Phunware Announces 2019 Financial Results

About this update from Phunware, Inc.

[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nPhunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced financial results for its fiscal year ended December 31, 2019, and provided an update on recent business developments.\n\n\n“Today we are pleased to share our trailing financial results for the Company, which included a dramatic year-over-year revenue transformation from one-time, non-recurring application transactions revenue to annual and multi-year recurring platform subscriptions and services revenue tied to the licensing and use of our Multiscreen-as-a-Service (MaaS) enterprise cloud platform for mobile,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. ”More importantly, and specific to the subsequent events and recent operational actions taken to address our go-forward business activities while the ongoing COVID-19 coronavirus pandemic continues to unfold worldwide, we have announced a $3 million structured debt financing to address our balance sheet and a furlough of 37 Phunware employees to address our cost structure during the existing governmental stay-in-place orders unique to our business facilities and operations in Central Texas, Southern California and Southern Florida.”\n\n\nFull Year 2019 Financial Highlights\n\n\n\nNet revenues for the year totaled $19.2 million\n\n\nPlatform subscriptions and services revenue were $17.2 million\n\n\nGross margin was 52.9%\n\n\nNet loss was ($12.9) million\n\n\nNet loss per share was ($0.35)\n\n\nNon-GAAP adjusted EBITDA loss was ($10.2) million\n\n\n\n“While we are releasing our full year financial results for last year as part of today’s announcement and filing requirements, our executive team, board and staff are extremely hyper-focused on our existing and pending activities for the current and future quarters in light of the realities that we and all other businesses face with the unknown macro and operating environment unique to COVID-19,” said Matt Aune, CFO of Phunware. “We are executing against our existing customer contracts and are aggressively pursuing new business opportunities where our mobile, cloud, big data and remote expertise intersects directly with the needs of our Fortune 1000 customers, including remote telehealt...

More updates from Phunware, Inc.