Conference Call to Be Held Today at 5:00 pm
Eastern Time
Inpixon (NASDAQ: INPX), a leading indoor positioning and data
analytics company, today reported financial results for the third
quarter ended September 30, 2018 and provided an update on
corporate developments.
Third Quarter 2018 Financial Highlights:
- 2018 Q3 revenue of $940,000
- 2018 Q3 gross margin of 68%
- 2018 Q3 GAAP net loss of $4.84 per share
- 2018 Q3 Proforma Non-GAAP net loss1 of $3.61 per share
- 2018 Q3 Non-GAAP Adjusted EBITDA1 loss of $3.4 million
“The successful spin-off of the value added
reseller business during the third quarter of 2018 has immediately
resulted in an increase in stockholders’
equity and gross profit and a decrease in GAAP
net loss, even with the inclusion of two months of losses from
the discontinued business. We anticipate that these improvements
will continue through the fourth quarter, which will
represent the first full quarter following the completion of the
spin-off,” said Nadir Ali, CEO of Inpixon. “We are now
exclusively focused on our indoor positioning analytics (“IPA”)
business prepared to execute on a strategy that we believe will
position Inpixon as a leader in a multi-billion dollar
industry. We have been able to increase the number of our
channel partners and customers in both the federal and commercial
sector resulting in a 67% increase in the number of purchase
orders received in the third quarter of this year as
compared to the second quarter of 2018.”
Third Quarter 2018 Financial Results
Revenue: Net revenues for the three months ended
September 30, 2018 were $940,000 compared to $871,000 for the
comparable period in the prior year. This $69,000 increase, or
approximately 8%, is primarily associated with the increase in
sales from our IPA products.
Gross Profit: Gross profit for the three months
ended September 2018 was $642,000 versus $604,000 for the same
period in 2017. This increase in gross profit is due to the
additional higher margin IPA sales. The gross profit margin for the
three months ended September 30, 2018 was 68% compared to 69%
during the three months ended September 30, 2017.
GAAP Net Loss: Net loss attributable to common stockholders of
Inpixon for the three months ended September 30, 2018 was $5.2
million compared to $14.6 million for the prior year period. This
decrease in loss of $9.4 million was primarily attributable to a
decrease in compensation and occupancy costs due to the downsizing
of staff and office locations and a $7.8 million impairment of
goodwill charge included in deconsolidated operations.
Non-GAAP Net Loss1: Proforma non-GAAP net
loss per basic and diluted common share for the three months ended
September 30, 2018 was ($3.61) compared to ($546.74) for the prior
year period. These decreases are attributable to the changes
discussed in our results of operations.
Non-GAAP adjusted EBITDA1: Adjusted EBITDA for
the three months ended September 30, 2018 was a loss of $3.4
million compared to a loss of $3.1 million for the prior year
period.
1 A reconciliation of GAAP to non-GAAP financial
measures is provided in the financial statement tables included in
this press release. An explanation of these measures is also
included under the heading “Non-GAAP Financial Measures.”
Third Quarter 2018 Business Highlights
and Recent Developments
- Inpixon signs wireless specialist ROCK Networks as Indoor
Positioning Analytics reseller partner.
- Inpixon announces adding video camera data feed into indoor
positioning analytics
- Inpixon appoints retail industry veteran Adam Benson as
CTO
- Inpixon announced it has successfully completed the spin-off of
its value-added reseller business, Sysorex, Inc. (“Sysorex”).
(Note: As a result, Inpixon and Sysorex are now two separate
publicly traded companies.)
- Inpixon announced NuVision Technologies has contracted to
purchase Inpixon Indoor Positioning Analytics (IPA).
- Inpixon recently provided a technology update on blockchain,
voice-user interface, artificial intelligence, and Amazon Web
Services.
All results summarized in this press release
(including the financial statement tables) should be considered
preliminary, are qualified in their entirety by the financial
statement tables included in this press release and are subject to
change. Please refer to Inpixon’s Quarterly Report on Form 10-Q for
the period ended September 30, 2018, which will be filed with the
U.S. Securities and Exchange Commission on or about November 5,
2018.
