Phunware(PHUN) - 2024 Q4 - Annual Results

Financial Performance - For the year ended December 31, 2024, net loss from continuing operations was $10.3 million, a significant improvement from $41.9 million in the previous year[4]. - Revenues for the full year of 2024 were $3.2 million, with gross margins of 46%[5]. - Adjusted EBITDA loss improved to $10.3 million for the year ended December 31, 2024, compared to $15.5 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 $52,785,000 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 $17,106,000 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 $3.9 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 $1,979,000 in the previous year[27]. - The company had cash and cash equivalents of $112,974,000 at the end of the period, up from $3,934,000 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 $10,476,000 in 2023[27]. - Interest paid decreased significantly to $31,000 in 2024 from $1,215,000 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 $4.9 million in the previous year[23]. - Total liabilities decreased to $7.6 million as of December 31, 2024, from $18.2 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 $4,071,000 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 $237,000 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].