Inpixon (INPX), a company providing big data analytics and location-based products and related services worldwide through its subsidiaries, has surged 19.56% during aftermarket trading session and is trading at $0.9115 at the time of the writing. The surge has come after Inpixon and Ostendo’s announcement to bring augmented reality to Miami Beach. On Friday, INPX closed the day at $0.7624 after declining 8.16% during regular trading hours.
Agreement between Ostendo and INPX
On Friday, INPX and Ostendo, a global leader in quantum photonics and micro-display technology, announced that in strengthening the Strategic Collaboration and Cross-Marketing Agreement, the companies have executed a statement of work to exclusively provide the city of Miami Beach Washington Avenue Business Improvement District with augmented reality enabled mobile Experience app. The app would support the use of Ostendo’s AR smart glasses for 2 years initially. Commenting on the development, Nadir Ali, CEO of Inpixon, said that the company announced to collaborate with Ostendo some eight weeks ago to deliver new augmented reality enabled solutions with wearable AR smart glasses. He said that he is delighted to have the City of Miami Beach’s Washington Avenue Business Improvement District agree to adopt both the companies combined technology.
Q2 2021 financial highlights
On 16th August, INPX reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June. The company had cash and cash equivalents of $24.91 million on 30th June 2021. The total assets in possession of the company at the time were $174.41 million, while total liabilities were $28.92 million. The company generated total revenue of $3.45 million during the period against $1.07 million for the same period of 2020. The cost of revenue for the period was $0.89 million against $0.3 million for the same period of 2020. The operating expenses for the three months were $15.85 million against $5.89 million for the same period of 2020. The company suffered a loss of $13.29 million from operations against $5.12 million for the same period of 2020. The net loss for the quarter was $14.5 million (or $0.13 per basic and diluted share) against $7.3 million (or $0.32 per basic and diluted share) for the same period of 2020.
What’s the future for INPX?
During the last three months, INPX stock has declined more than 25%. However, analysts are hopeful that it could have a decent time ahead mainly on the back of business growth, which ultimately could have a positive impact on the performance of INPX stock.