Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 20, 2023

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _______________
Commission File Number 001-36404
INPIXON
(Exact name of registrant as specified in its charter)
Nevada 88-0434915
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2479 E. Bayshore Road
Suite 195
Palo Alto, CA 94303
(Address of principal executive offices)
(Zip Code)
(408) 702-2167
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on
which each is registered
Common Stock, par value $0.001 INPX The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, Par Value $0.001
127,688,550
(Class)
Outstanding at November 17, 2023


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INPIXON
TABLE OF CONTENTS
Page No.
Special Note Regarding Forward-Looking Statements and Other Information Contained in this Report
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022
Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2023 and 2022
Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity for the three and nine months ended September 30, 2023 and 2022
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022
Notes to Unaudited Condensed Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION
CONTAINED IN THIS REPORT
This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains 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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “would,” “should,” “could,” “may” or other similar expressions in this Form 10-Q. In particular, these include statements relating to future actions; prospective products, applications, customers and technologies; future performance or results of anticipated products; anticipated expenses; and projected financial results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
our history of losses;
our ability to achieve profitability;
our limited operating history with recent acquisitions;
the possibility that anticipated tax treatment and benefits of the spin-off of our enterprise apps business or any other strategic transaction that we undertake may not be achieved;
risks related to the spin-off of our enterprise apps business that recently closed or any other strategic transactions that we may undertake, including the proposed transactions with XTI Aircraft Company and Damon Motors, Inc.;
our ability to successfully integrate companies or technologies we acquire;
emerging competition and rapidly advancing technology in our industry that may outpace our technology;
customer demand for the products and services we develop;
the impact of competitive or alternative products, technologies and pricing;
our ability to manufacture or deliver any products we develop;
general economic conditions and events and the impact they may have on us and our potential customers, including, but not limited to increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity attacks, other lingering impacts resulting from COVID-19, and the Russia/Ukraine and Israel/Hamas conflicts;
our ability to obtain adequate financing in the future as needed;
our ability to consummate strategic transactions which may include acquisitions, mergers, dispositions involving us and any of our business units or other strategic investments;
our ability to attract, retain and manage existing customers;
our ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market;
lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subjected to and are required to report, including but not limited to, the U.S. Securities and Exchange Commission;
our success at managing the risks involved in the foregoing items;
impact of any changes in existing or future tax regimes; and
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other factors discussed in this Form 10-Q.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Form 10-Q, particularly in the “Risk Factors” section, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or collaborations or strategic partnerships we may enter into.

You should read this Form 10-Q and the documents that we have filed as exhibits to this Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Unless otherwise stated or the context otherwise requires, the terms “Inpixon” “we,” “us,” “our” and the “Company” refer collectively to Inpixon and, where appropriate, its subsidiaries.
PART I — FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information which are the accounting principles that are generally accepted in the United States of America and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

The results for the period ended September 30, 2023 are not necessarily indicative of the results of operations for the full year. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in our audited consolidated financial statements for the fiscal years ended December 31, 2022 and 2021 included in the annual report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 17, 2023 and the recasted audited consolidated financial statements within Exhibit 99.1 on Form 8-k filed with the SEC on June 20, 2023 to reflect the presentation of CXApp operations as discontinued operations to the consolidated financial statements for the years ended December 31, 2022 and 2021.
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except number of shares and par value data)
As of September 30,
2023
As of December 31,
2022
(Unaudited) (Audited)
Assets
Current Assets
Cash and cash equivalents $ 13,489  $ 10,235 
Accounts receivable, net of allowance for credit losses of $237 and $272, respectively
1,560  1,889 
Other receivables 142  86 
Inventory 3,355  2,442 
Notes receivable 2,068  150 
Prepaid expenses and other current assets 1,949  2,803 
Current assets of discontinued operations   12,261 
Total Current Assets 22,563  29,866 
Property and equipment, net 1,013  1,064 
Operating lease right-of-use asset, net 376  531 
Software development costs, net 988  1,265 
Investments in equity securities 189  330 
Long-term investments 50  716 
Intangible assets, net 2,304  2,994 
Other assets 164  158 
Non-current assets of discontinued operations   20,711 
Total Assets $ 27,647  $ 57,635 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(In thousands, except number of shares and par value data)

