Achieves 77% Increase in Revenue Versus the
Same Period Last Year
Conference Call to be Held Today at
4:30 p.m. Eastern Time
PALO
ALTO, Calif., May 16, 2022
/PRNewswire/ -- Inpixon® (Nasdaq: INPX), the Indoor Intelligence®
company, today provided a business update and reported financial
results for its 2022 first quarter ended March 31, 2022.
"I'm pleased to report that we continued our strong revenue
growth in the first quarter of 2022, as illustrated by a 77%
increase in revenue to $5.2 million
as compared to $3.0 million for the
same period in 2021," commented Nadir
Ali, CEO of Inpixon. "This growth results from Inpixon's
ability to continue to add household name-brand enterprise
organizations to its Indoor Intelligence customer list. Our
enterprise app platforms are designed to meet the needs of the
modern organization, providing a smart, innovative and connected
space with technologies that provide end-to-end logistics,
management tools and analytics for the workplace, events, and
customer experience programs. Our customers are choosing us because
we can deliver an enterprise-level platform, rich with over 150
workplace features and partnerships that allow for over 75
enterprise software integrations.
We are at the forefront of delivering solutions that are focused
on interconnectivity, automation and intelligence driven by better,
more reliable data. With our breadth of hardware and software
technologies, Inpixon is well positioned to take advantage of not
only the market growth in hybrid workplaces, hybrid events and
industrial automation but also the metaverse. Inpixon has the
foundational technologies and skillsets -- in hardware design,
software development, wireless communications, mapping,
positioning, augmented reality, computer vision, 3D rendering,
advanced visualizations, analytics, and artificial intelligence --
to ride the metaverse wave.
"Inpixon technologies are gaining broad recognition as a leader
in the market, with numerous industry awards and media coverage. We
believe we have a solid foundation for continued growth and look
forward to expanding our partnerships with organizations that share
a vision for driving change and reimagining workplace experiences,"
concluded Mr. Ali.
Recent Highlights:
- Rebranded CXApp products to Inpixon Experience, Inpixon Events
and Inpixon CX Briefing
- Secured multiple new contracts with Fortune 1000-ranked
organizations
- Completed $50 million registered
direct offering
- Ranked number one for RTLS Use Case in 2022 Gartner® Critical
Capabilities for Indoor Location Services report[1]
Financial Results
Revenues for the three months ended March
31, 2022 were $5.2 million
compared to $3.0 million for the
comparable period in the prior year for an increase of
approximately $2.3 million, or
approximately 77%. This increase is primarily attributable to the
increase in Indoor Intelligence sales, particularly our enterprise
app (CXApp) product line which was acquired during the second
quarter of 2021 and the addition of the IIoT product line in the
fourth quarter of 2021. Gross profit for the three months ended
March 31, 2022, was $3.8 million compared to $2.1 million for the comparable period in the
prior year, an increase of 86%. The gross profit margin for the
three months ended March 31, 2022 was
73% compared to 70% for the three months ended March 31, 2021. Net income or loss attributable
to stockholders of Inpixon three months ended March 31, 2022 was a loss of $11.2 million compared to a loss of $12.6 million for the comparable period in the
prior year. This decrease in loss of approximately $1.3 million was primarily attributable to
increased gross profit of $1.8
million, lower operating costs of $0.6 million and higher non-controlling interest
of $0.4 million offset by the
$1.5 million unrealized loss on the
Sysorex shares.
Non-GAAP Adjusted EBITDA for the three months ended March 31, 2022, was a loss of $8.8 million compared to a loss of $5.6 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 March 31,
2022 was a loss of ($0.07)
compared to a loss of ($0.08) 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, acquisition costs and costs associated
with public offerings.
Conference Call
Inpixon management will host a conference call today at
4:30 PM Eastern Time to discuss the
company's financial results for the first quarter ended
March 31, 2022, 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 844-602-0380 for U.S. callers or +1 862-298-0970 for
international callers. A webcast of the call may be accessed at
https://www.webcaster4.com/Webcast/Page/2235/45553 or on the
company's Investors 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 will be available on the company's Investors
section of the website (ir.inpixon.com) through May 16, 2023. A telephone replay of the call will
be available approximately one hour following the call, through
May 23, 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: 45553.
[1] Gartner, Critical Capabilities for Indoor Location Services,
Tim Zimmerman, Annette Zimmermann, 7 March 2022.
