Phunware Inc (NASDAQ:PHUN), an enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, has posted preliminary full year 2021 financial results that saw the company clock up $10.6 million in revenue.
For the year ended December 31, 2021, the Austin, Texas-based technology company revealed that its Multiscreen-as-a-Service (MaaS) platform subscriptions and services contributed $5.3 million to the revenue pie, while computer hardware revenue expanded to $3.1 million.
The firm’s non-GAAP adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization for the quarter amounted to a loss of $11.7 million.
“We are pleased with the way we closed the year and are even more excited about the opportunities for growth in 2022 and beyond,” Phunware CFO Matt Aune said in a statement. “In addition to the progress of our business-to-business MaaS offerings, we are thrilled with the growth of our business-to-consumer business. Lyte by Phunware posted record revenue in a partial fourth quarter and the sales of PhunToken continue to move up and to the right.”
As of December 9, 2021, Phunware holds approximately 630 bitcoin, which were acquired at a purchase price of approximately $36.8 million and an average purchase price of approximately $58,513 per bitcoin, inclusive of fees and expenses.
Meanwhile, Phunware expects to use reserve-backed stablecoins, including stablecoin collateral loops, to maximize its savings yields in digital US dollar equivalents that can be far more attractive than traditional legacy banking yields in Annual Percentage Yield terms.
Phunware said it will actively manage its cash management and treasury, in conjunction with its ongoing board governance, oversight and compliance activities.
“Going forward, we are well positioned with our balance sheet to continue to execute our operational objectives while driving organic and inorganic growth,” said Aune.
The company highlighted notable customer and partner wins during the year which included Phunware’s partnership with Singapore-based PrimusTech to integrate mobile smart solutions in Asia.
Phunware also announced two new strategic supplier relationships in support of a Consumer Electronics Show inspired series of optimized high performance computers provided by its LYTE Technology business unit.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive