Fri, Nov 8, 9:59 PM (241 days ago)
Phunware, Inc. (PHUN) reported a significant decline in financial performance for Q3 2024 compared to Q3 2023. Revenue decreased by 46.9% to $665,000, driven by reductions in both platform subscriptions and application transactions. Gross profit fell by 49% to $322,000, with a gross margin of 48.4%. Operating expenses sharply decreased by 74.8%, largely due to the absence of a prior goodwill impairment charge. The company recorded a net loss of $2.76 million, an improvement from a loss of $13.72 million in the prior year. Cash flow from operations showed a usage of $10.59 million, despite holding $35.5 million in cash at period-end. The company continues to face uncertainties, including compliance with Nasdaq listing requirements and operational challenges following executive resignations. Future operations may be impacted by ongoing investments in product development and marketing, although profitability is not anticipated in the near term. Overall, Phunware's financial health reflects ongoing struggles but also potential for recovery through strategic adjustments and capital management.