Phunware, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (Q3 2021 vs. Q2 2021 and Q3 2020)
  • Revenue: $2.2M in Q3 2021, up 50% from Q2 2021. Maas platform drove $1.8M (85%) of revenue.
  • Gross Margin: 52.5% (GAAP), down from 71.3% in Q3 2020. Non-GAAP gross margin was 68.8% vs. 74.8% last year.
  • Operating Expenses: $5.2M in Q3 2021, flat YoY excluding 2020 legal settlement charges. Adjusted expenses were $4M (vs. $3.6M last year).
  • Net Income: $0.4M (or $0.01/share), compared to a net loss of $8.6M (-$0.19/share) in Q3 2020.
  • Adjusted EBITDA: Loss of $2.5M, wider than $1.3M in Q3 2020 due to strategic investments.
  • Backlog and Deferred Revenue: $6.1M, down from $8M in Q2 2021 due to fulfillment and delayed customer decisions.
  • Cash Position: $1M by quarter-end, bolstered afterward by $62M from ATM offerings, $4.6M from warrants, and $5.2M note related to Lyte Technologies acquisition.
  • Bitcoin Holdings: Acquired additional 100 BTC in Q4 for $6.2M, bringing total to ~129 BTC.
Major Business Highlights
  • Strong Revenue Growth Outlook: Guided to over 100% QoQ growth for Q4 2021, exceeding $5M in revenue.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Phunware’s Third 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 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 President, CEO, and

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