Phunware, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q3 2022 net revenue reached $4.8M, up 120% YoY from Q3 2021. This includes $1.3M (27%) in platform revenues and $3.5M (73%) from Lyte by Phunware hardware.
  • Gross Margin: Declined to 16.7% (GAAP) and 17.9% (non-GAAP) from 52.5% and 68.8% respectively YoY due to increased contribution from lower-margin hardware sales. Platform-only margin was 46.5% vs. 52.5% in Q3 2021.
  • Operating Expenses: Totaled $8.7M, with stock-based compensation and amortization contributing $1M. Adjusted operating expense was $7.7M (up from $4M YoY) due to Lyte acquisition and post-COVID expansion.
  • EBITDA: Non-GAAP adjusted EBITDA loss of $6.7M, compared to $2.5M loss in Q3 2021.
  • Net Loss: $8M or $0.08/share vs. $0.4M income or $0.01/share in Q3 2021.
  • Backlog: $7.9M, up from $6.1M YoY, with expectations for continued growth for better revenue predictability.
  • Cash & Digital Assets: $8.5M in cash; debt of $12.7M (expanded to secure liquidity). Digital assets include ~653 BTC and ~753 ETH (~$13M value), plus $1M DeFi holdings yielding 20% annually.
  • 2022 Guidance: Reaffirmed FY revenue guidance of $22.5M, representing 225% YoY growth. Expect H2 2022 to be a new record revenue period as a public company.

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

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