PALO ALTO, Calif. and
TORONTO, July 8, 2020 /PRNewswire/ -- Inpixon
(Nasdaq: INPX), a leading indoor data company that delivers Indoor
Intelligence™ solutions, today provided the following business
update from the Company's CEO, Nadir
Ali.
Nadir Ali, CEO of Inpixon,
commented, "Following the end of our second quarter, during a
period in which businesses and individuals have had to contend with
a global pandemic and its resulting impact on the economy and on
personal lives, I continue to be proud of the accomplishments and
achievements of our team who have remained positive, engaged and
fully focused on continued business growth. Internally, our
employees and management were able to swiftly transition to remote
work while also balancing family life and the personal challenges
associated with the pandemic environment, allowing us to maintain
our full operations.
"Over recent weeks we have announced additional product
enhancements and features, such as the release of enterprise-class
features for our mapping solution, designed to speed app
development, streamline map administration, and further enhance
platform resilience. In addition, during the second quarter, we
launched our Workplace Readiness™ solution, to meet the critical
needs of organizations that are working to ensure they are prepared
to thrive when they reopen with essential tools and technologies to
support policies for social distancing, contact tracing and
increased sanitation efforts aimed at helping to enhance the safety
and well-being of employees and visitors within their venues. To
support these efforts, we launched a nationwide Reclaim Your
Workplace ad campaign, to expand our reach to key decision makers
at Fortune 500 and other large enterprises and government agencies
with a series of print and digital ads, online videos, radio spots
and podcast sponsorships, resulting in an increase in our web
traffic by more than 12x as compared to the periods prior to the
campaign launch.
"As a result of these efforts, we are seeing strong traction for
the adoption of our technology and solutions to address the demands
of a new world, with new priorities. This is evidenced by the
response that we have received from existing, new and potential
customers, such as a global hotel chain and a major U.S.
telecommunications company, as well as new partners, such our
recently announced collaboration with Lenovo as part of its
ecosystem of Think IOT Back to Work Solutions. As reopen plans
continue to expand over the weeks and months to come, we are
encouraged by a robust sales pipeline generated by the focus and
efforts made during the second quarter that significantly exceeds
our historical sales pipeline opportunities when compared to recent
quarters.
"Like many other businesses, because shelter in place orders
were in effect and customers were reassessing needs, we
experienced some delays with respect to certain projects and
customer requests originally anticipated to be booked during the
second quarter. Despite these challenges, I am pleased to report
that during these unprecedented times we have been able to raise
funds through the use of our at-the-market facility and reduce our
debt, allowing us to significantly strengthen our balance sheet,
ending with approximately $39 million
of cash and cash equivalents as of June 30,
2020. This provides us with adequate runway not only to
support our operations but also to allow us to continue to invest
in the development of our technology and solutions, as well as to
continue to pursue our acquisition strategy. In this regard, we
recently announced that we acquired an exclusive global license for
the marketing, distribution, and development of statistical
engineering software. We anticipate that this transaction will
enhance our shareholder value, not only because it is expected to
increase our top line by approximately $3.5M on an annual basis and be accretive but
also because it will greatly expand our global customer base with a
product line deeply rooted in sophisticated data analytics and
visualizations and which we intend to leverage within our Indoor
Intelligence™ platform. We will continue to seek and leverage
strategic opportunities to expand our market share by acquiring
complementary technologies and intellectual property and/or by
increasing our revenue growth, adding new technologies or customers
that we believe will provide business value and operational
synergies, or are otherwise opportunistic for other strategic
reasons. We remain committed to driving shareholder value and I
look forward to providing further updates on our ongoing
initiatives," concluded Mr. Ali.
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.
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SOURCE Inpixon