As of September 30,
2023
As of December 31,
2022
(Unaudited) (Audited)
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable $ 1,920  $ 1,503 
Accrued liabilities 3,569  2,619 
Warrant liability 1,410   
Operating lease obligation, current 198  211 
Deferred revenue 1,315  1,323 
Short-term debt 11,165  13,643 
Acquisition liability   197 
Current liabilities of discontinued operations   5,218 
Total Current Liabilities 19,577  24,714 
Long Term Liabilities
Operating lease obligation, noncurrent 188  334 
Non-current liabilities of discontinued operations   472 
Total Liabilities 19,765  25,520 
Commitments and Contingencies
Stockholders’ Equity
Preferred Stock -$0.001 par value; 5,000,000 shares authorized
Series 4 Convertible Preferred Stock - 10,415 shares authorized; 1 issued and 1 outstanding as of September 30, 2023 and December 31, 2022
   
Series 5 Convertible Preferred Stock - 12,000 shares authorized; 126 issued and 126 outstanding as of September 30, 2023 and December 31, 2022
   
Common Stock - $0.001 par value; 500,000,000 shares authorized; 111,692,178 and 3,570,894 issued and 111,692,177 and 3,570,893 outstanding as of September 30, 2023 and December 31, 2022, respectively.
112  4 
Additional paid-in capital 358,692  346,668 
Treasury stock, at cost, 1 share
(695) (695)
Accumulated other comprehensive income
41  1,061 
Accumulated deficit (347,971) (313,739)
Stockholders’ Equity Attributable to Inpixon 10,179  33,299 
Non-controlling Interest (2,297) (1,184)
Total Stockholders’ Equity 7,882  32,115 
Total Liabilities and Stockholders’ Equity $ 27,647  $ 57,635 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023 2022 2023 2022
(Unaudited)
Revenues $ 2,016  $ 2,435  $ 7,177  $ 7,660 
Cost of Revenues 451  756  1,632  2,409 
Gross Profit 1,565  1,679  5,545  5,251 
Operating Expenses
Research and development 2,347  2,136  6,380  6,713
Sales and marketing 1,149  1,036  3,506  2,960
General and administrative 3,747  3,573  13,596  12,705
Acquisition-related costs 1,656  2  2,343  254
Transaction costs 1,527    2,970   
Impairment of goodwill       2,030
Amortization of intangibles 221  395  671  1,137
Total Operating Expenses 10,647  7,142  29,466  25,799 
Loss from Operations (9,082) (5,463) (23,921) (20,548)
Other (Expense)/Income
Interest expense, net (818) (234) (4,300) (65)
Other income/(expense), net (44) 830  1,169  802 
Unrealized gain/(loss) on equity securities 5,791  (5,854) 5,733  (7,110)
Realized loss on equity securities (6,692) (151) (6,692) (151)
Total Other Expense (1,763) (5,409) (4,090) (6,524)
Net Loss from Continuing Operations, before tax (10,845) (10,872) (28,011) (27,072)
Income tax provision (3)   (2,488) (22)
Net Loss from Continuing Operations (10,848) (10,872) (30,499) (27,094)
Loss from Discontinued Operations, Net of Tax   (7,121) (4,856) (22,786)
Net Loss (10,848) (17,993) (35,355) (49,880)
Net Loss Attributable to Non-controlling Interest (464) (402) (1,131) (1,206)
Net Loss Attributable to Stockholders of Inpixon (10,384) (17,591) (34,224) (48,674)
Accretion of Series 7 Preferred Stock       (4,555)
Accretion of Series 8 Preferred Stock   (6,305)   (13,089)
Deemed dividend for the modification related to Series 8 Preferred Stock       (2,627)
Deemed contribution for the modification related to Warrants issued in connection with Series 8 Preferred Stock       1,469 
Amortization premium- modification related to Series 8 Preferred Stock   1,265    2,626 
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Net Loss Attributable to Common Stockholders $ (10,384) $ (22,631) $ (34,224) $ (64,850)
