Business
Phunware Reports Full Year 2022 Financial Results
AUSTIN, Texas, March 23, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), a fully-integrated enterprise cloud platform
About this update from Phunware, Inc.
[{"type":"text","content":"AUSTIN, Texas, March 23, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced preliminary financial results for the year ended December 31, 2022. “We are thrilled to see increased interest from our channel partners, who we believe will be a key catalyst of accelerated bookings of our core software solution in 2023,” said Russ Buyse, CEO of Phunware. “Our senior management team remains laser-focused on ramping up our MaaS offering through several essential verticals, with a key focus on hospitality and healthcare. Additionally, we plan to further expand our hardware business, which in the first full year under the Phunware umbrella, helped drive total revenue up 105% in 2022. Phunware helps brands enhance the consumer experience and we expect to further extend our footprint in industry segments where our products increase customer satisfaction and provide a strong ROI for our clients.” Full Year 2022 Financial Results Net revenues for the year totaled $21.8 millionPlatform revenues were $6.5 millionHardware revenues were $15.3 millionNet loss was $(50.9) millionNet loss per share was $(0.51)Non-GAAP Adjusted EBITDA loss was $(23.5) million Recent Business Highlights Notable Corporate Developments: Appointed Russ Buyse as Chief Executive OfficerVirtually Participated at the 25th Annual Needham Growth ConferenceAnnounced Stock Repurchase PlanSet March 2023 Financial Events Schedule Notable Customer and Partner Wins: Launched Smart Hospitality Solution at Gaylord HotelsLaunched Smart Hospitality Solution at Wailea Beach Resort - Marriott, MauiAnnounced Contract Expansion with VHC Health Notable Product Updates: Launched Initiative to Give Back Control of Consumer DataReleased Experience Optimizer for Mobile Applications Conference Call Information Phunware management will host a conference call today (March 23, 2023) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results for the year ended December 31, 2022. Interested parties may access the conference call by dialing 888-506-0062 in the United States, or 973-528-0011 from international locations with access code: 446606. The conference call will be broadcast live and available...