By Yasin Ebrahim
Investing.com - Phunware reported a surprise third-quarter profit loss as lower costs offset a fall in revenue.
Phunware stock was up more than 11% following the news.
The company reported third quarter EPS of 1 cent on revenue of $2.2 million, compared with analysts estimates for a loss of 4 cents a share on revenue of $2.27 million.
The software maker's results also benefited from a $2.9 million gain from its PPP loan.
"We are extremely excited to post 50% sequential organic growth in net revenues quarter-over-quarter, demonstrating that we are now reaping the benefits of our direct and indirect go-to-market strategies for our MaaS enterprise cloud platform for mobile,” the company said.
Looking ahead 2022, the company said it was excited to "have a fully funded operating plan that gives us the ability to drive organic and inorganic growth."
"In addition to executing on our operational objectives, the company successfully raised more than $65 million and now holds approximately 129 bitcoin," it added.
In October, the company said it would accept bitcoin as payment for purchases of high-performance computers and peripherals provided by its Lyte Technology business unit.
Phunware has given up some its gains since its more than 1,000% surge a last month, when speculation swirled that company could be involved in building former President Donald Trump's Truth Social media platform.