Phunware Reports Second Quarter 2024 Financial Results
Phunware (NASDAQ: PHUN) reported strong Q2 2024 financial results, showcasing significant growth in software bookings. Key highlights include:
- 623% increase in Q2 software bookings compared to Q2 2023
- 10% revenue increase to $1.0 million in Q2 2024 vs Q1 2024
- 49% reduction in total operating expenses to $3.4 million
- 60% decrease in net loss to $2.6 million
- $20.4 million cash on hand as of June 30, 2024
The company secured early renewals with three major customers and appointed Paul Ruffino as a strategic advisor for hospitality sector growth. Phunware was also added to the FTSE Russell Microcap Index. CEO Mike Snavely emphasized the effectiveness of their revamped sales team and evolving sales model in driving growth and reducing sales cycle length.
Phunware (NASDAQ: PHUN) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, evidenziando una significativa crescita nelle prenotazioni di software. Tra i punti salienti:
- Aumento del 623% nelle prenotazioni di software nel Q2 rispetto al Q2 del 2023
- Aumento del 10% dei ricavi a 1,0 milioni di dollari nel Q2 2024 rispetto al Q1 2024
- Riduzione del 49% delle spese operative totali a 3,4 milioni di dollari
- Diminuizione del 60% della perdita netta a 2,6 milioni di dollari
- Disponibilità di 20,4 milioni di dollari in contanti al 30 giugno 2024
L'azienda ha ottenuto rinnovi anticipati con tre importanti clienti e ha nominato Paul Ruffino come consulente strategico per la crescita nel settore dell'ospitalità. Phunware è stata anche aggiunta all'Indice FTSE Russell Microcap. Il CEO Mike Snavely ha sottolineato l'efficacia del loro team di vendita rinnovato e del modello di vendita in evoluzione nel favorire la crescita e ridurre la durata del ciclo di vendita.
Phunware (NASDAQ: PHUN) reportó fuertes resultados financieros para el segundo trimestre de 2024, mostrando un crecimiento significativo en las reservas de software. Los aspectos más destacados incluyen:
- Aumento del 623% en las reservas de software en el Q2 en comparación con el Q2 de 2023
- Aumento del 10% en los ingresos a 1,0 millones de dólares en el Q2 de 2024 en comparación con el Q1 de 2024
- Reducción del 49% en los gastos operativos totales a 3,4 millones de dólares
- Disminución del 60% en la pérdida neta a 2,6 millones de dólares
- 20,4 millones de dólares en efectivo a partir del 30 de junio de 2024
La empresa aseguró renovaciones anticipadas con tres importantes clientes y nombró a Paul Ruffino como asesor estratégico para el crecimiento en el sector de la hospitalidad. Phunware también fue añadida al Índice FTSE Russell Microcap. El CEO Mike Snavely destacó la efectividad de su renovado equipo de ventas y el modelo de ventas en evolución para impulsar el crecimiento y reducir la duración del ciclo de ventas.
Phunware (NASDAQ: PHUN)는 2024년 2분기 재무 결과를 발표하며 소프트웨어 예약에서 큰 성장을 보여주었습니다. 주요 사항은 다음과 같습니다:
- 2023년 2분기 대비 2분기 소프트웨어 예약이 623% 증가
- 2024년 2분기 수입이 2024년 1분기 대비 10% 증가하여 100만 달러에 달함
- 총 운영 비용이 340만 달러로 49% 감소
- 순손실이 260만 달러로 60% 감소
- 2024년 6월 30일 기준 현금 보유액 2,040만 달러
회사는 세 명의 주요 고객과 조기 갱신 계약을 체결했으며, Paul Ruffino를 환대 산업 성장에 대한 전략적 고문으로 임명했습니다. Phunware는 또한 FTSE Russell Microcap 지수에 추가되었습니다. CEO Mike Snavely는 성장 촉진과 판매 주기 짧아지는데 있어 그들의 개편된 판매팀과 진화하는 판매 모델의 효과를 강조했습니다.
Phunware (NASDAQ: PHUN) a rapporté de solides résultats financiers pour le deuxième trimestre 2024, mettant en évidence une croissance significative des réservations de logiciels. Les principaux points forts comprennent :
- Augmentation de 623 % des réservations de logiciels au Q2 par rapport au Q2 2023
- Augmentation de 10 % des revenus à 1,0 million de dollars au Q2 2024 par rapport au Q1 2024
- Réduction de 49 % des dépenses d'exploitation totales à 3,4 millions de dollars
- Diminution de 60 % de la perte nette à 2,6 millions de dollars
- 20,4 millions de dollars de liquidités disponibles au 30 juin 2024
La société a sécurisé des renouvellements anticipés avec trois grands clients et a nommé Paul Ruffino comme conseiller stratégique pour la croissance dans le secteur de l'hôtellerie. Phunware a également été ajoutée à l'indice FTSE Russell Microcap. Le PDG Mike Snavely a souligné l'efficacité de leur équipe de vente remaniée et de leur modèle de vente en évolution pour stimuler la croissance et réduire la durée du cycle de vente.
