PALO ALTO, Calif., Nov. 12, 2020 /PRNewswire/ -- Inpixon
(Nasdaq: INPX), the Indoor Intelligence™ company, today provided a
business update and reported financial results for the third
quarter of 2020.
Recent Milestones:
- Acquired Nanotron, a global location awareness technology
company; Oct. 2020 acquisition
increases revenue and is expected to be accretive to earnings
- Acquired "blue dot" on-device positioning technology and
intellectual property assets in Aug.
2020, expanding Inpixon's Indoor Intelligence capabilities
on mobile devices
- Acquired an exclusive global distribution and development
license for SYSTAT and SigmaPlot software suite of products in
June 2020; acquisition increases
revenue and is expected to be accretive to earnings
- Inpixon RF Video Connector integrated into Genetec Security
Center Omnicast for sensor fusion-enabled video analytics
- Participated in CNN-moderated "Reclaim Your Workplace: Creating
a Resilient Environment Post-Pandemic" roundtable
- Expanded Latin American reach -- executed sales and
distribution agreement with importer and distributor, GASCOM
- Inpixon and FSI team for facility management solutions
incorporating intelligent maps to combat COVID-19
- Inpixon and The CXApp collaborate on desk-booking and
enterprise campus apps plus multi-technology social distancing and
contact tracing methodologies designed to reduce COVID-19
infections and enhance incident response
- Received FCC certification for ultra-wideband (UWB) module
Nadir Ali, CEO of Inpixon,
commented, "This has been a productive quarter, to say the least.
In the beginning of the year, we set out a goal to grow our
business in terms of revenue and to continue the path of innovation
we initiated last year in order to develop the most comprehensive,
intelligent platform available in the market for Indoor
Intelligence. By successfully completing a number of key
acquisitions, in 2020 we increased our technical advantage by
adding key capabilities, such as on-device positioning, which can
be leveraged by device users to understand where they are within a
building, and two-way ranging, allowing for the measurement of
distance between two devices. We also acquired best-in-class UWB
technology, permitting finer, more precise positioning capabilities
down to 30 cm with the acquisition of Nanotron Technologies GmbH, a
market leader in UWB technologies.
"With the transactions completed this year, we expanded our
operations to Europe, as well as
our customer base internationally in Europe, Asia,
Africa, South America and the Middle East, and our partner relationships
with marquee distribution and technology partners. We have expanded
our reach to new verticals such as mine safety, livestock and
manufacturing, and added additional use cases such as collision
avoidance, safety zones and RTLS. We also strengthened our
intellectual property portfolio by acquiring a number of patents,
trademarks and other rights.
"Even during an unprecedented year of challenges faced by people
and businesses throughout the world, Inpixon has transformed as an
organization, becoming financially and operationally stronger. We
have expanded our technological capabilities and product offerings
as a premier provider of Indoor Intelligence solutions with the
ability to offer our customers insights about their spaces that we
believe far exceed our competitors. Importantly, we have become a
one-stop solution for Indoor Intelligence. Rather than only selling
products or services to address a single issue or as part of a
total solution typically requiring the integration of offerings by
multiple vendors, we can provide a comprehensive solution to
address certain key pain points of our customers. We are
approaching global enterprises, including some well-known Fortune
500 companies, offering what we believe is unparalleled Indoor
Intelligence capabilities under one roof to address safety and
security concerns, increase operational efficiencies and improve
their bottom line. We believe this approach has resonated extremely
well among customers, partners, distributors and resellers.
"With approximately $31.4 million
of cash as of September 30, 2020, we
believe we are well positioned for continued growth and have the
flexibility to execute on our growth strategy. We are focused on
creating long-term shareholder value, and in 2020 we concentrated
on continuing to enhance and expand our capabilities to be a
single-source provider of premier Indoor Intelligence solutions.
Our efforts are aimed at scaling the business both organically and
through M&A, and I'm confident that despite the challenges of
this year with COVID-19, our growth strategy is working as
indicated by the 66% increase in revenue for the third quarter
ended September 30, 2020, compared to
the same period last year. This growth reflects a recovery back to
the growth rates we were achieving prior to the shelter-in-place
directives we had to contend with in Q2 2020, and I expect this
growth trend to continue in Q4 2020."
