{"id":758241,"date":"2023-05-11T19:45:28","date_gmt":"2023-05-11T23:45:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/foxo-technologies-announces-first-quarter-2023-financial-results\/"},"modified":"2023-05-11T19:45:28","modified_gmt":"2023-05-11T23:45:28","slug":"foxo-technologies-announces-first-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/foxo-technologies-announces-first-quarter-2023-financial-results\/","title":{"rendered":"FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results"},"content":{"rendered":"

<\/p>\n

FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results<\/b><\/p>\n

MINNEAPOLIS–(BUSINESS WIRE<\/a>)–
\nFOXO Technologies Inc. (NYSEAM: FOXO) (\u201cFOXO\u201d or the \u201cCompany\u201d), a leader in commercializing epigenetic biomarkers of health and aging, today reported financial results for the first quarter ended March 31, 2023.<\/p>\n

\n\u201cThe first quarter was a strong start to the year, and I am very pleased by our continued execution in support of our strategic goals,\u201d said Tyler Danielson, interim CEO and Chief Technology Officer of FOXO. \u201cWe recently announced the launch of our direct-to-consumer FOXO Longevity Report\u2122 beta, which represents the next stage in FOXO\u2019s evolution and expands on our successes in the insurance market. We believe this significant milestone will serve to improve the scale of our customer engagement platform while expanding into additional use cases for our technology. Additionally, we are taking proactive steps to simplify our capital structure and raise additional financing to accelerate our growth initiatives.\u201d<\/p>\n

About FOXO Technologies Inc.<\/b><\/p>\n

\nFOXO is a biotechnology company dedicated to improving human health and longevity through the development of cutting-edge technology and product solutions for various industries, including life insurance. FOXO\u2019s epigenetic technology applies AI to DNA methylation to identify molecular biomarkers of human health and aging. FOXO is committed to leveraging the latest advancements in science and technology to help people live better, longer lives. For more information about FOXO, visit www.foxotechnologies.com<\/a>.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

\nThis press release contains certain forward-looking statements for purposes of the \u201csafe harbor\u201d provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact contained herein, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of FOXO, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Such forward-looking statements include, but not limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding FOXO and the future held by the management team of FOXO, the future financial condition and performance of FOXO and the products and markets and expected future performance and market opportunities of FOXO. These forward-looking statements generally are identified by the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cfuture,\u201d \u201cintend,\u201d \u201cstrategy,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cstrategy,\u201d \u201copportunity,\u201d \u201cplan,\u201d project,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201cscales,\u201d \u201crepresentative of,\u201d \u201cvaluation,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cwill be,\u201d \u201cwill continue,\u201d \u201cwill likely result,\u201d and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk of changes in the competitive and highly regulated industries in which FOXO operates, variations in operating performance across competitors or changes in laws and regulations affecting FOXO\u2019s business, (ii) the ability to implement FOXO\u2019s business plans, forecasts, and other expectations, (iii) the ability to obtain financing, (iv) the ability to maintain its NYSE American listing, (v) the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future, (vi) potential inability of FOXO to establish or maintain relationships required to advance its goals or to achieve its commercialization and development plans, (vii) the enforceability of FOXO\u2019s intellectual property, including its patents and the potential infringement on the intellectual property rights of others, and (viii) the risk of downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO operates, including the highly regulated insurance industry. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties discussed in FOXO\u2019s most recent reports on Forms 10-K and 10-Q, particularly the \u201cRisk Factors\u201d sections of those reports, and in other documents FOXO has filed, or will file, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FOXO assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.<\/p>\n

Explanatory Notes on Use of Non-GAAP Measures<\/b><\/p>\n

\nTo supplement our financial information presented in accordance with U.S. GAAP, management periodically uses certain \u201cnon-GAAP financial measures,\u201d as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company\u2019s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures, gains, losses and impairments, or items outside of management\u2019s control. Management believes that the following non-GAAP financial measure provides investors and analysts useful insight into our financial position and operating performance. Any non-GAAP measure provided should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP. Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented by other companies and therefore may not be comparable among companies.<\/p>\n

\nWe use Adjusted EBITDA to evaluate our operating performance. Adjusted EBITDA does not represent and should not be considered an alternative to net income as determined by U.S. GAAP, and our calculations thereof may not be comparable to those reported by other companies. We believe Adjusted EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on our operating performance. Adjusted EBITDA, as presented herein, is a supplemental measure of our performance that is not required by, or presented in accordance with, U.S. GAAP. We use non-GAAP financial measures as supplements to our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. Adjusted EBITDA is a measure of operating performance that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S. GAAP.<\/p>\n

