Executive Summary

Reported FY22 revenue of $19.4M (+21% YoY) with 72% gross margin; non‑GAAP Adjusted EBITDA loss narrowed to $(26.6)M as cost reductions took hold .
Strategic actions dominated the period: management advanced the spin‑off of the workplace experience/CXApp business (completed March 14, 2023), positioning shareholders to own two separate public companies and refocusing on industrial RTLS growth .
Commercial traction continued in RTLS with a >$1M purchase order, Gartner “Leader” recognition, and an SAP partner program entry; however, losses remained significant and included $12.2M non‑cash impairments in 2022 .
No quantitative guidance was issued; Wall Street consensus for Q4 2022 EPS/revenue via S&P Global was unavailable, limiting beat/miss analysis (S&P Global data unavailable due to missing mapping).

What Went Well and What Went Wrong

What Went Well

“We completed 2022 with a 21% increase in revenue… [and] initiatives to reduce our operating expenses and overhead costs,” underscoring operating discipline amid growth .
Strengthening RTLS positioning: recognized as a Leader in Gartner Magic Quadrant for Indoor Location Services; secured a >$1M RTLS purchase order; joined SAP’s partner program, expanding distribution .
Strategic portfolio work: progressed and then completed the spin‑off/sale of the workplace experience (CXApp) business, designed to “unlock value” for shareholders via two public companies .

What Went Wrong

Profitability remained distant: FY22 net loss attributable to stockholders of $(63.4)M; Adjusted EBITDA loss of $(26.6)M; significant non‑cash impairment charges of $12.2M .
Q3 execution headwinds: revenue dipped 6% YoY to $4.18M due to delayed IIoT shipments and lower SAVES sales; gross margin compressed to 70% (from 73%) on mix .
Balance sheet contraction: cash and equivalents fell from $52.5M at FY21 to $20.2M at FY22; short‑term debt rose to $13.6M, tightening liquidity flexibility .

Financial Results

Note: INPX reported full-year results and did not provide a separate Q4 press release table; quarterly detail is available for Q2 and Q3. Wall Street consensus (S&P Global) was unavailable for Q4 2022; estimates columns are shown as N/A.*

Metric	Q2 2022	Q3 2022	FY 2022	Vs Estimates
Revenue ($M)	$4.73	$4.18	$19.42	N/A*
Gross Profit ($M)	$3.33	$2.92	$13.93	N/A*
Gross Margin %	70%	70%	72%	N/A*
Operating Expenses ($M)	$23.22	$13.32	$70.63	N/A*
Adjusted EBITDA ($M)	$(9.94)	$(8.19)	$(26.58)	N/A*
Net Loss Attributable to Stockholders ($M)	$(19.87)	$(17.59)	$(63.39)	N/A*
Net Loss/Share (Basic & Diluted)	$(0.16)	$(10.21)	$(34.12)	N/A*

Segment and KPI disclosure: The company reports segments (Indoor Intelligence, Shoom, SAVES) but did not provide a quarterly segment revenue table in the Q4 materials retrieved; key KPIs emphasized were RTLS order wins, partner/channel progress, and Gartner recognition .

*Values retrieved from S&P Global were unavailable for INPX due to missing mapping; therefore, estimate comparisons are not shown.

Guidance Changes

No quantitative guidance was issued in the Q4/FY22 press release or call; management emphasized strategic focus on RTLS growth and portfolio actions without providing numeric outlook ranges .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2023	N/A	N/A	No guidance provided
Margins/OpEx/Tax	FY 2023	N/A	N/A	No guidance provided

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2022)	Previous Mentions (Q3 2022)	Current Period (Q4 2022 call)	Trend
RTLS growth and industrial focus	Highlighted IIoT/RTLS expansion; 55% 1H revenue growth aided by RTLS and CXApp	Q3 softness from delayed IIoT shipments, but demand within installed base remained	Renewed focus post spin‑off; “full‑stack industrial RTLS” to drive 2023 milestones	Improving focus despite near-term volatility
Portfolio strategy / spin-off	SAP partner program; portfolio breadth	Signed definitive agreement to spin enterprise apps (valued ~$69M)	Spin‑off completed March 2023; shareholders own two companies; refocus on RTLS	Executed
Cost discipline	Acknowledged opex pressures and mix-driven margin shifts	Reduced opex YoY YTD; Adjusted EBITDA loss widened in Q3	“Initiatives to reduce operating expenses and overhead costs” reiterated	Stabilizing
Macro/supply chain	Noted macro headwinds	Delayed shipments cited in Q3	Continued awareness of macro and execution, intent to leverage balance sheet	Persistent headwind
Recognition/partners	SAP partner program	—	Gartner “Leader”; SAP partnership reiterated	Strengthening ecosystem

Management Commentary

CEO: “We completed 2022 with a 21% increase in revenue… [the spin‑off] will allow Inpixon shareholders… to share in the potential upside of an investment in two separate and independent public companies… Moving forward into 2023, we will continue to focus on accelerating the growth of our real‑time location system (RTLS) business” .
CFO: “Revenues for the year ended December 31, 2022, were $19.4 million… Gross profit… was $13.9 million… Net loss attributable to stockholders… was $63.4 million… Non‑GAAP adjusted EBITDA… was a loss of $26.6 million” .

Q&A Highlights

The call functioned as a business update alongside FY22 results; management emphasized strategic portfolio completion (CXApp spin‑off) and the RTLS growth roadmap rather than issuing numeric guidance .
Clarifications centered on revenue mix (smart office app vs RTLS) and cost control, with reaffirmation of liquidity (~$20.2M year‑end cash) to support execution .

Estimates Context

Wall Street consensus estimates (S&P Global) for Q4 2022 revenue and EPS were unavailable for INPX due to a missing mapping; as a result, beat/miss vs consensus cannot be assessed for the quarter (S&P Global data unavailable).
Given the absence of formal guidance and limited coverage, investor models may need to recalibrate around the post‑spin RTLS‑only profile, with attention to order momentum, gross margin stability, and operating expense trajectory .

Key Takeaways for Investors

FY22 showed top‑line growth and solid gross margins; however, sustained operating losses and impairments underscore the need for operating leverage and tighter cost control .
The CXApp spin‑off structurally simplifies the story and should improve strategic clarity; focus shifts squarely to industrial RTLS execution and go‑to‑market via partners like SAP .
Near‑term catalysts include RTLS order wins (e.g., >$1M PO), enterprise deployments, and recognition/partner pipelines; track bookings-to-revenue conversion given prior shipment delays .
Liquidity tightened into year‑end ($20.2M cash; higher short-term debt), highlighting the importance of working‑capital discipline and potential need for opportunistic financing if growth accelerates .
With no quantitative guidance and unavailable Street consensus, position sizing should reflect execution and funding risks; focus on quarterly evidence of margin stability and Adjusted EBITDA progression .

Citations

INPX FY22 8‑K and Exhibit 99.1 press release: .
Q2 2022 8‑K + press release financials: .
Q3 2022 8‑K + press release financials: .
Earnings call transcript (Q4/FY22): .

Notes

At the time of these results, the company operated as Inpixon; subsequent corporate actions included the CXApp spin‑off (March 2023).
S&P Global consensus estimates were unavailable (mapping issue); any estimate comparisons are therefore not shown.

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