Phunware, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $1.6 million in Q1 2021, down from Q1 2020. Platform subscriptions and services revenue contributed $1.5 million or 92% of total revenue.
  • Gross Margin: 58% on a GAAP basis (flat YoY), non-GAAP adjusted gross margin improved to 71%, up from 60.9% in Q1 2020.
  • Operating Expenses: $4.1 million, down from $5.4 million YoY. Adjusted operating expense was $3.5 million, a 27% YoY improvement.
  • Net Loss: $12.4 million ($0.19/share), up from $4 million ($0.10/share) in Q1 2020—driven by interest expense and write-offs related to debt retirement.
  • Adjusted EBITDA Loss: $2.4 million, improved from $3.2 million in Q1 2020.
  • Backlog & Deferred Revenue: $7.7 million, with expectations of growth in future quarters as COVID-19 impacts subside.
  • Cash Position: Closed Q1 with $23.5 million in cash—highest in company history. Paid off 2020 convertible notes with $13.9 million in April. Q2 began with $9.6 million cash and 25.8 BTC in holdings.
  • Transition to SaaS: Company is nearing completion of transition from low-margin transaction business to higher-margin SaaS model.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Phunware’s First Quarter 2021 Investor Conference Call. Currently, all participants are in a listen-only mode. Joining me today are Alan S. Knitowski, President, Chief Executive Officer and Co-Founder; Randall Crowder, Chief Operating Officer; and Matt Aune, Chief Financial Officer. The format today will include prepared remarks by Alan, Matt and Randall, followed by a question-and-answer session. As a reminder, today’s discussion will include forward-looking statements. These forward-looking statements, including any such statements referring to the potential effects or impact of the COVID-19 pandemic reflect current views as of today, and are based on various assumptions that are subject to risks and uncertainties disclosed in the Risk Factors section of our SEC filings. Actual results may differ materially, and undue reliance should not be placed on them. Additionally, the matters being discussed today may include non-GAAP financial measures. Reconciliation of GAAP to non-GAAP financial information is set forth in the earnings press release, which is available on the Investor Relations section of the Phunware’s website at investors.phunware.com. I further encourage you to visit investors.phunware.com to access not only the earnings press release, but also the current investor presentation, SEC filings and additional collateral on Phunware. At this time, I would like to turn things over to Phunware’s CEO, Alan Knito

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