Phunware Announces Upward Revision to Third Quarter Net Revenues Guidance

Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced upwardly revised Net Revenues guidance for Q3 2020. During the Company’s last earnings announcement for Q2 2020, Phunware announced that Net Revenues would represent a quarterly, annual and historic bottom for revenue recognition as a public company and also that its post-pandemic goal was to get back to 30% or more year-over-year Net Revenues growth. Today, Phunware is pleased to announce that Net Revenues are expected to be up sequentially more than 30% quarter-over-quarter from Q2 to Q3 to a Net Revenues range of $2.9M - $3.1M.

“Many of Phunware’s customers and strategic partners were forced to pause procurement decisions due to COVID-19 in the second quarter, but as expected, companies are now racing to implement their digital transformation initiatives,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “By licensing and standardizing on our patented Multiscreen as a Service (MaaS) platform for mobile, enterprise customers can better engage people in a mobile-first, post-pandemic world that demands security, reliability and scalability, including complex application portfolio integrations with advanced product roadmap extensibility.”

Phunware has seen strong growth from the following optimizations of its MaaS platform products and solutions, including:

• Smart Workplaces for corporations
• Smart Campuses for higher education institutions
• Smart Cities for governments
• Digital Front Doors for healthcare organizations
• Advocacy for political parties and candidates

Get the latest news and information on the Phunware Investor Relations website.

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