Phunware Inc (NASDAQ:PHUN) delivered revenue growth exceeding 120% in the third quarter, while simultaneously expanding the digital platform’s multiscreen-as-a-service (MaaS) backlog to nearly US$8 million.
Net revenues for the quarter ended September 30 2022 totalled $4.8 million, out of which MaaS platform revenues contributed $1.3 million, with hardware revenues of $3.5 million, according to Phunware.
Phunware CEO Alan S Knitowski said the Austin, Texas-based company was excited to continue its 2022 momentum in 3Q.
READ: Phunware says subsidiary Lyte is waiving build fees on gaming computers and parts during November sale
“We continue operating effectively at the intersection of mobile, cloud, big data and blockchain across all lines of business and are revising our forward revenue guidance for 2022 to up roughly 225% year-over-year, or approximately $22.5 million,” Knitowski said in a statement.
“In parallel, we also expect that the second half of 2022 will represent a new second half record for reported revenues as a public company for its comparable period,” Knitowski said.
Phunware said it had a net loss of $8 million in 3Q, with a net loss per share of $0.08 and a non-GAAP adjusted EBITDA loss of $6.7 million.
Recent business highlights
Phunware noted recent highlights, including a contract renewal and expansion with Parkview Health, along with its presentation at the second annual Needham Virtual Crypto Conference. It said that LYTE by Phunware launched a Black Friday gaming PC sale, slashing its usual $100 build fee for month of November. The company said it also plans to participate at the Roth 11th annual technology event on November 16, 2022.
At market close on Thursday, Phunware stock was trading at US$1.28 on the Nasdaq Composite index, up by 4.9%, but fell in after-hours trading by 1.6%.
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