Phunware Announces First Quarter 2019 Financial Results
Revenue Growth and Strong Gross Margin Expansion Lead to Narrowed Net Loss per Share
Today Phunware, Inc. (NASDAQ: PHUN), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced financial results for its first quarter ended March 31, 2019, and provided an update on recent business developments.
First Quarter 2019 Financial Highlights
-Net revenues increased 6.7% year-over-year to $5.3 million
-Platform subscriptions and services revenue increased 20.4% year-over-year to $4.8 million
-Gross profit margin was 50.8%, representing 8.4 percentage points higher than the prior year
-Non-GAAP Adjusted EBITDA improved by $3.5 million to ($3.2) million, or 52.1% improvement over the prior year
-Net loss per share improved $0.17 per share to ($0.12) compared to ($0.29), or 58.6% improvement year-over-year
“We are very excited with the financial performance underlying our first full quarter as a public company,” said Alan S. Knitowski, CEO and Co-Founder of Phunware. “Not only did we achieve continued revenue growth alongside strong gross margins and lower net losses in the first quarter, but we also established a positive backdrop for the second quarter as we anticipate launching our blockchain-enabled data exchange and mobile loyalty ecosystem in parallel with our new initiatives specific to patent licensing and intellectual property monetization.”
First Quarter 2019 Business Highlights
-Closed new and expansion contracts with customers from healthcare, media and entertainment, real estate, political, and travel and hospitality verticals
-Named by Columbia-IBM Center for Blockchain and Data Transparency as Global Top 10 Category-Winning Enterprise-Grade Blockchain Business Networks
-Announced data.world and Rifiniti partnerships, expanding our global partner network for the data and location services offerings within our Multiscreen-as-a-Service (MaaS) platform
-Launched the Phunware Phenom Certified Developer Program, with Applaudo Studios becoming the first Phunware Phenom Certified Developer
-Awarded 3 patents for (i) Indoor / Outdoor Mobile Device Location Monitoring, (ii) Enterprise Branded Application Frameworks for Mobile and Other Environments, and (iii) Mobile Device Localization Based on Relative Signal Strength Indicators, bringing our intellectual property portfolio to a total of 16 awarded patents and 6 patents-pending
-Launched the PhunCoin Launch Alliance in conjunction with our blockchain-enabled data exchange and mobile loyalty ecosystem
-Continued a Reg D, 506(c) token sale for accredited investors, including KYC / AML verification via CoinList
-Commenced a Reg CF PhunCoin token sale to unaccredited investors via Republic crowdfunding portal
