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Tintri Reports Preliminary First Quarter Fiscal 2019 Financial Results and Provides Liquidity and Business Update

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Tintri, Inc. (NASDAQ:TNTR), a leading provider of enterprise cloud
platforms, today reported its preliminary results for its first quarter
fiscal 2019 which ended on April 30, 2018, and provided a liquidity and
business update. These preliminary financial results are based on
current information and are subject to revision upon finalization of the
company's accounting and financial reporting procedures and completion
of the quarterly review.

Preliminary First Quarter Fiscal 2019 Financial Results; Liquidity
and Business Update

  • The company is currently in breach of certain covenants under its
    credit facilities and likely does not have sufficient liquidity to
    continue its operations beyond June 30, 2018.
  • The company continues to evaluate its strategic options, including a
    sale of the company.
  • Q1 revenue is expected to be approximately $22 million and GAAP net
    loss per share is expected to be approximately ($1.14). These
    financial results are preliminary and the company's independent
    registered public accounting firm has not completed its review of
    these preliminary financial results.

As of April 30, 2018, and May 31, 2018, Tintri held aggregate cash and
cash equivalents of $30.9 million and $11.5 million, respectively. Based
on the company's current cash projections, and regardless of whether its
lenders were to choose to accelerate the repayment of the company's
indebtedness under its credit facilities, the company likely does not
have sufficient liquidity to continue its operations beyond June 30,
2018. The company continues to evaluate its strategic options, including
a sale of the company. Even if the company is able to secure a strategic
transaction, there is a significant possibility that the company may
file for bankruptcy protection, which could result in a complete loss of
shareholders' investment.

As of April 30, 2018, the company had $15.4 million of principal
indebtedness outstanding under its line of credit with Silicon Valley
Bank, or SVB, and $50.0 million under its credit facility with
TriplePoint Capital, or TriplePoint. The company does not currently have
any borrowing capacity available under either credit facility. Since May
31, 2018, the company has not been in compliance with certain financial
and other covenants under these credit facilities, and SVB or
TriplePoint may declare an event of default at any time. If either
lender were to declare an event of default, the debt outstanding under
the relevant facility would become immediately due and payable. The
company does not at present, and may not in the future, have sufficient
liquidity to repay amounts outstanding under its debt facilities should
they become immediately due and payable. The company also has $25.0
million in principal amount of subordinated indebtedness outstanding in
addition to other liabilities.

The company's financial condition exposes its business to a number of
risks. Existing and potential customers and suppliers have expressed
concerns regarding the company's financial condition, which may
negatively impact the company's ability to sell and ship products and
services. In addition, the company's financial condition may adversely
affect its ability to continue to attract and retain key personnel and
other employees. Tintri expects its bookings and revenues to be
significantly impacted in the second quarter by its liquidity
constraints and overall financial condition.

The closing bid price of the company's common stock on the Nasdaq Stock
Market has been less than $1.00 per share since May 22, 2018. In
accordance with Nasdaq rules, if the company's closing bid price is less
than $1.00 per share for 30 consecutive business days, then the
company's shares may eventually be delisted from and cease to trade on
the Nasdaq Stock Market. Following such a delisting, Tintri's common
stock may trade only on the over-the-counter market, or not at all.

Quarterly Report on Form 10-Q for Q1 2019

On June 15, 2018, Tintri filed a Notice of Late Filing with regards to
its Quarterly Report on Form 10-Q for its first quarter of fiscal 2019
with the Securities and Exchange Commission (SEC). The company's
evaluation of its strategic options has required a considerable amount
of time from the company's management and other personnel that would
otherwise be dedicated to the preparation of this Quarterly Report. The
company has also experienced recent losses of employees whose job
functions related to the preparation of the Quarterly Report. As a
result of these and related factors, the company requires additional
time to complete the preparation and review of the Quarterly Report and
the financial statements contained therein. The company anticipates
filing this Quarterly Report with the SEC in June 2018, although after
the due date prescribed by SEC rules.

First Quarter Fiscal 2019 Final Financial Results

The financial results for the fiscal quarter ended April 30, 2018,
discussed herein are presented on a preliminary basis. Final financial
results for this period will be included in the company's Quarterly
Report on Form 10-Q for the period ended April 30, 2018.

