Financial Performance - For the three months ended June 30, 2025, bookings were $568,000, a decrease from $1,149,000 in the same period of 2024, while for the six months ended June 30, 2025, bookings totaled $927,000 compared to $1,746,000 in 2024[86]. - Gross profit for the three months ended June 30, 2025, was $190,000, resulting in a gross margin of 41.8%, compared to a gross profit of $470,000 and a gross margin of 46.5% in the same period of 2024[91]. - The net loss for the three months ended June 30, 2025, was $(3,144,000), compared to $(2,631,000) in the same period of 2024[91]. - Adjusted gross profit for the three months ended June 30, 2025, was $205,000, with an adjusted gross margin of 45.1%, compared to $519,000 and 51.3% in 2024[91]. - Total revenue decreased by $0.6 million, or 55.0%, for the three months ended June 30, 2025, primarily due to a decrease in advertising campaigns[108]. - Total gross profit decreased by $0.3 million, or 59.6%, for the three months ended June 30, 2025, mainly due to a decline in advertising revenue[112]. - Total cost of revenue decreased by $276,000, or 51.0%, for the three months ended June 30, 2025, compared to the same period in 2024[110]. - Software subscriptions and services revenue decreased by $83,000, or 16.1%, for the three months ended June 30, 2025, compared to the same period in 2024[108]. - Software subscriptions and services gross profit increased by $51,000, or 36.7%, for the three months ended June 30, 2025, compared to the same period in 2024[110]. Operating Expenses - Operating expenses increased by $1.046 million, or 30.7%, for the three months ended June 30, 2025, compared to the same period in 2024[113]. - Research and development expenses increased by $474,000, or 95.6%, for the three months ended June 30, 2025, compared to the same period in 2024[113]. - General and administrative expenses increased by $491,000, or 21.4%, for the three months ended June 30, 2025, primarily due to increased professional fees[115]. - General and administrative expenses increased by $1.5 million, or 31.1%, for the six months ended June 30, 2025, compared to the same period in 2024[117]. - Research and development expenses rose by $0.5 million, or 95.6%, for the three months ended June 30, 2025, and by $0.8 million, or 81.9%, for the six months ended June 30, 2025, compared to the corresponding periods in 2024[118]. Cash Flow and Capital Requirements - As of June 30, 2025, the company held total cash of $106.3 million, all in the United States, while continuing to experience operating losses and negative cash flows[121]. - Net cash used in operating activities was $6.8 million for the six months ended June 30, 2025, resulting in a net loss of $6.9 million[131]. - The company expects to continue generating operating losses and negative cash flows, but management believes it has sufficient cash for at least one year following the filing date of the report[126]. - Future capital requirements will depend on growth pace, subscription renewals, and investments in AI technology and infrastructure, with potential for acquisitions[127]. AI and Product Development - The company is investing in artificial intelligence (AI) technologies, including generative AI and agentic AI, to enhance mobile app development and customer engagement[78][81]. - The AI Personal Concierge feature is currently in pilot testing with existing customers to improve user engagement and monetization opportunities[81]. - The Guest Services Agent feature is under development and aims to assist hospitality guests with tasks such as making restaurant reservations[82]. - The company does not expect to be profitable in the near future but will continue to invest in long-term growth and product development[84]. - Approximately 44% of the backlog as of June 30, 2025, is expected to be invoiced within the subsequent 12-month period[85]. Other Income - Total other income for the three months ended June 30, 2025, was approximately $1.1 million, up from $0.3 million in 2024, primarily due to increased interest income[119]. - Total other income for the six months ended June 30, 2025, was approximately $2.2 million, compared to $0.9 million in 2024, driven by interest income from cash and cash equivalents[120].

[Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) Phunware's Q2 2025 saw a 16% software revenue decline, improved gross margin, increased net loss, and key AI product and leadership changes Key Financial Metrics | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Software Subscriptions & Services Revenue | $0.4 million | - | -16% YoY | | Software Subscriptions & Services Gross Margin | 43.9% | 26.9% | +1,694 bps | | Net Loss | $3.1 million | $2.6 million | Increased Loss | | Net Loss Per Share | ($0.16) | ($0.32) | Improved | | Net Cash Used in Operations (H1) | $6.8 million | $8.2 million | Decreased | - Key operational achievements include debuting new hospitality AI features and appointing Jeremy Krol as Interim CEO[4](index=4&type=chunk) - The company secured **$0.6 million** in software and subscription bookings in Q2 2025[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Interim CEO Jeremy Krol highlighted AI innovation, Map Editor 3.0 launch, new customer bookings, and strategic capital deployment for growth - The company is advancing AI investments, planning pilot testing for AI Personal Concierge and developing Guest Services Agent features[7](index=7&type=chunk) - A major platform update, **Map Editor 3.0**, was released, representing the largest update to the Multiscreen-as-a-Service platform[5](index=5&type=chunk) - Q2 software bookings of **$0.6 million** were entirely from new customer logos, with four new customers expected to launch next quarter[6](index=6&type=chunk) - The company maintains ample liquidity, with the Interim CEO planning capital deployment for organic and inorganic growth[7](index=7&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section presents Adjusted EBITDA, a non-GAAP measure, showing a Q2 2025 loss of **$4.1 million** and an H1 2025 loss of **$8.9 million** - Adjusted EBITDA is a non-GAAP measure derived from net loss, adjusted for interest, taxes, depreciation, and non-cash items like stock-based compensation[9](index=9&type=chunk) Reconciliation to Adjusted EBITDA (in thousands) | Reconciliation to Adjusted EBITDA (in thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(3,144) | $(2,631) | $(6,867) | $(4,923) | | Adjusted EBITDA | $(4,111) | $(2,198) | $(8,854) | $(4,423) | [About Phunware & Forward-Looking Statements](index=3&type=section&id=About%20Phunware%20%26%20Forward-Looking%20Statements) Phunware, an enterprise mobile app solutions provider, focuses on AI expansion and IP monetization, with forward-looking statements subject to inherent risks - Phunware specializes in enterprise mobile app solutions, strategically expanding software with new generative AI and monetizing its patent portfolio[12](index=12&type=chunk)[13](index=13&type=chunk) - Forward-looking statements regarding future financial position and business strategy are subject to risks and uncertainties that could cause actual results to differ materially[15](index=15&type=chunk)[16](index=16&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Phunware's consolidated financial statements, detailing balance sheet, income statement, and cash flow performance for Q2 and H1 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Phunware reported **$108.1 million** in total assets, **$106.3 million** in cash, and **$100.6 million** in stockholders' equity Condensed Consolidated Balance Sheet (in thousands) | Balance Sheet Items (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $106,264 | $112,974 | | Total current assets | $107,207 | $113,759 | | Total assets | $108,080 | $114,781 | | Total liabilities | $7,480 | $7,598 | | Total stockholders' equity | $100,600 | $107,183 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 net revenues decreased to **$0.46 million**, operating loss widened to **$4.26 million**, and net loss was **$3.1 million**, or **($0.16)** per share Condensed Consolidated Statements of Operations (in thousands) | Income Statement (in thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net revenues | $455 | $1,011 | $1,143 | $1,932 | | Gross profit | $190 | $470 | $549 | $994 | | Operating loss | $(4,260) | $(2,934) | $(9,074) | $(5,808) | | Net loss | $(3,144) | $(2,631) | $(6,867) | $(4,923) | | Net loss per share | $(0.16) | $(0.32) | $(0.34) | $(0.65) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 saw net cash used in operations improve to **$6.8 million**, with minimal financing cash flow and a strong ending cash balance of **$106.3 million** Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Summary (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,790) | $(8,205) | | Net cash provided by financing activities | $80 | $24,640 | | Net (decrease) increase in cash | $(6,710) | $16,435 | | Cash at end of period | $106,264 | $20,369 |

Core Insights - Phunware, Inc. reported strong financial results for Q2 2025, highlighting key product innovations and customer momentum, particularly in AI solutions [1][3] - The company is focused on enhancing its technology offerings and expanding its customer base, especially in the hospitality and healthcare sectors [3][4] Financial Highlights - Software subscriptions and services revenues decreased by 16% to $0.4 million in Q2 2025 compared to Q2 2024 [6] - Gross margin for software subscriptions and services improved significantly by 1,694 basis points to 43.9% in Q2 2025 from 26.9% in Q2 2024 [6] - The net loss for Q2 2025 was $3.1 million, compared to a net loss of $2.6 million in the same period last year, with net loss per share improving to ($0.16) from ($0.32) [6][20] Recent Business Highlights - The introduction of Phunware AI solutions, including the AI Concierge and Guest Services Agent features, is expected to enhance revenue opportunities for hoteliers [3][4] - The release of Map Editor 3.0 represents the largest update to the Multiscreen-as-a-Service platform, providing significant upgrades for customers [3] - The company has four new customers in development, set to launch in the next quarter [4] Management Commentary - The interim CEO, Jeremy Krol, emphasized the commitment to advancing AI investments and engaging with existing customers for pilot testing programs [5] - The company maintains strong liquidity, which will be utilized for both organic and inorganic growth initiatives [5]

