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Jun 30, 2020
Phunware Q2 2020 Earnings Report
Phunware's financial performance declined in Q2 2020 due to the ongoing pandemic, with revenue reaching a historic bottom, while also positioning the company for future success through strategic announcements and customer wins.
Key Takeaways
Phunware reported a challenging second quarter in 2020, with net revenues totaling $2.2 million and a net loss of $3.5 million. Despite the impact of the pandemic, the company focused on strengthening its balance sheet and reducing operational expenses, achieving a gross margin of 65.3%. They anticipate an acceleration of net revenues in the coming quarter and throughout the rest of the year.
Net revenues for the quarter totaled $2.2 million.
Platform Subscriptions and Services Revenues were $2.0 million.
Gross Margin was 65.3%.
Net Loss was ($3.5) million.
Phunware
Phunware
Forward Guidance
Phunware expects an acceleration of Net Revenues total for both the coming quarter and the balance of the year sequentially, and also believes that the most recent quarter represents a quarterly, annual and historic bottom for its revenue recognition as a public company.