PALO ALTO, Calif. and
TORONTO, Aug. 13, 2020 /PRNewswire/ -- Inpixon (Nasdaq:
INPX), a leading indoor data company that delivers Indoor
Intelligence™ solutions, today provided a business update and
reported financial results for the second quarter of 2020.
Nadir Ali, CEO of Inpixon,
commented, "Despite the impact of a global pandemic, the second
quarter of 2020 has been pivotal for Inpixon. We ended the quarter
by making significant strides towards strengthening our balance
sheet and improving our overall financial condition. Like many
other businesses, we have had to navigate certain obstacles,
including supply chain constraints for certain products, and delays
in anticipated orders as our customers were required to evaluate
the impact of the on-going pandemic on their own businesses and
ability to make expenditures. As a result, we focused on our remote
and subscription-based offerings and seized upon the opportunity
presented by the temporary slowdown to enhance our product
offering, as well as accelerate our sales and marketing activities
to address the new global realities. Specifically, we expanded our
product offering to assist organizations seeking to manage the
impacts of the pandemic by developing our Workplace Readiness
solutions. These solutions provide live analytics and key insights
related to people flow and occupancy density for building and zone
health, in order to monitor areas that need increased cleaning
efforts, crowd management or contact tracing. We have secured
certain key collaboration and reseller relationships, such as our
relationship with Lenovo, allowing our solutions to be offered as
part of their ThinkIoT Back to Work Solutions. We believe Lenovo's
global footprint and established relationships with large
enterprise customers will complement our internal sales activities
and assist in rapidly expanding awareness and accelerating adoption
of our solutions. Earlier this week we announced the receipt of our
FCC certification for our UWB module which we believe will be
significant in our future offerings along with the work we are
doing in 5G cellular detection, next generation BLE and Wi-Fi 6.
Our sensor fusion capabilities have long been a differentiator for
us and we expect to continue to show our leadership and innovation
in this space.
"To further the awareness of our Workplace Readiness and other
solutions, we invested in our sales and marketing efforts by
embarking on a nationwide advertising campaign, including a series
of print and digital ads, online videos, radio spots and podcast
sponsorships, and launched an enhanced website which highlights the
full strength of our capabilities which has proven effective in
increasing web traffic and lead generation. To facilitate our
growth plans, we are also increasing our hiring activities
throughout our organization. In this regard, we hired Tyler Hoffman, a senior industry executive, as
our Chief Revenue Officer, to assist in accelerating our growth
opportunities.
"In addition, during the second quarter of 2020, we were able to
continue to execute on our strategic acquisition strategy, by
acquiring an exclusive global marketing, distribution and
development license for a suite of statistical, data analytics and
visualization software tools, greatly expanding our customer base
worldwide to include many top-tier organizations and educational
institutions. We anticipate this transaction will be accretive to
earnings, increase our overall revenue annually, as well as
increase our cross-selling opportunities.
"Overall, we remain encouraged by the outlook, and we believe we
are well positioned for continued growth, with over $39 million of cash as of June 30, 2020, which provides us with flexibility
to execute on our organic growth strategy, and an ability to
explore potential accretive, synergistic and other strategic
transactions aimed at increasing long-term shareholder value."
Recent milestones:
- Received FCC certification for our UWB module, a radio
technology that can enable precise measure of radio frequency
signals, allowing for centimeter-level accuracy and location
measurements for use in a broad range of applications to facilitate
contextual decision making, operating cost reductions, increased
safety, and greater security for data communication and
assets.
- Launched new website, with a clean, modern, and
easy-to-navigate design, highlighting Inpixon's comprehensive
Indoor Intelligence Platform with mapping, positioning, security
and analytics.
- Announced Lenovo as an authorized reseller of Inpixon's
Workplace Readiness solutions, allowing our solutions to be offered
as part of Lenovo's ThinkIoT Back to Work Solutions, an ecosystem
of IoT solutions that simplifies workplace preparation for bringing
employees back to the office after closures due to COVID-19.
- Acquired an exclusive global license to market, distribute, and
develop a suite of statistical, data analytics and visualization
software anticipated to increase our revenues annually and increase
our cross-selling opportunities.
- Launched "Reclaim Your Workplace" ad campaign nationwide,
designed to raise awareness of Inpixon's Workplace Readiness
solutions which include tools to support social distancing and
contact tracing.
