Austin, Texas [May 13, 2022] (ORIGINAL: GLOBE NEWSWIRE) – Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), a fully-integrated enterprise cloud platform mobile that provides products, solutions, data and services for brands worldwide, today announced record financial results for the quarter ended March 31, 2022.
“After previously guiding investors to top-line revenue growth exceeding 250% year-over-year for Q1, we are thrilled to have significantly outperformed that target with a new first quarter record for reported revenues as a public company, delivering actual revenues exceeding 310% growth to start the fiscal year,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “We are now operating effectively at the intersection of mobile, cloud, big data and blockchain across all lines of business and continue to activate our MaaS Loyalty and Rewards ecosystem through PhunWallet, PhunToken and PhunCoin, to commercialize a truly decentralized global data economy. For Q2, we are pleased to upwardly revise our top-line revenue growth forecast from up more than 250% year-over-year to up more than 275% year-over-year, which would represent another new second quarter record for reported revenues as a public company.”
First Quarter 2022 Financial Results
- Net Revenues for the quarter totaled $6.8 million
- Multiscreen-as-a-Service (MaaS) Platform Revenues were $2.5 million
- Hardware Revenues were $4.3 million
- Net Loss was $(14.9) million
- Net Loss per Share was $(0.15)
- Non-GAAP Adjusted EBITDA Loss was $(4.2) million
“We continued to build on the momentum from Q4 2021 by posting our largest revenue quarter as a public company,” said Matt Aune, CFO of Phunware. “In addition to the progress made with top line growth, we continued to invest in the business to further bolster our product offerings and expand the reach of our digital asset ecosystem. To that end, we were thrilled to not only see PhunToken become available on the decentralized exchange Uniswap, but also to provide additional resources to support decentralized finance through our new PhunToken website. Rolling forward, we expect to close the second quarter strong sequentially, activate PhunCoin for trading and continue to deliver dramatic year-over-year growth for the remainder of the fiscal year.”
Recent Business Highlights
- Notable Corporate Developments:
- Notable Customer and Partner Wins:
Conference Call Information
Phunware management will host a conference call today (May 12, 2022) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results for the quarter ended March 31, 2022.
Interested parties may access the conference call by dialing 877-545-0523 in the United States, or 973-528-0016 from international locations with access code: 588640. The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at investors.phunware.com.
Safe Harbor Clause and Forward-Looking Statements
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (the “SEC”), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
Phunware uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
About Phunware, Inc.
Everything You Need to Succeed on Mobile — Transforming Digital Human Experience
Phunware, Inc. (NASDAQ: PHUN), is the pioneer of Multiscreen as a Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & PhunToken) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with approximately one billion active devices touching its platform each month when operating at scale. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://phunware.com, https://phunwallet.com, https://phuncoin.com, https://phuntoken.com, and follow @phunware, @phuncoin and @phuntoken on all social media platforms.