Inpixon (INPX) Reports Q2 Loss of $0.21

Inpixon (NASDAQ: INPX) reported Q2 EPS of ($0.21).

Nadir Ali, CEO of Inpixon, commented, "Despite the impact of a global pandemic, the second quarter of 2020 has been pivotal for Inpixon. We ended the quarter by making significant strides towards strengthening our balance sheet and improving our overall financial condition. Like many other businesses, we have had to navigate certain obstacles, including supply chain constraints for certain products, and delays in anticipated orders as our customers were required to evaluate the impact of the on-going pandemic on their own businesses and ability to make expenditures. As a result, we focused on our remote and subscription-based offerings and seized upon the opportunity presented by the temporary slowdown to enhance our product offering, as well as accelerate our sales and marketing activities to address the new global realities. Specifically, we expanded our product offering to assist organizations seeking to manage the impacts of the pandemic by developing our Workplace Readiness solutions. These solutions provide live analytics and key insights related to people flow and occupancy density for building and zone health, in order to monitor areas that need increased cleaning efforts, crowd management or contact tracing. We have secured certain key collaboration and reseller relationships, such as our relationship with Lenovo, allowing our solutions to be offered as part of their ThinkIoT Back to Work Solutions. We believe Lenovo's global footprint and established relationships with large enterprise customers will complement our internal sales activities and assist in rapidly expanding awareness and accelerating adoption of our solutions. Earlier this week we announced the receipt of our FCC certification for our UWB module which we believe will be significant in our future offerings along with the work we are doing in 5G cellular detection, next generation BLE and Wi-Fi 6. Our sensor fusion capabilities have long been a differentiator for us and we expect to continue to show our leadership and innovation in this space.

"To further the awareness of our Workplace Readiness and other solutions, we invested in our sales and marketing efforts by embarking on a nationwide advertising campaign, including a series of print and digital ads, online videos, radio spots and podcast sponsorships, and launched an enhanced website which highlights the full strength of our capabilities which has proven effective in increasing web traffic and lead generation. To facilitate our growth plans, we are also increasing our hiring activities throughout our organization. In this regard, we hired Tyler Hoffman, a senior industry executive, as our Chief Revenue Officer, to assist in accelerating our growth opportunities.

"In addition, during the second quarter of 2020, we were able to continue to execute on our strategic acquisition strategy, by acquiring an exclusive global marketing, distribution and development license for a suite of statistical, data analytics and visualization software tools, greatly expanding our customer base worldwide to include many top-tier organizations and educational institutions. We anticipate this transaction will be accretive to earnings, increase our overall revenue annually, as well as increase our cross-selling opportunities.

"Overall, we remain encouraged by the outlook, and we believe we are well positioned for continued growth, with over $39 million of cash as of June 30, 2020, which provides us with flexibility to execute on our organic growth strategy, and an ability to explore potential accretive, synergistic and other strategic transactions aimed at increasing long-term shareholder value."

For earnings history and earnings-related data on Inpixon (INPX) click here.

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