- Released additional enterprise-class mapping features,
Jibestream 4.13. The latest release simplifies integrations with
third-party data and apps, improves the quality of data our
customers input into the content management system, and enhances
the aesthetics and readability of the wording on maps, ideal to
support large enterprises.
- Appointed senior industry executive Tyler Hoffman as Chief Revenue Officer to
further accelerate growth, bringing deep experience in enterprise
software and Software-as-a-Service, spanning fintech, e-commerce,
security, data, media and retail sectors.
Financial Results
Revenues for the second quarter ended June 30, 2020 were $1.1
million compared to $1.5
million for the comparable period in the prior year for a
decrease of $415,000, or
approximately 28%. Revenues decreased in the second quarter of 2020
over the prior period in 2019 primarily due to a delay in
anticipated customer orders for our sensors from a significant
customer that was received subsequent to the quarter end. Gross
margin for three months ended June 30,
2020 was 72% compared to 74% for the second quarter ended
June 30, 2019. This decrease in
margin is primarily due to lower margins associated with Inpixon's
mapping services during the second quarter ended June 30, 2020. Net loss attributable to
stockholders of Inpixon for the three months ended June 30, 2020 was $7.3
million compared to $5.2
million for the comparable period in the prior year. The
higher loss of approximately $2.1
million was primarily attributable to the lower revenues,
additional interest expense and debt discount on promissory notes,
and $1.4 million in valuation
allowance adjustments. Non-GAAP Adjusted EBITDA for the three
months ended June 30, 2020 was a loss
of $3.9 million compared to a loss of
$1.9 million for the prior period in
2019. 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,
2020 was a loss of ($0.21) per
share compared to a loss of ($13.33)
per share for the prior period in 2019. Proforma non-GAAP net
income (loss) per share is used by the Company's management as an
evaluation tool as it manages the business and is defined as net
income (loss) per basic and diluted share adjusted for stock based
compensation, amortization of intangibles, provision for doubtful
accounts, severance costs, acquisition costs, costs associated with
public offerings and one time charges including loss on the
exchange of debt for equity and provision for valuation
allowances.
Conference Call
Management will host a conference call at 4:30 p.m. Eastern Time on Thursday, August 13,
2020 to discuss the Company's financial results, as well as the
Company's corporate progress and other developments.
The conference call will be available via telephone by dialing
toll free 877-407-9205 for U.S. callers or +1 201-689-8054 for
international callers, or on the Company's Investor Relations
section of the website: ir.inpixon.com.
A webcast replay will be available on the Company's Investor
Relations section of the website (ir.inpixon.com) through
August 13, 2021. A telephone replay
of the call will be available approximately one hour following the
call, through August 20, 2020 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:
36468.
About Inpixon
Inpixon® (Nasdaq: INPX) is the Indoor Intelligence™ company that
specializes in capturing, interpreting and giving context to indoor
data so it can be translated into actionable intelligence. The
company's Indoor Intelligence platform ingests diverse data from
IoT, third-party and proprietary sensors designed to detect and
position active cellular, Wi-Fi, UWB and Bluetooth devices. Paired
with a high-performance data analytics engine, patented algorithms,
and advanced mapping technology, Inpixon's solutions are leveraged
by a multitude of industries to do good with indoor data. This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety. Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors. 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, 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,
including during a panel monitoring period ending on February 5, 2021, 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 the matrix in which it manages
the business and Inpixon defines "Adjusted EBITDA" as EBITDA plus
adjustments for deemed dividends, 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 deemed
dividends, stock based compensation, amortization of intangibles,
provision for doubtful accounts, severance costs, acquisition
costs, costs associated with public offerings 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 in this press
release.
