Business Segments

3 Months Ended

Mar. 31, 2024

Business Segments [Abstract]

BUSINESS SEGMENTS

Note 10  BUSINESS SEGMENTS

During the three months ended March 31, 2024 and 2023, the Company managed and classified its business into two reportable business segments:

● FOXO Labs is commercializing proprietary epigenetic biomarker technology to be used for underwriting risk classification in the global life insurance industry. The Company’s innovative biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting and risk assessment. The Company’s research demonstrates that epigenetic biomarkers, collected from saliva, provide measures of individual health and wellness for the factors used in life insurance underwriting traditionally obtained through blood and urine specimens.

● FOXO Life was redefining the relationship between consumers and insurer by combining life insurance with a dynamic molecular health and wellness platform. FOXO Life sought to transform the value proposition of the life insurance carrier from a provider of mortality risk protection products to a partner supporting its customers’ healthy longevity. FOXO Life’s multi-omics health and wellness platform was to provide life insurance consumers with valuable information and insights about their individual health and wellness to support longevity. On February 3, 2023, the Company sold certain assets of FOXO Life thereby discontinuing the Company’s business in life insurance due to the uneconomic nature of the business unit as discussed in Note 9.

The primary income measure used for assessing segment performance and making operating decisions is income (losses) before interest, income taxes, depreciation, amortization, and stock-based compensation. The segment measure of profitability also excludes corporate and other costs, including management, IT, overhead costs and certain other non-cash charges or benefits, such as impairment and any non-cash changes in fair value.

FOXO Labs generates revenues through performing epigenetic biomarker services and by collecting epigenetic services royalties. FOXO Life generated revenues from the sale of life insurance products. Asset information is not used by the Chief Operating Decision Maker (“CODM”) or included in the information provided to the CODM to make decisions and allocate resources.

Summarized below is information about the Company’s operations for the three months ended March 31, 2024 and 2023 by business segment:

	Revenues				Losses
	2024		2023		2024			2023
FOXO Labs	$	4	$	7	$	(154	)	$	(290	)
FOXO Life		3		6		(5	)		(647	)
		7		13		(159	)		(937	)
Corporate and other (a)		-		-		(1,044	)		(6,477	)
Interest expense		-		-		(301	)		(225	)
Total	$	7	$	13	$	(1,504	)	$	(7,639	)

(a) For the three months ended March 31, 2024, Corporate and other includes stock-based compensation, including amortization of consulting fees paid in stock, of $144 and depreciation and amortization expense of $260. For the three months ended March 31, 2023, Corporate and other includes stock-based compensation, including consulting agreement expense, of $2,626 and depreciation and amortization expense of $929.