PALO ALTO, Calif., March 11, 2022 /PRNewswire/
-- Inpixon® (Nasdaq: INPX), the Indoor
Intelligence® company, today provided a business update
and reported financial results for the fiscal year ended
December 31, 2021.
2021 Business Highlights:
- Achieved record revenue of approximately $16 million, an increase of 72% over the prior
year
- Increased SaaS annual recurring revenue bookings approximately
70% over the prior year
- Completed three strategically significant acquisitions
expanding the scope of intellectual property, customer base, and
geographic presence, as well as adding advanced enterprise smart
office apps, virtual and hybrid events platform, augmented reality
and industrial IoT solutions
- Increased the total contract value of existing customers by 89%
of the initial order executing on our land and expand strategy
"I'm extremely proud of the progress we've made throughout
2021," commented, Nadir Ali, CEO of
Inpixon. "We've continued to execute on our business growth
strategy resulting in a significant increase in our customer base
and a 72% increase in revenue year-over-year. Over the last four
years, Inpixon increased revenue more than five-fold, from
approximately $3 million to
$16 million. We currently expect to
achieve even higher revenue growth in 2022, with a particular focus
on organic growth within the existing product lines. Importantly,
we have maintained gross margins at 70%, while increasing our
recurring revenue as a percentage of sales. We improved our
operations by completing three strategically significant
acquisitions that complemented and enhanced our existing Indoor
Intelligence platform. As a result, we have effectively expanded
our technologies, capabilities, and solutions to address various
use cases including the hybrid workplace, virtual and hybrid
events, augmented reality and Industry 4.0. To date, we have
secured important contracts with top-tier organizations as well as
expanded relationships with existing customers, thereby increasing
our exposure and penetration within the market. Given the pace of
digital transformation, we anticipate demand for our solutions to
remain strong, as organizations seek solutions that improve
operational efficiency and enhance the workplace experience.
"Overall, we have industry leading technologies, a
well-established customer base, strong demand for our solutions
within numerous industries including healthcare, corporate
enterprises, manufacturing, and more. We are a recognized industry
leader, identified by Gartner as a Leader in the 2022 Magic
Quadrant for Indoor Location Services. We believe we have built a
foundation for continued success, both operationally and
financially, and that we are very well positioned for strong
organic growth given the opportunities within the corporate
environment, metaverse, Industry 4.0, and AR markets. We are
encouraged by the outlook of the business and look forward to
providing additional updates throughout the year," concluded, Mr.
Ali.
Recent Milestones:
- Named a Leader in the 2022 Gartner® Magic Quadrant™
for Indoor Location Services [1]. This is the fourth consecutive
year that Inpixon was recognized in the Magic Quadrant for
completeness of vision and ability to execute
- Released State of Indoor Intelligence 2022 report which
explored how changes happening in the world have impacted the state
of indoor intelligence in organizations
- Secured contract for hybrid event solution to support
conference with 50,000 in-person and virtual attendees
- Announced contract with a premier automotive vehicle
manufacturer to provide its employee experience app
- Acquired INTRANAV, a leading industrial IoT, RTLS, and sensor
data services provider, positioning Inpixon as a one-stop-shop for
comprehensive location intelligence solutions for both the
corporate and industrial sides of an organization
- Recognized as an IDC Innovator for Location & Geospatial
Intelligence
- Announced that Inpixon's CXApp Event platform was selected by
the Association of Briefing Program Managers as their exclusive
event management solution
Financial Results
Revenues for the year ended December 31,
2021, were approximately $16.0
million compared to $9.3
million for the comparable period in the prior year for an
increase of $6.7 million, or
approximately 72%. This increase is primarily attributable to an
approximate $5.0 million increase in
Indoor Intelligence sales, including the smart office app and real
time location-based technologies, and an increase of approximately
$1.7 million of SAVES sales. Gross
profit for the year ended December 31,
2021, was $11.6 million
compared to $6.7 million for the
comparable period in the prior year, an increase of 74%. The gross
profit margin for the year ended December
31, 2021, was 73% compared to 72% for the year ended
December 31, 2020. This increased
margin is primarily due to the sales mix. Net loss attributable to
stockholders of Inpixon for the year ended December 31, 2021, was $69.2 million compared to $29.2 million for the comparable period in the
prior year. This increase in loss of approximately $39.9 million was primarily attributable to the
increase in operating expenses of $53.8
million, offset by the higher gross profit of $4.9 million, and reduced other loss of
$5.5 million. Although total
operating expenses were higher as compared to the prior year, over
$21 million was comprised of
non-recurring and non-cash expenses which are not anticipated for
2022. Moreover, we anticipate additional synergies as a result of
the integration of the acquired companies that we believe will
substantially reduce our operating expenses in the coming year.