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except number of shares and par value data)
|
|
|
|
|
|
|
|
As
of
|
|
June 30,
|
|
December
31,
|
2020
|
|
2019
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
39,458
|
|
$
|
4,777
|
Accounts receivable,
net
|
|
1,155
|
|
|
1,108
|
Notes and other
receivables
|
|
160
|
|
|
74
|
Inventory
|
|
378
|
|
|
400
|
Prepaid assets and
other current assets
|
|
1,306
|
|
|
406
|
Total Current
Assets
|
|
42,457
|
|
|
6,765
|
|
|
|
|
|
|
Property and
equipment, net
|
|
122
|
|
|
145
|
Operating lease
right-of-use asset, net
|
|
1,191
|
|
|
1,585
|
Software development
costs, net
|
|
1,632
|
|
|
1,544
|
Intangible assets,
net
|
|
8,987
|
|
|
8,400
|
Goodwill
|
|
2,318
|
|
|
2,070
|
Receivable from
related party
|
|
--
|
|
|
616
|
Other
assets
|
|
105
|
|
|
94
|
Total
Assets
|
$
|
56,812
|
|
$
|
21,219
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts
payable
|
$
|
630
|
|
$
|
2,383
|
Accrued
liabilities
|
|
1,254
|
|
|
1,863
|
Operating lease
obligation
|
|
589
|
|
|
776
|
Deferred
revenue
|
|
1,509
|
|
|
912
|
Short-term
debt
|
|
5,523
|
|
|
7,304
|
Acquisition
liability
|
|
2,950
|
|
|
502
|
Total Current
Liabilities
|
|
12,455
|
|
|
13,740
|
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
|
Operating lease
obligations, noncurrent
|
|
623
|
|
|
837
|
Other
liabilities
|
|
7
|
|
|
7
|
Deferred tax liability,
noncurrent
|
|
--
|
|
|
87
|
Acquisition liability,
noncurrent
|
|
--
|
|
|
500
|
Total
Liabilities
|
|
13,085
|
|
|
15,171
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
Preferred Stock -
$0.001 par value; 5,000,000 shares authorized, consisting of Series
4 ConvertiblePreferred Stock - 10,415 shares authorized; 1 and 1
issued, and 1 and 1 outstanding as of June 30, 2020 and December
31, 2019, respectively, Series 5 Convertible Preferred Stock -
12,000 shares authorized; 126 and 126 issued, and 126 and 126
outstanding as of June 30, 2020 and December 31, 2019,
respectively.
|
|
--
|
|
|
--
|
Common Stock - $0.001
par value; 250,000,000 shares authorized; 40,175,002 and 4,234,923
issued and 40,175,001 and 4,234,922 outstanding as of June
30, 2020 and December 31, 2019, respectively.
|
|
40
|
|
|
4
|
Additional paid-in
capital
|
|
209,789
|
|
|
158,382
|
Treasury stock, at
cost, 1 share
|
|
(695)
|
|
|
(695)
|
Accumulated other
comprehensive income
|
|
(199)
|
|
|
94
|
Accumulated deficit
(excluding $2,442 reclassified to additional paid in capital in
quasi-reorganization)
|
|
(165,242)
|
|
|
(151,763)
|
Stockholders' Equity
Attributable to Inpixon
|
|
43,693
|
|
|
6,022
|
|
|
|
|
|
|
Non-controlling
interest
|
|
34
|
|
|
26
|
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
43,727
|
|
|
6,048
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$
|
56,812
|
|
$
|
21,219
|
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,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues
|
$
|
1,076
|
|
$
|
1,491
|
|
$
|
2,880
|
|
$
|
2,854
|
Cost of
Revenues
|
|
305
|
|
|
391
|
|
|
814
|
|
|
727
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
771
|
|
|
1,100
|
|
|
2,066
|
|
|
2,127
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,278
|
|
|
796
|
|
|
2,612
|
|
|
1,752
|
Sales and
marketing
|
|
1,468
|
|
|
681
|
|
|
2,159
|
|
|
1,314
|
General and
administrative
|
|
2,476
|
|
|
3,018
|
|
|
6,268
|
|
|
6,368
|
Acquisition related
costs
|
|
169
|
|
|
510
|
|
|
196
|
|
|
647
|
Amortization of
intangibles
|
|
508
|
|
|
820
|
|
|
1,524
|
|
|
1,633
|
Total Operating
Expenses
|
|
5,899
|
|
|
5,825
|
|
|
12,759
|
|
|
11,714
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
(5,128)
|
|
|
(4,725)
|
|
|
(10,693)
|
|
|
(9,587)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(777)
|
|
|
(509)
|
|
|
(1,397)
|
|
|
(865)
|
