Phunware stock dips after 2021 earnings miss on cost headwinds

Blockchain-related platform Phunware (NASDAQ:PHUN) on Wednesday missed the full-year earnings estimate as operating expenses substantially outpaced gross profit. PHUN stock is drifting lower by nearly 9% in afterhours trading. Full-year gross profit was $3.61M, down from $6.6M in 2020. Expenses were $20.45M vs. $24.14M in 2020. As a result, operating loss of $16.84M in 2021 slightly improved from -$17.49M in 2020. 2021 loss per share of 0.71 cents fell short of the -$0.04 estimate and down from -$0.50 in the previous year. The company faced a net loss of $53.52M compared with a loss of $22.19M in the prior year. EBITDA of -$49.22M fell from -$18.63M in 2020. It holds $32.58M worth of digital currencies on its balance sheet. "Going forward, we expect to accelerate this expansion via organic and inorganic initiatives on an international scale, including top-line revenue growth of 250% or more year-over year, all while strategically investing for efficiency