Conference Call Information
Management will host a conference call on
Monday, November 5, 2018, at 5:00pm Eastern Time to review
financial results, corporate highlights and provide an update on
developments. Following management’s formal remarks, there will be
a question and answer session for Equity Analysts.
To listen to the conference call, interested
parties within the U.S. should call 1-844-824-3831. International
callers should call +1-412-317-5141. All callers should ask for the
Inpixon conference call. The conference call will also be available
through a live webcast, which can be accessed at
https://services.choruscall.com/links/inpx181101.html or via the
company’s website at http://client.irwebkit.com/inpixon/events.
A replay of the call will be available
approximately one hour after the end of the call through December
1, 2018. The replay can be accessed via Inpixon’s website or by
dialing 1-877-344-7529 (U.S.) or +1-412-317-0088 (international).
The replay conference playback code is 10125897.
About Inpixon
Inpixon (Nasdaq: INPX) is a leader in Indoor
Positioning Analytics (IPA). Inpixon IPA Sensors are designed to
find all accessible cellular, Wi-Fi, and Bluetooth devices
anonymously. Paired with a high-performance data analytics
platform, this technology delivers visibility, security, and
business intelligence on any commercial or government location
worldwide. Inpixon’s products and professional services group help
customers take advantage of mobile, big data, analytics, and the
Internet of Things (IoT) to uncover the untold stories of the
indoors. For the latest insight on IPA, follow Inpixon on LinkedIn,
@InpixonHQ on 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 global economic conditions, the performance of
management and employees, ability to obtain financing, competition,
general economic conditions and other factors that are detailed in
our periodic and current reports available for review at sec.gov.
Furthermore, we operate 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. We
disclaim any intention to, and undertake 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 other income or
expense items, non-recurring items and non-cash stock-based
compensation. Inpixon defines “pro forma net loss per share” as
GAAP net loss per share adjusted for non-cash items including
stock-based compensation, amortization of intangibles and one time
charges including gain/loss on the settlement of obligations,
severance costs, change in the fair value of derivative liability,
acquisition costs and the costs associated with public
offerings.
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.
Contacts
Inpixon Investor Relations:CORE IRScott Arnold,
+1-516-222-2560Managing Directorwww.coreir.com
|
INPIXON AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except number of shares and par
value data) |
|
|
|
|
|
|
|
|
|
As of September 30, |
|
As of December 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Audited) |
ASSETS |
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,461 |
|
|
$ |
119 |
|
Accounts receivable, net |
|
|
878 |
|
|
|
429 |
|
Notes and other receivables |
|
|
64 |
|
|
|
13 |
|
Inventory |
|
|
810 |
|
|
|
783 |
|
Assets held for sale |
|
|
-- |
|
|
|
23 |
|
Related party receivable |
|
|
750 |
|
|
|
-- |
|
Current assets of deconsolidted operations |
