Phunware banks $400K in 3Q net income on increasing demand for its MaaS platform

Phunware Inc said it generated $400,000 in net income during its third quarter of 2021 on increasing demand for its Multiscreen-as-a-Service (MaaS) Platform subscriptions and services.

For the quarter ended September 30, 2021, the company also said that net income per share was $0.01, as net revenues totaled $2.2 million with the MaaS business bringing in $1.8 million in sales.

“We are extremely excited to post 50% sequential organic growth in net revenues quarter-over-quarter, demonstrating that we are now reaping the benefits of our direct and indirect go-to-market strategies for our MaaS enterprise cloud platform for mobile,” said Phunware CEO Alan Knitowski in a statement. 

READ: Phunware now accepts Bitcoin for purchases of high performance computers provided by its Lyte unit

“Our team executed strongly over the past quarter on multiple fronts, executing deals with several prominent new customers and partners across different verticals, including scaling our dual token economy while actively pursuing our inorganic growth strategy and closing the acquisition of Lyte Technology. In conjunction with the organic growth announced, the closing of Lyte also adds immediate profitability, backlog and growth that will allow us to leverage a new, strategic distribution network to consumers to further scale and accelerate our blockchain initiatives,” Knitowski added.

Knitowski continued: “This past year has certainly been a pivotal and encouraging period for Phunware and I am confident that as we head into 2022, we will be firing on all cylinders with a dynamic organic and inorganic growth strategy that will have us poised for immense growth.”

Matt Aune, CFO of Phunware, said the company is “positioned well” to finish a strong 4Q to close out 2021. 

“As we look forward to 2022, we are excited to have a fully funded operating plan that gives us the ability to drive organic and inorganic growth. In addition to executing on our operational objectives, the Company successfully raised more than $65 million and now holds approximately 129 bitcoin. Rolling forward, we are committed to not only growing our digital currency holdings in the future, but we also expect to add Decentralized Finance (DeFi) to our corporate treasury activities.”

Meanwhile, Phunware management will host a conference call today (November 11, 2021) at 5pm ET to discuss its 3Q financial results.

Interested parties may access the conference call by dialing 877-545-0523 in the US, or 973-528-0016 from international locations with access code: 948061. The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website at investors.phunware.com.

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