Financial Results
Revenues for the third quarter ended September 30, 2020 were $2.55 million compared to $1.53 million for the comparable period in the
prior year for an increase of $1.02
million or approximately 66%. The increase in revenues was
primarily attributable to an increase in sales in our Aware and
Mapping product lines and the addition of sales from the new Systat
licensing product line. Gross profit for the three months ended
September 30, 2020 was $1.9 million compared to $1.2 million for the comparable period in the
prior year, an increase of 66%. The gross profit margin for the
three months ended September 30, 2020
and 2019 was 75%. Net loss attributable to stockholders of Inpixon
for the three months ended September 30,
2020 was $7.5 million compared
to a net loss of $6.6 million for the
comparable period in the prior year. The higher loss of
approximately $0.9 million was
primarily attributable the higher operating expenses offset by the
increased revenue during the three months ended September 30, 2020. Non-GAAP Adjusted EBITDA for
the three months ended September 30,
2020 was a loss of $4.6
million compared to a loss of $2.4
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 September 30,
2020 was a loss of $0.13 per
share compared to a loss of $7.44 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, November 12,
2020 to discuss the Company's financial results for the third
quarter ended September 30, 2020 as
well as the Company's corporate progress and other
developments.
The conference call will be available via telephone by dialing
toll free 866-342-8591 for U.S. callers or +1 203-518-9713 for
international callers, or on the Company's Investors section of the
website: ir.inpixon.com.
A webcast replay will be available on the Company's Investors
section of the website (ir.inpixon.com) through February 12, 2021. A telephone replay of the call
will be available approximately one hour following the call,
through November 19, 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:
38565.
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, our ability to integrate
the businesses we acquire into our 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, 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 accompanying
this press release.
Inpixon Contacts
Media relations and general inquiries:
Inpixon
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
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
|
|
|
September 30,
2020
|
|
December 31,
2019
|
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
31,376
|
|
$
|
4,777
|
Accounts receivable,
net
|
|
|
1,948
|
|
|
1,108
|
Notes and other
receivables
|
|
|
378
|
|
|
74
|
Inventory
|
|
|
414
|
|
|
400
|
Prepaid assets and
other current assets
|
|
|
1,144
|
|
|
406
|
Total Current
Assets
|
|
|
35,260
|
|
|
6,765
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
553
|
|
|
145
|
Operating lease
right-of-use asset, net
|
|
|
1,622
|
|
|
1,585
|
Software development
costs, net
|
|
|
1,729
|
|
|
1,544
|
Intangible assets,
net
|
|
|
10,761
|
|
|
8,400
|
Goodwill
|
|
|
2,555
|
|
|
2,070
|
Receivable from
related party
|
|
|
--
|
|
|
616
|
Other
assets
|
|
|
113
|
|
|
94
|
Total
Assets
|
|
$
|
52,593
|
|
$
|
21,219
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
813
|
|
$
|
2,383
|
Accrued
liabilities
|
|
|
1,914
|
|
|
1,863
|
Operating lease
obligation
|
|
|
572
|
|
|
776
|
Deferred
revenue
|
|
|
1,842
|
|
|
912
|
Short-term
debt
|
|
|
6,150
|
|
|
7,304
|
Acquisition
liability
|
|
|
750
|
|
|
502
|
Total Current
Liabilities
|
|
|
12,041
|
|
|
13,740
|
|
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
|
|
Operating lease
obligations, noncurrent
|
|
|
1,074
|
|
|
837
|
Other
liabilities
|
|
|
7
|
|
|
7
|
Deferred tax
liability, noncurrent
|
|
|
--
|
|
|
87
|
Acquisition
liability, noncurrent
|
|
|
--
|
|
|
500
|
Total
Liabilities
|
|
|
13,122
|
|
|
15,171
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
--
|
|
|
--
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred Stock -
$0.001 par value; 5,000,000 shares authorized, consisting of Series
4 Convertible Preferred Stock - 10,415 shares authorized; 1 and 1
issued, and 1 and 1 outstanding as of September 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 September 30, 2020 and December 31, 2019,
respectively.
