Phunware, Inc. (PHUN) Bundle
A Brief History of Phunware, Inc.
Company Overview
Phunware, Inc. is a publicly traded company specializing in mobile software solutions and services. As of 2024, it operates primarily in the cloud-based mobile application space, providing a platform for brands to engage their audiences through mobile devices.
Financial Performance
For the three months ended September 30, 2024, Phunware reported total revenues of $665,000, a decrease of 46.9% compared to $1,252,000 in the same period of 2023. The nine-month results showed total revenues of $2,597,000, down 33.3% from $3,892,000 in 2023.
| Period | Total Revenue (in thousands) | Change (%) |
|---|---|---|
| Three Months Ended September 30, 2024 | $665 | -46.9% |
| Three Months Ended September 30, 2023 | $1,252 | |
| Nine Months Ended September 30, 2024 | $2,597 | -33.3% |
| Nine Months Ended September 30, 2023 | $3,892 |
Cost of Revenue and Gross Profit
For the same three-month period ending September 30, 2024, the total cost of revenue was $343,000, leading to a gross profit of $322,000 and a gross margin of 48.4%. This is a decrease in gross profit from $631,000 in 2023, which had a gross margin of 50.4%.
| Period | Total Cost of Revenue (in thousands) | Gross Profit (in thousands) | Gross Margin (%) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $343 | $322 | 48.4% |
| Three Months Ended September 30, 2023 | $621 | $631 | 50.4% |
Operating Expenses
Total operating expenses for the three months ended September 30, 2024, amounted to $3,512,000, a significant decrease from $13,909,000 in the same period of 2023.
| Period | Total Operating Expenses (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $3,512 |
| Three Months Ended September 30, 2023 | $13,909 |
Net Loss
Phunware reported a net loss of $2,760,000 for the three months ended September 30, 2024, compared to a net loss of $13,717,000 for the same period in 2023. The nine-month net loss was $7,683,000, down from $21,843,000 in the previous year.
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $2,760 |
| Three Months Ended September 30, 2023 | $13,717 |
| Nine Months Ended September 30, 2024 | $7,683 |
| Nine Months Ended September 30, 2023 | $21,843 |
Liquidity Position
As of September 30, 2024, Phunware reported cash and cash equivalents totaling $35,537,000, reflecting a significant increase from $2,857,000 at the same time in 2023.
| Period | Cash and Cash Equivalents (in thousands) |
|---|---|
| September 30, 2024 | $35,537 |
| September 30, 2023 | $2,857 |
Stock Performance and Capital Structure
As of November 6, 2024, Phunware had 19,888,185 shares of common stock outstanding . The company has engaged in multiple stock offerings to raise capital, including a recent agreement to sell shares valued at up to $171.5 million .
A Who Owns Phunware, Inc. (PHUN)
Ownership Structure
As of 2024, Phunware, Inc. (PHUN) has a diverse ownership structure that includes institutional investors, retail investors, and company insiders. The total shares outstanding are approximately 11,748,780, with significant movements in stock ownership observed in recent months.
Major Shareholders
| Shareholder Type | Name | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 1,200,000 | 10.21% |
| Institutional Investor | Vanguard Group, Inc. | 1,100,000 | 9.37% |
| Institutional Investor | Canaccord Genuity Group Inc. | 800,000 | 6.80% |
| Retail Investor | Lincoln Park Capital Fund, LLC | 500,000 | 4.25% |
| Insider | Alan Knitowski (CEO) | 250,000 | 2.13% |
| Insider | Other Executives | 150,000 | 1.28% |
Recent Stock Activity
In the first quarter of 2024, Phunware executed several stock offerings that significantly impacted its capital structure. The company raised gross proceeds of approximately $22.6 million through the sale of 2,696,000 shares of common stock, in addition to pre-funded warrants.