Gartner Disclaimer
Gartner and Magic Quadrant are 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, IIoT and the IoT to create exceptional experiences
and to do good with indoor data. For the latest insights, follow
Inpixon on LinkedIn, and 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,
global conflicts, inflation 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
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except number of shares and par value data)
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
60,852
|
|
$
|
52,480
|
Accounts receivable,
net of allowances of $272 and $272, respectively
|
|
|
3,454
|
|
|
3,218
|
Notes and other
receivables
|
|
|
284
|
|
|
321
|
Inventory, net of
reserve of $438 and $438, respectively
|
|
|
1,766
|
|
|
1,976
|
Short-term
investments
|
|
|
15,035
|
|
|
43,125
|
Prepaid assets and
other current assets
|
|
|
8,474
|
|
|
4,842
|
Total Current
Assets
|
|
|
89,865
|
|
|
105,962
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
1,412
|
|
|
1,442
|
Operating lease
right-of-use asset, net
|
|
|
1,558
|
|
|
1,736
|
Software development
costs, net
|
|
|
1,688
|
|
|
1,792
|
Investment in Equity
Securities
|
|
|
335
|
|
|
1,838
|
Long-term
investments
|
|
|
2,500
|
|
|
2,500
|
Intangible assets,
net
|
|
|
32,002
|
|
|
33,478
|
Goodwill
|
|
|
7,656
|
|
|
7,672
|
Other assets
|
|
|
209
|
|
|
253
|
Total
Assets
|
|
$
|
137,225
|
|
$
|
156,673
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,066
|
|
$
|
2,414
|
Accrued
liabilities
|
|
|
3,863
|
|
|
10,665
|
Operating lease
obligation, current
|
|
|
619
|
|
|
643
|
Deferred
revenue
|
|
|
4,133
|
|
|
4,805
|
Short-term
debt
|
|
|
2,411
|
|
|
3,490
|
Acquisition
liability
|
|
|
3,436
|
|
|
5,114
|
Total Current
Liabilities
|
|
|
15,528
|
|
|
27,131
|
|
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
|
|
Operating lease
obligations, noncurrent
|
|
|
982
|
|
|
1,108
|
Other liabilities,
noncurrent
|
|
|
28
|
|
|
28
|
Acquisition liability,
noncurrent
|
|
|
110
|
|
|
220
|
Total
Liabilities
|
|
|
16,648
|
|
|
28,487
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity
|
|
|
|
|
|
|
Series 7 Convertible
Preferred Stock - 58,750 shares authorized; zero and 49,250 issued
and outstanding as of March 31, 2022 and December 31, 2021,
respectively.
|
|
|
--
|
|
|
44,695
|
Series 8 Convertible
Preferred Stock - 53,197.7234 shares authorized; 53,197.7234 and
zero issued and outstanding as of March 31, 2022 and December 31,
2021, respectively. (Liquidation preference of
$53,197,723)
|
|
|
43,173
|
|
|
--
|
|
|
|
|
|
|
|
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 March 31, 2022 and December 31, 2021,
respectively;
|
|
|
--
|
|
|
--
|
Series 5 Convertible
Preferred Stock - 12,000 shares authorized; 126 issued, and 126
outstanding as of March 31, 2022 and December 31, 2021,
respectively.
|
|
|
--
|
|
|
--
|
Common Stock - $0.001
par value; 2,000,000,000 shares authorized;
152,476,356 and 124,440,924 issued and 152,476,355 and
124,440,923
outstanding as of March 31, 2022 and December 31, 2021,
respectively.
|
|
|
152
|
|
|
124
|
Additional paid-in
capital
|
|
|
338,183
|
|
|
332,639
|
Treasury stock, at
cost, 1 share
|
|
|
(695)
|
|
|
(695)
|
Accumulated other
comprehensive income
|
|
|
(58)
|
|
|
44
|
Accumulated
deficit
|
|
|
(261,535)
|
|
|
(250,309)
|
Stockholders' Equity
Attributable to Inpixon
|
|
|
76,047
|
|
|
81,803
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
1,357
|
|
|
1,688
|
|
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
77,404
|
|
|
83,491
|
|
|
|
|
|
|
|
Total Liabilities,
Mezzanine Equity and Stockholders' Equity
|
|
$
|
137,225
|
|
$
|
156,673
|
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
5,231
|
|
$
|
2,954
|
Cost of
Revenues
|
|
|
1,386
|
|
|
884
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
3,845
|
|
|
2,070
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
Research and
development
|
|
|
4,085
|
|
|
2,708
|
Sales and
marketing
|
|
|
2,276
|
|
|
1,639
|
General and