\nWe reconcile our non-GAAP financial measure to our net loss, which is its most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our management uses Adjusted EBITDA as a financial measure to evaluate the profitability and efficiency of our business model. Adjusted EBITDA is not presented in accordance with U.S. GAAP. Adjusted EBITDA includes adjustments for provision for income taxes, as applicable, interest income and expense, depreciation and amortization, stock-based compensation, and certain other infrequent and\/or unpredictable non-cash charges or benefits, such as impairment, changes in fair value of convertible debentures, changes in fair value of warrant liabilities, and expenses related to the forward purchase agreement.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

FOXO TECHNOLOGIES INC. AND SUBSIDIARIES<\/b><\/p>\n

CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n

\n(Dollars in thousands, except per share data)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n

March 31,<\/b><\/p>\n<\/td>\n

\n\n

December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n(unaudited)<\/p>\n<\/td>\n

\n\n<\/tr>\n
\n

Assets<\/b><\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\nCurrent assets<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nCash and cash equivalents<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n2,155<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n5,515<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplies<\/p>\n<\/td>\n

\n\n

\n1,302<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n1,313<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses<\/p>\n<\/td>\n

\n\n

\n2,117<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n2,686<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid consulting fees<\/p>\n<\/td>\n

\n\n

\n595<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n2,676<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther current assets<\/p>\n<\/td>\n

\n\n

\n107<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n114<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total current assets<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,276<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

12,304<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntangible assets<\/p>\n<\/td>\n

\n\n

\n1,863<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n2,043<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReinsurance recoverables<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n18,573<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCloud computing arrangements<\/p>\n<\/td>\n

\n\n

\n1,483<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n2,225<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets<\/p>\n<\/td>\n

\n\n

\n251<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n263<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total assets<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

9,873<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

$<\/b><\/p>\n<\/td>\n

\n

35,408<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nCurrent liabilities<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nAccounts payable<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n2,977<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n3,466<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRelated party payable<\/p>\n<\/td>\n

\n\n

\n500<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n500<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSenior PIK Notes<\/p>\n<\/td>\n

\n\n

\n3,368<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n1,409<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued severance<\/p>\n<\/td>\n

\n\n

\n1,212<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n1,045<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued and other liabilities<\/p>\n<\/td>\n

\n\n

\n528<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n493<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total current liabilities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

8,585<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,913<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nWarrant liability<\/p>\n<\/td>\n

\n\n

\n311<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n311<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSenior PIK Notes<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n1,730<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPolicy reserves<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n18,573<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities<\/p>\n<\/td>\n

\n\n

\n1,007<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n1,173<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total liabilities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,903<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

28,700<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommitments and contingencies (Note 13)<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nStockholders\u2019 equity (deficit)<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nPreferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued or outstanding as of March 31, 2023 and December 31, 2022<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nClass A common stock, $0.0001 par value, 500,000,000 shares authorized, 29,558,830 and 29,669,830 issued, and 27,418,069 and 27,529,069 outstanding as of March 31, 2023 and December 31, 2022, respectively<\/p>\n<\/td>\n

\n\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTreasury stock, at cost, 2,140,761 as of March 31, 2023 and December 31, 2022<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital<\/p>\n<\/td>\n

\n\n

\n154,837<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n153,936<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated deficit<\/p>\n<\/td>\n

\n\n

\n(154,870<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n\n

\n(147,231<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Total stockholders\u2019 equity (deficit)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(30<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,708<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total liabilities and stockholders\u2019 equity (deficit)<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

9,873<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

$<\/b><\/p>\n<\/td>\n

\n

35,408<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

FOXO TECHNOLOGIES INC. AND SUBSIDIARIES<\/b><\/p>\n

CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n

\n(Dollars in thousands, except per share data)<\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n\n

Three Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total revenue<\/b><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

13<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

40<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating expenses:<\/b><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nResearch and development<\/p>\n<\/td>\n

\n\n

\n309<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n601<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nManagement contingent share plan<\/p>\n<\/td>\n

\n\n

\n764<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling, general and administrative<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,332<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,002<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,405<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,603<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Loss from operations<\/b><\/p>\n<\/td>\n

\n\n

(7,392<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n\n

(4,563<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-cash change in fair value of convertible debentures<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n(7,432<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense<\/p>\n<\/td>\n

\n\n

\n(225<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n\n

\n(322<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther expense<\/p>\n<\/td>\n

\n\n

\n(22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n\n

\n(50<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal non-operating expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(247<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7,804<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Loss before income taxes<\/b><\/p>\n<\/td>\n

\n\n

(7,639<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n\n

(12,367<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for income taxes<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net loss<\/b><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

(7,639<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

(12,367<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nNet loss per Class A common stock, basic and diluted<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(0.33<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n(2.12<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
FOXO TECHNOLOGIES INC. AND SUBSIDIARIES<\/b><\/p>\n

