Phunware Provides Upwardly Revised Financial Guidance for Application Transactions Business

Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced today that it has upwardly revised the financial guidance previously provided for its Application Transactions business. The Company currently projects that its non-recurring media transaction revenues will increase by more than 60% quarter-over-quarter, with strong growth specific to new media sales wins on mobile.

Since inception in 2009, Phunware has helped brands of all sizes navigate the complex ecosystem of mobile and digital advertising, allowing customers to engage audiences and drive business outcomes and results for digital transformation. The Company provides best-in-class mobile advertising software, tools and services, including expertise with media strategy and planning, mobile-first creative development, custom audience creation and campaign management and optimization, as offerings within its core Multiscreen-as-a-Service (MaaS) enterprise cloud platform for mobile.

The majority of Phunware’s Application Transactions business growth in the current quarter has largely been attributable to the travel industry, where the Company has seen a 90% increase in campaign wins as more markets and geographies begin reopening from the COVID-19 pandemic shutdowns within the hospitality and real estate verticals. In parallel, Phunware continues to see strong activity and engagement within government agencies and organizations, including new customers such as California Operation Lifesaver (CAOL), which conducts its work on behalf of the Federal Railroad Administration (FRA) and the Federal Highway Administration (FHWA), both divisions of the United States Department of Transportation (USDOT).

“California Operation Lifesaver has enjoyed and continues enjoying a great advertising relationship with Phunware. For us, it has been both a rewarding experience and a great value for our organization. As a non-profit, we are always looking for the best ways to get our message out and Phunware has greatly assisted us in identifying the most efficient media options for our messaging,” said Nancy Sheehan-McCulloch, Executive Director of CAOL. “The Phunware team is knowledgeable, professional, flexible and willing to go the extra mile to help us ensure that we get the best service, the best outreach for our ads and success with all our campaigns. Their follow-up and attention to detail are also extremely helpful, providing us with timely campaign results both during and after our media buys and campaigns with the public.”