Provision for valuation
allowance on held for sale loan
|
|
(835)
|
|
|
--
|
|
|
(835)
|
|
|
--
|
Loss on exchange of
debt for equity
|
|
(47)
|
|
|
(160)
|
|
|
(132)
|
|
|
(160)
|
Other income
(expense)
|
|
(517)
|
|
|
163
|
|
|
(499)
|
|
|
232
|
Total Other Income
(Expense)
|
|
(2,176)
|
|
|
(506)
|
|
|
(2,863)
|
|
|
(793)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss from
Operations, before tax
|
|
(7,304)
|
|
|
(5,231)
|
|
|
(13,556)
|
|
|
(10,380)
|
Income tax
benefit
|
|
--
|
|
|
--
|
|
|
87
|
|
|
--
|
Net
Loss
|
|
(7,304)
|
|
|
(5,231)
|
|
|
(13,469)
|
|
|
(10,380)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Non-controlling Interest
|
|
19
|
|
|
9
|
|
|
9
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
Attributable to Stockholders of Inpixon
|
$
|
(7,323)
|
|
$
|
(5,240)
|
|
$
|
(13,478)
|
|
$
|
(10,384)
|
|
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend for
triggering of warrant down round feature
|
|
--
|
|
|
--
|
|
|
--
|
|
|
(1,250)
|
Net Loss
Attributable to Common Stockholders
|
$
|
(7,323)
|
|
$
|
(5,240)
|
|
$
|
(13,478)
|
|
$
|
(11,634)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share
- Basic and Diluted
|
$
|
(0.32)
|
|
$
|
(25.47)
|
|
$
|
(0.97)
|
|
$
|
(75.99)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
22,823,976
|
|
|
205,730
|
|
|
13,931,245
|
|
|
153,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Loss
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
$
|
(7,304)
|
|
$
|
(5,231)
|
|
$
|
(13,469)
|
|
$
|
(10,380)
|
Unrealized foreign
exchange gain/(loss) from cumulative translation
adjustments
|
|
318
|
|
|
39
|
|
|
(295)
|
|
|
31
|
Comprehensive
Loss
|
$
|
(6,986)
|
|
$
|
(5,192)
|
|
$
|
(13,764)
|
|
$
|
(10,349)
|
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
June
30,
|
|
2020
|
|
2019
|
(Unaudited)
|
|
Cash Flows Used In
Operating Activities
|
|
|
|
|
|
Net
loss
|
$
|
(13,469)
|
|
$
|
(10,380)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
384
|
|
|
527
|
Amortization of
intangible assets
|
|
1,524
|
|
|
1,633
|
Amortization of right
of use asset
|
|
356
|
|
|
164
|
Stock based
compensation
|
|
685
|
|
|
1,748
|
Amortization of
technology
|
|
--
|
|
|
33
|
Loss on exchange of
debt for equity
|
|
132
|
|
|
160
|
Amortization of debt
discount
|
|
1,909
|
|
|
798
|
Accrued interest
income, related party
|
|
(32)
|
|
|
--
|
Provision for
doubtful accounts
|
|
--
|
|
|
105
|
Provision for the
valuation allowance held for sale loan
|
|
835
|
|
|
--
|
Provision for the
valuation allowance related party receivable
|
|
648
|
|
|
--
|
Income tax
benefit
|
|
(87)
|
|
|
--
|
Other
|
|
21
|
|
|
26
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts receivable
and other receivables
|
|
(107)
|
|
|
(1,198)
|
Inventory
|
|
22
|
|
|
(109)
|
Other current
assets
|
|
(905)
|
|
|
55
|
Other
assets
|
|
(13)
|
|
|
(182)
|
Accounts
payable
|
|
(1,539)
|
|
|
132
|
Accrued
liabilities
|
|
(593)
|
|
|
53
|
Deferred
revenue
|
|
105
|
|
|
(67)
|
Operating lease
liabilities
|
|
(362)
|
|
|
--
|
Other
liabilities
|
|
117
|
|
|
(66)
|
Total
Adjustments
|
|
3,100
|
|
|
3,812
|
Net Cash Used in
Operating Activities
|
|
(10,369)
|
|
|
(6,568)
|
|
|
|
|
|
|
Cash Flows Used in
Investing Activities
|
|
|
|
|
|
Purchase
of property and equipment
|
|
(39)
|
|
|
(44)
|
Investment in
capitalized software
|
|
(433)
|
|
|
(465)
|
Investment in
GTX
|
|
--
|
|
|
(250)
|
Investment in
Locality
|
|
--
|
|
|
(204)
|
Net Cash Flows
Used in Investing Activities
|
|
(472)
|
|
|
(963)
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
Net repayments to
bank facility
|
|
(150)
|
|
|
(23)
|
Net proceeds from
issuance of common stock, preferred stock and warrants
|
|
--
|
|
|
10,859
|
Net proceeds from
issuance of common stock
|
|
41,771
|
|
|
--
|
