Phunware Reports Full Year 2024 Financial Results

Core Viewpoint - Phunware, Inc. reported significant growth in bookings and a strengthened balance sheet, enabling continued investment in AI-driven initiatives and other corporate strategies [5][6]. Financial Highlights - For the year ended December 31, 2024, Phunware generated revenues of $3.2 million with gross margins of 46$10.3 million, a significant improvement from a loss of $41.9 million in the previous year [8]. - Adjusted EBITDA loss improved to$10.3 million from $15.5 million year-over-year [8]. - Cash and cash equivalents increased to$113.0 million from $3.9 million as of December 31, 2023 [8][21]. Recent Business Highlights - Software bookings increased by 232% in 2024, attributed to a revamped sales team and evolving sales model [5]. - The company is focused on recruiting experienced talent in sales, marketing, and technology to enhance operations and customer outreach [6]. - Phunware appointed Quyen Du to the Board of Directors, bringing 25 years of experience in corporate strategy and development [7]. - The company signed a term sheet to acquire a controlling interest in MyCanvass, LLC, a startup focused on voter and advocacy engagement software [7]. Management Commentary - Interim CEO Stephen Chen emphasized the importance of the company's strong balance sheet and the development of a new generative AI-powered software platform [5]. - The company plans to launch AI-related features, including an AI Personal Concierge for hospitality and Intelligent Reporting for real estate owners, by mid-2025 [9].