Analyst: Howard Halpern
Taglich Rating: Speculative Buy
Price Target: $5.25
Time Horizon: 12 Months
Rating Established: May 19, 2020
Price When Established: $0.68
Most Recent Report: November 16, 2021
Price When Issued: $2.78
Phunware, Inc. Reports 1Q22 Results
On May 12, 2022, Phunware, Inc. reported 1Q22 results for the three-months ended March 31, 2022.
PHUN reported a 1Q21 net loss of $14.9 million or ($0.15) per share, on a revenue of $6.8 million. In the year-ago period the company reported a net loss of $14.3 million or ($0.22) per share on revenue of $1.6 million. The current period included a charge of $9.4 million for impairment of digital assets. The year-ago period includes a $5.8 million charge related to loss on extinguishment of debt.
Per share amounts in 1Q22 and 1Q21 reflect average outstanding shares of 96.8 million and 64.6 million, respectively.
Taglich Brothers estimated 1Q22 revenues of $6 million and a net loss of $4.4 million or ($0.04) per share, on 97 million average outstanding shares.
Phunware Inc., headquartered in Austin, Texas, designed and developed the Multiscreen-as-a-Service (MaaS) platform, a fully integrated enterprise cloud platform for mobile to its customers. MaaS platform provides customers products, solutions, data and services needed to build, manage, and monetize their mobile application portfolios at scale. PHUN’s MaaS technology platform includes its patented location based services technology and service offerings.