Phunware Inc (NASDAQ:PHUN), the company behind a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, reported first-quarter results and upped its revenue guidance for the future.
The company posted net revenue of $6.8 million, including Multiscreen-as-a-Service (MaaS) platform revenues of $2.5 million and hardware revenues of $4.3 million. Adjusted EBITDA loss was $4.2 million, the company said.
That revenue mark was a first-quarter record for Phunware as a public company, according to CEO Alan Knitowski.
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“After previously guiding investors to top-line revenue growth exceeding 250% year-over-year for Q1, we are thrilled to have significantly outperformed that target with a new first quarter record for reported revenues as a public company, delivering actual revenues exceeding 310% growth to start the fiscal year,” Knitowski said in a statement.
Based on those results, the company is boosting its second-quarter top-line revenue growth forecast from up more than 250% year-over-year to up more than 275% year-over-year, Knitowski added, which would represent a second quarter record for reported revenues as a public company.
“In addition to the progress made with top line growth, we continued to invest in the business to further bolster our product offerings and expand the reach of our digital asset ecosystem,” CFO Matt Aune said. “To that end, we were thrilled to not only see PhunToken become available on the decentralized exchange Uniswap, but also to provide additional resources to support decentralized finance through our new PhunToken website.”
Phunware is a pioneer of MaaS, an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale.
Phunware's Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & PhunToken) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world's most respected brands create category-defining mobile experiences, with approximately one billion active devices touching its platform each month when operating at scale.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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