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Phunware Reports Third Quarter 2021 Financial Results
The Company Records 50% Increase in Quarter-over-Quarter Net Revenues AUSTIN, Texas, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN)
About this update from Phunware, Inc.
[{"type":"text","content":"The Company Records 50% Increase in Quarter-over-Quarter Net Revenues\nAUSTIN, Texas, Nov. 11, 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 third quarter ended September 30, 2021. “We are extremely excited to post 50% sequential organic growth in net revenues quarter-over-quarter, demonstrating that we are now reaping the benefits of our direct and indirect go-to-market strategies for our MaaS enterprise cloud platform for mobile,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “Our team executed strongly over the past quarter on multiple fronts, executing deals with several prominent new customers and partners across different verticals, including scaling our dual token economy while actively pursuing our inorganic growth strategy and closing the acquisition of Lyte Technology. In conjunction with the organic growth announced, the closing of Lyte also adds immediate profitability, backlog and growth that will allow us to leverage a new, strategic distribution network to consumers to further scale and accelerate our blockchain initiatives. This past year has certainly been a pivotal and encouraging period for Phunware and I am confident that as we head into 2022, we will be firing on all cylinders with a dynamic organic and inorganic growth strategy that will have us poised for immense growth.” Third Quarter 2021 Summary Financial Results Net Revenues for the quarter totaled $2.2 millionMultiscreen-as-a-Service (MaaS) Platform Subscriptions and Services Revenues were $1.8 millionNet Income was $0.4 millionNet Income per Share was $0.01Non-GAAP Adjusted EBITDA Loss was $(2.5) million “We are pleased with the momentum achieved in the third quarter and are positioned well to finish the year with a great fourth quarter,” said Matt Aune, CFO of Phunware. “As we look forward to 2022, we are excited to have a fully funded operating plan that gives us the ability to drive organic and inorganic growth. In addition to executing on our operational objectives, the Company successfully raised more than $65 million and now holds approximately 129 bitcoin. Rolling forward, we are committed to not only growing our ...