Leadership Changes - Jeremy Krol has been appointed as the Interim Chief Executive Officer, replacing Stephen Chen, effective immediately [1] - Rahul Mewawalla has been appointed as Executive Chairman and Chief AI Architect, focusing on strategic and operational matters alongside the interim CEO [2] Leadership Experience - Jeremy Krol has a background in optimizing business operations and leading teams through transitions, previously serving as the fractional Chief Operating Officer and startup advisor [1][3] - Rahul Mewawalla brings extensive experience in technology and business leadership, having held significant roles in various global technology companies and is recognized as a speaker on AI topics [3] Company Strategy - The leadership updates reflect the company's commitment to strengthening its leadership team and advancing its strategic goals, particularly in artificial intelligence [4][5] - Phunware aims to enhance innovation and growth through the new leadership structure, focusing on AI priorities and enterprise activities [4][5] Company Overview - Phunware, Inc. specializes in mobile app solutions with integrated intelligent capabilities, providing tools for businesses to manage custom mobile applications and analytics [6] - The company's mission includes achieving connectivity and monetization through mobile technologies and expanding its audience with a new Generative AI platform [7]

Core Insights - Phunware is set to debut its AI features for hospitality at the 2025 Hospitality Industry Technology Exposition and Conference (HITEC) from June 16-19 in Indianapolis, showcasing its mobile-first engagement solutions [1][2] Company Overview - Phunware, Inc. (NASDAQ: PHUN) aims to provide immersive and personalized mobile experiences that drive engagement and growth, positioning itself as a leading provider of integrated software solutions [6][7] Product Features - The mobile hospitality solution includes features such as property-wide navigation, real-time offers, and targeted messaging, enhancing guest experiences and operational efficiency while generating ancillary revenue [4][5] Industry Engagement - Phunware will participate in discussions on next-generation mobile apps, focusing on how AI-driven features can enhance guest discovery and engagement, ultimately leading to increased revenue [3][4]

Core Viewpoint - Phunware (PHUN) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often adjust their valuations based on earnings estimates, leading to buying or selling actions that affect stock prices [4]. Company Performance Indicators - Phunware is expected to earn -$0.65 per share for the fiscal year ending December 2025, reflecting a year-over-year change of 36.3% [8]. - Over the past three months, the Zacks Consensus Estimate for Phunware has increased by 15.6%, indicating a positive trend in earnings outlook [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - Phunware's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Financial Performance - In Q1 2025, the company reported software and subscriptions bookings of $359,000, a decrease of 40% compared to $597,000 in Q1 2024[78]. - The company's gross profit for Q1 2025 was $359,000, resulting in a gross margin of 52.2%, compared to a gross profit of $524,000 and a gross margin of 56.9% in Q1 2024[85]. - Adjusted gross profit for Q1 2025 was $374,000, with an adjusted gross margin of 54.4%, down from $569,000 and 61.8% in Q1 2024[85]. - The net loss for Q1 2025 was $3,723,000, compared to a net loss of $2,292,000 in Q1 2024[85]. - Total revenue decreased by $0.2 million, or 25.3%, for the three months ended March 31, 2025, primarily due to a decrease in advertising campaigns, partially offset by an increase in software subscriptions and services revenue[102]. - Total gross profit decreased by $0.2 million, or 31.5%, for the three months ended March 31, 2025, primarily due to the revenue changes mentioned above[103]. Revenue Breakdown - Software subscriptions and services revenue increased by $181,000, or 39.9%, while advertising revenue decreased by $414,000, or 88.7%[102]. Operating Expenses - Operating expenses increased by $1.775 million, or 52.2%, for the three months ended March 31, 2025, driven by increases in sales and marketing, general and administrative, and research and development expenses[104]. - Sales and marketing expenses increased by $453,000, or 102.3%, primarily due to increased corporate marketing and sales consultants[105]. - General and administrative expenses increased by $993,000, or 40.2%, mainly due to a rise in professional fees related to litigation[106]. - Research and development expenses increased by $329,000, or 68.0%, primarily due to higher payroll and consulting fees[107]. Cash Flow and Financial Position - As of March 31, 2025, the company held total cash of $109.7 million, all in the United States, while expecting to continue operating losses and negative cash flows[109]. - The company utilized $3.3 million of cash from operating activities during the three months ended March 31, 2025, resulting in a net loss of $3.7 million[117]. - The company may seek additional equity or debt financing in the future to support growth and acquisitions, which could impact its financial condition[113]. Future Plans and Investments - The company plans to develop a new generative AI-driven software development platform aimed at reducing costs and time for creating custom mobile applications[73]. - The company is investing in the expansion of its marketing and sales capabilities globally, as well as in the development of new products and services[77]. - The company is actively utilizing generative AI tools to streamline internal processes and enhance mobile app development efficiency[75]. - The company does not expect to achieve profitability in the near future[77]. Backlog and Revenue Recognition - As of March 31, 2025, the total backlog and deferred revenue amounted to $4,923,000, down from $5,197,000 as of December 31, 2024[78]. - Approximately 52% of the backlog as of March 31, 2025, is expected to be invoiced within the subsequent 12-month period[80]. Accounting Policies and Market Risk - No material changes to critical accounting policies and estimates compared to the previous Annual Report[127]. - The company reported no applicable quantitative and qualitative disclosures about market risk[129].

