Business
Phunware Reports Second Quarter 2024 Financial Results
Second quarter SaaS bookings increase 623% compared to the second quarter of 2023 AUSTIN, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware”
About this update from Phunware, Inc.
[{"type":"text","content":"Second quarter SaaS bookings increase 623% compared to the second quarter of 2023\nAUSTIN, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the mobile experience platform that guides your customers through every step of their journey with you, announces its financial results for the quarter ended June 30, 2024. “We are pleased to report solid results and continued momentum in our business for the second quarter,” said Troy Reisner, Phunware CFO. “Our team continued to work hard to support our existing customers, including executing early renewals with three of our largest customers, which demonstrates the demand for and value of our product and services.” Financial Highlights 623% and 939% increase in software bookings in 2Q24 and 1H24, respectively, vs. prior periods10% increase in revenue to $1.0 million during 2Q2024 vs. 1Q202449% decline in total operating expenses to $3.4 million during 2Q24 from $6.6 million during 2Q2360% decline in net loss to $2.6 million in 2Q24 vs. a net loss of $6.5M in 2Q23($0.32) net loss from continuing operations per share in 2Q24 vs. a ($2.10) net loss per share from continuing operations in 2Q23$20.4 million of cash on hand at June 30, 2024, vs. $3.9M at December 31, 2023 Recent Business Highlights Appointed seasoned hospitality leader Paul Ruffino as strategic advisor to propel hospitality sector growthAdded to the FTSE Russell Microcap Index after the market close on June 28, 2024 Phunware CEO Mike Snavely commented, “We continue to build on the momentum we began last quarter, driven by several major client renewals in the hospitality and healthcare sectors early in the second quarter. Our software bookings are up nearly 10x over the prior six-month period which is a testament to the effectiveness of our revamped sales team and evolving sales model, which continues to drive a strong pipeline while reducing the length of our sales cycle. “Our go-forward strategy continues to evolve as we evaluate both the business coming in and the business we are actively pursuing, and we have begun to prudently activate our marketing spend, all designed to continue to encourage our current customers to renew early. We look forward to discussing our continued growth and demonstrate our increasing strength in the market, reminding customers and investors ali...