Phunware, Inc. (PHUN) Bundle
An Overview of Phunware, Inc. (PHUN)
General Summary of Phunware, Inc.
Phunware, Inc. (PHUN) was founded in 2009 and is headquartered in Austin, Texas. The company specializes in mobile software and offers a comprehensive platform for enterprises to create, manage, and monetize mobile applications. Its product suite includes solutions for mobile engagement, location-based services, and data analytics. As of 2024, Phunware has pivoted to focus on its core offerings, which include platform subscriptions and application transactions.
As of 2024, the company reported total sales of $2.6 million for the nine months ended September 30, 2024, reflecting a significant decline from $3.9 million during the same period in 2023. The breakdown of revenues shows that platform subscriptions and services accounted for $1.4 million, while application transactions contributed $1.2 million.
Company's Financial Performance in the Latest Financial Reports
In its most recent financial report for the three months ended September 30, 2024, Phunware reported total revenues of $665,000, a decrease of 46.9% compared to $1.25 million in the same quarter of 2023. For the nine months ended September 30, 2024, revenues totaled $2.6 million, down 33.3% from $3.9 million in 2023.
Gross profit for the three months ended September 30, 2024, was $322,000, representing a gross margin of 48.4%. For the nine months, gross profit was $1.3 million with a gross margin of 50.7%. The company also reported a net loss of $2.76 million for the third quarter of 2024, significantly improved from a net loss of $13.72 million in the same period of the previous year.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenue | $665,000 | $1,252,000 | $2,597,000 | $3,892,000 |
| Gross Profit | $322,000 | $631,000 | $1,316,000 | $1,241,000 |
| Net Loss | $(2,760,000) | $(13,717,000) | $(7,683,000) | $(21,843,000) |
| Gross Margin | 48.4% | 50.4% | 50.7% | 31.9% |
Introduction to Phunware as a Leader in the Industry
Phunware, Inc. is recognized as a leader in the mobile application development space, particularly in providing solutions that enhance user engagement and data analytics. The company’s innovative approach has positioned it to serve various industries, including healthcare, hospitality, and entertainment, by leveraging its proprietary technology to drive mobile engagement and operational efficiencies.
Phunware's success can be attributed to its commitment to evolving with industry trends and customer needs. The focus on platform subscriptions and application transactions has allowed the company to adapt to the changing landscape of mobile technology. For further insights into how Phunware continues to thrive in the competitive market, explore the details below.
Mission Statement of Phunware, Inc. (PHUN)
Mission Statement of Phunware, Inc. (PHUN)
Phunware, Inc. aims to provide a comprehensive platform for mobile application development that enables brands to engage their customers effectively. The mission statement underscores the importance of delivering innovative solutions that enhance user experiences while driving business growth.
Core Component 1: Innovation
Phunware emphasizes innovation as a critical aspect of its mission. The company is committed to continuously evolving its technology and services to meet the changing needs of its clients. In 2024, Phunware reported a total revenue of $2.6 million for the nine months ended September 30, a decrease from $3.9 million in the same period in 2023. Despite this decline, the company focuses on enhancing its platform capabilities and integrating new technologies to remain competitive in the app development space.
Core Component 2: Customer Engagement
Customer engagement is central to Phunware's mission. The company aims to empower brands to connect deeply with their audience through personalized experiences. For the three months ended September 30, 2024, Phunware generated $665,000 in total revenue, which included $464,000 from platform subscriptions and services. This highlights the company's focus on providing valuable tools for customer interaction, encouraging brands to leverage mobile technology effectively.
Core Component 3: Quality and Reliability
Phunware is dedicated to delivering high-quality and reliable products and services. The commitment to quality is reflected in its operational metrics. For the nine months ended September 30, 2024, Phunware's gross profit was reported at $1.3 million, with a gross margin of 51%. This indicates that despite the challenges in revenue generation, the company maintains a strong focus on profitability through efficient operations and quality assurance in its offerings.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $665,000 | $1,252,000 | (46.9)% |
| Gross Profit | $322,000 | $631,000 | (49.0)% |
| Gross Margin | 48.4% | 50.4% | (2.0)pp |
Phunware's mission statement serves as a guiding principle for its operations and strategic direction, reinforcing its dedication to innovation, customer engagement, and quality. The commitment to these core components positions Phunware to navigate the complexities of the mobile application development landscape effectively.
Vision Statement of Phunware, Inc. (PHUN)
Vision Statement Overview
The vision statement of Phunware, Inc. (PHUN) as of 2024 emphasizes the company's commitment to being a leader in the mobile application ecosystem, integrating innovative technologies with customer-centric solutions to enhance engagement across digital platforms.
