Telenav Issues Letter to Shareholders to Provide Update Related to COVID-19

Reaffirms March Quarter Revenue Guidance; Strong End-of-Quarter Cash of $120 Million

SANTA CLARA, Calif. , April 07, 2020 (GLOBE NEWSWIRE) -- Telenav, Inc. (NASDAQ:TNAV), a leading provider of connected car and location-based products and services, today issued the following letter to shareholders:

Dear Fellow Shareholders,

As the global COVID-19 pandemic continues to evolve, we want to address the current situation. First and foremost, our top priority is the health and safety of our employees and their families, as well as our customers and partners. Our hearts go out to everyone who has been affected by this public health emergency, whether directly or indirectly.

Despite the challenges we face ahead, we believe we will be able to continue to deliver our products to our customers, without compromising our employees’ safety. Like many companies, we have put in place work-from-home procedures. We believe our employees have the necessary tools and technology to remain connected and productive while working from home offices around the world in the United States, China, Japan, South Korea, Germany and Romania. China is returning to a normal routine and more than half the employees having returned to the office beginning last week. We believe these cumulative efforts should allow us to maintain our project schedules and timelines.

There are many uncertainties and we expect to see continued impact from the coronavirus pandemic. Our revenue, like most, if not all, automotive-related businesses, depends upon the volume of new vehicles being produced. The recently announced shutdown of manufacturing operations by Ford, GM and other automobile manufacturer partners will negatively impact our revenue and operating results while they continue and until they resume full production.

However, despite the impact of the COVID-19 pandemic on the auto industry, and the larger global economy, we do not see substantial impact to our financial results for our fiscal third quarter ended March 31, 2020. We expect our operating results for the quarter to be within the guidance range we provided on February 12, 2020, with the exception of billings which we now estimate for the quarter will be between $61.5 million and $63.5 million, approximately 2% lower than the prior range of $62.5 million to $64.5 million.