Phunware Q4 2023 Earnings Report
Key Takeaways
Phunware reported a full year 2023 net revenue of $4.8 million. The company strategically reshaped its operating costs and stabilized its balance sheet to prepare for future growth.
Net revenues from continuing operations for the year totaled $4.8 million.
Net loss from continuing operations was $(41.9) million, excluding the goodwill impairment it would have been $(16.1) million.
The company appointed Jeremy Kidd as Senior Vice President of Sales and Marketing.
Phunware expanded its Hospitality Portfolio via a Multi-Year Partnership with Escapades Memphrémagog and PAL+.
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Forward Guidance
Phunware expects strategic cost-cutting initiatives to significantly reduce cash burn for 2024 and equity raises to bolster the balance sheet and eliminate outstanding debt, providing the tools for supporting and investing in the business and future growth initiatives.