Core Insights - Phunware, Inc. is a technology company providing an integrated enterprise cloud platform for mobile applications, but it faces challenges in capital efficiency as indicated by its financial metrics [1] Financial Performance - Phunware's Return on Invested Capital (ROIC) is -17.56%, which is significantly below its Weighted Average Cost of Capital (WACC) of 16.20%, indicating insufficient returns to cover capital costs [2][6] - The ROIC to WACC ratio for Phunware is -1.08, further emphasizing its inefficiency in capital utilization [2] - In contrast, Remark Holdings, Inc. has a positive ROIC of 37.09% against a WACC of 25.14%, resulting in a favorable ROIC to WACC ratio of 1.48, indicating effective capital utilization [3] - Exela Technologies, Inc. demonstrates a ROIC of 52.56% and a WACC of 17.86%, leading to the highest ROIC to WACC ratio of 2.94 among peers, showcasing efficient capital use [4] - Vinco Ventures, Inc. and Camber Energy, Inc. also report negative ROIC to WACC ratios of -0.14 and -1.28, respectively, but Phunware's situation is more concerning due to its significantly negative ROIC [5][6]