|
|
-- |
|
|
|
6,983 |
|
Prepaid assets and other current assets |
|
|
923 |
|
|
|
859 |
|
Total Current Assets |
|
|
4,886 |
|
|
|
9,209 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
219 |
|
|
|
348 |
|
Software development costs, net |
|
|
1,680 |
|
|
|
2,017 |
|
Intangible assets, net |
|
|
5,321 |
|
|
|
7,566 |
|
Goodwill |
|
|
636 |
|
|
|
636 |
|
Non-current assets of deconsolidted operations |
|
|
-- |
|
|
|
7,558 |
|
Other assets |
|
|
249 |
|
|
|
357 |
|
Total Assets |
|
$ |
12,991 |
|
|
$ |
27,691 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ (DEFICIT)
EQUITY |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
777 |
|
|
$ |
1,562 |
|
Accrued liabilities |
|
|
1,149 |
|
|
|
2,206 |
|
Deferred revenue |
|
|
52 |
|
|
|
58 |
|
Short-term debt |
|
|
1,815 |
|
|
|
3,058 |
|
Derivative liabilities |
|
|
-- |
|
|
|
48 |
|
Current liabilities of deconsolidated
operations |
|
|
-- |
|
|
|
33,040 |
|
Liabilities held for sale |
|
|
-- |
|
|
|
2,059 |
|
Total Current Liabilities |
|
|
3,793 |
|
|
|
42,031 |
|
|
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
|
|
Long-term debt |
|
|
142 |
|
|
|
767 |
|
Other liabilities |
|
|
29 |
|
|
|
73 |
|
Non-current liabilities of deconsolidated
operations |
|
|
-- |
|
|
|
3,673 |
|
Total Liabilities |
|
|
3,964 |
|
|
|
46,544 |
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ (Deficit)
Equity: |
|
|
|
|
|
|
Preferred Stock - $0.001 par value; 5,000,000 shares
authorized, 0 issued and outstanding as of September 30, 2018 and
December 31, 2017 |
|
|
-- |
|
|
|
-- |
|
Series 4 Convertible Preferred Stock - $1,000 stated
value; 10,185 shares authorized; |
|
|
|
|
|
|
7 and 0 issued and 7 and 0 outstanding at September
30, 2018 and December 31, 2017. |
|
|
|
|
|
|
Liquidation preference of $0 at September 30, 2018
and December 31, 2017. |
|
|
-- |
|
|
|
-- |
|
Common Stock - $0.001 par value; 250,000,000 shares
authorized; |
|
|
|
|
|
|
1,281,126 and 24,055 issued and 1,281,113 and 24,042
outstanding at September 30, 2018 and December 31, 2017,
respectively. |
|
|
51 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
120,124 |
|
|
|
78,302 |
|
Treasury stock, at cost, 13 shares |
|
|
(695 |
) |
|
|
(695 |
) |
Accumulated other comprehensive income |
|
|
16 |
|
|
|
31 |
|
Accumulated deficit |
|
|
(110,482 |
) |
|
|
(94,486 |
) |
Stockholders’ (Deficit) Equity Attributable to
Inpixon |
|
|
9,014 |
|
|
|
(16,847 |
) |
|
|
|
|
|
|
|
Non-controlling interest |
|
|
13 |
|
|
|
(2,006 |
) |
|
|
|
|
|
|
|
Total Stockholders' (Deficit)
Equity |
|
|
9,027 |
|
|
|
(18,853 |
) |
|
|
|
|
|
|
|
Total Liabilities and Stockholders’
(Deficit) Equity |
|
$ |
12,991 |
|
|
$ |
27,691 |
|
|
|
|
|
|
|
|
|
INPIXON AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS |
(In thousands, except per share
data) |
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
271 |
|
|
$ |
52 |
|
|
$ |
554 |
|
|
$ |
476 |
|
Services |
|
|
669 |
|
|
|
819 |
|
|
|
2,073 |
|
|
|
2,531 |
|
Total Revenues |
|
|
940 |
|
|
|
871 |
|
|
|
2,627 |
|
|
|
3,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
107 |
|
|
|
94 |
|
|
|
259 |
|
|
|
410 |
|
Services |
|
|
191 |
|
|
|
173 |
|
|
|
559 |
|
|
|
580 |
|
Total Cost of Revenues |
|
|
298 |
|
|
|
267 |
|
|
|
818 |
|
|
|
990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
642 |
|
|
|
604 |
|
|
|
1,809 |
|
|
|