分组1 - Phunware reported a quarterly loss of $0.12 per share, which aligns with the Zacks Consensus Estimate, showing improvement from a loss of $0.41 per share a year ago [1] - The company posted revenues of $0.69 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 14.67%, but down from $0.92 million year-over-year [2] - Phunware shares have declined approximately 41.7% since the beginning of the year, contrasting with the S&P 500's decline of 3.8% [3] 分组2 - The earnings outlook for Phunware is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.12 on revenues of $0.7 million, and -$0.48 on revenues of $3.21 million for the current fiscal year [7] - The Zacks Industry Rank for Internet - Software is in the top 39% of over 250 Zacks industries, indicating a favorable industry outlook [8]

[Q1 2025 Financial Results Overview](index=1&type=section&id=Phunware%20Reports%20First%20Quarter%202025%20Financial%20Results) Phunware reported increased software revenue and improved net loss per share in Q1 2025, despite a wider net loss due to one-time legal expenses, maintaining a strong cash position [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Q1 2025 saw a 40% rise in software revenue, a wider net loss due to legal expenses, but improved net loss per share and strong cash reserves Q1 2025 Key Financial Metrics | Metric | Q1 2025 ($) | Q1 2024 ($) | Change | | :--- | :--- | :--- | :--- | | Software Subscriptions & Services Revenue | $0.6 million | $0.43 million (implied) | +40% | | Net Loss | $3.7 million | $2.3 million | +60.9% | | Net Loss Per Share | ($0.18) | ($0.33) | Improved | | Net Cash Used in Operations | $3.3 million | $5.5 million | -40% | | Cash and Cash Equivalents | $109.7 million | N/A | N/A | - The primary driver for the increase in net loss was a **$1.2 million** one-time legal expense related to the Wild Basin litigation bench trial[4](index=4&type=chunk) - Software and subscription bookings for the first quarter totaled **$0.4 million**[4](index=4&type=chunk) [Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) Phunware expanded its customer base in hospitality and healthcare, while strategically enhancing its board to meet Nasdaq requirements - Added three new customers in the hospitality vertical during Q1 2025[4](index=4&type=chunk) - Secured a new **$0.5 million** booking for a multi-location health care facility early in Q2[4](index=4&type=chunk) - Appointed Quyen Du to the Board of Directors, a 25-year corporate strategy executive, satisfying Nasdaq's audit committee listing requirements[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management emphasized Q1 revenue growth, sales pipeline acceleration, and strategic investments in AI and M&A for long-term growth - Q1 2025 revenues were **$0.7 million** with a gross margin of **52%**, driven by a **40%** increase in Mobile software subscriptions and services[5](index=5&type=chunk) - The company is investing in R&D for generative and agentic AI initiatives, with plans to launch an 'AI Personal Concierge' product in mid-2025[5](index=5&type=chunk) - Strategic priorities include reinforcing core business, identifying high-impact M&A opportunities, driving operational excellence, and enhancing the team with experienced sales, marketing, and technology professionals[5](index=5&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The company's Q1 2025 financial statements show a slight asset decrease, stable cash, and increased liabilities, reflecting operational shifts [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets slightly decreased to $112.0 million, with cash at $109.7 million and total equity at $103.6 million Balance Sheet Summary (in thousands) | Account | March 31, 2025 (in thousands $) | December 31, 2024 (in thousands $) | | :--- | :--- | :--- | | Cash and cash equivalents | $109,719 | $112,974 | | Total current assets | $111,086 | $113,759 | | Total assets | $112,034 | $114,781 | | Total current liabilities | $7,211 | $6,451 | | Total liabilities | $8,408 | $7,598 | | Total stockholders' equity | $103,626 | $107,183 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 net revenues were $0.7 million, resulting in a net loss of $3.7 million, primarily due to higher operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q1 2025 (in thousands $) | Q1 2024 (in thousands $) | | :--- | :--- | :--- | | Net revenues | $688 | $921 | | Gross profit | $359 | $524 | | Total operating expenses | $5,173 | $3,398 | | Operating loss | $(4,814) | $(2,874) | | Net loss | $(3,723) | $(2,292) | | Net