UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37862 PHUNWARE, INC. (Exact name of registrant as specified in its charter) | Delaware | 30-1205798 | | | --- | --- | --- | | (State or o ...

Financial Data and Key Metrics Changes - Net revenues for Q3 2021 totaled $2.2 million, representing a 50% growth quarter-over-quarter [25] - Gross margin was 52.5%, down from 71.3% year-over-year, while non-GAAP adjusted gross margin was 68.8%, compared to 74.8% in the previous year [25] - Non-GAAP adjusted EBITDA loss was $2.5 million compared to a loss of $1.3 million last year [28] - Backlog and deferred revenue at the end of the quarter totaled $6.1 million, down from $8 million at the end of the last quarter [29] Business Line Data and Key Metrics Changes - MaaS platform subscriptions and services revenue was $1.8 million, accounting for 85% of total net revenues [25] - The company reported a more than 50% sequential gain in quarter-over-quarter revenue growth with customers [8] - The completion of the Lyte Technology acquisition improved the balance sheet with over $65 million in additional cash [9] Market Data and Key Metrics Changes - The company has expanded its installed base of Phunware IDs to over 15 billion devices worldwide [20] - The MaaS platform is capable of supporting up to five billion transactions per day and 500,000 transactions per second [20] Company Strategy and Development Direction - The company aims to create a Phunware ID for every human being with a device connected to their favorite brands and applications [5] - The transition from a low-margin transaction business to a high-margin SaaS licensing business is a key focus [13] - The company plans to expand its direct-to-consumer channel for B2C engagements across high-performance computing and cryptocurrency offerings [17] - Future growth will be supported by indirect sales and channel partners, including Carrier Global Corporation and Cox Communications [14][45] Management's Comments on Operating Environment and Future Outlook - Management noted that B2B and B2G customers have not consistently returned to offices, impacting operations [10] - B2C customers are showing strong demand for hardware and cryptocurrency, independent of public sector trends [11] - The company expects to finish the year strong with more than $5 million in Q4 revenues [16] - Management is optimistic about the ongoing scaling of the MaaS blockchain ecosystem and high-performance computing systems [54] Other Important Information - The company raised approximately $62 million from an At-The-Market offering and $4.6 million from warrant exercises [31] - The company purchased an additional 100 Bitcoin for approximately $6.2 million, bringing total holdings to approximately 129 Bitcoin [32] - The company plans to leverage its balance sheet strength for future growth, including potential M&A opportunities [57] Q&A Session Summary Question: What is the revenue mix between direct and indirect channels? - Management indicated that approximately 90% of revenue is still direct, with 10% from indirect channels, and expects indirect channels to ramp up in the coming months [62] Question: Are there concerns regarding supply chain issues for Lyte Technology? - Management reported a 60% increase in orders post-acquisition and is confident in their ability to manage supply chain challenges by establishing new supplier relationships [66][69] Question: What is the expected revenue mix for Q4? - Management did not provide specific details but indicated that core Phunware business will drive much of the revenue alongside Lyte [73] Question: What is the long-term opportunity with Lyte Technology? - Management emphasized the integration of hardware and software, aiming to enhance customer engagement and expand the Phunware ID ecosystem [76][80] Question: What is the strategy regarding Bitcoin and other cryptocurrencies? - Management views Bitcoin as a hedge against inflation and plans to hold and accumulate Bitcoin rather than trade it [100][101]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37862 PHUNWARE, INC. (Exact name of registrant as specified in its charter) | Delaware | 30-1205798 | | | --- | --- | --- | | (State or other ...

Phunware, Inc. (NASDAQ:PHUN) Q2 2021 Earnings Conference Call August 12, 2021 5:00 AM ET Company Participants Alan S. Knitowski – President, Chief Executive Officer and Co-Founder Randall Crowder – Chief Operating Officer Matt Aune – Chief Financial Officer Conference Call Participants Darren Aftahi – ROTH Capital Partners Howard Halpern – Taglich Brothers Scott Buck – H.C. Wainwright Ed Woo – Ascendiant Capital Operator Good afternoon, ladies and gentlemen. Welcome to Phunware’s Second Quarter 2021 Investo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37862 PHUNWARE, INC. (Exact name of registrant as specified in its charter) | Delaware | | | 30-1205798 | | | --- | --- | --- | --- | --- | | ...

Phunware, Inc. (NASDAQ:PHUN) Q1 2021 Earnings Conference Call May 13, 2021 5:00 PM ET Company Participants Alan Knitowski – President, Chief Executive Officer and Co-Founder Matt Aune – Chief Financial Officer Randall Crowder – Chief Operating Officer Conference Call Participants Darren Aftahi – ROTH Capital Partners Howard Halpern – Taglich Brothers Ed Woo – Ascendiant Capital Operator Good afternoon, ladies and gentlemen. Welcome to Phunware’s First Quarter 2021 Investor Conference Call. Currently, all pa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-37862 PHUNWARE, INC. (Exact name of registrant as specified in its charter) | Delaware | 30-1205798 | | --- | --- ...

Phunware, Inc. (NASDAQ:PHUN) Q4 2020 Earnings Conference Call March 25, 2021 5:00 PM ET Company Participants Alan Knitowski - Co-Founder, President, CEO & Director Matt Aune - CFO Randall Crowder - COO, Secretary & Director Conference Call Participants Howard Halpern - Taglich Brothers Ed Woo - Ascendiant Capital Operator Good afternoon, ladies and gentlemen, and welcome to Phunware's 2020 Investor Conference Call. [Operator Instructions]. Joining me today are Alan Knitowski, President, Chief Executive Offi ...

