Inpixon (NASDAQ:INPX), a leading indoor positioning and data analytics company reported financial results for the first quarter ended March 31, 2018. The company also provided updates on various corporate developments. In its first quarter, the company had a revenue of $2.1 million while its gross margin was of 59 percent. The company had a GAAP … Continued
Inpixon (NASDAQ:INPX), a leading indoor positioning and data analytics company reported financial results for the first quarter ended March 31, 2018. The company also provided updates on various corporate developments.
In its first quarter, the company had a revenue of $2.1 million while its gross margin was of 59 percent. The company had a GAAP net loss of $.185 per share.
As quoted in the press release:
First Quarter 2018 Financial Highlights
- 2018 Q1 Proforma non-GAAP net loss1 of $1.24 per share
- 2018 Q1 Non-GAAP adjusted EBITDA1 loss of $3.4 million
“The first quarter of 2018 has been the start of rebuilding Inpixon and strengthening the company to execute on its expansive growth strategies, including improving our balance sheet, enhancing our technology, adding to our product offerings, extending our channel partner network, regaining Nasdaq compliance for stockholders’ equity, and preparing for the spinoff of our VAR business into a separate, publicly traded, wholly owned subsidiary,” said Nadir Ali, Inpixon CEO. “We have cutting-edge indoor positioning technology and we expect its use in practical, high-value cases to be unparalleled in the burgeoning Internet of Things (IoT) world. With these strengthening factors, we are determined as ever to build a winning business.”
Total revenues for first quarter ended March 31, 2018 were $2.1 million compared to $13.5 million for the comparable period in the prior year. This $11.4 million decrease or approximately 84% is primarily associated with the decline in revenues earned by the Infrastructure Segment as a result of supplier credit issues and a $2.0 million decrease in revenue resulting from the adoption of the new ASC 606 revenue recognition policy beginning in January 2018. For the first quarter ended March 31, 2018, Indoor Positioning Analytics revenue was $848,000 compared to $981,000 for the prior year period. Infrastructure revenue was $1.2 million for first quarter ended March 31, 2018, and $12.5 million for the prior year period.
Gross profit for the first quarter ended March 31, 2018 was $1.2 million, compared to $3.3 million for the comparable period in 2017. The gross profit margin for first quarter ended March 31, 2018 was 59% compared to 24% during the prior year period. This increase in gross margin is primarily due to the decrease in lower margin storage and maintenance sales. Indoor Positioning Analytics gross margins for the first quarter ended March 31, 2018 and 2017 were 72% and 65%, respectively. Gross margins for the Infrastructure segment for the for the first quarter ended March 31, 2018 and 2017 were 50% and 21%, respectively.
First Quarter 2018 Business Highlights and Recent Developments
- Inpixon regained compliance with Nasdaq’s Minimum Stockholders’ Equity Requirement
- Inpixon filed Form 10 Registration Statement for planned spin-off
- Inpixon raised $31.3M in gross proceeds through sales of its equity securities
- Inpixon announced IPA Node with less-than-a-meter positional accuracy for Wi-Fi devices
- Inpixon worked with U.S. federal government to deploy portable sensor kit and empower correctional officers
- Inpixon appointed John Piccininni as VP of Business Development.
- Inpixon recently selected Amazon Web Services cloud infrastructure for Indoor Positioning Analytics delivery
- Inpixon sought to enhance its Indoor Positioning Analytics engine with artificial intelligence to strengthen device identity in the evolving, digitized indoors of security and marketing
- Inpixon positioned itself to leverage blockchain technology to build device reputation repository, strengthen IoT security, and secure retail payment