Business
Phunware Reports First Quarter 2023 Financial Results
AUSTIN, Texas, May 11, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company”), the pioneer of Location Based SaaS and offers the
About this update from Phunware, Inc.
[{"type":"text","content":"AUSTIN, Texas, May 11, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company”), the pioneer of Location Based SaaS and offers the only fully integrated enterprise cloud platform for mobile that enables brands to engage, manage and monetize their anytime, anywhere users worldwide, today announced financial results for the quarter ended March 31, 2023. “This past quarter we expanded our breadth of reach and depth of engagement with major brands for our market-leading Location Based Platform,” said Russ Buyse, CEO of Phunware. “We are thrilled to add Siemens as a channel partner through their Siemens Connect Ecosystem. Partners like Siemens are a prime example of the types of relationships we intend to forge and will be a key accelerator for bookings on our Platform in 2023 and beyond. I’m also encouraged by the progress made by major brands moving deeper through our sales pipeline. At the same time, our product team made huge strides in realizing our vision for Contextual Engagement on our Platform. Phunware gives brands the tools and reach to enhance the consumer experience, increase customer satisfaction and provide a strong return on investment. Looking ahead, we intend to continue ramping our go-to-market efforts to capture as much market share as possible.” First Quarter 2023 Financial Results Net revenues for the quarter totaled $4.7 millionPlatform revenues were $1.3 millionHardware revenues were $3.4 millionNet loss was $(4.3) millionNet loss per share was $(0.04)Non-GAAP Adjusted EBITDA loss was $(5.6) million Recent Business Highlights Notable Corporate and Product Developments: Phunware to Present at the 18th Annual Needham Technology & Media Conference on May 16, 2023Received Notice of Allowance for United States Patent for Innovative Geofence Event Prediction TechnologyReleased Experience Optimizer for Mobile ApplicationsAnnounced Stock Repurchase Plan Notable Customer and Partner Wins: Announced Siemens Connect partnership and the impact on its Smart Infrastructure offeringsJoined Siemens Connect EcosystemAnnounced Contract Expansion with VHC Health Conference Call Information Phunware management will host a conference call today (May 11, 2023) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results for the quarter ended March 31, 2023. Interested parties may a...