PART I FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Financials reveal declining revenue, a widening net loss, increased liabilities, and a going concern warning [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a significant increase in liabilities, leading to a stockholders' deficit of $4.8 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2020 (Unaudited) | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $2,758 | $2,315 | | **Total Assets** | $29,351 | $29,052 | | **Total Current Liabilities** | $26,913 | $19,833 | | Accrued legal settlement | $4,500 | $0 | | **Total Liabilities** | $34,162 | $25,026 | | **Total Stockholders' Equity (Deficit)** | $(4,811) | $4,026 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q3 2020 revenue declined 44.5% year-over-year, with a legal settlement driving a significant increase in net loss Q3 and Nine Months Performance Comparison (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | 9 Months 2020 | 9 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $3,130 | $5,637 | $7,983 | $16,462 | | **Gross Profit** | $2,232 | $3,219 | $5,226 | $8,705 | | **Operating Loss** | $(7,499) | $(2,292) | $(14,331) | $(8,526) | | Legal Settlement | $4,500 | $0 | $4,500 | $0 | | **Net Loss** | $(8,567) | $(2,426) | $(16,041) | $(8,987) | | **Net Loss per Share** | $(0.19) | $(0.06) | $(0.38) | $(0.25) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Negative operating cash flow was offset by financing activities, resulting in a net cash increase for the period Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,515) | $(5,899) | | Net cash provided by investing activities | $0 | $70 | | Net cash provided by (used in) financing activities | $7,417 | $(409) | | **Net increase (decrease) in cash** | **$872** | **$(6,276)** | | **Cash and restricted cash at end of period** | **$1,234** | **$68** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes disclose a going concern warning, high revenue concentration, increased debt, and a major legal settlement - Management has concluded there is **substantial doubt about the Company's ability to continue as a going concern** for one year from the issuance of the financial statements, due to a history of operating losses and negative cash flows[36](index=36&type=chunk)[38](index=38&type=chunk) - In Q3 2020, Customer A and Customer C accounted for **26% and 21% of net revenues**, respectively, a shift from Q3 2019 when Fox Networks Group accounted for 55% of revenue[32](index=32&type=chunk) - The company settled litigation with Uber Technologies, Inc, agreeing to pay a total of **$4.5 million** in installments through September 2021[103](index=103&type=chunk) Debt Summary (in thousands) | Debt Instrument | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Series A & B Notes | $4,214 | $0 | | Paycheck Protection Program Loan | $2,850 | $0 | | Convertible notes | $250 | $250 | | Promissory notes | $905 | $855 | | **Total Debt** | **$8,646** | **$1,105** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes revenue decline to a completed contract and discusses COVID-19 impacts and liquidity challenges - The COVID-19 pandemic led the company to **furlough 37 people, approximately 42% of its workforce**, effective March 27, 2020[144](index=144&type=chunk) - The company received a **$2.85 million loan** under the Paycheck Protection Program (PPP) on April 10, 2020[145](index=145&type=chunk) - A significant driver of the **44.5% revenue decrease in Q3 2020** was the completion of work with Fox Networks Group, which contributed approximately $3.1 million in revenue in Q3 2019[178](index=178&type=chunk) - The company's total **backlog and deferred revenue decreased from $12.6 million to $8.6 million** as of September 30, 2020[152](index=152&type=chunk) - The company raised net cash proceeds of approximately **$2.4 million in March 2020 and $1.75 million in July 2020** through Senior Convertible Notes[198](index=198&type=chunk)[200](index=200&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the current reporting period - The company states that this item is not applicable[215](index=215&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The Certifying Officers concluded that the company's **disclosure controls and procedures were effective** as of the end of the period covered by the report[216](index=216&type=chunk) - There were **no changes in internal control over financial reporting** during the third quarter of 2020 that have materially affected, or are reasonably likely to materially affect, internal controls[218](index=218&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company details its legal proceedings, highlighting a significant $4.5 million settlement with Uber - The company refers to Note 7 for details on legal proceedings, which includes the **settlement with Uber** and other ongoing lawsuits[103](index=103&type=chunk)[221](index=221&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the COVID-19 pandemic's impact, PPP loan forgiveness, shareholder dilution, and debt covenants - The **COVID-19 pandemic could materially and adversely affect business**, results of operations, cash flow, and financial condition[223](index=223&type=chunk)[225](index=225&type=chunk) - The company's **PPP loan of approximately $2.85 million may not be forgiven** and its eligibility could be challenged, potentially leading to penalties[227](index=227&type=chunk)[230](index=230&type=chunk) - The 2020 Convertible Notes and a related warrant could cause **significant dilution** and a decline in stock price[231](index=231&type=chunk) - The 2020 Convertible Notes contain **restrictive covenants**, including maintaining a minimum cash balance of $500,000, which could limit operational flexibility[236](index=236&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - None reported for the period[238](index=238&type=chunk) [Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None reported for the period[239](index=239&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[240](index=240&type=chunk) [Other Information](index=47&type=section&id=Item%205.%20Other%20Information) This section refers to the 'Key Events and Recent Developments' in the MD&A - Refers to the 'Key Events and Recent Developments' section in Item 2 for other information[241](index=241&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including key agreements and officer certifications - Lists exhibits filed with the report, including debt agreements, the Uber settlement agreement, and required officer certifications[244](index=244&type=chunk)

Phunware, Inc. (NASDAQ:PHUN) Q3 2020 Earnings Conference Call November 9, 2020 5:00 PM ET Company Participants Alan Knitowski - Co-Founder, Chief Executive Officer & President Randall Crowder - Chief Operating Officer Matt Aune - Chief Financial Officer Conference Call Participants Austin Moldow - Canaccord Howard Halpern - Taglich Brothers Ed Woo - Ascendiant Capital Operator Good afternoon, ladies and gentlemen, and welcome to the Phunware’s Third Quarter 2020 Investor Conference Call. Currently, all part ...