Business
Phunware Reports Second Quarter 2021 Financial Results
AUSTIN, Texas, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), a fully-integrated enterprise cloud platform for
About this update from Phunware, Inc.
[{"type":"text","content":"AUSTIN, Texas, Aug. 12, 2021 (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 financial results for its second quarter ended June 30, 2021. “We were extremely encouraged by the continued operational momentum for our business during Q2 despite the ongoing pandemic, as we further accelerated our MaaS platform vision and adoption across a number of key fronts including new product introduction and indirect channel expansion,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “Not only have we formally rolled out our entire blockchain-enabled Mobile Loyalty Ecosystem specific to PhunToken, PhunCoin and PhunWallet on a direct-to-consumer basis as promised, but we have also executed a brand new, global, multi-year distribution agreement with an anchor Fortune 500 distribution partner for our indirect channel. Looking ahead, I am confident that the near-term and long-term opportunities for our business are promising, as we enter the second half of the year with a solid balance sheet, a growing pipeline of customers and a robust slate of enterprise cloud solutions for mobile.” Second Quarter 2021 Summary Financial Results Net Revenues for the quarter totaled $1.4 millionMultiscreen-as-a-Service (MaaS) Platform Subscriptions and Services Revenues were $1.2 millionNet Loss was $(8.3) millionNet Loss per Share was $(0.12)Non-GAAP Adjusted EBITDA Loss was $(2.7) million “We are pleased with the efforts our team has made to build the pipeline and drive new customer and partner relationships in the face of continued headwinds from the COVID-19 pandemic,” said Matt Aune, CFO of Phunware. “These relationships take time to build, but we are pleased to see that total backlog is trending up quarter over quarter and we are working hard to build off that momentum into the second half of 2021. Phunware is well positioned for success as we continue to reduce liabilities, eliminate debt and focus efforts on both organic and inorganic growth opportunities.” Recent Business Highlights Notable Corporate Developments: Held Fireside Chat with CNBC and Fox Business Network Market Analyst Kenny PolcariJoined Russell Microcap® IndexEngaged Grasso Global to Expand Inve...