Focus on Innovation
Phunware aims to drive innovation within the mobile app industry by leveraging cutting-edge technologies such as artificial intelligence, blockchain, and cloud services. The company is focused on developing robust platforms that facilitate seamless interactions for users.
Customer Engagement and Experience
Phunware's vision underscores the importance of customer engagement. By prioritizing user experience, the company seeks to create applications that not only meet but exceed consumer expectations, fostering loyalty and long-term relationships.
Global Reach and Expansion
Phunware envisions expanding its global footprint, aiming to enter new markets and industries. The company is actively pursuing strategic partnerships and collaborations to enhance its service offerings and accessibility.
Commitment to Sustainability
Phunware is dedicated to sustainable practices within its operations. The vision statement reflects the company's goal to incorporate environmentally friendly technologies and practices into its business model, aligning with global sustainability initiatives.
Financial Performance Insights
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenues | $665,000 | $1,252,000 | (46.9) |
| Gross Profit | $322,000 | $631,000 | (49.0) |
| Operating Expenses | $3,512,000 | $13,909,000 | (74.8) |
| Net Loss | ($2,760,000) | ($13,717,000) | (80.0) |
Strategic Initiatives
To realize its vision, Phunware is implementing several strategic initiatives, including the development of new products, enhancing customer support services, and investing in marketing to increase brand awareness and market share.
Long-term Goals
Phunware's long-term goals are centered around achieving profitability while maintaining innovation. The company aims to become a dominant player in the mobile application space, known for its quality, reliability, and user satisfaction.
Market Positioning
As of 2024, Phunware positions itself as a technology provider focused on mobile engagement. The company's vision reflects its intent to harness the power of mobile technology to transform how businesses interact with their customers.
Conclusion of Vision Components
Phunware's vision statement encapsulates its aspirations to lead in mobile technology, enhance customer experiences, and commit to sustainable practices, all while navigating the challenges of a dynamic market landscape.
Core Values of Phunware, Inc. (PHUN)
Core Value 1: Integrity
Integrity is fundamental to Phunware, Inc. (PHUN) and is reflected in its commitment to ethical practices and transparency. The company adheres to high standards of honesty in its business dealings, ensuring that all stakeholders are treated fairly and with respect.
In 2024, Phunware has demonstrated its integrity by maintaining compliance with regulatory requirements and engaging in transparent communication with investors. For instance, the company has consistently provided detailed financial reports, including its quarterly earnings, which revealed a net loss of $7.7 million for the nine months ended September 30, 2024. This commitment to transparency builds trust with shareholders and clients alike.
Core Value 2: Innovation
Innovation drives Phunware’s business strategy, enabling the company to stay ahead in the competitive tech landscape. The company continually invests in research and development to enhance its platform offerings.
As of September 30, 2024, Phunware reported a research and development expense of $1.6 million, showcasing a focus on innovation despite a challenging financial landscape. The company aims to improve its software development kits (SDKs) and services, which are crucial for mobile application management.
Core Value 3: Customer Centricity
Phunware places a strong emphasis on customer satisfaction, striving to meet the diverse needs of its clients. The company actively seeks feedback and adapts its offerings accordingly.
For example, in 2024, Phunware achieved a gross profit margin of 51% on platform subscriptions and services, indicating successful customer engagement and service delivery. The company’s efforts to enhance user experience are evident through improved application performance and customer support initiatives.
Core Value 4: Accountability
Accountability is a core value at Phunware, reflected in its governance structure and operational practices. The company takes responsibility for its actions and decisions, ensuring that they align with its mission and values.
In 2024, Phunware reported significant reductions in operating expenses, with total operating expenses decreasing by 74.8% compared to the same quarter in 2023. This level of accountability demonstrates the company’s commitment to managing its financial resources effectively.
Core Value 5: Collaboration
Collaboration fosters a culture of teamwork within Phunware, enabling employees to work together towards common goals. The company believes that collective efforts lead to better outcomes.
Phunware has initiated various cross-departmental projects, which have resulted in enhanced product offerings and services. For instance, the integration of marketing and development teams has led to a more streamlined approach to client projects, resulting in a 6% increase in total gross profit year-over-year.
| Core Value | Examples of Commitment | Financial Impact (2024) |
|---|---|---|
| Integrity | Transparent financial reporting | Net loss of $7.7 million for nine months |
| Innovation | Investment in R&D | $1.6 million R&D expense |
| Customer Centricity | High customer satisfaction | 51% gross profit margin on subscriptions |
| Accountability | Reduction in operating expenses | 74.8% decrease in total operating expenses |
| Collaboration | Cross-departmental projects | 6% increase in total gross profit year-over-year |
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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.