Phunware Inc
NASDAQ:PHUN
Phunware Inc
Phunware, Inc. engages in the development of a Multiscreen-as-a-Service platform, an enterprise cloud platform for mobile devices. The company is headquartered in Austin, Texas and currently employs 120 full-time employees. The company went IPO on 2016-08-24. Its software platform that equips companies with the products, solutions, and services necessary to engage, manage and monetize their mobile application portfolios. Its multiscreen-as-a-Service (MaaS) platform provides the mobile lifecycle of applications and media in one login through one procurement relationship. Its product and services include Cloud-based mobile software licenses in software development kits (SDKs) form utilized inside mobile applications, which includes, Alerts, notifications and messaging (SDK that enables brands to send messages to app users through the app), advertising (SDK that enables in-app audience monetization. Location-Based Services (module that include mapping, navigation, wayfinding, workflow, asset management and policy enforcement).
Phunware, Inc. engages in the development of a Multiscreen-as-a-Service platform, an enterprise cloud platform for mobile devices. The company is headquartered in Austin, Texas and currently employs 120 full-time employees. The company went IPO on 2016-08-24. Its software platform that equips companies with the products, solutions, and services necessary to engage, manage and monetize their mobile application portfolios. Its multiscreen-as-a-Service (MaaS) platform provides the mobile lifecycle of applications and media in one login through one procurement relationship. Its product and services include Cloud-based mobile software licenses in software development kits (SDKs) form utilized inside mobile applications, which includes, Alerts, notifications and messaging (SDK that enables brands to send messages to app users through the app), advertising (SDK that enables in-app audience monetization. Location-Based Services (module that include mapping, navigation, wayfinding, workflow, asset management and policy enforcement).
Revenue Decline: Q3 2024 net revenue was $665,000, down from $1.3 million in Q3 2023, with last year’s figure boosted by a one-time contract breakage fee.
Strong Bookings Growth: Year-to-date software bookings rose to $2.2 million from $600,000 a year ago, nearly a 300% increase.
Improved Margins: Year-to-date gross margin rose to 51%, up from 32% in 2023.
Operating Cost Reductions: Q3 operating expenses fell 28% year-over-year (excluding goodwill impairments); year-to-date down 44%.
Reduced Losses: Q3 net loss from continuing operations improved to $2.8 million (or $0.25 per share) from $13.7 million ($5.72 per share) last year.
Debt-Free with Strong Cash Position: As of November 6, Phunware holds about $100 million in cash and cash equivalents, with no debt, boosted by significant equity raises.
AI-Driven Strategic Pivot: The company is focused on launching a next-generation AI-powered SaaS platform in mid-2025 and sees opportunity in enterprise and federal AI applications.
