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Jun 30, 2023
Phunware Q2 2023 Earnings Report
Phunware's financial performance declined in Q2 2023 due to decreased revenues and a net loss, but the company is implementing cost-saving measures and restructuring debt to improve profitability.
Key Takeaways
Phunware reported a decrease in net revenues to $3.5 million for Q2 2023, with a net loss of $6.5 million or $(0.06) per share. The company is focused on cost reduction, debt restructuring, and commercializing its Location-Based Platform to improve financial performance.
Net revenues for the quarter totaled $3.5 million.
Platform revenues were $1.3 million and Hardware revenues were $2.2 million.
Net loss was $(6.5) million, with a net loss per share of $(0.06).
The company is restructuring debt and reducing cash burn to accelerate towards growth and profitability.
Phunware
Phunware
Forward Guidance
Phunware remains focused on commercializing its Location-Based Platform across all verticals, with a heavy emphasis on hospitality and healthcare.