Phunware, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q1 2022 revenue was $6.8 million, a 312% increase year-over-year (YoY), marking a record high for a first quarter as a public company.
  • Revenue Breakdown:
    • Platform Revenue: $2.5 million (37% of total), up 51% YoY.
    • Computer Hardware Revenue (Lyte by Phunware): $4.3 million (63% of total).
  • Gross Margin: 26.1%, compared to 58% in Q1 2021 due to the Lyte business. Platform gross margin remained healthy at 57.2%.
  • Guidance: Q2 2022 revenue expected to grow over 275% YoY, revised upward from prior guidance of 250% YoY growth.
  • Operating Expenses: $6.8 million, up from $4.4 million YoY due to investments in marketing and team expansion.
  • Net Loss: $14.9 million ($0.15 per share), impacted by non-cash impairments and adjustments.
  • Cash & Digital Assets: $10.8 million in cash; approximately $23.5 million in crypto assets (652 Bitcoin and 1,222 Ethereum).
  • Deferred Revenue & Backlog: $7.1 million at quarter-end.
  • Crypto Ecosystem:
    • PhunToken began trading on Uniswap in Q1.
    • PhunToken to list on LATOKEN and PhunCoin to trade on Securitize in Q2.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Phunware's First Quarter 2022 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 potentially effects are 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 a 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 earnings press release, which is available on the Investor Relations section of 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'd like to turn things over to Phunware's President, CEO, and Co-F

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