for the second quarter
ended June 30, 2021, as well as the
company's corporate progress and other developments.
The conference call will be available via telephone by dialing
toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for
international callers and using entry code 560491. A webcast of the
call may be accessed at
https://www.webcaster4.com/Webcast/Page/2235/42390, or on the
company's Investor Relations section of the website,
ir.inpixon.com. Investors and other interested parties are invited
to submit questions to management prior to the call's start via
email to inpx@crescendo-ir.com.
A webcast replay of the call will be available on the company's
Investor Relations section of the website (ir.inpixon.com) through
August 16, 2022. A telephone replay
will be available approximately one hour following the call,
through August 23, 2021 and can be
accessed by dialing 877-481-4010 for U.S. callers or +1
919-882-2331 for international callers and entering conference ID
42390.
About Inpixon
Inpixon® (Nasdaq: INPX) is the innovator of Indoor
Intelligence™, delivering actionable insights for people, places
and things. Combining the power of mapping, positioning and
analytics, Inpixon helps to create smarter, safer, and more secure
environments. The company's Indoor Intelligence and mobile app
solutions are leveraged by a multitude of industries to optimize
operations, increase productivity, and enhance safety. Inpixon
customers can take advantage of industry leading location
awareness, RTLS, workplace and hybrid event solutions, analytics,
sensor fusion and the IoT to create exceptional experiences and to
do good with indoor data. For the latest insights,
follow Inpixon on LinkedIn, Twitter, and
visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not based on
historical fact are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. While management has based any forward-looking statements
included in this release on its current expectations, the
information on which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of the
control of Inpixon and its subsidiaries, which could cause actual
results to materially differ from such statements. Such risks,
uncertainties, and other factors include, but are not limited to,
the fluctuation of economic conditions, the impact of COVID-19 on
Inpixon's results of operations and global supply chain
constraints, Inpixon's ability to integrate the products and
business from recent acquisitions into its existing business, the
performance of management and employees, the regulatory landscape
as it relates to privacy regulations and their applicability to
Inpixon's technology, Inpixon's ability to maintain compliance with
Nasdaq's minimum bid price requirement and other continued listing
requirements, the valuation associated with the Sysorex shares
owned by Inpixon may fluctuate on a quarter by quarter basis and is
anticipated to be subject to discounts or other adjustments for a
variety of factors including but not limited to fluctuations in the
market price of Sysorex's common stock which may result in
unrealized losses if the value of such securities declines and
require us to recognize a charge against earnings, the ability to
obtain financing, competition, general economic conditions and
other factors that are detailed in Inpixon's periodic and current
reports available for review at sec.gov. Furthermore, Inpixon
operates in a highly competitive and rapidly changing environment
where new and unanticipated risks may arise. Accordingly, investors
should not place any reliance on forward-looking statements as a
prediction of actual results. Inpixon disclaims any intention to,
and undertakes no obligation to, update or revise forward-looking
statements.
Non-GAAP Financial Measures
Management believes that certain financial measures not in
accordance with generally accepted accounting principles in
the United States ("GAAP") are
useful measures of operations. EBIDTA, Adjusted EBITDA and pro
forma net loss per share are non-GAAP measures. Inpixon defines
"EBITDA" as net income (loss) before interest, provision for
(benefit from) income taxes, and depreciation and amortization.
Management uses Adjusted EBITDA as a metric for which it manages
the business, and Inpixon defines "Adjusted EBITDA" as EBITDA plus
adjustments for other income or expense items, non-recurring items
and non-cash items. Inpixon defines "pro forma net loss per share"
as GAAP net loss per share adjusted for stock-based compensation,
amortization of intangibles and one-time charges including loss on
the exchange of debt for equity and provision for valuation
allowances.
Management provides Adjusted EBITDA and pro forma net loss per
share measures so that investors will have the same financial
information that management uses, which may assist investors in
assessing Inpixon's performance on a period-over-period basis.
Adjusted EBITDA or pro forma net loss per share is not a measure of
financial performance under GAAP, and should not be considered an
alternative to net income (loss) or any other measure of
performance under GAAP, or to cash flows from operating, investing
or financing activities as an indicator of cash flows or as a
measure of liquidity. Adjusted EBITDA and pro forma net loss per
share have limitations as analytical tools and should not be
considered either in isolation or as a substitute for analysis of
Inpixon's results as reported under GAAP.