2,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
296 |
|
|
|
224 |
|
|
|
820 |
|
|
|
713 |
|
Sales and marketing |
|
|
447 |
|
|
|
441 |
|
|
|
1,259 |
|
|
|
1,917 |
|
General and administrative |
|
|
2,326 |
|
|
|
3,239 |
|
|
|
8,796 |
|
|
|
8,325 |
|
Acquisition related costs |
|
|
78 |
|
|
|
-- |
|
|
|
94 |
|
|
|
5 |
|
Impairment of goodwill |
|
|
-- |
|
|
|
587 |
|
|
|
-- |
|
|
|
587 |
|
Amortization of intangibles |
|
|
812 |
|
|
|
808 |
|
|
|
2,419 |
|
|
|
2,536 |
|
Total Operating Expenses |
|
|
3,959 |
|
|
|
5,299 |
|
|
|
13,388 |
|
|
|
14,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations |
|
|
(3,317 |
) |
|
|
(4,695 |
) |
|
|
(11,579 |
) |
|
|
(12,066 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(78 |
) |
|
|
(252 |
) |
|
|
(981 |
) |
|
|
(1,317 |
) |
Change in fair value of derivative liability |
|
|
-- |
|
|
|
46 |
|
|
|
48 |
|
|
|
254 |
|
Gain on the sale of Sysorex Arabia |
|
|
-- |
|
|
|
-- |
|
|
|
23 |
|
|
|
-- |
|
Other income/(expense) |
|
|
-- |
|
|
|
14 |
|
|
|
(11 |
) |
|
|
(54 |
) |
Total Other Income (Expense) |
|
|
(78 |
) |
|
|
(192 |
) |
|
|
(921 |
) |
|
|
(1,117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss from Continuing
Operations |
|
|
(3,395 |
) |
|
|
(4,887 |
) |
|
|
(12,500 |
) |
|
|
(13,183 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from Discontinued Operations, Net of
Tax |
|
|
(1,785 |
) |
|
|
(9,754 |
) |
|
|
(4,778 |
) |
|
|
(13,946 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
(5,180 |
) |
|
|
(14,641 |
) |
|
|
(17,278 |
) |
|
|
(27,129 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable to
Non-controlling Interest |
|
|
4 |
|
|
|
(4 |
) |
|
|
6 |
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable to Stockholders of
Inpixon |
|
$ |
(5,184 |
) |
|
$ |
(14,637 |
) |
|
$ |
(17,284 |
) |
|
$ |
(27,116 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend to preferred stockholders |
|
|
-- |
|
|
|
-- |
|
|
|
(11,235 |
) |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable to Common
Stockholders |
|
$ |
(5,184 |
) |
|
$ |
(14,637 |
) |
|
$ |
(28,519 |
) |
|
$ |
(27,116 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Basic and Diluted Common
Share |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
$ |
(3.17 |
) |
|
$ |
(620.65 |
) |
|
$ |
(45.97 |
) |
|
$ |
(3,372.47 |
) |
Loss from discontinued operations |
|
|
(1.67 |
) |
|
|
(1,238.76 |
) |
|
|
(9.25 |
) |
|
|
(3,567.66 |
) |
Net Loss Per Share - Basic and
Diluted |
|
$ |
(4.84 |
) |
|
$ |
(1,858.90 |
) |
|
$ |
(55.24 |
) |
|
$ |
(6,936.81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
1,071,310 |
|
|
|
7,874 |
|
|
|
516,302 |
|
|
|
3,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(5,180 |
) |
|
$ |
(14,641 |
) |
|
|
(17,278 |
) |
|
|
(27,129 |
) |
Unrealized foreign exchange gain/(loss) from
cumulative translation adjustments |
|
|
(10 |
) |
|
|
(5 |
) |
|
|
(15 |
) |
|
|
(15 |
) |
Comprehensive Loss |
|
$ |
(5,190 |
) |
|
$ |
(14,646 |
) |
|
$ |
(17,293 |
) |
|
$ |
(27,144 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INPIXON AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
|
For the Nine Months Ended |
|
|
September 30, |
|
|
2018 |
|
|
2017 |
|
(Unaudited) |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(17,278 |
) |
|
$ |
(27,129 |
) |
Adjustment to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,334 |
