Phunware, Inc. (NASDAQ: PHUN) a completely integrated enterprise cloud platform for mobile that delivers products, solutions, data, and services for various companies globally, announced financial results for its first quarter completed on March 31, 2021. Phunware stock surged immensely adjacent to the news.
At last check-in after-market trading, shares of Phunware Inc. (PHUN) were up 10.4% at $1.38. PHUN’s stock closed the last session at $1.25, increasing 8.70% or $0.1. Shares of the company fluctuated between $1.15 and $1.275 throughout the day. PHUN shares have risen by 83.07% over the last 12 months, and they have moved down by -7.41% in the past week.
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First Quarter Financial Results
Phunware ended the first quarter with $23.5 million of cash on hand, depicting a record high for the platform. After the first quarter ended, PHUN completely eliminated its prior outstanding 2020 convertible notes.
Furthermore, the inception of a $25 million At-The-Market offering and a $100 million shelf registration statement, has significantly improved Phunware’s financial statement, operations, and unmet needs for essential growth opportunities.
Net Revenues generated for the quarter were accumulated at $1.6 million with Gross Margin at 58.0%. Non-GAAP Adjusted Gross Margin was at 71.0% while Net Loss produced was$12.4 million. Net Loss per stock was $0.19 and Non-GAAP Adjusted EBITDA Loss was at $2.4 million. Multiscreen-as-a-Service Platform Subscriptions and Services Revenues generated $1.5 million.
The ending of the first quarter depicts a positive operational inflection point for PHUN as it emphasized to make Multiscreen-as-a-Service platform vision become a reality among several key fronts. Phunware has executed the complete rollout of the blockchain-enabled Mobile Loyalty Ecosystem particular to PhunToken, PhunCoin, and PhunWallet. PHUN has also initiated a worldwide distribution agreement with an anchor distribution partner which will be formally announced within the coming weeks.
Some of PHUN’s significant Corporate Developments include setting a Second Quarter 2021 Conference Schedule and the company board had authorized acquiring bitcoin for blockchain ecosystem launch. Phunware also started selling PhunToken and partnered with an infinite leap for an improved digital front door on the mobile devices.
Phunware offered a better-than-expected outlook for the current quarter and anticipates sales and profits to grow for the full year. Furthermore, lucrative partnerships combined with a substantial increase of cash on hand has peaked investor interest with PHUN stock soaring at last check.