|
|
|
--
|
|
|
--
|
Common Stock - $0.001
par value; 250,000,000 shares authorized; 42,259,314 and 4,234,923
issued and 42,259,313 and 4,234,922 outstanding as of
September 30, 2020 and December 31, 2019, respectively.
|
|
|
42
|
|
|
4
|
Additional paid-in
capital
|
|
|
212,913
|
|
|
158,382
|
Treasury stock, at
cost, 1 share
|
|
|
(695)
|
|
|
(695)
|
Accumulated other
comprehensive income
|
|
|
(130)
|
|
|
94
|
Accumulated deficit
(excluding $2,442 reclassified to additional paid in capital in
quasi-reorganization)
|
|
|
(172,710)
|
|
|
(151,763)
|
Stockholders' Equity
Attributable to Inpixon
|
|
|
39,420
|
|
|
6,022
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
51
|
|
|
26
|
|
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
|
39,471
|
|
|
6,048
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
52,593
|
|
$
|
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 Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues
|
|
$
|
2,554
|
|
$
|
1,534
|
|
$
|
5,434
|
|
$
|
4,387
|
Cost of
Revenues
|
|
|
645
|
|
|
382
|
|
|
1,459
|
|
|
1,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
1,909
|
|
|
1,152
|
|
|
3,975
|
|
|
3,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,717
|
|
|
926
|
|
|
4,329
|
|
|
2,677
|
Sales and
marketing
|
|
|
1,703
|
|
|
847
|
|
|
3,862
|
|
|
2,161
|
General and
administrative
|
|
|
4,103
|
|
|
3,521
|
|
|
10,371
|
|
|
9,890
|
Acquisition related
costs
|
|
|
344
|
|
|
573
|
|
|
540
|
|
|
1,220
|
Amortization of
intangibles
|
|
|
288
|
|
|
969
|
|
|
1,811
|
|
|
2,602
|
Total Operating
Expenses
|
|
|
8,155
|
|
|
6,836
|
|
|
20,913
|
|
|
18,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(6,246)
|
|
|
(5,684)
|
|
|
(16,938)
|
|
|
(15,272)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(537)
|
|
|
(1,190)
|
|
|
(1,934)
|
|
|
(2,053)
|
Provision for
valuation allowance on held for sale loan
|
|
|
(679)
|
|
|
--
|
|
|
(1,514)
|
|
|
--
|
Loss on exchange of
debt for equity
|
|
|
--
|
|
|
(27)
|
|
|
(132)
|
|
|
(188)
|
Other income
(expense)
|
|
|
11
|
|
|
289
|
|
|
(488)
|
|
|
518
|
Total Other Income
(Expense)
|
|
|
(1,205)
|
|
|
(928)
|
|
|
(4,068)
|
|
|
(1,723)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss from
Operations, before tax
|
|
|
(7,451)
|
|
|
(6,612)
|
|
|
(21,006)
|
|
|
(16,995)
|
Income tax
benefit
|
|
|
--
|
|
|
33
|
|
|
87
|
|
|
35
|
Net
Loss
|
|
|
(7,451)
|
|
|
(6,579)
|
|
|
(20,919)
|
|
|
(16,960)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Non-controlling Interest
|
|
|
16
|
|
|
5
|
|
|
25
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
Attributable to Stockholders of Inpixon
|
|
$
|
(7,467)
|
|
$
|
(6,584)
|
|
$
|
(20,944)
|
|
$
|
(16,969)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
(1,250)
|
Net Loss
Attributable to Common Stockholders
|
|
$
|
(7,467)
|
|
$
|
(6,584)
|
|
$
|
(20,944)
|
|
$
|
(18,219)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share
- Basic and Diluted
|
|
$
|
(0.18)
|
|
$
|
(12.68)
|
|
$
|
(0.90)
|
|
$
|
(65.89)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
41,544,961
|
|
|
519,257
|
|
|
23,203,004
|
|
|
276,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$
|
(7,451)
|
|
$
|
(6,579)
|
|
$
|
(20,919)
|
|
$
|
(16,960)
