Achieves 77% Increase in Revenue Versus the Same Period Last Year
Conference Call to be Held Today at 4:30 p.m. Eastern Time
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.
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