Inpixon Reports 1st Quarter 2023 Financial Results and Provides Business Update.

PALO ALTO, Calif: Inpixon(r) (Nasdaq: INPX), the Indoor Intelligence(r) company, today provided a business update and reported financial results for the first quarter ended March 31, 2023.

"The spinoff of the workplace experience business line was our most significant accomplishment in the first quarter of this year," commented Nadir Ali, CEO of Inpixon. "This transaction was a key focus for the company throughout the last several months and demonstrates our commitment to increasing value for shareholders. At the same time, for the remainder of our business, we were also able to achieve a 17% increase in revenue to $3.1 million for the first quarter of 2023 as compared to the same period of last year, while effectively reducing our operating expenses as compared to the same period of last year. We have reallocated resources and streamlined our operations to focus on the growth of our real-time location system (RTLS) business line. RTLS enables customers to digitally track the real-time location and movement of physical things throughout large facilities and delivers actionable data that can seamlessly integrate into third-party systems, such as automated workflows or asset and supply chain management solutions. Through our solution, customers are able to locate, learn, and leverage information to make more informed business decisions. We remain committed to innovation and to providing a full-stack RTLS solution that supports a multitude of use cases and industries. In addition, the negotiation and diligence process with respect to a potential transaction for the remainder of our business continues to advance. We look forward to providing further updates as that process continues.

"Overall, we have maintained a solid balance sheet with over $15 million in cash and cash equivalents as of March 31, 2023. We believe we are well positioned to solidify our leadership position within the RTLS industry, and we look forward to further executing on our business initiatives," concluded Mr. Ali.

Financial Results

Revenues for the three months ended March 31, 2023 were $3.1 million compared to $2.6 million for the comparable period in the prior year for an increase of approximately $0.5 million, or approximately 17%. This increase is primarily attributable to the increase in Indoor Intelligence sales from the Aware and RTLS component product lines. Gross profit for the three months ended March 31, 2023, was $2.3 million compared to a gross profit of...

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