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Report Link: Updated Research Report (Dated 08/20/2020)
Analyst: Howard Halpern
Taglich Rating: Speculative Buy
Price Target: $2.00
Time Horizon: 12 Months
Rating Established: May 19, 2020
Price When Established: $0.68
Most Recent Report: August 20, 2020
Price When Issued: $1.29
Phunware Announces Multiyear Smart Workplace Contract
On September 14, 2020, Phunware, Inc. announced it won a multiyear contract to deploy its comprehensive Smart Workplace mobile app portfolio with Norfolk Southern Corporation. This multiyear seven figure contract will provide to Norfolk Southern access to all of the features and capabilities provided by Phunware’s Multiscreen-as-a-Service platform. The Smart Workplace mobile app will come pre-integrated with Phunware’s mobile solution that includes Location Based Services, Mobile Engagement, Analytics and Content Management, for up to 750,000 square feet. Norfolk Southern will have the ability to tech-enable its corporate campus experience to better engage its 25,000+ employees with features that include room booking, parking reservations, food ordering, and help requests.
Norfolk Southern is a leading national rail transportation provider, operating approximately 19,500 route miles in 22 states and the District of Columbia, and serves every major container port in the Eastern United States.
Phunware Provides Application Transactions Guidance
On August 26, 2020, Phunware, Inc. provided financial guidance regarding its Application Transactions Business segment. The segment is expected to generate revenue growth of at least 60% quarter-over-quarter due primarily to new media sales wins on mobile. In 2Q20, the company reported application transactions sales of $190,000. New customers are primarily within the travel industry, where PHUN is seeing a 90% increase in campaign wins, reflecting US states reopening from COVID-19 pandemic shutdowns especially within the hospitality and real estate verticals.
Also, the company reported a newly approved integration with Google Firebase, Google's mobile application development platform. The platform gives advertisers and publishers leveraging both Phunware MaaS Advertising and Google Firebase the ability to measure their campaign performance against conversion events from within their Firebase console.
Phunware Inc., headquartered in Austin, Texas, designed and developed the Multiscreen-as-a-Service (MaaS) platform, a fully integrated enterprise cloud platform for mobile to its customers. MaaS platform provides customers products, solutions, data and services needed to build, manage, and monetize their mobile application portfolios at scale. PHUN’s MaaS technology platform includes its patented location based services technology and service offerings.
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