Phunware, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $4.7M in Q1 2023, down from $6.8M in Q1 2022. Platform revenue accounted for $1.3M (28%) and hardware revenue (Light by Phunware) was $3.4M (72%).
  • Gross Margin: 7.6% GAAP vs. 26.1% GAAP in Q1 2022. Non-GAAP gross margin was 12.9%, compared to 26.8% last year. The drop is attributed to timing differences in cost and revenue recognition, particularly with the Gaylord Marriott deployment.
  • Platform Gross Margin (Non-GAAP): 23.4%, compared to 58.9% in Q1 2022, impacted by upfront deployment costs not matched with revenue in Q1 due to GAAP revenue rules.
  • Operating Expenses: $7.6M, up from $6.8M in Q1 2022. Adjusted for non-cash items, OpEx was $6.3M vs. $6.1M last year.
  • Adjusted EBITDA: Loss of $5.6M vs. $4.2M in Q1 2022. However, EBITDA loss narrowed for the second consecutive quarter.
  • Net Loss: $4.3M or $0.04/share vs. $14.9M or $0.15/share in Q1 2022.
  • Cash Position: Closed quarter with $0.7M in cash and $5.7M in debt. Currently holding approximately $2.8M in cash and digital assets.
  • Deferred Revenue & Backlog: $5.7M at quarter-end, expected to be the low point for 2023 with deals in late pipeline stage.

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Operator: Good afternoon, ladies and gentlemen, and welcome to Phunware's First Quarter 2023 Investor Conference Call. [Operator Instructions] Joining me today are Russ Buyse, Chief Executive Officer; Randall Crowder, Chief Operating Officer; and Matt Aune, Chief Financial Officer. The format today will include prepared remarks by Russ, 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 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 on 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 font wear. At this time, I would like to turn things over to Phunware’s CEO, Russ Buyse. Sir, you may proceed. Russell Buyse: Thank you very much, and welcome to our first quarter of 2023 investor conference call. Contextual engagement, how to interact wi

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