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8-K: Phunware Reports Significant Improvement in First Quarter 2024 Financial Results

SEC announcement ·  May 10 04:43
Summary by Futu AI
On May 9, 2024, Phunware, Inc., a leading provider of mobile engagement solutions, announced a significant improvement in its financial results for the first quarter ended March 31, 2024. The company reported net revenues of $0.9 million, a 5% increase over its internal plan for Q1 2024, and a substantial increase in gross margin to 56.9% from 5.4% in the same quarter of the previous year. The net loss decreased to $2.3 million from $4.3 million in Q1 2023, and the net loss per share improved to $(0.33) from $(2.07). Non-GAAP Adjusted EBITDA loss showed a 61.1% improvement at $(2.0) million compared to $(5.2) million in Q1 2023. The balance sheet was strengthened with $21.6 million in cash and the elimination of $5.0 million in debt. The company also settled a lawsuit by paying past due accounts payable, avoiding additional expenses. Phunware...Show More
On May 9, 2024, Phunware, Inc., a leading provider of mobile engagement solutions, announced a significant improvement in its financial results for the first quarter ended March 31, 2024. The company reported net revenues of $0.9 million, a 5% increase over its internal plan for Q1 2024, and a substantial increase in gross margin to 56.9% from 5.4% in the same quarter of the previous year. The net loss decreased to $2.3 million from $4.3 million in Q1 2023, and the net loss per share improved to $(0.33) from $(2.07). Non-GAAP Adjusted EBITDA loss showed a 61.1% improvement at $(2.0) million compared to $(5.2) million in Q1 2023. The balance sheet was strengthened with $21.6 million in cash and the elimination of $5.0 million in debt. The company also settled a lawsuit by paying past due accounts payable, avoiding additional expenses. Phunware's CEO, Mike Snavely, attributed the positive results to new sales, improved gross margins, and a strategic financial position. The company is focusing on strategic investments in sales and marketing while maintaining financial discipline. Phunware also highlighted recent corporate developments, including compliance with Nasdaq listing requirements, a reverse stock split, and the appointment of Elliot Han to its Board of Directors. The company's press release, furnished as Exhibit 99.1, detailed these financial results and business highlights.

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