Non-GAAP Adjusted EBITDA for the year ended December 31, 2021, was a loss of $29.6 million compared to a loss of $17.1 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 year ended December 31, 2021
was a loss of ($0.26) compared to a
loss of ($0.71) 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 provision for valuation allowances,
severance costs, provision for doubtful accounts, acquisition costs
and costs associated with public offerings.
Conference Call
Inpixon management will host a conference call today at
11:00 AM Eastern Time to discuss the
company's financial results for the fiscal year ended December 31, 2021, as well as to review 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 628452. A webcast of the
call may be accessed at
https://www.webcaster4.com/Webcast/Page/2235/44806 or on the
company's Investor Relations section of the website at
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 will be available on the company's Investor
Relations section of the website (ir.inpixon.com) through
March 7, 2023. A telephone replay of
the call will be available approximately one hour following the
call, through March 15, 2022, 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
44806.
[1] Gartner, Magic Quadrant for Indoor Location Services,
Tim Zimmerman, Annette Zimmermann, Feb.
23, 2022.
Gartner Disclaimer
Gartner and Magic Quadrant is a registered trademark and service
mark of Gartner, Inc. and/or its affiliates in the U.S. and
internationally and is used herein with permission. All rights
reserved. Gartner does not endorse any vendor, product or service
depicted in our research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications consist
of the opinions of Gartner research organization and should not be
construed as statements of fact. Gartner disclaims all warranties,
expressed or implied, with respect to this research, including any
warranties of merchantability or fitness for a particular
purpose.
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
onLinkedIn, 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 and
other global events 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 ability to obtain
financing if needed, 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
General inquiries:
Inpixon
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
Media relations:
Offleash PR for Inpixon
Email: inpixon@offleashpr.com
Investor relations:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: INPX@crescendo-ir.com
INPIXON AND
SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except number of shares and par value data)
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
52,480
|
|
$
|
17,996
|
Accounts receivable,
net of allowances of $272 and $235, respectively
|
|
|
3,218
|
|
|
1,739
|
Notes and other
receivables
|
|
|
321
|
|
|
152
|
Inventory
|
|
|
1,976
|
|
|
1,243
|
Short-term
investments
|
|
|
43,125
|
|
|
7,998
|
Prepaid assets and
other current assets
|
|
|
4,842
|
|
|
1,197
|
Total Current
Assets
|
|
|
105,962
|
|
|
30,325
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
1,442
|
|
|
1,445
|
Operating lease
right-of-use asset, net
|
|
|
1,736
|
|
|
2,077
|
Software development
costs, net
|
|
|
1,792
|
|
|
1,721
|
Investment in Equity
Securities
|
|
|
1,838
|
|
|
--
|
Long-term
investments
|
|
|
2,500
|
|
|
2,500
|
Intangible assets,
net
|
|
|
33,478
|
|
|
14,203
|
Goodwill
|
|
|
7,672
|
|
|
6,588
|
Other
assets
|
|
|
253
|
|
|
152
|
Total
Assets
|
|
$
|
156,673
|
|
$
|
59,011
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,414
|
|
$
|
908
|
Accrued
liabilities
|
|
|
10,665
|
|
|
2,739
|
Operating lease
obligation, current
|
|
|
643
|
|
|
647
|
Deferred
revenue
|
|
|
4,805
|
|
|
1,922
|
Short-term
debt
|
|
|
3,490
|
|
|
5,401
|
Acquisition
liability
|
|
|
5,114
|
|
|
500
|
Total Current
Liabilities
|
|
|
27,131
|
|
|
12,117
|
|
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
|
|
Operating lease
obligations, noncurrent
|
|
|
1,108
|
|
|
1,457
|
Other liabilities,
noncurrent
|
|
|
28
|
|
|
7
|
Acquisition
liability, noncurrent
|
|
|
220
|
|
|
750
|
Total
Liabilities
|
|
|
28,487
|
|
|
14,331
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity
|
|
|
|
|
|
|
Series 7 Convertible
Preferred Stock - 58,750 shares authorized; 49,250 and
- issued and outstanding as of December 31, 2021 and December 31,
2020,
respectively. (Liquidation preference of $49,250,000)
|
|
|
44,695
|
|
|
--
|
|
|
|
|
|
|
|
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 December 31, 2021 and December 31, 2020,
respectively;
|
|
|
--
|
|
|
--
|
Series 5 Convertible
Preferred Stock - 12,000 shares authorized; 126 issued, and
126 outstanding as of December 31, 2021 and December 31, 2020,
respectively.
