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++= Summary =
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++* Inpixon (INPX) formed in Nevada in April 1999 is a world leader in indoor intelligence.
++* The company’s indoor location data platform ingests diverse data from IoT, third-party and proprietary sensors designed to detect and position active cellular, Wi-Fi and Bluetooth devices.
++* In  2018, the Company completed a spin-off of its then wholly owned subsidiary Sysorex, Inc.
++* On January 7, 2020, the company effected a 1-for-45 reverse split of its outstanding common stock.
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  = Overview =
  Inpixon (INPX) formed in Nevada in April 1999 is a world leader in indoor intelligence. The company's indoor location and data platforms and patented technologies empower users to harness the power of indoor data to create actionable intelligence. The company specialize in capturing, interpreting and visualizing indoor data to make indoor spaces smarter, safer and more secure.{{footnote}}https://www.inpixon.com/company?_ga=2.108997764.74207554.1610048132-1003211712.1610048132{{/footnote}}
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  The company has Nine registered patents and seven pending applications in various countries and regions, including the U.S., Mexico, Australia and the European Patent Organization region.
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  == Corporate Structure ==
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  = Business Overview =
--Effective August 31, 2018, the Company completed a spin-off of its then wholly owned subsidiary Sysorex, Inc. and the associated infrastructure business and it is no longer a part of its reporting in the current year. For prior years’ the consolidated financial data, revenue and expense of Sysorex’s infrastructure business are shown as discontinued operations. The company's Indoor Intelligence products secure, digitize and optimize the interior of any premises with indoor positioning and data analytics that provide rich positional information, similar to a global positioning system, and browserlike intelligence for the indoors.{{footnote}}https://ir.inpixon.com/sec-filings/all-sec-filings/content/0001213900-20-005326/0001213900-20-005326.pdf{{/footnote}}
++Effective August 31, 2018, the Company completed a spin-off of its then wholly owned subsidiary Sysorex, Inc. and the associated infrastructure business and it is no longer a part of its reporting in the current year. For prior years’ the consolidated financial data, revenue and expense of Sysorex’s infrastructure business are shown as discontinued operations. The company's Indoor Intelligence products secure, digitize and optimize the interior of any premises with indoor positioning and data analytics that provide rich positional information, similar to a global positioning system, and browserlike intelligence for the indoors.{{footnote}}https://ir.inpixon.com/sec-filings/all-sec-filings/content/0001628280-21-006279/0001628280-21-006279.pdf{{/footnote}}
  Revenues increased in the year ended December 31, 2020 over the same period in 2019 by approximately 48% due to revenue earned of approximately $1.2 million from the Systat licensing agreement, approximately $0.9 million from the Nanotron acquisition and approximately $0.9 million from existing product lines over the prior comparable period. The company expect to continue to grow its Indoor Intelligence product line in 2021. The Indoor Intelligence product line does have long sales cycles, which result from customer-related issues such as budget and procurement processes but also because of the early stages of indoor-positioning technology and the learning curve required for customers to implement such solutions. Customers also often engage in a pilot program first which prolongs sales cycles and is typical of most emerging technology adoption curves. The company anticipate sales cycles to improve in 2021 as its customer base moves from early adopters to mainstream customers. The sales cycle is also improving with the increased presence and awareness of beacon and Wi-Fi locationing technologies in the market. Indoor Intelligence sales can be licensed-based with government customers but commercial customers typically prefer a SaaS or subscription model. The company's other digital solutions are also delivered on a SaaS model and allow it to generate industry analytics that complement its indoor-positioning solutions.
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  = Recent developments =
--**Inpixon Enters Contract for Nearly One Million Square Feet of Mapping at Headquarters of One of the World's Largest Public Companies** {{footnote}}https://ir.inpixon.com/news-events/press-releases/detail/177/inpixon-enters-contract-for-nearly-one-million-square-feet{{/footnote}}
++**Inpixon Reports First Quarter 2021 Financial Results**
--DECEMBER 18, 2020 Inpixon today announced that Inpixon Mapping has been selected as part of a workplace experience solution for a leading medical technology provider, one of the world's largest public companies, to provide intelligent, multi-dimensional digital maps. Inpixon Mapping is currently contracted for deployment throughout the organization's headquarters campus comprised of dozens of buildings covering nearly one million square feet.
--Inpixon Mapping will be used to visualize locations throughout the organization's headquarters in a multi-layered digital map and operate in conjunction with additional technologies to support a comprehensive workplace experience application. The solution will offer wayfinding and room-booking capabilities as well as allow management to provide additional workforce productivity features. The application is intended to improve productivity by saving time moving within and between campus buildings with intelligent mobile phone-based Inpixon wayfinding and navigation. The terms of the agreement include both one-time professional services revenue, as well as recurring revenue associated with the mapping platform license.