Second Quarter Financial Outlook and First Quarter Conference Call

Tintri is not providing guidance for its second quarter of fiscal 2019
and the company will not be holding a conference call for its first
quarter fiscal 2019 financial results.

Forward-Looking Statements

This press release contains forward-looking statements, including but
not limited to statements relating to the company's expected revenue and
net loss per share for its first quarter fiscal 2019; bookings and
revenue for the second quarter of fiscal 2019; its future financial
results and financial condition; the filing by the company of periodic
reports with the SEC, including its Quarterly Report on Form 10-Q for
the company's first quarter of fiscal 2019, and the timing thereof; the
time period during which the company can continue to operate the
company's business with its existing cash resources; and the future
listing and trading price of the company's common stock on the Nasdaq
Stock Market. These forward-looking statements are not historical facts,
and instead are based on the company's current expectations, estimates,
opinions, and beliefs. Consequently, you should not rely on these
forward-looking statements. The accuracy of such forward-looking
statements depends upon future events, and involves risks,
uncertainties, and other factors beyond the company's control that may
cause these statements to be inaccurate and cause the company's actual
results, performance, or achievements to differ materially and adversely
from those anticipated or implied by such statements, including, among
others: the company's ability to execute on strategic transactions;
whether the company's lenders elect to declare an event of default under
its credit facilities; the company's ability to continue to satisfy the
listing standards of the Nasdaq Stock Market; accounting adjustments
made by the company as a result of the review by the company's
independent registered public accounting firm of the company's financial
information for its first quarter fiscal of 2019; the company's ability
to comply with and/or modify terms of the company's outstanding debt;
the company's ability to attract and retain employees; the rapid
evolution of the markets in which the company competes; factors that
could result in the significant fluctuation of the company's future
quarterly operating results, including, among other things, the
company's revenue mix, the timing and magnitude of orders, shipments,
and acceptance of the company's solutions in any given quarter, the
company's ability to attract new and retain existing end-customers and
suppliers, changes in the pricing of certain components of the company's
solutions, and fluctuations in demand and competitive pricing pressures
for the company's solutions; the company's ability to reduce operating
expenses in future periods; the introduction or acceleration of adoption
of competing solutions; failure to develop, or unexpected difficulties
or delays in developing, new product features or technology on a timely
or cost-effective basis; and other risks and uncertainties included
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
company's reports on file with the U.S. Securities and Exchange
Commission ("SEC"), which are available on the company's investor
relations website at https://ir.tintri.com
and on the SEC website at www.sec.gov
, or that the company may file with the SEC following the date of this
press release, including the company's Annual Report on Form 10-K for
the year ended January 31, 2018. All statements provided in this release
speak only as of the date of this press release and, except as required
by law, the company assumes no obligation to update any forward-looking
statements to reflect actual results or subsequent events or
circumstances.

About Tintri

Tintri (NASDAQ:TNTR) offers an enterprise cloud infrastructure built on
a public-cloud like web services architecture and RESTful APIs.
Organizations use Tintri all-flash storage with scale-out and automation
as a foundation for their own clouds—to build agile development
environments for cloud native applications and to run mission-critical
enterprise applications. Tintri enables users to guarantee the
performance of their applications, automate common IT tasks to reduce
operating expenses, troubleshoot across their infrastructure, and
predict an organization's needs to scale—the underpinnings of a modern
data center. That's why leading cloud service providers and enterprises,
including Comcast, Chevron, NASA, Toyota, United Healthcare and 20
percent of the Fortune 100, trust Tintri with enterprise cloud. For more
information, visit www.tintri.com
and follow us on Twitter: @Tintri. Tintri has used, and intends to
continue to use, its Investor Relations website and the Twitter account
of @Tintri as means of disclosing material non-public information and
for complying with its disclosure obligations under Regulation FD.

© 2018 Tintri, Inc. All rights reserved. Tintri and the Tintri logo are
registered trademarks or trademarks of Tintri, Inc. in the United States
and other countries. Other brand names mentioned herein are for
identification purposes only and may be trademarks of their respective
holder(s).

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