|
|
|
--
|
|
|
--
|
Common Stock - $0.001
par value; 2,000,000,000 and 250,000,000 shares
authorized;
124,440,924 and 53,178,462 issued and 124,440,923 and
53,178,462
outstanding as of December 31, 2021 and December 31, 2020,
respectively.
|
|
|
124
|
|
|
53
|
Additional paid-in
capital
|
|
|
332,639
|
|
|
225,613
|
Treasury stock, at
cost, 1 share
|
|
|
(695)
|
|
|
(695)
|
Accumulated other
comprehensive income
|
|
|
44
|
|
|
660
|
Accumulated
deficit
|
|
|
(250,309)
|
|
|
(180,992)
|
Stockholders' Equity
Attributable to Inpixon
|
|
|
81,803
|
|
|
44,639
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
1,688
|
|
|
41
|
|
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
|
83,491
|
|
|
44,680
|
|
|
|
|
|
|
|
Total Liabilities,
Mezzanine Equity and Stockholders' Equity
|
|
$
|
156,673
|
|
$
|
59,011
|
INPIXON AND
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
15,995
|
|
$
|
9,297
|
Cost of
Revenues
|
|
|
4,374
|
|
|
2,613
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
11,621
|
|
|
6,684
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
Research and
development
|
|
|
14,121
|
|
|
6,523
|
Sales and
marketing
|
|
|
8,261
|
|
|
5,331
|
General and
administrative
|
|
|
41,352
|
|
|
15,261
|
Acquisition related
costs
|
|
|
1,248
|
|
|
1,057
|
Impairment of
goodwill
|
|
|
14,789
|
|
|
--
|
Amortization of
intangibles
|
|
|
4,467
|
|
|
2,306
|
Total Operating
Expenses
|
|
|
84,238
|
|
|
30,478
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(72,617)
|
|
|
(23,794)
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
1,183
|
|
|
(2,426)
|
Loss on exchange of
debt for equity
|
|
|
(30)
|
|
|
(210)
|
Benefit (provision)
for valuation allowance on related
party loan - held for sale
|
|
|
7,345
|
|
|
(2,370)
|
Other income
(expense)
|
|
|
(173)
|
|
|
(470)
|
Gain on related party
loan - held for sale
|
|
|
49,817
|
|
|
--
|
Unrealized loss on
equity securities
|
|
|
(57,067)
|
|
|
--
|
Total Other Income
(Expense)
|
|
|
1,075
|
|
|
(5,476)
|
|
|
|
|
|
|
|
Net Loss, before
tax
|
|
|
(71,542)
|
|
|
(29,270)
|
Income tax
benefit
|
|
|
1,412
|
|
|
56
|
Net
Loss
|
|
|
(70,130)
|
|
|
(29,214)
|
|
|
|
|
|
|
|
Net Income
(Expense) Attributable to Non-
controlling Interest
|
|
|
(975)
|
|
|
15
|
|
|
|
|
|
|
|
Net Loss
Attributable to Stockholders of Inpixon
|
|
|
(69,155)
|
|
|
(29,229)
|
Accretion of Series 7
preferred stock
|
|
|
(8,161)
|
|
|
--
|
|
|
|
|
|
|
|
Net Loss
Attributable to Common Stockholders
|
|
$
|
(77,316)
|
|
$
|
(29,229)
|
|
|
|
|
|
|
|
Net Loss Per Share
- Basic and Diluted
|
|
$
|
(0.72)
|
|
$
|
(1.01)
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
107,981,441
|
|
|
28,800,493
|
|
|
|
|
|
|
|
Comprehensive
Loss
|
|
|
|
|
|
|
Net Loss
|
|
$
|
(70,130)
|
|
$
|
(29,214)
|
Unrealized foreign
exchange (loss) gain from
cumulative translation adjustments
|
|
|
(617)
|
|
|
566
|
Comprehensive
Loss
|
|
$
|
(70,747)
|
|
$
|
(28,648)
|
INPIXON AND
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
Cash Flows Used In
Operating Activities
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(70,130)
|
|
$
|
(29,214)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,344
|
|
|
826
|
Amortization of
intangible assets
|
|
|
5,107
|
|
|
2,545
|
Amortization of right
of use asset
|
|
|
677
|
|
|
490
|
Stock based
compensation
|
|
