Phunware Inc (NASDAQ:PHUN) dropped 15.5% as investors responded negatively to its Q2 2021 financial results. The company reported net revenue of $1.4 million thanks to the growth of the customer pipeline. Most of Phunware’s revenue was from subscriptions and services of the Multiscreen-as-a-Service platform, which generated revenue of $1.2 million.
CEO Alan Knitowski stated that they are encouraged by the growing operational momentum the business saw in Q2 2021 despite the impact of the current COVID-19 pandemic. He explained that the company accelerated its MaaS platform adoption and vision across several vital fronts, including indirect channel expansion and introducing a new product.
The company reported a net loss of $8.3 million or $0.12 per share. During the quarter, the company launched its blockchain-enabled Mobile Loyalty Ecosystem, particularly for PhunCoin, PhunToken, and PhunWallet. In a separate announcement, the company confirmed the launch go the MaaS Smart city Solution on Google Android and Apple iOS for Pasadena city, Texas, to enhance citizen engagement. With these developments, PHUN is worth watching in the coming months.
Market Reaction:
On Friday, PHUN stock went down 15.60% at $0.92 with more than 6.45 million shares, compared to its average volume of 1.82 million shares. The stock has moved within a range of $0.8800 – 1.0100 after opening the trade at $1.