++May 13, 2021; Inpixon provided a business update and reported financial results for the first quarter of 2021.{{footnote}}https://ir.inpixon.com/news-events/press-releases/detail/197/inpixon-reports-first-quarter-2021-financial-results-and{{/footnote}}
--Nadir Ali, Chief Executive Officer, commented, "Inpixon is very pleased to have its Inpixon Mapping platform selected by one of the world's largest medical device companies to provide dynamic digital maps of its sizable headquarters. The company's mapping will provide the organization an interactive representation of its large campus that enables indoor and outdoor wayfinding and navigation that leverages business rules, creating real-time indoor intelligence and enhancing the overall employee workplace experience through a user-friendly application.
--"Scalable, location-aware applications with indoor maps and related capabilities can be an essential part of a productive workplace experience. Indoor Intelligence provides valuable information for management and can be used in conjunction with its Workplace Readiness solutions to aid in creating a safer environment. The company look forward to deploying its indoor mapping technology across this organization's headquarters campus with the goal to expand into additional locations."
++Nadir Ali, CEO of Inpixon, stated, "I'm pleased to announce that we have continued our revenue growth trend in the first quarter of 2021, with a 64% increase as compared to the same period of last year. Over the last year and in particular during the last few weeks, we have completed key strategic transactions that we believe will significantly increase our revenue growth velocity. With the acquisition of The CXApp, a leading smart workplace app and hybrid events solution provider, we have achieved a significant milestone in our strategic plan. Inpixon is focused on using its Indoor Intelligence technologies to arm organizations with actionable intelligence for people, places and things, and with the ability to now offer a custom-branded, location-aware app as part of our Indoor Intelligence platform, we have direct access to the end user in order to deliver a truly unique, best-in-class experience. In addition to the ability to deliver what we believe will be an unparalleled experience with our full stack of Indoor Intelligence technologies with RTLS, blue dot positioning, mapping and analytics, we are confident that The CXApp acquisition will result in an increase in our average selling price, annual recurring revenue and customer stickiness. With multiple joint enterprise engagements in progress prior to the closing of the transaction, we already have a head start on delivering a combined solution and are witnessing an increase in interest and demand for our products.
--**Inpixon Releases Enhanced Inpixon Aware Security Solution **{{footnote}}https://ir.inpixon.com/news-events/press-releases/detail/178/inpixon-releases-enhanced-inpixon-aware-security-solution{{/footnote}}
++"The CXApp also brings an established customer base that includes some of the most well-known, top-tier organizations in the world. The CXApp has historically leveraged a strong ecosystem of partners that share in the vision to offer the best experiences in order to deliver an app platform that works seamlessly with over 75 other systems and applications. We value these relationships and partnerships, and by combining our networks, we intend to continue this strategy and aggressively penetrate the global digital workplace and event management software markets, which are experiencing significant growth.
--JANUARY 05, 2021; Inpixon, today announced its latest release of Inpixon Aware, the company's indoor security solution. The award-winning Inpixon Aware provides organizations with a highly-scalable situational awareness and wireless detection solution within a single, near real-time dashboard enabling management to make key decisions around security, risk mitigation and safety. The latest version, Inpixon Aware 5.17, includes improved ultra-wideband (UWB) wireless device detection and positioning, advanced mitigation of RF noise, IPv6 support for the latest generation of Inpixon sensors, and additional enhancements.
--Inpixon Aware, previously known as ZoneDefense, is designed to help corporate enterprises and governmental agencies combat theft of confidential information and to enhance safety and operational efficiency by providing visibility into the location of wireless devices, people and critical assets within indoor spaces. Inpixon Aware uses radio frequency (RF) sensors to detect and locate active Wi-Fi, Bluetooth, cellular and UWB wireless transmissions emanating from phones, smartwatches, tablets, computers, access points, IoT devices and more. Security personnel can locate unauthorized wireless devices, enforce no-phones zones, geofence areas to receive alerts when devices move into and out of the zones, trigger mobile device management (MDM) policies that restrict usage in high-security areas, and whitelist wireless medical devices such as hearing aids and pacemakers. The solution can also be utilized to monitor the location of visitors to the facility and to locate key personnel and assets in order to enhance security and situational awareness.