For more information on our non-GAAP financial measures and a
reconciliation of GAAP to non-GAAP measures, please see the
"Reconciliation of Non-GAAP Financial Measures" table accompanying
this press release.
Inpixon Contacts
Media relations and general inquiries:
Inpixon
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
Investor relations:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: INPX@crescendo-ir.com
###
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except number of shares and par value data)
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
June 30,
2021
|
|
December 31,
2020
|
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
24,912
|
|
$
|
17,996
|
Accounts receivable,
net of allowances of $234 and $235, respectively
|
|
|
2,694
|
|
|
1,739
|
Notes and other
receivables
|
|
|
272
|
|
|
152
|
Inventory, net of
reserve of $138 and $138, respectively
|
|
|
1,919
|
|
|
1,243
|
Short-term
investments
|
|
|
45,303
|
|
|
7,998
|
Prepaid assets and
other current assets
|
|
|
1,381
|
|
|
1,197
|
Total Current
Assets
|
|
|
76,481
|
|
|
30,325
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
1,499
|
|
|
1,445
|
Operating lease
right-of-use asset, net
|
|
|
1,775
|
|
|
2,077
|
Software development
costs, net
|
|
|
1,658
|
|
|
1,721
|
Investment in Equity
Securities
|
|
|
29,940
|
|
|
--
|
Long-term
investments
|
|
|
2,500
|
|
|
2,500
|
Intangible assets,
net
|
|
|
36,530
|
|
|
14,203
|
Goodwill
|
|
|
23,890
|
|
|
6,588
|
Other
assets
|
|
|
141
|
|
|
152
|
Total
Assets
|
|
$
|
174,414
|
|
$
|
59,011
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,726
|
|
$
|
908
|
Accrued
liabilities
|
|
|
5,717
|
|
|
2,739
|
Income tax
liabilities
|
|
|
6,750
|
|
|
--
|
Operating lease
obligation, current
|
|
|
602
|
|
|
647
|
Deferred
revenue
|
|
|
2,780
|
|
|
1,922
|
Short-term
debt
|
|
|
4,251
|
|
|
5,401
|
Acquisition
liability
|
|
|
440
|
|
|
500
|
Total Current
Liabilities
|
|
|
22,266
|
|
|
12,117
|
|
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
|
|
Operating lease
obligations, noncurrent
|
|
|
1,202
|
|
|
1,457
|
Other liabilities,
noncurrent
|
|
|
35
|
|
|
7
|
Acquisition
liability, noncurrent
|
|
|
5,425
|
|
|
750
|
Total
Liabilities
|
|
|
28,928
|
|
|
14,331
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
--
|
|
|
--
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred Stock -
$0.001 par value; 5,000,000 shares authorized; Series 4
Convertible
Preferred Stock - 10,415 shares authorized; 1 issued, and 1
outstanding as of June 30, 2021
and December 31, 2020, respectively; Series 5 Convertible Preferred
Stock - 12,000 shares
authorized; 126 issued, and 126 outstanding as of June 30, 2021 and
December 31, 2020,
respectively.
|
|
|
--
|
|
|
--
|
Common Stock - $0.001
par value; 250,000,000 shares authorized;
116,454,028 and 53,178,462 issued and 116,454,027 and
53,178,461
outstanding as of June 30, 2021 and December 31, 2020,
respectively.
