Executive Summary

Q1 2023 results were very small-scale operationally and dominated by cost structure and liquidity actions: revenue was $0.013M, net loss was $(7.639)M, and diluted EPS was $(0.33) . Adjusted EBITDA improved year over year to $(3.859)M from $(4.351)M .
Liquidity is the critical driver: cash was $2.155M at quarter-end, equity turned slightly negative at $(0.030)M, and management flagged substantial doubt about going concern pending new financing; they expect to fund operations only into June/July 2023 without additional capital .
Strategic updates: FOXO launched the direct-to-consumer FOXO Longevity Report beta and is pursuing capital structure simplification via an Exchange Offer and PIK Note Amendment to facilitate future raises .
Sequentially, losses narrowed versus a heavy Q4 2022, but revenue also fell sharply; the narrative for stock reaction hinges on capital-raise progress and early adoption evidence for the Longevity Report and underwriting tech .

What Went Well and What Went Wrong

What Went Well
- Adjusted EBITDA improved YoY to $(3.859)M on lower non-operating drag and cost actions (vs $(4.351)M YoY) .
- Segment losses improved: FOXO Labs’ segment loss narrowed to $(0.290)M (vs $(0.504)M YoY); FOXO Life to $(0.647)M (vs $(0.803)M YoY) .
- Strategic milestones: “strong start… launch of our direct-to-consumer FOXO Longevity Report beta… steps to simplify our capital structure and raise additional financing” — Interim CEO Tyler Danielson .
What Went Wrong
- Revenue declined to $0.013M (vs $0.040M YoY), reflecting lower royalties and commissions amid minimal commercial scale -.
- SG&A increased YoY to $6.332M, driven by non-cash consulting amortization ($2.081M), intangible/cloud amortization ($0.922M), a $0.251M loss on sale of FOXO Life Insurance Company, and public company costs .
- Liquidity/going concern: cash of $2.155M, equity deficit $(0.030)M, and explicit substantial doubt about going concern without new funding (runway only into June/July 2023 absent financing) -.

Financial Results

YoY comparison (Q1 2023 vs Q1 2022)

Metric	Q1 2022	Q1 2023
Revenue ($USD Millions)	$0.040	$0.013
Net Loss ($USD Millions)	$(12.367)	$(7.639)
Diluted EPS ($)	$(2.12)	$(0.33)
Adjusted EBITDA ($USD Millions)	$(4.351)	$(3.859)
R&D Expense ($USD Millions)	$0.601	$0.309
SG&A Expense ($USD Millions)	$4.002	$6.332
Total Operating Expenses ($USD Millions)	$4.603	$7.405

Sequential context (Q3 2022 → Q4 2022 → Q1 2023)

Metric	Q3 2022	Q4 2022	Q1 2023
Revenue ($USD Millions)	$0.014	$0.418	$0.013
Net Loss ($USD Millions)	$(41.026)	$(18.323)	$(7.639)
Diluted EPS ($)	$(6.70)	—	$(0.33)
Cash & Equivalents (end of period, $USD Millions)	—	$5.515	$2.155

Note: Q4 2022 values are derived from FY 2022 10-K less 9M 2022 10-Q (Revenue: $511k − $93k; Net loss: $(95.255)M − $(76.932)M) .

Segment breakdown (Q1 2023 vs Q1 2022)

Segment	Revenue ($USD Millions) Q1 2022	Revenue ($USD Millions) Q1 2023	Segment Earnings ($USD Millions) Q1 2022	Segment Earnings ($USD Millions) Q1 2023
FOXO Labs	$0.032	$0.007	$(0.504)	$(0.290)
FOXO Life	$0.008	$0.006	$(0.803)	$(0.647)

KPIs and balance sheet/cash flow

KPI	Q4 2022 (Dec 31, 2022)	Q1 2023 (Mar 31, 2023)
Cash & Equivalents ($USD Millions)	$5.515	$2.155
Total Assets ($USD Millions)	$35.408	$9.873
Total Liabilities ($USD Millions)	$28.700	$9.903
Stockholders’ Equity ($USD Millions)	$6.708	$(0.030)
Cash from Operations ($USD Millions)	—	$(3.360) (Q1 2023)
Senior PIK Notes (current, $USD Millions)	$1.409 current; $1.730 long-term	$3.368 current; $0 long-term

