Phunware Reports First Quarter 2021 Financial Results

AUSTIN, Texas, May 13, 2021 –
Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced financial results for its first quarter ended March 31, 2021.

“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 Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “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. 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.”

First Quarter 2021 Summary Financial Results
Net Revenues for the quarter totaled $1.6 million
Multiscreen-as-a- Service (MaaS) Platform Subscriptions and Services Revenues were $1.5 million
Gross Margin was 58.0%
Non-GAAP Adjusted Gross Margin was 71.0%
Net Loss was $(12.4) million
Net Loss per Share was $(0.19)
Non-GAAP Adjusted EBITDA Loss was $(2.4) million

“We completed Q1 with $23.5 million of cash on hand, constituting a record high for the Company since its inception,” said Matt Aune, CFO of Phunware. “Subsequent to the completion of the quarter, Phunware eliminated all of its previously outstanding 2020 convertible notes in full. 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.”

Recent Business Highlights

Notable Corporate Developments:
Set Second Quarter 2021 Conference Schedule
Board Authorized Bitcoin Purchases for Blockchain Ecosystem Launch
Phunware Began Selling PhunToken
Notable Customer and Partner Wins:
Partnered with Infinite Leap to Offer Enhanced Digital Front Door on Mobile
Notable Product Updates:
Released Data SDK for Third-Party Mobile Applications to Reward Consumers with PhunCoin
Released Loyalty SDK to Enable PhunToken Issuances by Third-Party Mobile Applications




The following information was filed by Phunware, Inc. (PHUN) on Thursday, May 13, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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