Phunware, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q2 2021 net revenue was $1.4 million, down from $2.2 million in Q2 2020. Recurring revenue from platform subscriptions and services accounted for $1.2 million or 82% of total revenue.
  • Gross Margin: GAAP gross margin was 21.7%, down from 65.3% YoY. Non-GAAP gross margin was 44.4% compared to 68.4% YoY. The decline was due to recognized costs on a large customer project that was delayed to Q3.
  • Net Loss: Net loss widened to $8.3 million ($0.12 per share) from $3.5 million ($0.08 per share) YoY.
  • EBITDA: Non-GAAP adjusted EBITDA loss was $2.7 million, versus $1.8 million in Q2 2020.
  • Backlog and Deferred Revenue: Increased to $8 million from $7.7 million in Q1 2021.
  • Cash and Assets: Ended Q2 with $2.7 million in cash, 26 Bitcoin, and 15.2 Ethereum. Raised $2.9 million after quarter-end via ATM offering.
  • Operational Highlights:
    • Launched blockchain-enabled Mobile Loyalty Ecosystem including PhunToken, PhunCoin, and PhunWallet.
    • Signed multi-year global distribution agreement with Carrier Global Corporation; initial revenues booked in Q2 with expected expansion through Q4 2021 and into 2022.
    • 15 billion Phunware IDs reached with capability of 5B transactions/day and 1B unique devices/month.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Phunware’s Second 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 reflects 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 Kni

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