|
Unrealized foreign
exchange gain/(loss) from cumulative translation
adjustments
|
|
|
70
|
|
|
(67)
|
|
|
(225)
|
|
|
(36)
|
Comprehensive
Loss
|
|
$
|
(7,381)
|
|
$
|
(6,646)
|
|
$
|
(21,144)
|
|
$
|
(16,996)
|
INPIXON AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended
|
|
|
September
30,
|
|
|
2020
|
|
2019
|
(Unaudited)
|
|
Cash Flows Used In
Operating Activities
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(20,919)
|
|
$
|
(16,960)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
568
|
|
|
826
|
Amortization of
intangible assets
|
|
|
1,929
|
|
|
2,602
|
Amortization of right
of use asset
|
|
|
322
|
|
|
267
|
Stock based
compensation
|
|
|
941
|
|
|
2,618
|
Amortization of
technology
|
|
|
--
|
|
|
50
|
Loss on exchange of
debt for equity
|
|
|
132
|
|
|
188
|
Amortization of debt
discount
|
|
|
2,272
|
|
|
1,543
|
Accrued interest
income, related party
|
|
|
(32)
|
|
|
--
|
Provision for
doubtful accounts
|
|
|
--
|
|
|
358
|
Provision for the
valuation allowance held for sale loan
|
|
|
1,514
|
|
|
--
|
Provision for the
valuation allowance related party receivable
|
|
|
648
|
|
|
--
|
Income tax
benefit
|
|
|
(87)
|
|
|
(35)
|
Other
|
|
|
74
|
|
|
23
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
and other receivables
|
|
|
(1,111)
|
|
|
(1,241)
|
Inventory
|
|
|
(14)
|
|
|
(194)
|
Other current
assets
|
|
|
(814)
|
|
|
(45)
|
Other
assets
|
|
|
(20)
|
|
|
(284)
|
Accounts
payable
|
|
|
(1,359)
|
|
|
1,140
|
Accrued
liabilities
|
|
|
54
|
|
|
56
|
Deferred
revenue
|
|
|
224
|
|
|
(369)
|
Operating lease
liabilities
|
|
|
(325)
|
|
|
--
|
Other
liabilities
|
|
|
453
|
|
|
400
|
Total
Adjustments
|
|
|
5,369
|
|
|
7,903
|
Net Cash Used in
Operating Activities
|
|
|
(15,550)
|
|
|
(9,057)
|
|
|
|
|
|
|
|
Cash Flows Used in
Investing Activities
|
|
|
|
|
|
|
Purchase
of property and equipment
|
|
|
(546)
|
|
|
(58)
|
Investment in
capitalized software
|
|
|
(688)
|
|
|
(658)
|
Cash paid for the
acquisition of Jibestream
|
|
|
--
|
|
|
(3,714)
|
Cash paid for the
acquisition of GTX
|
|
|
--
|
|
|
(250)
|
Cash paid for the
acquisition of Locality
|
|
|
--
|
|
|
(204)
|
Cash paid for the
Systat Licensing Agreement
|
|
|
(2,200)
|
|
|
--
|
Cash paid for the
acquisition of Ten Degrees
|
|
|
(1,500)
|
|
|
--
|
Net Cash Flows
Used in Investing Activities
|
|
|
(4,934)
|
|
|
(4,884)
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
Net (repayments)
proceeds to bank facility
|
|
|
(150)
|
|
|
237
|
Net proceeds from
issuance of common stock, preferred stock and warrants
|
|
|
--
|
|
|
14,791
|
Net proceeds from
issuance of common stock
|
|
|
44,041
|
|
|
--
|
Net repayments of
notes payable
|
|
|
(74)
|
|
|
(71)
|
Loans to related
party
|
|
|
(1,806)
|
|
|
(9,866)
|
Advances to related
party
|
|
|
--
|
|
|
(15)
|
Repayments from
related party
|
|
|
292
|
|
|
1,683
|
Loan to
Jibestream
|
|
|
--
|
|
|
(141)
|
Loan to
GTX
|
|
|
--
|
|
|
(50)
|
Net proceeds from
promissory notes
|
|
|
5,000
|
|
|
6,750
|
Repayment of
acquisition liability to Locality shareholders
|
|
|
(250)
|
|
|
--
|
Net Cash Provided
By Financing Activities
|
|
|
47,053
|
|
|
13,318
|
|
|
|
|
|
|
|
Effect of Foreign
Exchange Rate on Changes on Cash
|
|
|
(42)