\nCONSOLIDATED STATEMENTS OF STOCKHOLDERS\u2019 EQUITY (DEFICIT)<\/p>\n

\n(Dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\nFOXO Technologies Operating Company<\/b><\/td>\n\nFOXO Technologies Inc.<\/b><\/td>\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n

Series A <\/b><\/p>\n

Preferred Stock<\/b><\/p>\n<\/td>\n

\n\n

Common Stock<\/b><\/p>\n

(Class A)<\/b><\/p>\n<\/td>\n

\n\n

Common Stock<\/b><\/p>\n

(Class B)<\/b><\/p>\n<\/td>\n

\n\n

Common Stock<\/b><\/p>\n

(Class A)<\/b><\/p>\n<\/td>\n

\nTreasury Stock<\/b><\/td>\n\nAdditional Paid-in-Capital<\/b><\/td>\n\nAccumulated Deficit<\/b><\/td>\n\nTotal<\/b><\/td>\n<\/tr>\n
\n\n\n\nShares<\/b><\/td>\n\nAmount<\/b><\/td>\n\nShares<\/b><\/td>\n\nAmount<\/b><\/td>\n\nShares<\/b><\/td>\n\nAmount<\/b><\/td>\n\nShares<\/b><\/td>\nAmount<\/b><\/td>\n\nShares<\/b><\/td>\n\n\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nBalance, December 31, 2021<\/b><\/td>\n\n\n\n

8,000,000<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

21,854<\/b><\/p>\n<\/td>\n

\n\n

30,208<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

2,000,000<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

4,902<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(51,976<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(25,220<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\nNet loss<\/td>\n\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n(12,367<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n\n

\n(12,367<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\nLease contributions<\/td>\n\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n136<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n136<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\nStock based compensation<\/td>\n\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n251<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n251<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\nIssuance of shares for exercised stock options<\/td>\n\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n14,946<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\nBalance, March 31, 2022<\/b><\/td>\n\n\n\n

8,000,000<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

21,854<\/b><\/p>\n<\/td>\n

\n\n

45,154<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

2,000,000<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

5,289<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(64,343<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(37,200<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nBalance, December 31, 2022<\/b><\/td>\n\n\n\n

–<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

29,669,830<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

$<\/b><\/td>\n\n

3<\/b><\/p>\n<\/td>\n

\n\n

(2,140,761<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

153,936<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(147,231<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

6,708<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\nNet loss<\/td>\n\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n(7,639<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n\n

\n(7,639<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\nStock based compensation<\/td>\n\n\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n(111,000<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n901<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n901<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\nBalance, March 31, 2023<\/b><\/td>\n\n\n\n

–<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

–<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

–<\/b><\/p>\n<\/td>\n

\n\n

29,558,830<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

$<\/b><\/td>\n\n

3<\/b><\/p>\n<\/td>\n

\n\n

(2,140,761<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

154,837<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(154,870<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

(30<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

FOXO TECHNOLOGIES INC. AND SUBSIDIARIES<\/b><\/p>\n

\nCONSOLIDATED STATEMENTS OF CASH FLOWS<\/p>\n

\n(Dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n

\n\n

Three Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

CASH FLOWS FROM OPERATING ACTIVITIES:<\/b><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nNet loss<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(7,639<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n(12,367<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjustments to reconcile net loss to net cash used in operating activities:<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n\n

\n929<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n31<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation<\/p>\n<\/td>\n

\n\n

\n901<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n231<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of consulting fees paid in common stock<\/p>\n<\/td>\n

\n\n

\n1,725<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange in fair value of convertible debentures<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n7,432<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPIK interest<\/p>\n<\/td>\n

\n\n

\n135<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of debt issuance costs<\/p>\n<\/td>\n

\n\n

\n94<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nContributions in the form of rent payments<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n136<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecognition of prepaid offering costs upon election of fair value option<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n107<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\n\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nChanges in operating assets and liabilities:<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nSupplies<\/p>\n<\/td>\n

\n\n

\n11<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n57<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses and consulting fees<\/p>\n<\/td>\n

\n\n

\n925<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n(132<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther current assets<\/p>\n<\/td>\n

\n\n

\n7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCloud computing arrangements<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n(621<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable<\/p>\n<\/td>\n

\n\n

\n(489<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n\n

\n(2,209<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued and other liabilities<\/p>\n<\/td>\n

\n\n

\n35<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n149<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in operating activities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(3,360<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

(7,186<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

CASH FLOWS FROM INVESTING ACTIVITIES:<\/b><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nPurchase of property and equipment<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n(39<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nDevelopment of internal use software<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n(519<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in investing activities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