Net proceeds from
notes payable
|
|
1
|
|
|
--
|
Repayment of notes
payable
|
|
--
|
|
|
(1)
|
Loans to related
party
|
|
(1,035)
|
|
|
(8,945)
|
Repayments from
related party
|
|
200
|
|
|
1,683
|
Net proceeds from
promissory notes
|
|
5,000
|
|
|
4,500
|
Repayment of
acquisition liability to Locality shareholders
|
|
(250)
|
|
|
--
|
Net Cash Provided
By Financing Activities
|
|
45,537
|
|
|
8,073
|
|
|
|
|
|
|
Effect of Foreign
Exchange Rate on Changes on Cash
|
|
(15)
|
|
|
31
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents and Restricted
Cash
|
|
34,681
|
|
|
573
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of period
|
|
4,849
|
|
|
1,218
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of period
|
$
|
39,530
|
|
$
|
1,791
|
Reconciliation of
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
June
30,
|
|
June
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net loss attributable
to common stockholders
|
|
$
|
(7,323)
|
|
$
|
(5,240)
|
|
$
|
(13,478)
|
|
$
|
(11,634)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
|
47
|
|
|
160
|
|
|
132
|
|
|
160
|
Provision for
valuation allowance on held for sale loan
|
|
|
835
|
|
|
--
|
|
|
835
|
|
|
--
|
Provision for the
valuation allowance related party receivable
|
|
|
648
|
|
|
--
|
|
|
648
|
|
|
--
|
Settlement of
litigation
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
6
|
Acquisition
transaction/financing costs
|
|
|
169
|
|
|
510
|
|
|
196
|
|
|
647
|
Costs associated with
public offering
|
|
|
--
|
|
|
50
|
|
|
--
|
|
|
50
|
Severance
|
|
|
--
|
|
|
100
|
|
|
--
|
|
|
100
|
Provision for
doubtful accounts
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
105
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
1,250
|
Stock-based
compensation – compensation and related benefits
|
|
|
286
|
|
|
858
|
|
|
685
|
|
|
1,748
|
Interest expense,
net
|
|
|
777
|
|
|
508
|
|
|
1,397
|
|
|
864
|
Depreciation and
amortization
|
|
|
682
|
|
|
1,117
|
|
|
1,908
|
|
|
2,160
|
Income tax
benefit
|
|
|
--
|
|
|
(2)
|
|
|
(87)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
(3,879)
|
|
$
|
(1,939)
|
|
$
|
(7,764)
|
|
$
|
(4,546)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
share data)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
June
30,
|
|
June
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net loss attributable
to common stockholders
|
|
$
|
(7,323)
|
|
$
|
(5,240)
|
|
$
|
(13,478)
|
|
$
|
(11,634)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
|
47
|
|
|
160
|
|
|
132
|
|
|
160
|
Provision for
valuation allowance on held for sale loan
|
|
|
835
|
|
|
--
|
|
|
835
|
|
|
--
|
Provision for the
valuation allowance related party receivable
|
|
|
648
|
|
|
--
|
|
|
648
|
|
|
--
|
Settlement of
litigation
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
6
|
Acquisition
transaction/financing costs
|
|
|
169
|
|
|
510
|
|
|
196
|
|
|
647
|
Costs associated with
public offering
|
|
|
--
|
|
|
50
|
|
|
--
|
|
|
50
|
Severance
|
|
|
--
|
|
|
100
|
|
|
--
|
|
|
100
|
Provision for
doubtful accounts
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
105
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
1,250
|
Stock-based
compensation – compensation and related benefits
|
|
|
286
|
|
|
858
|
|
|
685
|
|
|
1,748
|
Amortization of
intangibles
|
|
|
508
|
|
|
820
|
|
|
1,524
|
|
|
1,633
|
Proforma non-GAAP net
loss
|
|
|
$
(4,830)
|
|
|
$(2,742)
|
|
|
$
(9,458)
|
|
|
$(5,935)
|
Proforma non-GAAP net
loss per basic and diluted common share
|
|
|
$
(0.21)
|
|
$
|
(13.33)
|
|
|
$
(0.68)
|
|
$
|
(38.76)
|
Weighted average
basic and diluted common shares outstanding
|
|
|
22,823,976
|
|
|
205,730
|
|
|
13,931,245
|
|
|
153,108
|
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SOURCE Inpixon