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Phunware Inc

Phunware reports further growth in its platform subscription and services revenue in second quarter

The group said platform subscriptions and services revenue totaled $5.1 million, or 92% of net revenues of $5.5 million for the quarter ended 30 June

Phunware Inc -
Its net loss for the second quarter was $3.1 million, an improvement of 34% quarter-over-quarter sequentially

Phunware Inc. (NASDAQ:PHUN) saw further growth in its platform subscription and services revenue in the second quarter, marking multiple consecutive quarters of growth.

The firm, which provides a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, reported net revenues totaling $5.5 million for the quarter ended 30 June.

Of that total, it said platform subscriptions and services revenue totaled $5.1 million, or 92% of net revenues.

The group’s gross margin was 50.6%, compared to 78.4% for the same period in the prior year, with non-GAAP gross margin at 51.2%, compared to 47.2% a year ago

Its net loss for the second quarter was $3.1 million, or $0.08 per share, an improvement of 34% quarter-over-quarter sequentially, with a non-GAAP adjusted EBITDA loss was of $2.4 million, a $1.2 million improvement year-over-year.

Alan S. Knitowski, CEO and Co-Founder of Phunware commented: “Our first half financial performance has provided a strong foundation for our growth strategies throughout the balance of the year and into 2020.”

"Our SaaS, data and blockchain offerings for mobile uniquely position us to deliver true digital transformation for our customers, enabling 1:1 real-time interactions between consumers and brands in both the virtual and physical world alike,” he concluded.

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Quick facts: Phunware Inc

Price: $1.28

Market: NASDAQ
Market Cap: $49.88 m
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