loss per share | $(0.18) | $(0.33) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 net cash used in operations significantly decreased to $3.3 million, with cash and equivalents ending at $109.7 million Cash Flow Summary (in thousands) | Metric | Q1 2025 (in thousands $) | Q1 2024 (in thousands $) | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,335) | $(5,530) | | Net cash provided by financing activities | $80 | $23,204 | | Net (decrease) increase in cash | $(3,255) | $17,633 | | Cash at end of period | $109,719 | $21,567 | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section provides a reconciliation of GAAP net loss to Adjusted EBITDA, a key non-GAAP metric for evaluating operational performance [Reconciliation of Net Loss to Adjusted EBITDA](index=3&type=section&id=US-GAAP%20NET%20LOSS%20TO%20ADJUSTED%20EBITDA%20RECONCILIATION) Adjusted EBITDA for Q1 2025 was a loss of $4.7 million, reconciled from net loss by adjusting for non-cash and non-operating items - Adjusted EBITDA is a non-GAAP measure calculated by taking net loss and adjusting for interest, taxes, depreciation, non-cash impairment, valuation adjustments, and stock-based compensation[7](index=7&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 (in thousands $) | Q1 2024 (in thousands $) | | :--- | :--- | :--- | | Net loss | $(3,723) | $(2,292) | | Add back: Depreciation | $4 | $4 | | Add back: Interest expense | $9 | $108 | | Less: Interest income | $(1,119) | $(140) | | EBITDA | $(4,829) | $(2,320) | | Add back: Stock-based compensation | $86 | $630 | | Less: Gain on extinguishment of debt | $0 | $(535) | | **Adjusted EBITDA** | **$(4,743)** | **$(2,225)** | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides background on Phunware's business and important disclaimers regarding forward-looking statements [About Phunware](index=3&type=section&id=About%20Phunware) Phunware is an enterprise software company specializing in mobile app solutions, now expanding into generative AI and intellectual property monetization - Phunware specializes in enterprise cloud solutions for mobile applications, providing tools for creation, implementation, and management of custom apps[1](index=1&type=chunk)[10](index=10&type=chunk) - The company is developing a new Generative AI platform and is focused on monetizing its patents and intellectual property[11](index=11&type=chunk)[12](index=12&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Safe%20Harbor%20%2F%20Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, with no obligation for the company to update them - The report includes forward-looking statements concerning future operations and financial position, which are not guarantees of future performance[13](index=13&type=chunk)[15](index=15&type=chunk) - Actual results may differ materially from those expressed due to various risks and uncertainties, including those described under "Risk Factors" in SEC filings[14](index=14&type=chunk)

Core Insights - Phunware, Inc. reported a 40% increase in revenue from mobile software subscriptions and services, reaching $0.6 million in Q1 2025 compared to Q1 2024 [5][4] - The company has a strong balance sheet with cash and cash equivalents of $109.7 million as of March 31, 2025, supporting ongoing R&D activities [4][5] - The net loss for Q1 2025 was $3.7 million, an increase from $2.3 million in the previous year, primarily due to one-time legal expenses [5][4] Financial Highlights - Total revenues for Q1 2025 were $0.7 million, with a gross margin of 52% [4] - Software bookings for the first quarter totaled $0.4 million [5] - Net loss per share improved to ($0.18) in Q1 2025 from ($0.33) in Q1 2024 [5] Recent Business Highlights - The company added three new customers in the hospitality sector during Q1 2025 and secured a $0.5 million booking for a multi-location healthcare facility in Q2 2025 [5][4] - Phunware launched an integrated conference solution for an existing hospitality customer, enhancing guest experiences [4] - The appointment of Quyen Du to the Board of Directors is expected to strengthen the company's strategic growth initiatives [4][5] Management Commentary - The interim CEO emphasized the focus on AI-related initiatives and the acceleration of the sales pipeline [4] - The company is committed to enhancing its core business units and exploring high-impact investment and M&A opportunities [6] - Future product developments include AI-related features such as an AI Personal Concierge for hospitality customers, expected to launch in mid-2025 [6]