|
10,879
|
|
|
1,194
|
Earnout payment
expense
|
|
|
6,524
|
|
|
--
|
Loss on exchange of
debt for equity
|
|
|
30
|
|
|
210
|
Amortization of debt
discount
|
|
|
224
|
|
|
2,594
|
Accrued interest
income, related party
|
|
|
(1,627)
|
|
|
(32)
|
Provision for
doubtful accounts
|
|
|
121
|
|
|
956
|
Unrealized gain/loss
on note
|
|
|
(92)
|
|
|
--
|
Provision for
inventory obsolescense
|
|
|
300
|
|
|
138
|
(Recovery) provision
for the valuation allowance for held for sale loan
|
|
|
(7,345)
|
|
|
2,370
|
Provision for the
valuation allowance for related party receivable
|
|
|
--
|
|
|
648
|
Gain on settlement of
related party promissory note
|
|
|
(49,817)
|
|
|
--
|
Deferred income
tax
|
|
|
(2,593)
|
|
|
(87)
|
Unrealized loss on
equity securities
|
|
|
57,067
|
|
|
--
|
Impairment of
goodwill
|
|
|
14,789
|
|
|
--
|
Loss on disposal of
property and equipment
|
|
|
24
|
|
|
--
|
Other
|
|
|
235
|
|
|
(6)
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
and other receivables
|
|
|
(313)
|
|
|
(964)
|
Inventory
|
|
|
(112)
|
|
|
(117)
|
Prepaid expenses and
other current assets
|
|
|
(4,006)
|
|
|
(563)
|
Other
assets
|
|
|
199
|
|
|
(248)
|
Accounts
payable
|
|
|
391
|
|
|
(1,815)
|
Accrued
liabilities
|
|
|
490
|
|
|
269
|
Income tax
liabilities
|
|
|
16
|
|
|
--
|
Deferred
revenue
|
|
|
817
|
|
|
242
|
Operating lease
obligation
|
|
|
(658)
|
|
|
(490)
|
Other
liabilities
|
|
|
328
|
|
|
453
|
Net Cash Used in
Operating Activities
|
|
$
|
(37,131)
|
|
$
|
(20,601)
|
|
|
|
|
|
|
|
Cash Flows Used in
Investing Activities
|
|
|
|
|
|
|
Purchase of
property and equipment
|
|
|
(346)
|
|
|
(972)
|
Investment in
capitalized software
|
|
|
(1,019)
|
|
|
(862)
|
Purchases of short
term investments
|
|
|
(2,000)
|
|
|
(7,998)
|
Sales of short term
investments
|
|
|
2,000
|
|
|
--
|
Purchases of treasury
bills
|
|
|
(63,362)
|
|
|
--
|
Sales of treasury
bills
|
|
|
28,000
|
|
|
--
|
Investment in Systat
licensing agreement
|
|
|
(900)
|
|
|
(2,200)
|
Purchase of
intangibles assets
|
|
|
(4)
|
|
|
--
|
Acquisition of the
Ten Degrees
|
|
|
--
|
|
|
(1,500)
|
Acquisition of
Nanotron
|
|
|
--
|
|
|
(7,786)
|
Acquisition of
Intranav
|
|
|
(1,023)
|
|
|
--
|
Acquisition of Game
Your Game
|
|
|
184
|
|
|
--
|
Acquisition of
CXApp
|
|
|
(14,977)
|
|
|
--
|
Acquisition of
Visualix
|
|
|
(61)
|
|
|
--
|
Investment in long
term investment
|
|
|
--
|
|
|
(2,500)
|
Cash acquired in the
Nanotron acquisition
|
|
|
--
|
|
|
311
|
Net Cash Used in
Investing Activities
|
|
$
|
(53,508)
|
|
$
|
(23,507)
|
|
|
|
|
|
|
|
Cash From
Financing Activities
|
|
|
|
|
|
|
Net repayments to
bank facility
|
|
$
|
--
|
|
$
|
(150)
|
Net proceeds from
issuance of preferred stock and warrants
|
|
|
50,585
|
|
|
--
|
Net proceeds from
issuance of common stock and warrants
|
|
|
77,852
|
|
|
55,352
|
Taxes paid related to
net share settlement of restricted stock units
|
|
|
(1,855)
|
|
|
--
|
Net repayment of
notes payable
|
|
|
--
|
|
|
(74)
|
Loans to related
party
|
|
|
(117)
|
|
|
(2,569)
|
Repayments from
related party
|
|
|
--
|
|
|
200
|
Net proceeds from
promissory notes
|
|
|
--
|
|
|
5,000
|
Repayment of CXApp
acquisition liability
|
|
|
(461)
|
|
|
--
|
Repayment of
acquisition liability to Nanotron shareholders
|
|
|
(467)
|
|
|
--
|
Repayment of
acquisition liability to Locality shareholders
