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Phunware closes 1Q with a record $23.5M in cash

Its MaaS platform subscriptions and services helped the company generate net revenue of $1.6 million for the quarter ended March 31

Phunware Inc - Phunware closes 1Q with a record $23.5 million in cash
Also, subsequent to the completion of the quarter, Phunware eliminated all of its previously outstanding 2020 convertible notes in full

Phunware Inc (NASDAQ:PHUN) (FRA:2RJ), a fully integrated enterprise cloud platform for mobile, reported that it ended its first quarter with a record $23.5 million in cash. 

The company also said it generated net revenue of $1.6 million for the quarter ended March 31.  

Its Multiscreen-as-a-Service (MaaS) platform subscriptions and services revenues were $1.5 million, with a gross margin of 58%. 

READ: Phunware launches PhunToken Purchase Portal to begin selling PhunToken to consumers, developers and brands

“The completion of Q1 constitutes a positive operational inflection point for our business as we have quickly made our Multiscreen-as-a-Service (MaaS) platform vision become reality across a number of key fronts,” said CEO Alan Knitowski in a statement.

“Not only have we commenced the full roll out of our blockchain-enabled Mobile Loyalty Ecosystem specific to PhunToken, PhunCoin and PhunWallet as promised, but we have also executed a global distribution agreement with an anchor distribution partner that will be formally announced in the next several weeks.” 

Knitowski added: “While we continue to work through what appears to be the final stages of the COVID pandemic operationally, we are both excited and comforted by the dramatic increase in business activity across all aspects of our software product and solution offerings for mobile, big data and the cloud. Importantly, these encompass all three of our core growth engines rolling forward, including our MaaS cloud, our data-driven loyalty marketplace and our secure, blockchain-enabled token, coin and wallet capabilities.”

Matt Aune, CFO of Phunware, noted that the $23.5 million of cash on hand marks a record high for the company since its inception.

“Subsequent to the completion of the quarter, Phunware eliminated all of its previously outstanding 2020 convertible notes in full,” Aune said. “This action, combined with the initiation of a $25 million At-The-Market offering against a $100 million shelf registration statement, have dramatically improved the Company’s balance sheet, operational flexibility and future business needs for both organic and inorganic growth opportunities.”

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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NASDAQ:PHUN

Price: 0.9908 USD

Market Cap: $74.53 m

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