Phunware closes 1Q with $11M in backlog as it launches new Multiscreen-as-a-Service platform products and solutions

Phunware Inc (NASDAQ:PHUN) co-founder and CEO Alan S Knitowski said Monday that the company closed the first quarter with nearly $11 million in backlog as it successfully launched new Multiscreen-as-a-Service (Maas) platform products and solutions. In a statement accompanying Austin, Texas-based Phunware’s latest numbers, Knitowski said: “During extremely challenging times, we are successfully executing our operational model and business strategy to become the premier digital transformation source for mobile initiatives worldwide.” ”The latest quarter closed with nearly $11 million in backlog and accelerated our net revenues composition specific to the use of our Multiscreen-as-a-Service platform for mobile to more than 90% of net revenues,” he added. READ: Phunware partners with Noviant to bring pandemic response solutions to cities, health systems and small businesses Phunware company said it had successfully launching new MaaS platform products and solutions within its Healthcare, Smart Cities, Corporate Campus and Political Advocacy verticals which set it up for growth. The company’s Pandemic Response Solutions leverage, launched during the coronavirus (COVID-19) crisis, has patented location-based services and mobile engagement software in MaaS that equip both cities and health systems to quickly distribute pertinent information related to their city and hospital resources, safety protocols, emergency operations and more. Phunware said it expects to see a “flat to slightly down net revenues total for the coming quarter,” which it believes to represent “a bottom for the year” and a net revenue base from which it will “reaccelerate its growth sequentially” during both the third quarter and fourth quarter thereafter. For its first quarter ended March 31, 2020, Phunware reported net revenue of $2.6 million with platform subscriptions and services contributing $2.4 million to the revenue figure. Phunware which provides a fully integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands, posted a net loss of $4 million, while the net loss per share was $0.10. The non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) loss was $3.2 million. “We are pleased to have achieved year-over-year margin improvements of nearly 800 basis points and a 54% reduction in cash used in operations during the comparable period inclusive of the COVID-19 pandemic,” Matt Aune, who is the CFO of Phunware said. “We have strengthened our balance sheet and provided increased operational flexibility and runway, all while laser-focused on executing against our existing customer contracts, aggressively pursuing new business opportunities and partnerships,” he added. Click here to learn more about Phunware’s Pandemic Response Solutions and how the company’s MaaS platform facilitates mobile-first digital transformation for health systems. Phunware has received a loan under the United States Small Business Administration’s (SBA) Paycheck Protection Program (PPP) following the recently adopted Coronavirus Aid, Relief and Economic Security Act. It has received a $2,850,336 PPP loan through JPMorgan Chase. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive