Phunware Inc. (PHUN) has reported mixed preliminary results for full-year 2021, as earnings lagged but revenues surpassed expectations. Following the earnings release, shares of the company declined 11.1% to close at $2.56 in the extended trading session on Wednesday.
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Phunware develops Multiscreen-as-a-Service platform, an enterprise cloud platform for mobile. It provides companies with the products, solutions, data, and services necessary to engage, manage, and monetize mobile application portfolios and audiences at scale.
2021 Performance
Net revenues rose 6.4% year-over-year to $10.6 million and surpassed the consensus estimate of $10.3 million. The upside witnessed in revenues was primarily due to significant growth in Computer hardware and Application transaction revenues.
Meanwhile, Phunware reported a 2021 loss of $0.71 per share, wider than the previous year’s loss of $0.50 per share and the Street’s estimate of a loss of $0.34 per share.
As of December 31, 2021, the company held digital currencies worth $32.6 million. Phunware reported an adjusted EBITDA loss of $11.7 million for the quarter, wider than the loss of $8.4 million reported in the previous year.
Management Commentary
The CFO of Phunware, Matt Aune, said, “In addition to the progress of our B2B MaaS offerings, we are thrilled with the growth of our B2C business. Lyte by Phunware posted record revenue in a partial fourth quarter and the sales of PhunToken continue to move up and to the right. Going forward, we are well positioned with our balance sheet to continue to execute our operational objectives while driving organic and inorganic growth.”
Price Target
Phunware’s average price target of $4 implies that the stock has upside potential of 38.9% from current levels. Shares have gained about 2.9% so far this year.
Negative Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Phunware, as 10.3% of investors on TipRanks decreased their exposure to PHUN stock over the past 30 days.
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