Phunware Inc (NASDAQ:PHUN) announced the launch of its new strategy that focuses on monetizing and commercializing its software products.
The comprehensive ‘Phunware 3.0’ strategy focuses on sustained software sales, innovative IP monetization, and the imminent development of a digital assets ecosystem, featuring PhunToken, PhunCoin, and Phunwallet.
The announcement coincided with its 3Q financial results which showed the company generating net revenue of $2.8 million.
Platform revenues and hardware revenues stood at $1.3 million and $1.5 million, respectively.
“I’m glad to be back at Phunware, and am committed to guiding the organization toward a promising future of revolutionizing the way brands and consumers interact,” CEO Mike Snavely told investors.
“We’ve already hit the ground running on aggressively pursuing our new corporate initiative and look forward to keeping our shareholders well-informed with regular updates.”
Net loss for the quarter was $19 million, with a net loss per share of $0.16.
Highlights from the quarter include VHC Health signing a multi-year renewal of its Digital Front Door Application, and partnering with Wailea Beach Resort – Marriott, Maui, enhancing its Smart Hospitality Solution.
On a corporate level, Phunware recently inked a purchase agreement of up to $30 million with Lincoln Park Capital Fund.
The firm also announced the wind-down of Lyte Technology’s operations to reinforce its core mission.