Phunware Inc (NASDAQ:PHUN) released its FY2020 results after the bell on Thursday showing the enterprise cloud platform company netted $10 million in revenue for the year.
Over 90% of the revenue came from the Austin-based firm’s multiscreen-as-a-service (MaaS) platform subscriptions and services, which totaled $9.1 million.
The group recently closed an offering that generated nearly $25 million in proceeds.
READ: Phunware partners with Vizzia Technologies to offer its digital front door solution on mobile to leading healthcare organizations
In a statement, Phunware’s CEO Alan Knitowski told shareholders that the past year an inflection point in the company’s history, as it shifted from a non-recurring, low margin transaction business to a stickier, more scalable, recurring, and high margin SaaS licensing business for its MaaS platform.
“In addition to continued enterprise interest in our MaaS Digital Front Door solution for healthcare and our MaaS Smart Workplace solution for corporations, we have resumed conversations with customers from sectors that were hard hit by the pandemic, including the hospitality and real estate verticals,” Knitowski said.
“In conjunction with growing our portfolio of direct customers, we intend to expand our footprint globally by amplifying our go-to-market strategy with indirect sales and channel partners, including an anchor distribution partner that will be formally announced during Q2.”
Knitowski added that the group will soon complete its PhunWallet next month ahead of the launch of its blockchain ecosystem powered by PhunCoin and PhunToken.
“We are on schedule to commercialize, scale and monetize this part of our business and look forward to the accelerated global adoption of our blockchain-enabled MaaS Customer Data Platform and MaaS Mobile Loyalty Ecosystem alike,” said Knitowski.
The firm reported a net loss of $22.2 million for the year or $0.50 per share.
“With a robust cash position as a result of our recently completed institutional financing of approximately $25 million, we now have the financial flexibility to execute both our near-term and long-term operational initiatives,” Phunware’s CFO Matt Aune told shareholders.
Shares of Phunware lost 2.1% after the close on Thursday to trade at $1.86.
Contact Angela at angela@proactiveinvestors.com
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