|
|
|
116
|
|
|
53
|
Additional paid-in
capital
|
|
|
322,196
|
|
|
225,613
|
Treasury stock, at
cost, 1 share
|
|
|
(695)
|
|
|
(695)
|
Accumulated other
comprehensive income
|
|
|
52
|
|
|
660
|
Accumulated
deficit
|
|
|
(178,931)
|
|
|
(180,992)
|
Stockholders' Equity
Attributable to Inpixon
|
|
|
142,738
|
|
|
44,639
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
2,748
|
|
|
41
|
|
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
|
145,486
|
|
|
44,680
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
174,414
|
|
$
|
59,011
|
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended,
|
|
For the Six Months
Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues
|
|
$
|
3,453
|
|
$
|
1,076
|
|
$
|
6,407
|
|
$
|
2,880
|
|
Cost of
Revenues
|
|
|
896
|
|
|
305
|
|
|
1,780
|
|
|
814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
2,557
|
|
|
771
|
|
|
4,627
|
|
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
3,223
|
|
|
1,278
|
|
|
5,931
|
|
|
2,612
|
|
Sales and
marketing
|
|
|
2,073
|
|
|
1,468
|
|
|
3,712
|
|
|
2,159
|
|
General and
administrative
|
|
|
8,828
|
|
|
2,476
|
|
|
17,999
|
|
|
6,268
|
|
Acquisition related
costs
|
|
|
535
|
|
|
169
|
|
|
1,005
|
|
|
196
|
|
Amortization of
intangibles
|
|
|
1,191
|
|
|
508
|
|
|
1,693
|
|
|
1,524
|
|
Total Operating
Expenses
|
|
|
15,850
|
|
|
5,899
|
|
|
30,340
|
|
|
12,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(13,293)
|
|
|
(5,128)
|
|
|
(25,713)
|
|
|
(10,693)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
|
|
1,555
|
|
|
(777)
|
|
|
1,206
|
|
|
(1,397)
|
|
Loss on exchange of
debt for equity
|
|
|
--
|
|
|
(47)
|
|
|
(30)
|
|
|
(132)
|
|
Benefit (provision)
for valuation allowance on
related party loan - held for sale
|
|
|
7,462
|
|
|
(835)
|
|
|
7,345
|
|
|
(835)
|
|
Other income
(expense)
|
|
|
125
|
|
|
(517)
|
|
|
511
|
|
|
(499)
|
|
Gain on related party
loan - held for sale
|
|
|
49,817
|
|
|
--
|
|
|
49,817
|
|
|
--
|
|
Unrealized loss on
equity securities
|
|
|
(28,965)
|
|
|
--
|
|
|
(28,965)
|
|
|
--
|
|
Total Other Income
(Expense)
|
|
|
29,994
|
|
|
(2,176)
|
|
|
29,884
|
|
|
(2,863)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss),
before tax
|
|
|
16,701
|
|
|
(7,304)
|
|
|
4,171
|
|
|
(13,556)
|
|
Income tax
(provision) benefit
|
|
|
(2,195)
|
|
|
--
|
|
|
(2,204)
|
|
|
87
|
|
Net Income
(Loss)
|
|
|
14,506
|
|
|
(7,304)
|
|
|
1,967
|
|
|
(13,469)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
Attributable to Non-controlling
Interest
|
|
|
(253)
|
|
|
19
|
|
|
(235)
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Attributable to Stockholders of
Inpixon
|
|
$
|
14,759
|
|
$
|
(7,323)
|
|
$
|
2,202
|
|
$
|
(13,478)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Per Share - Basic
|
|
$
|
0.13
|
|
$
|
(0.32)
|
|
$
|
0.02
|
|
$
|
(0.97)
|
|
Net Income (Loss)
Per Share - Diluted
|
|
$
|
0.13
|
|
$
|
(0.32)
|
|
$
|
0.02
|
|
$
|
(0.97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
110,040,532
|
|
|
22,823,976
|
|
|
94,577,520
|
|
|
13,931,245
|
|
Diluted
|
|
|
110,041,378
|
|
|
22,823,976
|
|
|
94,591,619
|
|
|
13,931,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
14,506
|
|
$
|
(7,304)
|
|
$
|
1,967
|
|
|
(13,469)
|
|
Unrealized foreign
exchange (loss) gain from
cumulative translation adjustments
