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Phunware Provides 2022 Revenue Guidance & Revises Investment Policy for Cash ManagementAUSTIN, Texas, Nov. 18, 2021 (GLOBE NEWSWIRE) -- 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 revenue guidance of $25 million for 2022, including a revised corporate investment policy providing even more flexibility for diversifying and maximizing returns on cash reserves that are not immediately required for operating liquidity. “We were thrilled to announce over $65 million cash on-hand and are committed to leveraging a healthy balance sheet to support long-term organic and inorganic growth initiatives that seek to mitigate an operational backdrop of rapid inflation,” said Matt Aune, CFO of Phunware. “While we expect to more than double organic revenues to $25 million in 2022, our board has also taken a forward-thinking approach to managing our cash reserves and has chosen to leverage Decentralized Finance (DeFi) as a strategic and tactical competitive advantage, including bitcoin, stablecoins and alternative cryptocurrencies.” As part of the updated corporate cash management policy, Phunware may save and/or invest cash reserves in certain specified alternative reserve assets to include, but not limited to:
In parallel to formally executing the board approved operating plan for 2022, Phunware will actively manage its cash management and treasury in conjunction with its ongoing board governance, oversight and compliance activities, including all requisite third party legal, audit and regulatory reviews, disclosures and filings as appropriate. Safe Harbor Clause and Forward-Looking Statements The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. About Phunware, Inc. Everything You Need to Succeed on Mobile — Transforming Digital Human Experience Phunware, Inc. (NASDAQ: PHUN), is the pioneer of Multiscreen-as-a-Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & PhunToken) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with approximately one billion active devices touching its platform each month when operating at scale. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://phunware.com, https://phunwallet.com, https://phuncoin.com, https://phuntoken.com, https://lytetechnology.com/ and follow @phunware, @phuncoin and @phuntoken on all social media platforms. Phunware PR & Media Inquiries: Phunware Investor Relations: |