Phunware generates 2Q revenue of $1.4M as customer pipeline grows; MaaS Smart City Solution launched for Pasadena

Phunware Inc (NASDAQ:PHUN). has reported its second-quarter results showing that it generated revenue of $1.4 million.  The company said most of that revenue came from its Multiscreen-as-a-Service (MaaS) platform subscriptions and services, at $1.2 million, during the quarter ended June 30, 2021.  “We were extremely encouraged by the continued operational momentum for our business during Q2 despite the ongoing pandemic, as we further accelerated our MaaS platform vision and adoption across a number of key fronts including new product introduction and indirect channel expansion,” said Phunware CEO Alan Knitowski in a statement.  READ: Phunware says leading international luxury resort has adopted its Smart Hospitality Solution “Not only have we formally rolled out our entire blockchain-enabled Mobile Loyalty Ecosystem specific to PhunToken, PhunCoin and PhunWallet on a direct-to-consumer basis as promised, but we have also executed a brand new, global, multi-year distribution agreement with an anchor Fortune 500 distribution partner for our indirect channel. “Looking ahead, I am confident that the near-term and long-term opportunities for our business are promising, as we enter the second half of the year with a solid balance sheet, a growing pipeline of customers and a robust slate of enterprise cloud solutions for mobile," Knitowski added. Other 2Q financial highlights included: Net loss of $8.3 million; Net loss per share of $0.12; and Non-GAAP Adjusted EBITDA loss of $2.7 million. “We are pleased with the efforts our team has made to build the pipeline and drive new customer and partner relationships in the face of continued headwinds from the COVID-19 pandemic,” said Matt Aune, CFO of Phunware. “These relationships take time to build, but we are pleased to see that total backlog is trending up quarter-over-quarter and we are working hard to build off that momentum into the second half of 2021. Phunware is well-positioned for success as we continue to reduce liabilities, eliminate debt and focus efforts on both organic and inorganic growth opportunities.” Phunware management hosted a conference call on August 12 to discuss its 2Q  financial results. The conference call will be available for replay via the investor relations section of the company’s website at investors.phunware.com. MaaS Smart City Solution launches for the city of Pasadena In a separate statement, Phunware also announced the launch of its MaaS Smart City Solution on Apple iOS and Google Android for the city of Pasadena, Texas to improve citizen engagement and address critical challenges to managing emergencies. The city of Pasadena is a vibrant community located just outside of Houston with a population of approximately 200,000. It has embraced modernization as it continues to attract new businesses and provide more amenities, but maintains its agricultural roots and commitment to personal connections, Phunware noted.  Having served over 30 years as a police officer for the Houston Police Department, the company added, Pasadena Mayor Jeff Wagner understands how important it is to not only stay engaged with citizens and visitors, but also to leverage technology to better coordinate community resources. In a statement, Mayor Wagner said: "My first priority is, and always has been, the safety of our citizens. Keeping residents informed during emergency situations is one of the most important aspects of my administration. A mobile application from a tech leader like Phunware will enable Pasadena residents to have critical information in the palm of their hands, 24/7. Whether it’s an alert related to the COVID-19 pandemic, a hurricane warning or chemical release information from our neighboring industrial district, Pasadena is a prime candidate for a mobile phone app with integrated solutions for our diverse population." Phunware pointed out that its MaaS Smart City Solution can help city officials quickly identify, locate and engage employees, citizens, first-responders, volunteers and even local businesses. Cities can also link existing services and platforms where application program interfaces (APIs) are available, which help drive awareness and utilization of other key city resources, including parking management, maintenance requests and law enforcement broadcasts. Randall Crowder, COO of Phunware commented: “Digital transformation can have a profound impact on how we live our daily lives, so it's imperative that city officials consider implementing strategies to not only tech-enable the community experience, but also to leverage mobile technology to keep residents and visitors safe and informed. Mayor Wagner and his staff have set a new standard for how city officials can support their community by leveraging a mobile-first solution designed to help foster a safer, more engaged community.”  - Adds statement on Smart City Solutions launch for Pasadena - Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham