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Phunware(PHUN) - 2024 Q4 - Annual Results
PHUNPhunware(PHUN)2025-03-20 20:52

Financial Performance - For the year ended December 31, 2024, net loss from continuing operations was 10.3million,asignificantimprovementfrom10.3 million, a significant improvement from 41.9 million in the previous year[4]. - Revenues for the full year of 2024 were 3.2million,withgrossmarginsof463.2 million, with gross margins of 46%[5]. - Adjusted EBITDA loss improved to 10.3 million for the year ended December 31, 2024, compared to 15.5millioninthepreviousyear[4].−ThenetlossfortheyearendedDecember31,2024,was15.5 million in the previous year[4]. - The net loss for the year ended December 31, 2024, was 10,316,000, a significant improvement from a net loss of 52,785,000in2023,indicatingareductionofapproximately80.552,785,000 in 2023, indicating a reduction of approximately 80.5%[27]. - Net cash used in operating activities from continuing operations decreased to 13,125,000 in 2024 from 17,106,000in2023,reflectingareductionofabout23.317,106,000 in 2023, reflecting a reduction of about 23.3%[27]. Cash and Liquidity - Cash and cash equivalents as of December 31, 2024, were 113.0 million, up from 3.9millionasofDecember31,2023[4].−Thecompanyreportedanetincreaseincashandcashequivalentsof3.9 million as of December 31, 2023[4]. - The company reported a net increase in cash and cash equivalents of 109,040,000 for the year, compared to an increase of 1,979,000inthepreviousyear[27].−Thecompanyhadcashandcashequivalentsof1,979,000 in the previous year[27]. - The company had cash and cash equivalents of 112,974,000 at the end of the period, up from 3,934,000atthebeginningoftheperiod[27].−Proceedsfromsalesofcommonstock,netofissuancecosts,amountedto3,934,000 at the beginning of the period[27]. - Proceeds from sales of common stock, net of issuance costs, amounted to 122,342,000 in 2024, a substantial increase from 10,476,000in2023[27].−Interestpaiddecreasedsignificantlyto10,476,000 in 2023[27]. - Interest paid decreased significantly to 31,000 in 2024 from 1,215,000in2023,indicatingareductionofapproximately97.41,215,000 in 2023, indicating a reduction of approximately 97.4%[27]. Assets and Liabilities - Total current assets increased to 113.8 million as of December 31, 2024, from 4.9millioninthepreviousyear[23].−Totalliabilitiesdecreasedto4.9 million in the previous year[23]. - Total liabilities decreased to 7.6 million as of December 31, 2024, from 18.2millioninthepreviousyear[23].StrategicInitiatives−ThecompanyplanstolaunchAIPersonalConciergeandanewAI−drivensoftwaredevelopmentplatforminmid−2025[8].−PhunwareismovingforwardwithplanstoacquireaninterestinMyCanvass,LLC,aSaaSplatformforpoliticalcampaignsandadvocacyorganizations[8].−ThecompanyappointedQuyenDutotheBoardofDirectorstoadvancenewstrategicgrowthinitiatives[4].OtherFinancialMetrics−Stock−basedcompensationexpensesdecreasedto18.2 million in the previous year[23]. Strategic Initiatives - The company plans to launch AI Personal Concierge and a new AI-driven software development platform in mid-2025[8]. - Phunware is moving forward with plans to acquire an interest in MyCanvass, LLC, a SaaS platform for political campaigns and advocacy organizations[8]. - The company appointed Quyen Du to the Board of Directors to advance new strategic growth initiatives[4]. Other Financial Metrics - Stock-based compensation expenses decreased to 1,656,000 in 2024 from 4,071,000in2023,representingadeclineofapproximately59.34,071,000 in 2023, representing a decline of approximately 59.3%[27]. - The company recorded a gain on extinguishment of debt of 535,000 in 2024, compared to a loss of 237,000in2023[27].−Thecompanyreportedanon−cashwrite−offofaccountspayableamountingto237,000 in 2023[27]. - The company reported a non-cash write-off of accounts payable amounting to 1,403,000 in 2024, with no such write-off reported in 2023[27]. - There were no proceeds received from the sale of digital currencies in 2024, contrasting with $15,390,000 in 2023[27].