Phunware, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q2 2022 net revenue of $5.5M, marking a 282% year-over-year increase, and exceeding prior guidance of 275% growth YoY.
  • Revenue Breakdown:
    • Platform revenue: $1.6M (30% of revenue), up 13% YoY.
    • Hardware (Lyte by Phunware) revenue: $3.9M (70% of revenue).
  • Gross Margin:
    • Total gross margin: 27.7%, up from 21.7% in Q2 2021.
    • Platform gross margin: 64.9%, up significantly from 21.7% YoY.
    • Lyte hardware gross margin: 12%, an improvement from Q1 but with ongoing efforts to expand margins.
  • Operating Expenses: $9.1M (GAAP), increased from $4.5M YoY due to resumed investment post-COVID and integration of Lyte business.
  • Net Loss: $17.1M or $0.17/share vs $7.8M or $0.11/share in Q2 2021. Includes a $12.2M impairment charge on digital assets (Bitcoin/Ethereum).
  • Non-GAAP EPS: $0.08 loss/share vs $0.07 loss/share YoY.
  • Backlog & Deferred Revenue: $5.2M, down from $8.6M YoY, but expected to trend upwards in the second half of 2022.
  • Digital Assets on Balance Sheet: Over 653 BTC, 753 ETH, and DeFi positions valued at approx. $18M.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Phunware's Second 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 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 Phunware's Web site 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 President, CEO an

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