Business
Phunware Reports Full Year 2023 Financial Results
AUSTIN, Texas, March 12, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), the leading provider of patented wayfinding and
About this update from Phunware, Inc.
[{"type":"text","content":"AUSTIN, Texas, March 12, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”), the leading provider of patented wayfinding and mobile engagement solutions for mobile that enables brands to engage, manage and monetize anyone anywhere, today announced financial results for the year ended December 31, 2023. “Our company today is dramatically stronger than the one we talked about in November,” said Mike Snavely, CEO of Phunware. “With management changes, a reduction in our cost structure and marked improvements to the balance sheet we’ve moved into executing on our vision. We have significant traction with existing and new accounts and a new vision of how we’re serving our markets. We’ll share our plans on the earnings call and beyond.” Full Year 2023 Financial Results Net revenues from continuing operations for the year totaled $4.8 millionImpairment of remaining goodwill of $25.8 millionLyte Technologies business was classified as a discontinued operation in 2023Net loss from continuing operations was $(41.9) million, excluding the goodwill impairment it would have been $(16.1) million.Net loss was $(52.8) millionNet loss from continuing operations per share was $(17.62)Net loss from discontinued operations per share was $(4.56)1:50 reverse stock split effectuated February 26, 2024, received retroactive treatment in the 2023 and prior financial statements, which is reflected in the loss per share numbers aboveNon-GAAP Adjusted EBITDA loss was $(15.5) million Recent Business Highlights and Notable Corporate Developments On March 12, 2024, Nasdaq notified Phunware that it has demonstrated compliance with the requirements to remain listed on The Nasdaq Capital MarketAppointed Jeremy Kidd as Senior Vice President of Sales and MarketingAppointed Elliot Han to its Board of DirectorsAnnounced and executed a Reverse Stock SplitExpanded Hospitality Portfolio via a Multi-Year Partnership with Escapades Memphrémagog and PAL+ “In late 2023 and into early 2024, we strategically reshaped our operating costs and stabilized our balance sheet to prepare for future growth,” said Phunware CFO Troy Reisner. “Our strategic cost-cutting initiatives have significantly reduced our expected cash burn for 2024, and, through equity raises in early 2024, we have significantly bolstered our balance sheet and eliminated outstand...