Reported Q: Q2 2024 Rev YoY: -78.7% EPS YoY: +63.6% Move: -8.42%
Phunware Inc
PHUN
$1.740 -8.42%
Exchange NASDAQ Sector Technology Industry Software Application
Q2 2024
Published: Aug 9, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for PHUN

Reported

Report Date

Aug 9, 2024

Quarter Q2 2024

Revenue

1.01M

YoY: -78.7%

EPS

-0.32

YoY: +63.6%

Market Move

-8.42%

Previous quarter: Q4 2023

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Earnings Highlights

  • Revenue of $1.01M down 78.7% year-over-year
  • EPS of $-0.32 increased by 63.6% from previous year
  • Gross margin of 46.5%
  • Net income of -2.63M
  • ""We delivered 100% customer retention."" - Mike Snavely
PHUN
Company PHUN

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Executive Summary

Phunware (PHUN) reported Q2 2024 revenue of $1.01 million, a YoY decline of 78.7% and a QoQ increase of 9.8%, with a gross margin near 46.5% and a GAAP net loss of $2.63 million (-$0.32 per share). The company continued to execute on cost discipline, delivering a substantial reduction in operating expenses (three months ended 6/30/2024: $3.40 million; six months: $6.80 million, down roughly 49% year over year). Management framed a path to profitability framed by a growing bookings pipeline and strategic investments in growth initiatives, notably in hospitality and healthcare verticals, while pursuing new markets through R&D and potential acquisitions. A pivotal liquidity development occurred in July when Phunware raised approximately $16.2 million via ATM, augmenting cash to roughly $36.6 million on a pro forma basis, significantly extending runway relative to the quarterly cash burn. The earnings call underscored management’s emphasis on improving sales efficiency, expanding one-to-many sales strategies, and leveraging a configurable platform to accelerate deployments (30–45 day average implementation, with some deals faster). Management highlighted 100% customer retention in Q2 and a bookings surge, with over $7 million of new pipeline identified in the third quarter, suggesting a meaningful potential for topline progression if a portion of that pipeline converts to revenue. Investors should weigh the near-term profitability challenge against the improving liquidity, momentum in bookings, and strategic pivot toward larger addressable markets beyond hospitality. The balance sheet remains liquidity-rich with relatively low leverage, but the company continues to incur net losses and negative cash flow from operations. The evolving narrative centers on converting a growing pipeline into revenue, expanding market exposure, and achieving sustained profitability while monitoring execution risk and cash burn as growth initiatives scale.

Key Performance Indicators

Revenue
Decreasing
1.01M
QoQ: 9.77% | YoY: -78.70%
Gross Profit
Increasing
470.00K
46.49% margin
QoQ: -10.31% | YoY: 30.19%
Operating Income
Increasing
-2.93M
QoQ: -2.09% | YoY: 59.54%
Net Income
Decreasing
-2.63M
QoQ: -14.79% | YoY: -44.24%
EPS
Increasing
-0.32
QoQ: 3.03% | YoY: 63.64%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 0.69 -0.18 -32.0% View
Q4 2024 0.59 -0.24 -35.7% View
Q3 2024 0.67 -0.25 -46.9% View
Q2 2024 1.01 -0.32 -78.7% View
Q4 2023 -6.19 -7.80 -46.9% View