AUSTIN, Texas, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announced today Interim Chief Executive Officer Stephen Chen will participate in the 13th Annual ROTH Technology Conference at the Hard Rock Hotel in New York City on Wednesday, November 20, 2024. Stephen Chen will hold one-on-one meetings with institutional investors on site during this annual invitation-only event. Event:13th Annual R ...

Financial Data and Key Metrics Changes - Year-to-date software subscriptions and service bookings for the 9 months ended September 30 were approximately $2.2 million in 2024, a nearly 300% increase from approximately $600,000 in 2023 [21] - Net revenues for Q3 2024 totaled approximately $665,000, down from approximately $1.3 million in Q3 2023, with 2023 benefiting from a contract breakage fee [21] - Gross margin for the 9 months ended September 30 was approximately 51% in 2024, up from approximately 32% in 2023 [22] - Non-GAAP adjusted EBITDA loss was approximately $2.9 million in Q3 2024, an improvement from a loss of approximately $3.3 million in Q3 2023 [24] - Net loss from continuing operations for Q3 2024 was approximately $2.8 million or $0.25 per share, compared to a net loss of approximately $13.7 million or $5.72 per share in Q3 2023, reflecting a 96% improvement [24] Business Line Data and Key Metrics Changes - Total operating expense was approximately $3.5 million for Q3 2024, down from approximately $4.9 million in Q3 2023, excluding a $9 million goodwill impairment expense in Q3 2023 [23] - Year-to-date net revenues for the 9 months ended September 30 were approximately $2.6 million in 2024, compared to $3.9 million in 2023 [21] Market Data and Key Metrics Changes - The company remains debt-free with approximately $35.6 million in cash at the end of Q3 2024, which increased due to the utilization of the at-the-market equity program [26] - As of November 6, 2024, the company had approximately $100 million in cash and cash equivalents, significantly boosted by the ATM equity program [27] Company Strategy and Development Direction - The company aims to leverage mobile devices as a foundation for AI-driven personalized engagement, focusing on merging mobile technology with generative AI [6][8] - A next-generation AI-driven SaaS platform is anticipated to launch in mid-2025, designed to democratize mobile app creation [11] - The company is focused on scalable modular frameworks that integrate with existing platforms to support high-value customer engagements across various industries [15] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the importance of fiscal responsibility and efficient capital use to ensure long-term value for shareholders [16] - The company sees itself as a leader in the rapidly expanding generative AI market, aiming to redefine how businesses and governments engage with customers and citizens [17] - Management acknowledges the challenges of building from the ground up but believes in the potential of generative AI and localized solutions for enterprise and federal government contracts [56][57] Other Important Information - The company is actively seeking to strengthen its team to align with its strategic direction, including the search for a new CFO [18] - The company has a robust pipeline of potential clients ready to engage with its AI-powered solutions for civic engagement [49] Q&A Session Summary Question: Plans around the SaaS platform launch - Management indicated that the SaaS platform is an evolution of existing capabilities, focusing on automating app creation processes [30][32] Question: Growth strategy and potential acquisitions - Management expressed a judicious approach to growth, focusing on organic scaling of the SaaS platform and potential acquisitions that align with their strategic goals [33][34] Question: Revenue visibility and future business outlook - Management acknowledged the current revenue base is low but sees opportunities in generative AI and enterprise engagements, emphasizing a long runway for growth [56][58] Question: Focus on U.S. vs. international opportunities - Management confirmed a primary focus on the U.S. market initially, with plans to explore international opportunities in the future [61] Question: Digital advertising opportunities - Management highlighted the importance of digital advertising as a revenue source and is focused on enhancing productivity through internal generative AI tools [65][70]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _______________ Commission file number: 001-37862 PHUNWARE, INC. (Exact name of registrant as specified in its charter) | --- | -- ...

Phunware Reports Third Quarter 2024 Financial Results AUSTIN, Texas, November 7, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. ("Phunware" or the "Company") (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces its financial results for the quarter ended September 30, 2024. Financial Highlights ● Steady progress in reducing net loss; Net loss from continuing operations was $2.8 million, or ($0.25) per share, for Q3 2024, as compared to a net loss of $13.7 million, or ($5.72) pe ...

AUSTIN, Texas, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces its financial results for the quarter ended September 30, 2024. Financial Highlights Steady progress in reducing net loss; Net loss from continuing operations was $2.8 million, or ($0.25) per share, for Q3 2024, as compared to a net loss of $13.7 million, or ($5.72) per share, for Q3 20231Net cash used in operating activities ...

Accomplished Public Company Executive at Leading Fortune 500 and Silicon Valley Technology Companies Brings Growth, Turnarounds, and Innovation Expertise AUSTIN, Texas, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (Nasdaq: PHUN), a leader in cloud enterprise solutions for mobile applications and related enterprise technologies, today announced the appointment of Rahul Mewawalla, who has served as a director of the company since October 2021, as Chairman of the Board, effective immediately. As Chairman, ...

Management to Host Business Update Conference Call on Thursday, November 7, 2024 at 4:30 p.m. ET AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces it will report third quarter 2024 financial results after the U.S. financial markets close on Thursday, November 7, 2024 and will host a live conference call at 4:30 p.m. ET to discuss the results, recent leadership changes, ongoin ...

AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announced that it signed a term sheet, in conjunction with other parties, to acquire a controlling interest in MyCanvass, LLC, which is currently indirectly majority owned and controlled by Campaign Nucleus, a SaaS platform company founded by Brad Parscale, for a mix of cash and Phunware stock having an aggregate value of $1.02 million. Mr. Parscale is known for his ...

Phunware, Inc. (NASDAQ: PHUN ) is in the process of reinventing its presence in the mobile applications development space as it invests in developing a GenAI feature. Though this capability can beMichael Del Monte is a buy-side equity analyst with over 5 years of industry experience. Prior to working in the investment management industry, Michael spent over a decade in professional services working in industries that range from O&G, OFS, Midstream, Industrials, Information Technology, EPC Services, and cons ...

AUSTIN, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN), a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024. "We appreciate Mike's dedication and service to Phunware and wish him much success in the future," sai ...