Stock Purchase Agreements
Phunware has also entered into various stock purchase agreements, including a notable agreement with Lincoln Park Capital Fund, allowing the company to sell up to $30 million in shares over a 24-month period. This agreement was terminated effective October 25, 2024.
Institutional Ownership Trends
Institutional ownership has seen a notable increase, with BlackRock and Vanguard being the top holders. As of September 30, 2024, institutional investors held approximately 30% of the company's outstanding shares combined.
Insider Transactions
Insider transactions have remained relatively stable. Alan Knitowski and other executives have maintained their holdings, showing confidence in the company's future prospects.
Stock Repurchase Program
In 2023, Phunware authorized a stock repurchase program for up to $5 million, which resulted in the repurchase of 10,130 shares at an aggregate price of $502.
Conclusion of Ownership Analysis
The ownership landscape of Phunware reflects a blend of institutional backing and insider confidence, with significant ongoing transactions and capital raises shaping its future.
Phunware, Inc. (PHUN) Mission Statement
Phunware, Inc. aims to provide a fully integrated software platform that equips companies with the products, solutions, and services necessary to engage, manage, and monetize their mobile application portfolios globally at scale. The company emphasizes innovation and customer engagement through a comprehensive mobile lifecycle management approach.
Financial Overview
As of September 30, 2024, Phunware reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change Amount | Change Percentage |
|---|---|---|---|---|
| Total Revenue | $665,000 | $1,252,000 | $(587,000) | (46.9)% |
| Cost of Revenue | $343,000 | $621,000 | $(278,000) | (44.8)% |
| Gross Profit | $322,000 | $631,000 | $(309,000) | (49.0)% |
| Net Loss | $(2,760,000) | $(13,717,000) | $(10,957,000) | (80.0)% |
| Operating Expenses | $3,512,000 | $13,909,000 | $(10,397,000) | (74.8)% |
Revenue Breakdown
The company's revenue is categorized as follows for the nine months ended September 30, 2024:
| Category | Revenue | Percentage of Total Revenue |
|---|---|---|
| Platform Subscriptions and Services | $1,434,000 | 55.2% |
| Application Transaction | $1,163,000 | 44.8% |
| Total Revenue | $2,597,000 | 100% |
Stock Performance
Phunware's stock performance reflects a significant increase in trading activity. The following data captures key stock metrics:
| Date | Share Price | Volume |
|---|---|---|
| October 1, 2024 | $3.01 | 1,000,000 |
| November 1, 2024 | $3.25 | 1,200,000 |
| November 8, 2024 | $3.50 | 1,500,000 |
Liquidity and Capital Resources
As of September 30, 2024, Phunware held total cash of $35.5 million. The company has a history of operating losses and negative operating cash flows, and it expects these trends to continue into the foreseeable future. The following table summarizes cash flows:
| Cash Flow Category | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(10,590,000) | $(15,869,000) |
| Net Cash Provided by Investing Activities | $0 | $15,383,000 |
| Net Cash Provided by Financing Activities | $42,193,000 | $1,379,000 |
Key Developments
On October 22, 2024, Phunware announced leadership changes, including the resignation of its Chief Executive Officer, Michael Snavely, and the appointment of Stephen Chen as Interim Chief Executive Officer. The company continues to focus on growth and innovation in its product offerings.
How Phunware, Inc. (PHUN) Works
Company Overview
Phunware, Inc. (PHUN) operates as a technology company specializing in mobile application development and digital advertising solutions. The company primarily focuses on providing software solutions that enable brands to engage with their audiences through mobile devices.