|
|
|
(36)
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash
|
|
|
26,527
|
|
|
(659)
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of period
|
|
|
4,849
|
|
|
1,224
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of period
|
|
$
|
31,376
|
|
$
|
565
|
Reconciliation of
Non-GAAP Financial Measures:
|
|
|
(In
thousands)
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net loss attributable
to common stockholders
|
|
$
|
(7,467)
|
|
$
|
(6,584)
|
|
$
|
(20,944)
|
|
$
|
(18,219)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
|
--
|
|
|
27
|
|
|
132
|
|
|
188
|
Provision for
valuation allowance on held for sale loan
|
|
|
679
|
|
|
--
|
|
|
1,514
|
|
|
--
|
Provision for the
valuation allowance related party receivable
|
|
|
--
|
|
|
--
|
|
|
648
|
|
|
--
|
Settlement of
litigation
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
6
|
Acquisition
transaction/financing costs
|
|
|
344
|
|
|
573
|
|
|
540
|
|
|
1,220
|
Costs associated with
public offering
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
50
|
Severance
|
|
|
--
|
|
|
26
|
|
|
--
|
|
|
126
|
Bad debts
expense/provision
|
|
|
444
|
|
|
253
|
|
|
444
|
|
|
358
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
1,250
|
Stock-based
compensation – compensation and related benefits
|
|
|
256
|
|
|
871
|
|
|
941
|
|
|
2,618
|
Interest expense,
net
|
|
|
537
|
|
|
1,190
|
|
|
1,934
|
|
|
2,054
|
Depreciation and
amortization
|
|
|
589
|
|
|
1,268
|
|
|
2,497
|
|
|
3,428
|
Income tax
benefit
|
|
|
--
|
|
|
(33)
|
|
|
(87)
|
|
|
(35)
|
Adjusted
EBITDA
|
|
$
|
(4,618)
|
|
$
|
(2,409)
|
|
$
|
(12,381)
|
|
$
|
(6,956)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
share data)
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net loss attributable
to common stockholders
|
|
$
|
(7,467)
|
|
$
|
(6,584)
|
|
$
|
(20,944)
|
|
$
|
(18,219)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on exchange of
debt for equity
|
|
|
--
|
|
|
27
|
|
|
132
|
|
|
188
|
Provision for
valuation allowance on held for sale loan
|
|
|
679
|
|
|
--
|
|
|
1,514
|
|
|
--
|
Provision for the
valuation allowance related party receivable
|
|
|
--
|
|
|
--
|
|
|
648
|
|
|
--
|
Settlement of
litigation
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
6
|
Acquisition
transaction/financing costs
|
|
|
344
|
|
|
573
|
|
|
540
|
|
|
1,220
|
Costs associated with
public offering
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
50
|
Severance
|
|
|
--
|
|
|
26
|
|
|
--
|
|
|
126
|
Bad debts
expense/provision
|
|
|
444
|
|
|
253
|
|
|
444
|
|
|
358
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
1,250
|
Stock-based
compensation – compensation and related benefits
|
|
|
256
|
|
|
871
|
|
|
941
|
|
|
2,618
|
Amortization of
intangibles
|
|
|
288
|
|
|
969
|
|
|
1,811
|
|
|
2,602
|
Proforma non-GAAP net
loss
|
|
|
$
(5,456)
|
|
|
$(3,865)
|
|
|
$
(14,914)
|
|
|
$(9,801)
|
Proforma non-GAAP net
loss per basic and diluted common share
|
|
|
$
(0.13)
|
|
$
|
(7.44)
|
|
|
$
(0.64)
|
|
$
|
(35.45)
|
Weighted average
basic and diluted common shares outstanding
|
|
|
41,544,961
|
|
|
519,257
|
|
|
23,203,004
|
|
|
276,499
|
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SOURCE Inpixon