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Phunware, Inc. (NASDAQ: PHUN) is a trailblazer in the field of multiscreen as a service (MaaS), offering the only fully integrated services platform that enables brands to engage, manage, and monetize their users anytime, anywhere. As a leading software company, Phunware provides a cloud platform for mobile, offering essential products, solutions, and data services to help companies effectively interact with their mobile application audiences.
Phunware's core business revolves around its innovative mobile solutions that have redefined user engagement for some of the world's most respected brands. The company’s recent achievements include the launch of the Phunware Hospitality Solution, which has been adopted by PAL+, a prominent player in the Eastern Townships' hospitality industry. This solution enhances guest experiences through personalized mobile applications, offering context-aware notifications, content, and mapping functionalities for hotels, restaurants, and luxury cruise boats.
Phunware has also made significant strides in improving its financial condition. In the first quarter of 2024, the company achieved stability by raising cash through equity, paying off debt, and resolving litigation matters. This financial discipline will support continued strategic investments in sales and marketing.
Phunware’s mission is to foster an ecosystem where digital interactions enable more engaged and valuable experiences for all stakeholders. The company is poised to expand its software products and services audience, monetize its intellectual property, and reintroduce its digital asset ecosystem for new market participants.
Phunware is more than just a software provider; it is a partner in creating category-defining experiences that push the boundaries of advanced multiscreen devices. With its strong product, dedicated team, and strategic financial positioning, Phunware is well-equipped to continue making a global impact in mobile technology.
Phunware (NASDAQ: PHUN), a mobile experience platform, announced its addition to the FTSE Russell Microcap Index following the 2024 FTSE Russell annual index reconstitution. This change took effect after market close on June 28, 2024. CEO Mike Snavely expressed that rejoining the index marks a validation of Phunware's efforts to return to a growth trajectory. The annual reconstitution captures the 4,000 largest US stocks, ranked by market capitalization. FTSE Russell indexes are widely used as benchmarks for approximately $10.5 trillion in assets as of December 2023.
Phunware (NASDAQ: PHUN) will attend the Hospitality Industry Technology Exposition and Conference (HITEC) from June 24-27 in Charlotte. The company will showcase its leading hospitality mobile solutions aimed at enhancing guest engagement through personalized mobile experiences. Phunware's technology includes features like digital keys, push messaging, and wayfinding, designed to improve the guest experience from pre-arrival to post-departure. CEO Mike Snavely highlights that their solutions help hospitality customers generate significant ancillary revenue and high app store ratings. Booth #3955 at the Charlotte Convention Center will feature live demonstrations and on-site meetings.
Phunware announced a prospectus supplement to its existing shelf registration with the SEC, allowing it to offer and sell up to $120 million in common stock through an 'at-the-market' (ATM) equity offering program. No additional capacity was added to the registration statement, and Canaccord Genuity will act as the representative sales agent. Sales will be made at market or negotiated prices, depending on market conditions and the company's capital needs. The prospectus supplement updates information in the existing prospectus. Investors can find more information and obtain copies of pertinent documents on the SEC's website.
Phunware announced an Equity Distribution Agreement with Canaccord Genuity and other agents, allowing the company to sell up to $120 million of its common stock through an at-the-market offering. This move does not add to the existing universal shelf capacity of $200 million. Phunware also amended a prior Securities Purchase Agreement to exclude this new distribution from certain financing participation rights. The agreement aims to provide greater flexibility by involving Canaccord Genuity, Roth MKM, and Benchmark Company as new investment banks.
Phunware, Inc. reported significant improvement in their first quarter 2024 financial results, with net revenues of $0.9 million, a gross margin of 56.9%, a net loss of $(2.3) million, and a non-GAAP Adjusted EBITDA loss of $(2.0) million. The company also strengthened its balance sheet with $21.6 million in cash, eliminated debt, and settled a lawsuit. Phunware remains focused on sales momentum, strategic investments, and operational execution.
Phunware, Inc. (NASDAQ: PHUN) appoints seasoned hospitality industry veteran Paul Ruffino as a Strategic Advisor to propel growth in the hospitality sector. Ruffino brings over four decades of industry expertise, having led successful ventures in well-known properties such as The Excelsior and The Park Lane. His appointment signifies a significant milestone for Phunware as they aim to expand in the hospitality market, leveraging Ruffino's insights to enhance revenue and customer experiences.
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