Net Loss Per Share - Basic and Diluted
Continuing Operations $ (0.16) $ (7.00) $ (0.82) $ (20.16)
Discontinued Operations $   $ (3.21) $ (0.14) $ (10.92)
Net Loss Per Share - Basic and Diluted $ (0.16) $ (10.21) $ (0.96) $ (31.08)
Weighted Average Shares Outstanding
Basic and Diluted 65,840,189  2,216,544  35,845,916  2,086,633 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023 2022 2023 2022
(Unaudited)
Net Loss $ (10,848) $ (17,993) $ (35,355) $ (49,880)
Unrealized gain on available for sale debt securities   (375)    
Unrealized foreign exchange gain (loss) from cumulative translation adjustments
230  1,273  (1,020) 1,452 
Comprehensive Loss $ (10,618) $ (17,095) $ (36,375) $ (48,428)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
For the three and nine months ended September 30, 2023
(Unaudited)
(In thousands, except share and per share data)
Series 4 Convertible Preferred Stock Series 5 Convertible Preferred Stock Common Stock Additional Paid-In Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Non-Controlling Interest Total Stockholders’ (Deficit) Equity
Shares Amount Shares Amount Shares Amount Shares Amount
Balance - January 1, 2023 1  $   126  $   3,570,894  $ 4  $ 346,668  (1) $ (695) $ 1,061  $ (313,739) $ (1,184) $ 32,115 
Common shares issued for extinguishment of debt —  —  —  —  1,547,234  1  1,425  —  —  —  —  —  1,426 
Common shares issued for net cash proceeds of a public offering 9,655,207  10  14,956  —  —  —  —  —  14,966 
Stock options and restricted stock awards granted to employees for services —  —  —  —  —  —  329  —  —  —  —  —  329 
Deconsolidation of CXApp business as result of spin off —  —  —  —  —  —  (24,230) —  —  —  —  —  (24,230)
Common shares issued for net proceeds from warrants exercised —  —  —  —  1,380,000  1  —  —  —  —  —  —  1 
Common shares issued for exchange of warrants —  —  —  —  324,918  —  —  —  —  —  —  —  — 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  (1,259) 26  (17) (1,250)
Net loss —  —  —  —  —  —  —  —  —  —  (16,873) (305) (17,178)
Balance - March 31, 2023 1  $   126  $   16,478,253  $ 16  $ 339,148  (1) $ (695) $ (198) $ (330,586) $ (1,506) $ 6,179 
Stock options and restricted stock awards granted to employees for services —  —  —  —  —  —  241  —  —  —  —  —  241 
Common shares issued for extinguishment of debt —  —  —  —  7,349,420  7  2,013  —  —  —  —  —  2,020 
Common shares issued for net cash proceeds of a public offering —  —  —  —  19,326,522  20  5,397  —  —  —  —  —  5,417 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  9  (3) 3  9 
Net loss —  —  —  —  —  —  —  —  —  —  (6,966) (363) (7,329)
Balance - June 30, 2023 1  $   126  $   43,154,195  $ 43  $ 346,799  (1) $ (695) $ (189) $ (337,555) $ (1,866) $ 6,537 
Stock options granted to employees and consultants for services —  —  —  —  —  —  227  —  —  —  —  —  227 
Common shares issued for extinguishment of debt —  —  —  —  18,144,158  18  3,160  —  —  —  —  —  3,178 
Common shares issued for exercise of warrants —  —  —  —  9,000,000  9  2,421  —  —  —  —  2,430 
Common shares issued for net cash proceeds of a public offering —  —  —  —  41,393,825  42  6,085  —  —  —  —  —  6,127 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  230  (32) 33  231 
Net loss —  —  —  —  —  —  —  —  —  —  (10,384) (464) (10,848)
Balance - September 30, 2023 1  $   126  $   111,692,178  $ 112  $ 358,692  (1) $ (695) $ 41  $ (347,971) $ (2,297) $ 7,882 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
For the three and nine months ended September 30, 2022
(Unaudited)
(In thousands, except share and per share data)