|
|
|
52
|
|
|
318
|
|
|
(619)
|
|
|
(295)
|
|
Comprehensive
Income (Loss)
|
|
$
|
14,558
|
|
$
|
(6,986)
|
|
$
|
1,348
|
|
$
|
(13,764)
|
|
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
June 30,
|
|
|
2021
|
|
2020
|
(Unaudited)
|
|
Cash Flows Used In
Operating Activities
|
|
|
|
|
|
|
Net Income
(loss)
|
|
$
|
1,967
|
|
$
|
(13,469)
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
625
|
|
|
384
|
Amortization of
intangible assets
|
|
|
2,007
|
|
|
1,524
|
Amortization of right
of use asset
|
|
|
370
|
|
|
356
|
Stock based
compensation
|
|
|
7,149
|
|
|
685
|
Loss on exchange of
debt for equity
|
|
|
30
|
|
|
132
|
Amortization of debt
discount
|
|
|
224
|
|
|
1,909
|
Accrued interest
income, related party
|
|
|
(1,627)
|
|
|
(32)
|
Unrealized gain on
note
|
|
|
(490)
|
|
|
--
|
(Recovery) provision
for the valuation allowance for held for sale loan
|
|
|
(7,345)
|
|
|
835
|
Provision for the
valuation allowance for related party receivable
|
|
|
--
|
|
|
648
|
Gain on settlement of
related party promissory note and loan related party
receivable
|
|
|
(49,817)
|
|
|
--
|
Deferred income
tax
|
|
|
(4,507)
|
|
|
(87)
|
Unrealized loss on
equity securities
|
|
|
28,965
|
|
|
--
|
Other
|
|
|
57
|
|
|
21
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
and other receivables
|
|
|
532
|
|
|
(107)
|
Inventory
|
|
|
(555)
|
|
|
22
|
Prepaid expenses and
other current assets
|
|
|
(319)
|
|
|
(905)
|
Other
assets
|
|
|
203
|
|
|
(13)
|
Accounts
payable
|
|
|
(331)
|
|
|
(1,539)
|
Accrued
liabilities
|
|
|
2,494
|
|
|
(593)
|
Income tax
liabilities
|
|
|
6,711
|
|
|
--
|
Deferred
revenue
|
|
|
(238)
|
|
|
105
|
Operating lease
obligation
|
|
|
(364)
|
|
|
(362)
|
Other
liabilities
|
|
|
96
|
|
|
117
|
Net Cash Used in
Operating Activities
|
|
|
(14,163)
|
|
|
(10,369)
|
|
|
|
|
|
|
|
Cash Flows Used in
Investing Activities
|
|
|
|
|
|
|
Purchase
of property and equipment
|
|
|
(149)
|
|
|
(39)
|
Purchases of
capitalized software
|
|
|
(373)
|
|
|
(433)
|
Purchases of other
short term investments
|
|
|
(2,000)
|
|
|
--
|
Purchases of treasury
bills
|
|
|
(63,362)
|
|
|
--
|
Sales of treasury
bills
|
|
|
28,000
|
|
|
--
|
Purchase of Systat
licensing agreement
|
|
|
(900)
|
|
|
--
|
Acquisition of Game
Your Game
|
|
|
184
|
|
|
--
|
Acquisition of
CXApp
|
|
|
(15,186)
|
|
|
--
|
Acquisition of
Visualix
|
|
|
(61)
|
|
|
--
|
Net Cash Flows
Used in Investing Activities
|
|
|
(53,847)
|
|
|
(472)
|
|
|
|
|
|
|
|
Cash From
Financing Activities
|
|
|
|
|
|
|
Net repayments to
bank facility
|
|
|
--
|
|
|
(150)
|
Net proceeds from
issuance of common stock and warrants
|
|
|
77,853
|
|
|
41,771
|
Taxes paid related to
net share settlement of restricted stock units
|
|
|
(1,687)
|
|
|
--
|
Net proceeds from
notes payable
|
|
|
--
|
|
|
1
|
Loans to related
party
|
|
|
(117)
|
|
|
(1,035)
|
Repayments from
related party
|
|
|
--
|
|
|
200
|
Net proceeds from
promissory notes
|
|
|
--
|
|
|
5,000
|
Repayment of CXApp
acquisition liability
|
|
|
(137)
|
|
|
--
|
Repayment of
acquisition liability to Nanotron shareholders
|
|
|
(467)
|
|
|
--
|
Repayment of
acquisition liability to Locality shareholders
|
|
|
(500)
|
|
|
(250)
|
Net Cash Provided
By Financing Activities
|
|
|
74,945
|
|
|
45,537
|
|
|
|
|
|
|
|
Effect of Foreign
