Phunware Inc (PHUN) stock started Tuesday with a 5.21% gain in the morning session but it went into negative mode and lost 3.96% in the pre-market session Wednesday.
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PHUN shares have soared 238.81% over the last 12 months, and they have moved up by 28.66% in the past week. Over the past three months, the stock has gained 56.59%, while over the past six months.
Let’s try to find out why did it face negativity in the evening session
Bitcoin purchase authorization
April 06, 2021, PHUN announced the approval from the Phunware board of directors to purchase bitcoin so that company can start preparation for the commercial launch of its blockchain-enabled MaaS Customer Data Platform and MaaS Mobile Loyalty Ecosystem.
Phunware is expected to launch PhunWallet later this month on iOS and Android, subject to approvals.
Phunware recently completed an initial purchase of 25.8 bitcoin at an average price of $58,133 per bitcoin.
Recent financial results
On March 25, 2021, Phunware announced financial results for its full-year ended December 31, 2020.
The full Year 2020 Financial Highlights
- Phunware net revenue for the year 2020 was $10.0 million
- Gross Margin was 66.4% for the reported year
- PHUN suffered a net loss of $22.2 million or $0.50 per share for the reported year.
- For the reported year, PHUN Non-GAAP Adjusted EBITDA loss was $8.4 million
PHUN partnership with Vizzia
On March 11, 2021, Phunware announced the partnership with Vizzia Technologies to offer its digital front door solution on a mobile solution to leading healthcare organizations that are already using Vizzia’s RTLS technology.
This new system will eliminate the pain of having to manage dozens of point solutions and will offer a simplistic, solid and integrated healthcare experience to staff and patients in the healthcare facilities.
5-year expansion contract
On March 03, 2021, Dignity Health, Yavapai Regional Medical Center in Prescott, Arizona awarded a five-year contract to Phunware to expand its Multiscreen-as-a-Service (MaaS) platform and patented MaaS Location Based Services (LBS) software.
Conclusion: Well there is no such news in our opinion which can justify its loss on Tuesday evening. Its past performance is great and it seems that PHUN stock will perform well in the coming days.