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2023	Not provided	Not provided	N/A
Adjusted EBITDA	FY 2023	Not provided	Not provided	N/A
Capital structure actions	2023	—	Exchange Offer (warrant exchange at 4.83 shares/warrant); PIK Note Amendment (1.25 shares per $1 PIK principal) to facilitate financing	Structural actions announced -

Note: No formal quantitative guidance was disclosed in the Q1 2023 8‑K press release or 10‑Q - -.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2: Q3 2022; Q-1: FY 2022 call)	Current Period (Q1 2023)	Trend
Product/Tech (epigenetic underwriting; DTC)	Positioning saliva-based epigenetic underwriting as industry-changing; building MGA and Longevity Report; establishing datasets and partnerships - -	Launched FOXO Longevity Report beta; reiterated goal to scale customer engagement and expand use cases	Progression toward DTC engagement while underwriting commercialization awaits
Distribution (MGA)	Planning MGA ramp; targeting carrier partnerships	Minimal commissions; distribution present but revenue tiny	Slower ramp vs expectations
Cost structure	Streamlining, reducing non-core work; cost reductions	SG&A elevated by non-cash amortization; impairment planned for digital insurance platform in April 2023	Continued cost rationalization; non-cash charges elevated
Capital structure/liquidity	Terminated ELOC/forward purchase in late 2022	Exchange Offer and PIK Amendment launched; going concern flagged; runway only until June/July 2023 absent funding -	Active balance-sheet work remains paramount
Regulatory/legal	—	Delaware Chancery Court validated share increase (Section 205)	Resolved enabling capital actions

Management Commentary

“The first quarter was a strong start to the year… launch of our direct‑to‑consumer FOXO Longevity Report beta… steps to simplify our capital structure and raise additional financing to accelerate our growth initiatives.” — Tyler Danielson, Interim CEO & CTO .
Strategy pillars emphasized in prior call: create engaging customer experience, sell “Life Insurance Designed to Keep You Alive,” and bring underwriting tool to market; focus on large epigenetic datasets with academic partners to accelerate analytics -.

Q&A Highlights

No Q1 2023 earnings call transcript was available in the document set; key clarifications came from the 10‑Q MD&A, including explicit going concern disclosure and timing (funding needed by June/July 2023 absent financing) and subsequent events (digital platform impairment, capital structure amendments) - -.

Estimates Context

We attempted to retrieve Wall Street consensus (S&P Global) for Q1 2023 revenue and EPS, but data was unavailable due to request limits; no estimate comparison can be provided at this time (S&P Global) [GetEstimates error].
Given FOXO’s micro-cap status and limited sell-side coverage, consensus may be sparse; investors should anchor on reported figures and liquidity milestones .

Key Takeaways for Investors

Liquidity and financing are the near-term thesis: cash was $2.155M; equity turned negative; the company disclosed substantial doubt about going concern without new capital (runway only into June/July 2023) -.
Sequential losses narrowed from a heavy Q4 2022 to Q1 2023, but revenue remains de minimis; durable improvement requires commercial traction in DTC and/or underwriting partnerships .
Cost actions continue, but non-cash expenses and impairments (e.g., digital insurance platform) keep GAAP results volatile; Adjusted EBITDA trends improved YoY .
Capital structure moves (Exchange Offer, PIK Note Amendment) are designed to clear anti-dilution constraints and enable new financing; successful execution is a key catalyst -.
Product narrative is intact: Longevity Report beta is a step toward engagement and data scale; underwriting commercialization with carriers remains the long-run value unlock -.
Risk is elevated: minimal revenue base, dilution risk from equity raises, and timeline risk to partner adoption and DTC monetization -.
Trading setup: stock sensitivity is likely highest to financing announcements, exchange/amendment uptake, and any early signals of DTC uptake or carrier pilots moving to commercial deployment - .

Sources: Q1 2023 8‑K with press release and exhibits -; Q1 2023 10‑Q (financials, MD&A, liquidity) -, FY 2022 8‑K and transcript (context) - -, Q3 2022 10‑Q (trend base) - -.

FOXO TECHNOLOGIES INC. (FOXO)·Q1 2023 Earnings Summary