|
|
|
1,324 |
|
Amortization of intangible assets |
|
|
3,804 |
|
|
|
4,094 |
|
Impairment of goodwill |
|
|
-- |
|
|
|
8,392 |
|
Stock
based compensation |
|
|
979 |
|
|
|
1,282 |
|
Amortization of technology |
|
|
50 |
|
|
|
50 |
|
Change in
fair value of derivative liability |
|
|
(48 |
) |
|
|
(254 |
) |
Amortization of debt discount |
|
|
417 |
|
|
|
1,545 |
|
Amortization of deferred financing costs |
|
|
-- |
|
|
|
167 |
|
Provision
for doubtful accounts |
|
|
221 |
|
|
|
773 |
|
Gain on
the settlement of liabilities |
|
|
(307 |
) |
|
|
-- |
|
Gain on
the sale of Sysorex Arabia |
|
|
(23 |
) |
|
|
-- |
|
Other |
|
|
(37 |
) |
|
|
129 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable and other receivables |
|
|
207 |
|
|
|
5,223 |
|
Inventory |
|
|
(19 |
) |
|
|
270 |
|
Other
current assets |
|
|
54 |
|
|
|
455 |
|
Prepaid
licenses and maintenance contracts |
|
|
(5 |
) |
|
|
9,787 |
|
Other
assets |
|
|
34 |
|
|
|
46 |
|
Accounts
payable |
|
|
(8,797 |
) |
|
|
4,751 |
|
Accrued
liabilities |
|
|
(3,057 |
) |
|
|
455 |
|
Deferred
revenue |
|
|
64 |
|
|
|
(10,704 |
) |
Other
liabilities |
|
|
(978 |
) |
|
|
(438 |
) |
Total
Adjustments |
|
|
(6,107 |
) |
|
|
27,347 |
|
|
|
|
|
|
|
|
Net Cash (Used in) Provided by Operating
Activities |
|
|
(23,385 |
) |
|
|
218 |
|
|
|
|
|
|
|
|
Cash Flows Used in Investing Activities |
|
|
|
|
|
|
Purchase
of property and equipment |
|
|
(39 |
) |
|
|
(91 |
) |
Investment in capitalized software |
|
|
(661 |
) |
|
|
(1,063 |
) |
Investment in technology |
|
|
(175 |
) |
|
|
-- |
|
Cash spun
off a result of de-consolidation |
|
|
(362 |
) |
|
|
-- |
|
|
|
|
|
|
|
|
Net Cash Flows Used in Investing Activities |
|
|
(1,237 |
) |
|
|
(1,154 |
) |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
Repayments to bank facility |
|
|
(1,141 |
) |
|
|
(3,348 |
) |
Net
proceeds from issuance of common stock, preferred stock and
warrants |
|
|
27,961 |
|
|
|
6,117 |
|
Repayment
of notes payable |
|
|
(113 |
) |
|
|
(20 |
) |
Advances
to related party |
|
|
(774 |
) |
|
|
-- |
|
Repayments from related party |
|
|
24 |
|
|
|
-- |
|
Repayment
of debenture |
|
|
-- |
|
|
|
(2,850 |
) |
Net
proceeds from convertible promissory notes |
|
|
-- |
|
|
|
2,000 |
|
Repayment
of convertible promissory notes |
|
|
-- |
|
|
|
(2,662 |
) |
|
|
|
|
|
|
|
Net Cash Flows Provided by (Used in) Financing
Activities |
|
|
25,957 |
|
|
|
(763 |
) |
|
|
|
|
|
|
|
Effect of
Foreign Exchange Rate on Changes on Cash |
|
|
(15 |
) |
|
|
(15 |
) |
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
|
|
1,320 |
|
|
|
(1,714 |
) |
|
|
|
|
|
|
|
Cash and Cash
Equivalents - Beginning of Period |
|
|
141 |
|
|
|
1,821 |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents - End of Period |
|
$ |
1,461 |
|
|
$ |
107 |
|
|
|
Reconciliation of Non-GAAP Financial
Measures: |
|
(In thousands) |
|
Three Months
Ended |
|
Nine Months
Ended |
September
30, |
|
September
30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net loss attributable to common stockholders |
|
$ |
(5,184 |
) |
|
$ |
(14,637 |
) |
|
$ |
(17,284 |
) |
|
$ |
(27,116 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring one-time charges: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition transaction/financing costs |
|
|
78 |
|
|
|
-- |
|
|
|
94 |
|
|
|
5 |
|
Costs associated with public offering |