++"In addition to the growth acceleration anticipated as a result of The CXApp acquisition, we also remain committed to being an innovator in Indoor Intelligence, and we are excited to have also added a suite of augmented reality (AR), computer vision, localization, navigation, mapping, and 3D reconstruction technologies from Visualix to our Indoor Intelligence platform. This technology wonderfully complements our existing portfolio as it leverages a smartphone's camera to create 3D models of indoor spaces, contributing to enhanced navigation, asset tracking, smart-office applications, customer service, marketing, and more. By merging the virtual and physical worlds, we are transforming the way we interact with our environment, tell stories, and utilize information. The demand for AR applications is rapidly increasing, and we believe we provide a unique and powerful tool for organizations who are looking to create smarter buildings and improve end user experiences.
--Nadir Ali, Inpixon CEO noted, "Security-conscious organizations including global enterprises, financial institutions, legal firms, transportation companies, and government agencies can use Inpixon Aware to discover wireless listening devices placed by bad actors, locate unescorted visitors, pinpoint cell phone use in unauthorized areas, and uncover unauthorized wireless access points brought into the office by employees. These capabilities and others can enhance the security posture, improve incident response, facilitate investigations, and reduce manpower requirements. The release of its latest enhancements reinforces its commitment to staying at the forefront of the industry and providing customers the most comprehensive security solution to assist organizations in making key decisions to create a safer and secure environment for personnel, visitors and assets."
++"Finally, as further good news, we recently settled a note receivable with a face value including principal and interest of approximately $9.1 million, which was initially derived in connection with the spin-off of our legacy business in 2018, for approximately 16 million shares of common stock of Sysorex, Inc. (OTCQB: SYSX) (including the shares underlying a rights agreement). These shares have a current market value of over $100 million (determined based on the closing price of Sysorex's common stock, $6.70 per share as of May 12, 2021) and were acquired from Sysorex in connection with the closing of a reverse merger with TTM Digital Assets & Technologies, Inc., a data center owner and operator primarily engaged in the business of mining Ethereum and additional cryptocurrencies. As a second quarter 2021 event, the impact of this transaction on our financial statements will not be reflected until we report the upcoming second quarter 2021 results, however, I believe this is an extremely positive outcome for our shareholders."
++
++**Financial Results**
++
++
++Revenues for the three months ended March 31, 2021 were $3.0 million compared to $1.8 million for the comparable period in the prior year for an increase of approximately $1.2 million, or approximately 64%. This increase is primarily attributed to product sales related to  the Systat and the RTLS product lines. Gross profit for the three months ended March 31, 2021 was $2.1 million compared to $1.3 million for the comparable period in the prior year, an increase of 60%. The gross profit margin for the three months ended March 31, 2021 was 70% compared to 72% for the three months ended March 31, 2020. This decrease in margin is primarily due to lower gross profit margins from the RTLS product line. Net loss attributable to stockholders for the three months ended March 31, 2021 was $12.6 million compared to $6.2 million for the comparable period in the prior year. This increase in loss of approximately $6.4 million was primarily attributable to increased operating expenses including approximately $2.0 million  from the Systat licensing agreement and Nanotron acquisition and approximately $4.7 million of stock-based compensation expense offset by higher gross profit. Non-GAAP Adjusted EBITDA for the three months ended March 31, 2021 was a loss of $5.6 million compared to a loss of $3.9 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.
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++Proforma non-GAAP net loss per basic and diluted common share for the three months ended March 31, 2021 was a loss of $0.08 compared to a loss of $0.92 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 loss on the exchange of debt for equity, provision for valuation allowance on notes and acquisition costs.
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++**Inpixon Wins Multi-Year Contract for Smart Office App for International Banking Organization**
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++June 8, 2021; The company, today announced that its smart office app, acquired in the recent The CXApp acquisition, has been selected by a major European-based commercial and retail banking firm with more than 50,000 employees for implementation across more than 75 locations. The seven-figure contract includes both up-front professional services fees and annual subscription licenses covering a two-year period.{{footnote}}https://ir.inpixon.com/news-events/press-releases/detail/198/inpixon-wins-multi-year-contract-for-smart-office-app-for{{/footnote}}
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++The location-aware app will be custom-branded and configured to fit the customer's requirements for a smart, innovative and connected workplace with safety, productivity and engagement goals at its core. The app will deliver an enhanced work experience for employees regardless of their location, be it working from the office or remote, and will offer desk booking for more than 30,000 desks plus conference room booking, hoteling, indoor navigation, news and event feeds, and employee notifications. The app will integrate Microsoft Active Directory, single sign-on (SSO), surveys, polls and more for a frictionless workplace experience.
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++"Companies are looking for innovative solutions that promote productivity and deliver superior user experiences while ensuring safety as they support employees returning to work," commented Nadir Ali, CEO of Inpixon. "We are pleased that our award winning mobile app solution, which integrates a wide array of work functions into a single app, was selected by this major retail and commercial bank. We are seeing strong demand for our workplace experience platform and look forward to announcing additional contract awards."
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  = References =
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