Business
Phunware Reports Second Quarter 2023 Financial Results
AUSTIN, Texas, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company,” “we,” “us” or “our”), the pioneer of Location
About this update from Phunware, Inc.
[{"type":"text","content":"AUSTIN, Texas, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company,” “we,” “us” or “our”), the pioneer of Location Based SaaS that offers the only fully integrated enterprise cloud platform for mobile that enables brands to engage, manage and monetize anyone anywhere, today announced financial results for the quarter ended June 30, 2023. “This past quarter was a pivotal period for Phunware, as we right sized our workforce to an optimal amount, reduced our corporate cash burn, and have refined our sales & marketing strategy to capitalize on opportunities across the multitude of industries where our Location-Based Platform solution can make a significant impact,” said Russ Buyse, CEO of Phunware. “Spearheaded by our newly appointed CFO Troy Reisner, we are working on restructuring our existing debt and negotiating with prospective investors on more favorable terms, in tandem with reducing our cash burn to accelerate our organization toward a path of growth and profitability. As we activate our revamped sales and marketing strategy, we continue to have productive conversations with prospective clients. One of the more recent deals we executed was with Thumper Pond, a resort that is representative of the entire category of mid-market hospitality brands that can affordably and effectively use our Location-Based Platform to offer guests the best and most personalized experience. Looking ahead, we remain laser focused on commercializing our Location-Based Platform across all verticals, with a heavy emphasis on hospitality and healthcare.” Second Quarter 2023 Financial Results Net revenues for the quarter totaled $3.5 millionPlatform revenues were $1.3 millionHardware revenues were $2.2 millionNet loss was $(6.5) millionNet loss per share was $(0.06)Non-GAAP Adjusted EBITDA loss was $(5.2) million Recent Business Highlights Notable Corporate and Product Developments: Filed Lawsuit Against UBS Securities for Market ManipulationAnnounced Strategic Cost Saving Measures to Accelerate Path to ProfitabilityExhibited the Future of Hospitality Tech at HITEC 2023 in TorontoAttended the Cantor Fitzgerald Technology Conference on June 14, 2023Announced CFO Transition Notable Customer and Partner Wins: Partnered With MKT Consulting to Digitally Transform Resident Experience at New Luxury High-Rise in HoustonL...