Phunware reported Q3 2024 revenue of $0.7 million, down 47% year-over-year, with platform subscriptions and services accounting for 70% of total revenue. Gross profit declined to $0.3 million with a 48.4% margin, while net loss improved to $2.8 million compared to $13.7 million in Q3 2023.The company announced a strategic shift toward AI technology, launching the development of a generative AI-driven software platform aimed at democratizing mobile app development. The new platform will enable businesses to design and deploy custom mobile applications rapidly through creator.phunware.com, incorporating AI-powered features like Sales Companion GPT and AI Personal Concierge.Management strengthened the company's financial position by raising $22.2 million through stock offerings in Q3, with additional proceeds of $81.1 million secured post-quarter end. The company appointed Stephen Chen as Interim CEO following Michael Snavely's resignation in October 2024, while initiating a search for a new CFO after Troy Reisner's departure in November.

Phunware reported Q3 2024 revenue of $0.7 million, down 47% year-over-year, with platform subscriptions and services accounting for 70% of total revenue. Gross profit declined to $0.3 million with a 48.4% margin, while net loss improved to $2.8 million compared to $13.7 million in Q3 2023.The company announced a strategic shift toward AI technology, launching the development of a generative AI-driven software platform aimed at democratizing mobile app development. The new platform will enable businesses to design and deploy custom mobile applications rapidly through creator.phunware.com, incorporating AI-powered features like Sales Companion GPT and AI Personal Concierge.Management strengthened the company's financial position by raising $22.2 million through stock offerings in Q3, with additional proceeds of $81.1 million secured post-quarter end. The company appointed Stephen Chen as Interim CEO following Michael Snavely's resignation in October 2024, while initiating a search for a new CFO after Troy Reisner's departure in November.