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Dec 31, 2024
Phunware Q4 2024 Earnings Report
Phunware reported its full year 2024 financial results, highlighting significant growth in bookings and a strengthened balance sheet.
Key Takeaways
Phunware reported a net loss from continuing operations of $10.3 million for the full year 2024, a significant improvement from the $41.9 million loss in the previous year. The company's cash and cash equivalents increased substantially to $113.0 million, up from $3.9 million in 2023, and software and subscription bookings increased by 232% over the prior year.
Net loss from continuing operations improved to $10.3 million for FY 2024, compared to $41.9 million in FY 2023.
Adjusted EBITDA loss improved to $10.3 million for FY 2024, compared to $15.5 million in FY 2023.
Cash and cash equivalents significantly increased to $113.0 million as of December 31, 2024, from $3.9 million as of December 31, 2023.
Software and subscription bookings increased by 232% over the prior year for FY 2024.
Forward Guidance
Phunware plans to introduce new features and functionalities to its existing products, including AI-related features, and expects to launch an AI Personal Concierge and a new AI-driven software development platform in mid-2025. The company is also moving forward with the acquisition of an interest in MyCanvass, LLC.
Positive Outlook
- Planning new features and functionalities for existing products, including AI-related features.
- Expected launch of AI Personal Concierge in mid-2025.
- Expected launch of new AI-driven software development platform in mid-2025.
- Moving forward with plans to acquire an interest in MyCanvass, LLC, a SaaS platform command center.
- Believes strong reputation and new initiatives will build sales and value for stockholders.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
Historical Earnings Impact
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