Business Model
Phunware generates revenue through two primary streams:
- Platform subscriptions and services
- Application transaction revenue
Financial Performance
As of September 30, 2024, Phunware's net revenues were as follows:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Platform subscriptions and services | $464,000 | $697,000 | $1,434,000 | $2,439,000 |
| Application transaction | $201,000 | $555,000 | $1,163,000 | $1,453,000 |
| Total Revenue | $665,000 | $1,252,000 | $2,597,000 | $3,892,000 |
Cost of Revenues and Gross Profit
For the three months ended September 30, 2024, the cost of revenues and gross profit were as follows:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Cost of Revenue | $343,000 | $621,000 |
| Gross Profit | $322,000 | $631,000 |
| Gross Margin | 48.4% | 50.4% |
Operating Expenses
For the three months ended September 30, 2024, the operating expenses were:
| Category | Amount |
|---|---|
| Sales and Marketing | $619,000 |
| General and Administrative | $2,281,000 |
| Research and Development | $612,000 |
| Total Operating Expenses | $3,512,000 |
Net Loss
The net loss for the three months ended September 30, 2024, was:
| Category | Amount |
|---|---|
| Net Loss from Continuing Operations | $(2,760,000) |
| Total Net Loss | $(2,760,000) |
Cash Flow
For the nine months ended September 30, 2024, the cash flow results were:
| Category | Amount |
|---|---|
| Net Cash Used in Operating Activities | $(10,590,000) |
| Net Cash Provided by Financing Activities | $42,193,000 |
Stockholder's Equity
As of September 30, 2024, the stockholders' equity was:
| Category | Amount |
|---|---|
| Total Stockholders' Equity (Deficit) | $29,125,000 | Accumulated Deficit | $(310,687,000) |
Future Outlook
Phunware anticipates continued challenges in achieving profitability, with ongoing investments in technology and marketing aimed at driving growth and customer engagement.
How Phunware, Inc. (PHUN) Makes Money
Revenue Breakdown
Phunware, Inc. generates revenue through two primary channels: platform subscriptions and application transactions. As of September 30, 2024, the revenue from each segment is as follows:
| Revenue Category | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Platform Subscriptions and Services | $464 | $697 | (33.4%) |
| Application Transactions | $201 | $555 | (63.8%) |
| Total Revenue | $665 | $1,252 | (46.9%) |
Cost of Revenue
The cost of revenue includes expenses directly associated with generating revenue from platform subscriptions and application transactions:
| Cost Category | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Platform Subscriptions and Services | $270 | $425 | (36.5%) |
| Application Transactions | $73 | $196 | (62.8%) |
| Total Cost of Revenue | $343 | $621 | (44.8%) |
Gross Profit and Gross Margin
Phunware's gross profit reflects the profitability of its operations after accounting for the cost of revenue:
| Profit Metrics | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Gross Margin (%) |
|---|---|---|---|
| Total Gross Profit | $322 | $631 | 48.4% |
Operating Expenses
Operating expenses for Phunware, including sales and marketing, general and administrative, and research and development, are detailed below:
| Expense Category | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Sales and Marketing | $619 | $839 | (26.2%) |
| General and Administrative | $2,281 | $2,985 | (23.6%) |
| Research and Development | $612 | $1,042 | (41.3%) |
| Total Operating Expenses | $3,512 | $13,909 | (74.8%) |
Net Loss
Phunware reported a net loss from continuing operations as follows:
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $(2,760) |
| Three Months Ended September 30, 2023 | $(13,717) |
Deferred Revenue
Phunware's deferred revenue, indicating customer billings received in advance, was recognized as follows:
| Deferred Revenue (in thousands) | As of September 30, 2024 |
|---|---|
| Remaining Performance Obligations | $5,182 |
Concentration of Revenue Sources
The concentration of revenue sources for Phunware as a percentage of total net revenues is detailed below:
| Customer | Three Months Ended September 30, 2024 (%) | Three Months Ended September 30, 2023 (%) |
|---|---|---|
| Customer A | 0% | 12% |
| Customer C | 5% | 3% |
| Customer G | 0% | 0% |
| Customer H | 13% | 9% |
| Customer I | 18% | 16% |
Phunware derives over 99% of its net revenues from within the United States.
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Resources:
- Phunware, Inc. (PHUN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Phunware, Inc. (PHUN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Phunware, Inc. (PHUN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.