Loading...
•
Sep 30, 2024
Phunware Q3 2024 Earnings Report
Phunware's net loss was reduced and cash and cash equivalents increased.
Key Takeaways
Phunware reported a net loss from continuing operations of $2.8 million for Q3 2024, compared to a net loss of $13.7 million for Q3 2023. Cash and cash equivalents as of September 30, 2024, were $35.5 million, increasing to approximately $110 million as of November 6, 2024, based on proceeds from the Company’s use of the at-the-market (ATM) financing facility.
Net loss from continuing operations was $2.8 million, or ($0.25) per share, for Q3 2024, as compared to a net loss of $13.7 million, or ($5.72) per share, for Q3 2023.
Net cash used in operating activities from continued operations was $10.4 million for Q3 2024, as compared to $14.6 million for Q3 2023
Year-to-date software and subscription bookings up 300% over prior year
Cash and cash equivalents as of September 30, 2024 was $35.5 million
Phunware
Phunware
Forward Guidance
Phunware is focused on innovation that empowers enterprises and public sector entities to navigate the complexities of the digital age with confidence and security. They are committed to helping companies and federal agencies unlock the potential of AI in ways that support their operational goals while safeguarding their proprietary data.
Positive Outlook
- Developing and delivering AI-driven platforms that make real-time, on-demand coordination and engagement accessible to organizations of all sizes.
- Focusing on secure, localized AI frameworks that give partners the tools to apply generative AI without compromising control over sensitive information.
- Expanding focus to include AI-driven platforms for real-time, on-demand coordination and engagement.
- Committing to data integrity, operational excellence, and customer-centricity.
- Aiming to empower partners to achieve sustainable success in an era where digital trust is paramount.
Challenges Ahead
- CFO, Troy Reisner, has made the decision step down from his position and depart Phunware by November 30, 2024.
- Net cash used in operating activities from continued operations was $10.4 million for Q3 2024.
- Net loss from continuing operations was $2.8 million, or ($0.25) per share, for Q3 2024
- Accumulated deficit (310,687 )
- Total stockholders' equity (deficit) 29,125