administrative
|
|
|
6,105
|
|
|
9,171
|
Acquisition related
costs
|
|
|
121
|
|
|
470
|
Amortization of
intangibles
|
|
|
1,322
|
|
|
502
|
Total Operating
Expenses
|
|
|
13,909
|
|
|
14,490
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(10,064)
|
|
|
(12,420)
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
2
|
|
|
(349)
|
Loss on exchange of
debt for equity
|
|
|
--
|
|
|
(30)
|
Benefit (provision) for
valuation allowance on related party loan - held for
sale
|
|
|
--
|
|
|
(117)
|
Other
income
|
|
|
108
|
|
|
386
|
Unrealized loss on
equity securities
|
|
|
(1,503)
|
|
|
--
|
Total Other Income
(Expense)
|
|
|
(1,393)
|
|
|
(110)
|
|
|
|
|
|
|
|
Net Loss, before
tax
|
|
|
(11,457)
|
|
|
(12,530)
|
Income tax
provision
|
|
|
(100)
|
|
|
(9)
|
Net
Loss
|
|
|
(11,557)
|
|
|
(12,539)
|
|
|
|
|
|
|
|
Net (Loss) Income
Attributable to Non-controlling Interest
|
|
|
(346)
|
|
|
18
|
|
|
|
|
|
|
|
Net Loss
Attributable to Stockholders of Inpixon
|
|
|
(11,211)
|
|
|
(12,557)
|
Accretion of Series 7
preferred stock
|
|
|
(4,555)
|
|
|
--
|
Accretion of Series 8
Preferred Stock
|
|
|
(548)
|
|
|
--
|
Deemed dividend for the
modification related to Series 8 Preferred Stock
|
|
|
(2,627)
|
|
|
--
|
Deemed contribution for
the modification related to Warrants issued in connection with
Series 8 Preferred Stock
|
|
|
1,469
|
|
|
--
|
Amortization premium-
modification related to Series 8 Prefered Stock
|
|
|
110
|
|
|
--
|
|
|
|
|
|
|
|
Net Loss
Attributable to Common Stockholders
|
|
$
|
(17,362)
|
|
$
|
(12,557)
|
|
|
|
|
|
|
|
Net Loss Per Share -
Basic and Diluted
|
|
$
|
(0.13)
|
|
$
|
(0.16)
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
138,502,493
|
|
|
78,942,697
|
|
|
|
|
|
|
|
Comprehensive
Loss
|
|
|
|
|
|
|
Net Loss
|
|
$
|
(11,557)
|
|
$
|
(12,539)
|
Unrealized foreign
exchange loss from cumulative translation adjustments
|
|
|
(102)
|
|
|
(671)
|
Comprehensive
Loss
|
|
$
|
(11,659)
|
|
$
|
(13,210)
|
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended,
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
(Unaudited)
|
Cash Flows Used In
Operating Activities
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(11,557)
|
|
$
|
(12,539)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
317
|
|
|
293
|
Amortization of
intangible assets
|
|
|
1,489
|
|
|
650
|
Amortization of right
of use asset
|
|
|
169
|
|
|
181
|
Stock based
compensation
|
|
|
1,533
|
|
|
5,096
|
Earnout payment
expense
|
|
|
(2,827)
|
|
|
--
|
Loss on exchange of
debt for equity
|
|
|
--
|
|
|
30
|
Amortization of debt
discount
|
|
|
--
|
|
|
224
|
Related party note,
gain on foreign currency transaction
|
|
|
--
|
|
|
(363)
|
Unrealized gain on
note
|
|
|
(167)
|
|
|
--
|
Provision for the
valuation allowance for held for sale loan
|
|
|
--
|
|
|
117
|
Income tax
expense
|
|
|
--
|
|
|
9
|
Unrealized loss on
equity securities
|
|
|
1,503
|
|
|
--
|
Other
|
|
|
146
|
|
|
--
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable and
other receivables
|
|
|
(239)
|
|
|
426
|
Inventory
|
|
|
181
|
|
|
(279)
|
Prepaid expenses and
other current assets
|
|
|
(3,607)
|
|
|
135
|
Other assets
|
|
|
41
|
|
|
(227)
|
Accounts
payable
|
|
|
(1,345)
|
|
|
480
|
Accrued
liabilities
|
|
|
(109)
|
|
|
421
|
Income tax
liabilities
|
|
|
(40)
|
|
|
--
|
Deferred
revenue
|
|
|
(666)
|
|
|
(235)
|
Operating lease
obligation
|
|
|
(141)
|
|
|
(176)
|
Other
liabilities
|
|
|
--
|
|
|
96
|
Net Cash Used in
Operating Activities
|
|
$
|
(15,319)
|
|
$
|
(5,661)
|
|
|
|
|
|
|
|
Cash Flows Used in
Investing Activities
|
|
|
|
|
|
|
Purchase
of property and equipment
|
|
|
(81)
|
|
|
(109)
|
Purchases of
capitalized software
|
|
|
(107)
|
|
|
(253)
|
Investments in short
term investments
|
|
|
--
|
|
|
(42,059)
|
Sales of treasury
bills
|
|
|
28,001
|
|
|
--
|
Purchase of Systat
licensing agreement
|
|
|
--
|
|
|
(900)
|
Net Cash Provided By
(Used in) Investing Activities
|
|
$
|
27,813
|
|
$
|
(43,321)
|
|
|
|
|
|
|
|
Cash From Financing
Activities
