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Home > Cloud Computing > Phunware to announce second quarter 2020 financial results

Phunware to announce second quarter 2020 financial results

Phunware announced financial results for its second quarter ended June 30, 2020, and provided an update on recent business developments.

Seda Nur Cinar by Seda Nur Cinar
August 21, 2020
in Cloud Computing
2 min read
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Phunware to announce second quarter 2020 financial results
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Phunware, a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced its second-quarter financial results. The company’s net revenues for the quarter has reached $2.2 million, while platform subscriptions and services revenues were $2.0 million.

1,500 basis points to year-over-year 

Phunware is pleased to see an improvement of nearly 1,500 basis points to the year-over-year gross margin as we continue to focus on our higher-margin longer-term software customers” according to Matt Aune, CFO of Phunware.

Alan S. Knitowski, President, CEO and Co-Founder of Phunware, said,

Alan S. Knitowski, President, CEO and Co-Founder of Phunware
Alan S. Knitowski, President, CEO and Co-Founder of Phunware

“Our latest quarter closed with nearly $10 million in Backlog and Deferred Revenue for our Multiscreen-as-a-Service (MaaS) platform, while most of our corporate customers remained in either a lockdown or remote, work-from-home operational status. While we do not expect our customers or partners to be back to normal operations until a COVID-19 vaccine becomes widely available, we are already seeing much more business activity with each passing week and month and believe that there is a lot of pent up demand tied to pending MaaS bookings that will be released throughout the balance of the year.”

Product updates:

  • Executed Agreement with Humm Systems to Improve User Feedback and Real-Time Intervention on Mobile
  • Launched RAPID – A Mobile Application Solution for Small and Midsize Businesses
  • Received TRUSTe Data Collection Certification from TrustArc
  • Tech-Enabled a Safer Return to Higher Education Institutions with Smart Campus Solution
  • Announced Issuance of United States Patent Covering Enterprise Branded Application Frameworks for Mobile and Other Environments
  • Enabled Safer Gatherings with New “Healthy Spaces” Mobile App

See more Cloud Computing News


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Seda Nur Cinar

Seda Nur Cinar

Seda Nur Cinar is the news editor of the Cloud7 News. With more than 8 years of Linux and cloud experience, Seda is a Linux and opensource enthusiast, security researcher and a web application developer.

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