|
|
4 |
|
|
|
159 |
|
|
|
85 |
|
|
|
159 |
|
Impairment of goodwill |
|
|
-- |
|
|
|
8,392 |
|
|
|
-- |
|
|
|
8,392 |
|
Gain on the settlement of obligations |
|
|
(45 |
) |
|
|
-- |
|
|
|
(307 |
) |
|
|
-- |
|
Gain on earnout |
|
|
-- |
|
|
|
(561 |
) |
|
|
(934 |
) |
|
|
(561 |
) |
Gain on the sale of Sysorex Arabia |
|
|
-- |
|
|
|
-- |
|
|
|
(23 |
) |
|
|
-- |
|
Gain on the sale of contracts |
|
|
-- |
|
|
|
-- |
|
|
|
(601 |
) |
|
|
-- |
|
Change in the fair value of derivative
liability |
|
|
-- |
|
|
|
(46 |
) |
|
|
(48 |
) |
|
|
(254 |
) |
Provison for doubtful accounts |
|
|
-- |
|
|
|
773 |
|
|
|
221 |
|
|
|
773 |
|
Severance |
|
|
-- |
|
|
|
-- |
|
|
|
15 |
|
|
|
27 |
|
Stock based compensation - acquisition costs |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
7 |
|
Stock-based compensation – compensation and related
benefits |
|
|
122 |
|
|
|
288 |
|
|
|
979 |
|
|
|
1,275 |
|
Interest expense |
|
|
146 |
|
|
|
694 |
|
|
|
1,785 |
|
|
|
2,721 |
|
Depreciation and amortization |
|
|
1,452 |
|
|
|
1,817 |
|
|
|
5,137 |
|
|
|
5,418 |
|
Adjusted EBITDA |
|
$ |
(3,427 |
) |
|
$ |
(3,121 |
) |
|
$ |
(10,881 |
) |
|
$ |
(9,154 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
Three Months Ended |
|
Nine Months Ended |
September 30, |
|
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net loss attributable to
common stockholders |
|
$ |
|
(5,184 |
) |
|
$ |
|
(14,637 |
) |
|
$ |
|
(17,284 |
) |
|
$ |
|
(27,116 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring one-time charges: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition transaction/financing costs |
|
|
|
78 |
|
|
|
|
-- |
|
|
|
|
94 |
|
|
|
|
5 |
|
Costs
associated with public offering |
|
|
|
4 |
|
|
|
|
159 |
|
|
|
|
85 |
|
|
|
|
159 |
|
Impairment of goodwill |
|
|
|
-- |
|
|
|
|
8,392 |
|
|
|
|
-- |
|
|
|
|
8,392 |
|
Gain on
the settlement of obligations |
|
|
|
(45 |
) |
|
|
|
-- |
|
|
|
|
(307 |
) |
|
|
|
-- |
|
Gain on
earnout |
|
|
|
-- |
|
|
|
|
(561 |
) |
|
|
|
(934 |
) |
|
|
|
(561 |
) |
Gain on
the sale of Sysorex Arabia |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
(23 |
) |
|
|
|
-- |
|
Gain on
the sale of contracts |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
(601 |
) |
|
|
|
-- |
|
Change in
the fair value of derivative liability |
|
|
|
-- |
|
|
|
|
(46 |
) |
|
|
|
(48 |
) |
|
|
|
(254 |
) |
Provison
for doubtful accounts |
|
|
|
-- |
|
|
|
|
773 |
|
|
|
|
221 |
|
|
|
|
773 |
|
Severance |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
15 |
|
|
|
|
27 |
|
Stock
based compensation - acquisition costs |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
7 |
|
Stock-based compensation – compensation and related benefits |
|
|
|
122 |
|
|
|
|
288 |
|
|
|
|
979 |
|
|
|
|
1,275 |
|
Amortization of intangibles |
|
|
|
1,158 |
|
|
|
|
1,327 |
|
|
|
|
3,804 |
|
|
|
|
4,094 |
|
Proforma non-GAAP net
loss |
|
|
$ |
(3,867 |
) |
|
$ |
|
(4,305 |
) |
|
|
$ |
(13,999 |
) |
|
$ |
|
(13,199 |
) |
Proforma non-GAAP net
loss per basic and diluted common share |
|
|
$ |
(3.61 |
) |
|
$ |
|
(546.74 |
) |
|
|
$ |
(27.11 |
) |
|
$ |
|
(3,376.57 |
) |
Weighted average basic
and diluted common shares outstanding |
|
|
|
1,071,310 |
|
|
|
|
7,874 |
|
|
|
|
516,302 |
|
|
|
|
3,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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