Inpixon

Good afternoon and welcome to InPiction's Business Update call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. A telephone replay of the call will be available approximately one hour after the end of the call through May 22, 2023. I would now like to turn the call over to Alexandra Schilt, Vice President of Crescendo Communications LLC, the company's investor relations firm. Please go ahead.

Good afternoon, and thank you for joining today's conference call to discuss Impiction's corporate developments and financial results for its 2023 first quarter and in March 31st, 2023. With us today are Nader Ali, the company's chief executive officer, and Wendy Lunderman, the company's chief financial officer. Today, Impiction released financial results for its 2023 first quarter and in March 31st, 2023. If you have not received Impiction's earning release, please visit the company's investor relations page at ir.impiction.com. During the course of this conference call, the company will be making forward-looking statements. The company cautions you that any statement that is not a statement of historical fact is a forward-looking statement. This includes any projections of earnings, revenues, cash, or other statements relating to the company's future financial results any statements about plans, strategies, or objectives of management for future operations, any statements regarding completed or planned acquisitions or strategic partnerships, and the anticipated impact of those transactions on the company's business, any statements concerning proposed new products or solutions, any statement regarding anticipated new customers, relationships, or agreements, Any statements regarding expectations for the success of the company's products in the U.S. and international markets. Any statements regarding future economic conditions or performance, including but not limited to the impact of COVID-19 on the company's operations. Any statements regarding the valuation attributed to any of our securities instruments. Any statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this conference call and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Some of these risks are described in the Safe Harbor section of today's press release and in the public periodic reports the company files with the Securities and Exchange Commission. Investors or potential investors should read all of these risks. Impiction assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. In addition, to supplement the GAAP numbers, the company has provided non-GAAP adjusted net loss and net loss per share information in addition to non-GAAP adjusted EBITDA information. The company believes that these non-GAAP numbers provide meaningful supplemental information and are helpful in assessing our historical and future performance. A table reconciling the GAAP information to the non-GAAP information is included in the company's financial release. I will now turn the call over to Nader Ali, Impection's CEO. Please go ahead.

Thanks, Alexandra. And good afternoon, everyone, and thank you for joining our 2023 first quarter conference call as we discuss our progress and corporate developments. I'll start by noting that our most significant accomplishment during the first quarter of 2023 was the sale of our enterprise apps workplace experience business on March 14th, 23. This transaction created a strategic opportunity that allowed our shareholders to benefit from the anticipated upside in two publicly traded companies, while also allowing Fiction to retain its real-time location services or our TLS business line, along with other business lines, and refocus our resources accordingly for further growth. We believe this was a significant achievement for both Fiction and CX app, and we look forward to continuing to work with them as partners or resellers to offer comprehensive solution sets for our respective customers. In this call and going forward when we discuss our financial results, please note that the results of operations from the workplace experience business have been excluded from our continuing operations, which is reflected for periods prior to the completion of the spinoff. You will still see a consolidated discontinued ops number below the line in the P&L for that business. With that, I'm pleased to say we continue to make meaningful progress in terms of growth, reporting a 17% increase in revenue to $3.1 million for the first quarter of 23, while also maintaining a strong balance sheet with over $15 million in cash and cash equivalents. At the same time, we reduced our operating expenses for the first quarter of 23 when compared to the same period in the prior year. This will help to enable us to pursue growth opportunities for our remaining business line, and support our strategic objectives with the goal of maximizing value for our shareholders. And while we grow revenue and streamline expenses to achieve positive cash flow faster, we are also focused on pursuing beneficial strategic opportunities that we believe will increase the company's total enterprise value for the benefit of our shareholders, similar to what was achieved with the CX app transaction. In that regard, the due diligence and negotiation process with respect to a potential transaction involving our RTS line continues to advance. At the same time, we remain committed to the growth of our RTLS business. This is a huge market expected to reach 12.7 billion by 2026 according to markets and markets. RTLS enables customers to digitally track the real-time location and movements of physical things throughout large facilities and primarily leverages radio frequency technologies to continuously determine the position of people and objects in areas GPS is not able to reach. This delivers actionable location data that can be used to visualize the location of key personnel and assets live on a facility map or integrated into systems such as IoT safety applications, asset and supply chain management solutions, and more for highly advanced automation of operations. These technologies allow customers to locate assets and track their real-time movement with utilization of our comprehensive lineup of location technologies and form factors. Few competitors can integrate the wide variety of technologies, including ultra-wideband, chirp, Wi-Fi, BLE, GPS, LiDAR, and RFID like we can, which enables us to solve more use cases and provide greater accuracy than most competitors in the market. With the implementation of our technology-agnostic open platform, which integrates a complete technology stack and communicates with other third-party systems, our customers learn more about their facilities and workflows and obtain actionable intelligence. By leveraging this valuable data and intelligence, they can enable automation and data-driven decision-making to drive reduced costs, increase productivity, and streamline operations. Independent third-party market watchers validate our leadership position. For example, IoT Innovation World recently named us as a recipient of their Industrial IoT Product of the Year Award. And even more significantly, earlier this year, Gartner named and pictured a leader in the 2023 Gartner Magic Quadrant for indoor location services. This evaluation was based on specific criteria that analyze our overall completeness of vision and ability to execute. This marks our fifth consecutive year being acknowledged by Gartner in the Magic Quadrant, and the second time being named a leader in the space. The report also stated the location of people and critical assets is no longer optional, but required for safety, compliance, and cost optimization. infrastructure and operation leaders to assess vendors based on their capability to meet multiple indoor location opportunities and address new use scenarios. We have been and remain committed to innovation and to providing a full-stack RTOS solution that supports a multitude of use cases in a variety of industries. And we believe our enhanced focus, streamlined business operations, and improved cost structure will result in an accelerated path to profitability. With that, Wendy, I'll turn it to you to discuss our financials.