Inpixon Announces Initiative to Reduce Operating Expenses
Implements Headcount Reduction of Approximately 20%
PALO ALTO, Calif., Sept. 22, 2022 /PRNewswire/ -- Inpixon® (Nasdaq: INPX), the Indoor Intelligence® company, today announced that it is implementing a layoff which will reduce its employee headcount by approximately 20% in connection with an initiative to reduce operating expenses.
"Over the last few years Inpixon has pursued an aggressive M&A strategy, investing in cutting edge and innovative technologies, positioning itself as an industry leader with a full-stack Indoor Intelligence solution," stated Nadir Ali, CEO of Inpixon. "We believe this strategy has helped to improve and strengthen our overall financial position, however, we have to be mindful of the current economic environment. We recognize that it is imperative to take steps to conserve cash resources and to ensure that our efforts are focused on objectives that we believe will have the greatest opportunity to bring the company closer to cash flow positive and to achieving profitability. In addition to the layoff implementation, Inpixon has also taken efforts to minimize special projects that were anticipated to have a longer path to revenue generation and to streamline other operating expenses where possible.
"Inpixon has made significant strides in the growth of our business, and we are confident in our ability to be successful in achieving our goals. We believe this reduction in headcount, along with the other cost saving initiatives are necessary and prudent given the global economic uncertainties and that they will ultimately enable us to better meet customer and shareholder needs.
"In addition to maintaining our focus on strong organic growth, we continue to explore a variety of key strategic initiatives and will provide updates when appropriate. We believe this reorganization, designed to improved profitability, will support ongoing strategic discussions, while positioning us for long-term success."
Inpixon® (Nasdaq: INPX) is the innovator of Indoor Intelligence®, delivering actionable insights for people, places and things. Combining the power of mapping, positioning and analytics, Inpixon helps to create smarter, safer, and more secure environments. The company's Indoor Intelligence and mobile app solutions are leveraged by a multitude of industries to optimize operations, increase productivity, and enhance safety. Inpixon customers can take advantage of industry leading location awareness, RTLS, workplace and hybrid event solutions, analytics, sensor fusion, IIoT and the IoT to create exceptional experiences and to do good with indoor data. For the latest insights, follow Inpixon on LinkedIn, Twitter, and visit inpixon.com.
All statements in this release that are not based on historical fact are "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, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Inpixon and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19, global conflicts, inflation and other global events on Inpixon's results of operations and global supply chain constraints, Inpixon's ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Inpixon's technology, Inpixon's ability to maintain compliance with Nasdaq's minimum bid price requirement and other continued listing requirements, the ability to obtain financing if needed, competition, general economic conditions and other factors that are detailed in Inpixon's periodic and current reports available for review at sec.gov. Furthermore, Inpixon operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Inpixon disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
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Released September 22, 2022