(558<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

CASH FLOWS FROM FINANCING ACTIVITIES:<\/b><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nProceeds from issuance of convertible debentures<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n22,500<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred offering costs<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n(19<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by financing activities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

–<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

22,481<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net increase (decrease) in cash and cash equivalents<\/b><\/p>\n<\/td>\n

\n\n

(3,360<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n\n

14,737<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents at beginning of period<\/p>\n<\/td>\n

\n\n

\n5,515<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n6,856<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents at end of period<\/b><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

2,155<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

21,593<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
\n

FOXO TECHNOLOGIES INC. AND SUBSIDIARIES<\/b><\/p>\n

\nReconciliation of net loss to adjusted EBTIDA (unaudited)<\/p>\n

\n(Dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n\n

For the three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net loss<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(7,639<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n

$<\/b><\/p>\n<\/td>\n

\n

(12,367<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Depreciation and amortization<\/p>\n<\/td>\n

\n\n

\n929<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n31<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Interest expense<\/p>\n<\/td>\n

\n\n

\n225<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n322<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Stock-based compensation (1)<\/sup><\/p>\n<\/td>\n

\n\n

\n2,626<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n231<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Non-cash change in fair value of convertible debentures<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n

\n7,432<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(3,859<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

(4,351<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n(1)<\/p>\n<\/td>\n

\n\n

\nIncludes expense recognized related to the shares issued to the consulting agreement. See Note 6 of the unaudited consolidated financial statements.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230511005708\/en\/<\/a><\/span><\/p>\n

Investor Relations
\n<\/b>
Matthew Hausch, Cody Slach
\n
Gateway Group, Inc.
\n
(949) 574-3860
\n
FOXO@gatewayir.com<\/a><\/p>\n

KEYWORDS:<\/b> Minnesota United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Biotechnology Technology Professional Services Health Health Technology Health Insurance Research Artificial Intelligence Genetics Insurance Science<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results MINNEAPOLIS–(BUSINESS WIRE)– FOXO Technologies Inc. (NYSEAM: FOXO) (\u201cFOXO\u201d or the \u201cCompany\u201d), a leader in commercializing epigenetic biomarkers of health and aging, today reported financial results for the first quarter ended March 31, 2023. \u201cThe first quarter was a strong start to the year, and I am very pleased by our continued execution in support of our strategic goals,\u201d said Tyler Danielson, interim CEO and Chief Technology Officer of FOXO. \u201cWe recently announced the launch of our direct-to-consumer FOXO Longevity Report\u2122 beta, which represents the next stage in FOXO\u2019s evolution and expands on our successes in the insurance market. We believe this significant milestone will serve to improve the scale of our customer … <\/p>\n

Continue reading “FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-758241","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nFOXO Technologies\u2122 Announces First Quarter 2023 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/foxo-technologies-announces-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results MINNEAPOLIS–(BUSINESS WIRE)– FOXO Technologies Inc. (NYSEAM: FOXO) (\u201cFOXO\u201d or the \u201cCompany\u201d), a leader in commercializing epigenetic biomarkers of health and aging, today reported financial results for the first quarter ended March 31, 2023. \u201cThe first quarter was a strong start to the year, and I am very pleased by our continued execution in support of our strategic goals,\u201d said Tyler Danielson, interim CEO and Chief Technology Officer of FOXO. \u201cWe recently announced the launch of our direct-to-consumer FOXO Longevity Report\u2122 beta, which represents the next stage in FOXO\u2019s evolution and expands on our successes in the insurance market. We believe this significant milestone will serve to improve the scale of our customer … Continue reading "FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/foxo-technologies-announces-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-11T23:45:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230511005708r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/foxo-technologies-announces-first-quarter-2023-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/foxo-technologies-announces-first-quarter-2023-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results\",\"datePublished\":\"2023-05-11T23:45:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/foxo-technologies-announces-first-quarter-2023-financial-results\\\/\"},\"wordCount\":1967,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/foxo-technologies-announces-first-quarter-2023-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230511005708r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/foxo-technologies-announces-first-quarter-2023-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/foxo-technologies-announces-first-quarter-2023-financial-results\\\/\",\"name\":\"FOXO Technologies\u2122 Announces First Quarter 2023 Financial Results - 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(NYSEAM: FOXO) (\u201cFOXO\u201d or the \u201cCompany\u201d), a leader in commercializing epigenetic biomarkers of health and aging, today reported financial results for the first quarter ended March 31, 2023. \u201cThe first quarter was a strong start to the year, and I am very pleased by our continued execution in support of our strategic goals,\u201d said Tyler Danielson, interim CEO and Chief Technology Officer of FOXO. \u201cWe recently announced the launch of our direct-to-consumer FOXO Longevity Report\u2122 beta, which represents the next stage in FOXO\u2019s evolution and expands on our successes in the insurance market. 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