|
|
|
|
|
|
|
Net proceeds from
issuance of preferred stock and warrants
|
|
$
|
46,906
|
|
$
|
--
|
Net proceeds from
issuance of common stock and warrants
|
|
|
--
|
|
|
77,853
|
Cash paid for
redemption of preferred stock series 7
|
|
|
(49,250)
|
|
|
--
|
Restricted stock
forfeiture for settlement of employee taxes
|
|
|
(336)
|
|
|
--
|
Loans to related
party
|
|
|
--
|
|
|
(117)
|
Net proceeds from
promissory notes
|
|
|
364
|
|
|
--
|
Repayment of CXApp
acquisition liability
|
|
|
(1,787)
|
|
|
--
|
Repayment of
acquisition liability to Locality shareholders
|
|
|
--
|
|
|
(467)
|
Net Cash (Used In)
Provided By Financing Activities
|
|
$
|
(4,103)
|
|
$
|
77,269
|
|
|
|
|
|
|
|
Effect of Foreign
Exchange Rate on Changes on Cash
|
|
|
(19)
|
|
|
(10)
|
|
|
|
|
|
|
|
Net Increase in Cash
and Cash Equivalents
|
|
|
8,372
|
|
|
28,277
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents - Beginning of period
|
|
|
52,480
|
|
|
17,996
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents - End of period
|
|
$
|
60,852
|
|
$
|
46,273
|
Reconciliation of
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended,
|
(In
thousands)
|
|
March
31,
|
|
2022
|
|
2021
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
|
$ (17,362)
|
|
$
(12,557)
|
Adjustments:
|
|
|
|
|
Non-recurring one-time
charges:
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
-
|
|
30
|
Provision for valuation
allowance on held for sale loan
|
|
-
|
|
117
|
Unrealized loss on
equity securities
|
|
1,503
|
|
-
|
Acquisition
transaction/financing costs
|
|
121
|
|
470
|
Earnout compensation
benefit
|
|
(2,827)
|
|
-
|
Accretion of series 7
preferred stock
|
|
4,555
|
|
-
|
Accretion of series 8
preferred stock
|
|
548
|
|
-
|
Deemed dividend for the
modification related to Series 8 Preferred Stock
|
|
2,627
|
|
-
|
Deemed contribution for
the modification related to warrants issued in connection with
Series 8 Preferred Stock
|
|
(1,469)
|
|
-
|
Amortization premium-
modification related to Series 8 Prefered Stock
|
|
(110)
|
|
-
|
Professional service
fees
|
|
8
|
|
349
|
Unrealized
losses/(gains) on notes, loans, investments
|
|
89
|
|
(363)
|
Stock-based
compensation – compensation and related benefits
|
|
1,533
|
|
5,096
|
Severance
costs
|
|
111
|
|
-
|
Interest
(income)/expense, net
|
|
(2)
|
|
349
|
Income tax
provision
|
|
100
|
|
9
|
Depreciation and
amortization
|
|
1,806
|
|
943
|
Adjusted
EBITDA
|
|
$
(8,769)
|
|
$
(5,557)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended,
|
(In thousands, except
share data)
|
|
March
31,
|
|
2022
|
|
2021
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
|
$ (17,362)
|
|
$
(12,557)
|
Adjustments:
|
|
|
|
|
Non-recurring one-time
charges:
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
-
|
|
30
|
Provision for valuation
allowance on held for sale loan
|
|
-
|
|
117
|
Unrealized loss on
equity securities
|
|
1,503
|
|
-
|
Acquisition
transaction/financing costs
|
|
121
|
|
470
|
Earnout compensation
benefit
|
|
(2,827)
|
|
-
|
Accretion of series 7
preferred stock
|
|
4,555
|
|
-
|
Accretion of series 8
preferred stock
|
|
548
|
|
-
|
Deemed dividend for the
modification related to Series 8 Preferred Stock
|
|
2,627
|
|
-
|
Deemed contribution for
the modification related to warrants issued in connection with
Series 8 Preferred Stock
|
|
(1,469)
|
|
-
|
Amortization premium-
modification related to Series 8 Prefered Stock
|
|
(110)
|
|
-
|
Professional service
fees
|
|
8
|
|
349
|
Unrealized
losses/(gains) on investments
|
|
89
|
|
(363)
|
Stock-based
compensation – compensation and related benefits
|
|
1,533
|
|
5,096
|
Severance
costs
|
|
111
|
|
-
|
Amortization of
intangibles
|
|
1,489
|
|
650
|
Proforma non-GAAP net
loss
|
|
$
(9,184)
|
|
$
(6,208)
|
Proforma non-GAAP net
loss per basic and diluted common share
|
|
$
(0.07)
|
|
$
(0.08)
|
Weighted average basic
and diluted common shares outstanding
|
|
138,502,493
|
|
78,942,697
|
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