Exchange Rate on Changes on Cash
|
|
|
(19)
|
|
|
(15)
|
|
|
|
|
|
|
|
Net Increase in
Cash, Cash Equivalents and Restricted Cash
|
|
|
6,916
|
|
|
34,681
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of period
|
|
|
17,996
|
|
|
4,849
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of period
|
|
$
|
24,912
|
|
$
|
39,530
|
Reconciliation of
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
(In
thousands)
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
|
14,759
|
|
(7,323)
|
|
2,202
|
|
(13,478)
|
Adjustments:
|
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
-
|
|
47
|
|
30
|
|
132
|
(Recovery) provision
for valuation allowance on held for sale loan
|
|
(7,462)
|
|
835
|
|
(7,345)
|
|
835
|
Provision for the
valuation allowance related party receivable
|
|
-
|
|
648
|
|
-
|
|
648
|
Gain on related party
loan held for sale
|
|
(49,817)
|
|
-
|
|
(49,817)
|
|
-
|
Unrealized loss on
equity securities
|
|
28,965
|
|
-
|
|
28,965
|
|
-
|
Acquisition
transaction/financing costs
|
|
535
|
|
169
|
|
1,005
|
|
196
|
Earn out
Compensation Expense
|
|
2,059
|
|
-
|
|
2,059
|
|
-
|
Professional service
fees
|
|
422
|
|
-
|
|
771
|
|
-
|
Unrealized gain on
note
|
|
(128)
|
|
-
|
|
(491)
|
|
-
|
Stock-based
compensation – compensation and related benefits
|
|
2,053
|
|
286
|
|
7,149
|
|
685
|
Interest expense,
net
|
|
(1,555)
|
|
777
|
|
(1,206)
|
|
1,397
|
Income tax provision
(benefit)
|
|
2,195
|
|
-
|
|
2,204
|
|
(87)
|
Depreciation and
amortization
|
|
1,695
|
|
682
|
|
2,638
|
|
1,908
|
Adjusted
EBITDA
|
|
(6,279)
|
|
(3,879)
|
|
(11,836)
|
|
(7,764)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
(In thousands, except
share data)
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
14,759
|
|
(7,323)
|
|
2,202
|
|
(13,478)
|
Adjustments:
|
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
-
|
|
47
|
|
30
|
|
132
|
(Recovery) provision
for valuation allowance on held for sale loan
|
|
(7,462)
|
|
835
|
|
(7,345)
|
|
835
|
Provision for the
valuation allowance related party receivable
|
|
-
|
|
648
|
|
-
|
|
648
|
Gain on related party
loan held for sale
|
|
(49,817)
|
|
-
|
|
(49,817)
|
|
-
|
Unrealized loss on
equity securities
|
|
28,965
|
|
-
|
|
28,965
|
|
-
|
Acquisition
transaction/financing costs
|
|
535
|
|
169
|
|
1,005
|
|
196
|
Earnout compensation
expense
|
|
2,059
|
|
-
|
|
2,059
|
|
-
|
Professional service
fees
|
|
422
|
|
-
|
|
771
|
|
-
|
Unrealized gain on
note
|
|
(128)
|
|
-
|
|
(491)
|
|
-
|
Stock-based
compensation – compensation and related benefits
|
|
2,053
|
|
286
|
|
7,149
|
|
685
|
Amortization of
intangibles
|
|
1,361
|
|
508
|
|
2,011
|
|
1,524
|
Proforma non-GAAP net
loss
|
|
(7,253)
|
|
(4,830)
|
|
(13,461)
|
|
(9,458)
|
|
|
|
|
|
|
|
|
|
Proforma non-GAAP net
loss per share - Basic
|
|
(0.07)
|
|
(0.21)
|
|
(0.14)
|
|
(0.68)
|
Proforma non-GAAP net
loss per share - Diluted
|
|
(0.07)
|
|
(0.21)
|
|
(0.14)
|
|
(0.68)
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
110,040,532
|
|
22,823,976
|
|
94,577,520
|
|
13,931,245
|
Diluted
|
|
110,041,378
|
|
22,823,976
|
|
94,591,619
|
|
13,931,245
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/inpixon-reports-second-quarter-2021-financial-results-and-provides-corporate-update-301356176.html
SOURCE Inpixon