|
|
|
(500)
|
|
|
(500)
|
Net Cash Provided
By Financing Activities
|
|
$
|
125,037
|
|
$
|
57,259
|
|
|
|
|
|
|
|
Effect of Foreign
Exchange Rate on Changes on Cash
|
|
|
86
|
|
|
(4)
|
|
|
|
|
|
|
|
Net Increase in
Cash and Cash Equivalents
|
|
|
34,484
|
|
|
13,147
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents - Beginning of year
|
|
|
17,996
|
|
|
4,849
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents - End of year
|
|
$
|
52,480
|
|
$
|
17,996
|
Reconciliation of
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
(In
thousands)
|
|
December
31,
|
|
2021
|
|
2020
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
|
$
(77,316)
|
|
$
(29,229)
|
Adjustments:
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
30
|
|
210
|
(Recovery) provision
for valuation allowance on held for sale loan
|
|
(7,345)
|
|
2,370
|
Provision for the
valuation allowance related party receivable
|
|
-
|
|
648
|
Gain on related party
loan held for sale
|
|
(49,817)
|
|
-
|
Unrealized loss on
equity securities
|
|
57,067
|
|
-
|
Acquisition
transaction/financing costs
|
|
1,248
|
|
1,057
|
Earnout compensation
expense
|
|
6,524
|
|
-
|
Professional service
fees
|
|
1,366
|
|
-
|
Accretion of series 7
preferred stock
|
|
8,161
|
|
-
|
Impairment of
goodwill
|
|
14,789
|
|
-
|
Unrealized gains on
notes, loans, investments
|
|
241
|
|
-
|
Bad debts
expense/provision
|
|
121
|
|
956
|
Reserve for inventory
obsolescence
|
|
300
|
|
-
|
Stock-based
compensation – compensation and related benefits
|
|
10,879
|
|
1,194
|
Severance
costs
|
|
294
|
|
-
|
Interest expense,
net
|
|
(1,183)
|
|
2,426
|
Income tax
benefit
|
|
(1,412)
|
|
(87)
|
Depreciation and
amortization
|
|
6,451
|
|
3,371
|
Adjusted
EBITDA
|
|
$
(29,602)
|
|
$
(17,084)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
(In thousands, except
share data)
|
|
December
31,
|
|
2021
|
|
2020
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
|
$
(77,316)
|
|
$
(29,229)
|
Adjustments:
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
30
|
|
210
|
(Recovery) provision
for valuation allowance on held for sale loan
|
|
(7,345)
|
|
2,370
|
Provision for the
valuation allowance related party receivable
|
|
-
|
|
648
|
Gain on related party
loan held for sale
|
|
(49,817)
|
|
-
|
Unrealized loss on
equity securities
|
|
57,067
|
|
-
|
Acquisition
transaction/financing costs
|
|
1,248
|
|
1,057
|
Earnout compensation
expense
|
|
6,524
|
|
-
|
Professional service
fees
|
|
1,366
|
|
-
|
Accretion of series 7
preferred stock
|
|
8,161
|
|
-
|
Impairment of
goodwill
|
|
14,789
|
|
-
|
Unrealized gains on
notes, loans, investments
|
|
241
|
|
-
|
Bad debts
expense/provision
|
|
121
|
|
956
|
Reserve for inventory
obsolescence
|
|
300
|
|
-
|
Stock-based
compensation – compensation and related benefits
|
|
10,879
|
|
1,194
|
Severance
costs
|
|
294
|
|
-
|
Amortization of
intangibles
|
|
5,107
|
|
2,306
|
Proforma non-GAAP net
loss
|
|
$
(28,351)
|
|
$
(20,488)
|
Proforma non-GAAP net
loss per basic and diluted common share
|
|
$
(0.26)
|
|
$
(0.71)
|
Weighted average
basic and diluted common shares outstanding
|
|
107,981,441
|
|
28,800,493
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/inpixon-reports-2021-financial-results-and-provides-business-update-301500764.html
SOURCE Inpixon