Business
Phunware Reports Third Quarter 2020 Financial Results
Quarterly Net Revenues Up 40%+ Sequentially to $3.13 Million, Driving Gross Margin Expansion to 71.3%, Reflecting Growing Customer Demand and Business
About this update from Phunware, Inc.
[{"type":"text","content":"\nQuarterly Net Revenues Up 40%+ Sequentially to $3.13 Million, Driving Gross Margin Expansion to 71.3%, Reflecting Growing Customer Demand and Business Resiliency\n\n 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 third quarter ended September 30, 2020.\n\n“Our solid financial results for the third quarter of 2020 exceeded our upwardly revised financial guidance, highlighted by more than a 40% sequential increase in Net Revenues to $3.13 million,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “Perhaps even more encouraging is our expanded gross margin that exceeded 71%, along with our ability to reduce Adjusted EBITDA loss by nearly 30% sequentially. We have established solid operating momentum for entering 2021, positioning us to capitalize on the demand we’re seeing for our MaaS Smart Workplace solutions for corporations and our MaaS Digital Front Door solutions for healthcare organizations.”\n\nThird Quarter 2020 Summary Financial Highlights\n\n\nNet Revenues for the quarter totaled $3.13 million\n\n\nMultiscreen-as-a-Service (MaaS) Platform Subscriptions and Services Revenues were $2.86 million\n\n\nGross Margin was 71.3%\n\n\nNet Loss was ($8.57) million, inclusive of a one-time ($4.50) million extraordinary expense for legal settlements\n\n\nNet Loss per Share was ($0.19), inclusive of a one-time Net Loss per Share of ($0.10) as an extraordinary expense for legal settlements\n\n\nNon-GAAP Adjusted EBITDA Loss was ($1.26) million\n\n\n“We are thrilled to see continued sequential progress in our efforts to reduce operational cash burn, eliminate uncertainties and move toward break-even on an Adjusted EBITDA basis despite the ongoing pandemic,” said Matt Aune, CFO of Phunware. “As our Q3 results demonstrate, we are improving our cash position, eliminating our outstanding litigation and liabilities, and expanding our platform sales and related margins.”\n\nRecent Business Highlights and Announcements\n\n\nNotable Strategic Announcements:\n\n\nProvided Upwardly Revised Financial Guidance for Application Transactions Business\n\n\nReceived Expertise Award as Top Mobile Application Developer\n\n\nAnnounce...