Series 7 Preferred Stock Series 8 Preferred Stock Series 4 Convertible Preferred Stock Series 5 Convertible Preferred Stock Common Stock Additional Paid-In Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Non-Controlling Interest Total Stockholders’ (Deficit) Equity
Shares Amount Shares Amount Amount Shares Amount Shares Amount Shares Amount Shares Amount
Balance - January 1, 2022 49,250  44,695      1  $   126  $   1,730,140  $ 2  $ 332,761  (1) $ (695) $ 44  $ (250,309) $ 1,688  $ 83,491 
Common shares issued for extinguishment of debt —  —  —  —  —  —  —  —  57,472  —  1,500  —  —  —  —  —  1,500 
Stock options and restricted stock awards granted to employees for services —  —  —  —  —  —  —  —  —  —  1,533  —  —  —  —  —  1,533 
Series 7 Preferred redeemed for cash (49,250) (49,250) —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Series 8 Preferred stock issued for cash —  —  53,197.72  41,577  —  —  —  —  —  —  5,329  —  —  —  —  —  5,329 
Accretion Discount- Series 7 Preferred Shares —  4,555  —  —  —  —  —  —  —  —  (4,555) —  —  —  —  —  (4,555)
Accretion Discount- Series 8 Preferred Shares —  —  —  548  —  —  —  —  —  —  (548) —  —  —  —  —  (548)
Deemed dividend for the modification related to Series 8 Preferred Stock —  —  —  2,627  —  —  —  —  —  —  (2,627) —  —  —  —  —  (2,627)
Deemed contribution for the modification related to Warrants issued in connection with Series 8 Preferred Stock —  —  —  (1,469) —  —  —  —  —  —  1,469  —  —  —  —  —  1,469 
Amortization Premium- modification related to Series 8 Preferred Stock —  —  —  (110) —  —  —  —  —  —  110  —  —  —  —  —  110 
Restricted stock grants withheld for taxes —  —  —  —  —  —  —  —  (12,802) —  (336) —  —  —  —  —  (336)
Common shares issued for CXApp earnout —  —  —  —  —  —  —  —  144,986  —  3,697  —  —  —  —  —  3,697 
Common shares issued for exchange of warrants —  —  —  —  —  —  —  —  184,153  —  —  —  —  —  —  —  — 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  (102) (15) 15  (102)
Net loss —  —  —  —  —  —  —  —  —  —  —  —  —  —  (11,211) (346) (11,557)
Balance - March 31, 2022   $   53,198  $ 43,173  1  $   126  $   2,103,949  $ 2  $ 338,333  (1) $ (695) $ (58) $ (261,535) $ 1,357  $ 77,404 
Stock options and restricted stock awards granted to employees for services —  —  —  —  —  —  —  —  —  —  741  —  —  —  —  —  741 
Common shares issued for cashless stock options exercised —  —  —  —  —  —  —  —  35,062  —  500  —  —  —  —  —  500 
Series 8 Preferred stock issued for cash —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Accretion Discount- Series 8 Preferred Shares —  —  —  6,236  —  —  —  —  —  —  (6,236) —  —  —  —  —  (6,236)
Restricted stock grants withheld for taxes —  —  —  —  —  —  —  —  —  —  1,251  —  —  —  —  —  1,251 
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Deemed contribution for the modification related to Warrants issued in connection with Series 8 Preferred Stock —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Amortization Premium- modification related to Series 8 Preferred Stock —  —  —  (1,251) —  —  —  —  —  —  —  —  —  —  —  —  — 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  656  (56) 57  657 
Net income (loss) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (19,872) (458) (20,330)
Balance - June 30, 2022   $   53,198  $ 48,158  1  $   126  $   2,139,011  $ 2  $ 334,589  (1) $ (695) $ 598  $ (281,463) $ 956  $ 53,987 
Stock options granted to employees and consultants for services —  —  —  —  —  —  —  —  —  —  688  —  —  —  —  —  688 
Common shares issued for extinguishment of debt —  —  —  —  —  —  —  —  111,585  —  1,250  —  —  —  —  —  1,250 
Accrete discount - preferred series 8 shares —  —  —  —  —  —  —  —  —  —  (6,305) —  —  —  —  —  (6,305)
Amortization Premium- modification related to Series 8 Preferred Stock —  —  —  6,305  —  —  —  —  —  —  1,265  —  —  —  —  —  1,265 
Cumulative Translation Adjustment —  —  —  (1,265) —  —  —  —  —  —  —  —  —  898  (69) 68  897 
Net loss —  —  —  —  —