Phunware, Inc. (Phunware) reported its financial performance for the quarter ended June 30, 2024. The company experienced a decrease in net revenues, which fell by 21.9% to $1.01 million compared to $1.295 million in the same quarter of the previous year. This decline was attributed to lower development fees and the timing of advertising campaigns. Gross profit also saw a reduction, dropping by 12.1% to $470,000, while gross margin improved to 46.5% from 41.3% year-over-year. Operating expenses decreased significantly, with sales and marketing expenses down by 46.7%, general and administrative expenses by 46.1%, and research and development expenses by 59.1%. The company recorded other income of $303,000, primarily due to interest income. Phunware's cash position stood at $20.4 million, all within the United States. The company's financial strategy included various common stock sales, resulting in aggregate gross cash proceeds of $4.2 million. Despite the financial challenges, Phunware is committed to improving its internal control over financial reporting and is actively working on remediation efforts to address identified material weaknesses.

Phunware, Inc. (Phunware) reported its financial performance for the quarter ended June 30, 2024. The company experienced a decrease in net revenues, which fell by 21.9% to $1.01 million compared to $1.295 million in the same quarter of the previous year. This decline was attributed to lower development fees and the timing of advertising campaigns. Gross profit also saw a reduction, dropping by 12.1% to $470,000, while gross margin improved to 46.5% from 41.3% year-over-year. Operating expenses decreased significantly, with sales and marketing expenses down by 46.7%, general and administrative expenses by 46.1%, and research and development expenses by 59.1%. The company recorded other income of $303,000, primarily due to interest income. Phunware's cash position stood at $20.4 million, all within the United States. The company's financial strategy included various common stock sales, resulting in aggregate gross cash proceeds of $4.2 million. Despite the financial challenges, Phunware is committed to improving its internal control over financial reporting and is actively working on remediation efforts to address identified material weaknesses.