Phunware Announced Financial Results for Fourth Quarter and Year-End

Phunware (NASDAQ:PHUN) announced fourth quarter and year-end results with net revenue increasing to 16 percent from 2017 to total $30.9 million. The company’s principal operations provide cloud-based services for brands to monetize their mobile applications.

As quoted in the press release:

“We’re extremely proud to have completed our merger and commenced trading publicly on Nasdaq, particularly in light of tumultuous demands in the market,” said Alan S. Knitowski, Phunware’s CEO and Co-founder. “We are extremely excited to expose a broader global audience in the way brands and consumers interact through our MaaS enterprise cloud platform, which will enable much more trustworthy and transparent relationships on mobile.”

“We are thrilled to have achieved nearly $31 million in net revenues, including 16% year-over-year growth, our highest performance in platform subscriptions and services to date and a material expansion of our gross margin to 61.8%,” said Phunware CFO Matt Aune. “We are also excited by the organic and inorganic growth opportunities ahead and believe that our 2018 performance positions us well as we prepare for our first full year as a public company.”

Click here to read the full press release.