Phunware (NASDAQ: PHUN) hat im zweiten Quartal 2024 starke finanzielle Ergebnisse gemeldet und dabei ein signifikantes Wachstum bei den Softwarebestellungen gezeigt. Die wichtigsten Highlights sind:
- Ein Anstieg der Softwarebestellungen um 623% im Vergleich zum Q2 2023
- Ein Umsatzanstieg von 10% auf 1,0 Millionen Dollar im Q2 2024 im Vergleich zum Q1 2024
- Eine Reduzierung der Betriebsausgaben um 49% auf 3,4 Millionen Dollar
- Ein Rückgang des Nettoverlusts um 60% auf 2,6 Millionen Dollar
- Verfügbares Bargeld in Höhe von 20,4 Millionen Dollar zum 30. Juni 2024
Das Unternehmen sicherte sich vorzeitige Verlängerungen mit drei wichtigen Kunden und ernannte Paul Ruffino zum strategischen Berater für das Wachstum im Gastgewerbe. Phunware wurde auch in den FTSE Russell Microcap Index aufgenommen. CEO Mike Snavely hob die Effektivität ihres neu gestalteten Vertriebsteams und des sich weiterentwickelnden Vertriebsmodells hervor, die das Wachstum fördern und die Verkaufszyklusdauer verkürzen.
- 623% increase in Q2 software bookings compared to Q2 2023
- 939% increase in 1H 2024 software bookings compared to 1H 2023
- 10% revenue increase to $1.0 million in Q2 2024 vs Q1 2024
- 49% reduction in total operating expenses to $3.4 million in Q2 2024
- 60% decrease in net loss to $2.6 million in Q2 2024
- Cash on hand increased to $20.4 million as of June 30, 2024, from $3.9 million at December 31, 2023
- Early renewals secured with three major customers in hospitality and healthcare sectors
- Addition to the FTSE Russell Microcap Index
- Net loss of $2.6 million in Q2 2024, despite improvement from previous year
- ($0.32) net loss from continuing operations per share in Q2 2024
Insights
Phunware's Q2 2024 results show mixed signals. While the 623% increase in SaaS bookings is impressive, the
Phunware's strategic pivot is yielding results, evidenced by the substantial increase in software bookings. The company's focus on hospitality and healthcare sectors appears to be paying off, with early renewals from major clients. The appointment of Paul Ruffino as a strategic advisor for hospitality growth indicates a targeted expansion strategy. The revamped sales team and evolving sales model have significantly shortened the sales cycle, a important factor in the SaaS industry. However, the modest revenue growth of
Second quarter SaaS bookings increase
AUSTIN, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the mobile experience platform that guides your customers through every step of their journey with you, announces its financial results for the quarter ended June 30, 2024.
“We are pleased to report solid results and continued momentum in our business for the second quarter,” said Troy Reisner, Phunware CFO. “Our team continued to work hard to support our existing customers, including executing early renewals with three of our largest customers, which demonstrates the demand for and value of our product and services.”
Financial Highlights
623% and939% increase in software bookings in 2Q24 and 1H24, respectively, vs. prior periods10% increase in revenue to$1.0 million during 2Q2024 vs. 1Q202449% decline in total operating expenses to$3.4 million during 2Q24 from$6.6 million during 2Q2360% decline in net loss to$2.6 million in 2Q24 vs. a net loss of$6.5M in 2Q23- (
$0.32) net loss from continuing operations per share in 2Q24 vs. a ($2.10) net loss per share from continuing operations in 2Q23 $20.4 million of cash on hand at June 30, 2024, vs.$3.9M at December 31, 2023
Recent Business Highlights
- Appointed seasoned hospitality leader Paul Ruffino as strategic advisor to propel hospitality sector growth
- Added to the FTSE Russell Microcap Index after the market close on June 28, 2024
Phunware CEO Mike Snavely commented, “We continue to build on the momentum we began last quarter, driven by several major client renewals in the hospitality and healthcare sectors early in the second quarter. Our software bookings are up nearly 10x over the prior six-month period which is a testament to the effectiveness of our revamped sales team and evolving sales model, which continues to drive a strong pipeline while reducing the length of our sales cycle.
“Our go-forward strategy continues to evolve as we evaluate both the business coming in and the business we are actively pursuing, and we have begun to prudently activate our marketing spend, all designed to continue to encourage our current customers to renew early. We look forward to discussing our continued growth and demonstrate our increasing strength in the market, reminding customers and investors alike that we have long been leaders in this space and that we intend to continue to forge ahead as leaders in the mobile space,” Mr. Snavely concluded.
Second Quarter 2024 Earnings Conference Call
Phunware management will host a live conference call today at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. should dial 1-800-715-9871 (domestic) or 646-307-1963 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and use Conference ID 4402319 to be joined into the Phunware conference call.
The conference call will also be available through a live webcast that can be accessed at Phunware 2Q24 Earnings Webcast. A webcast earnings call replay will be available approximately one hour after the live call until August 8, 2025 with this same link.
A telephonic replay of the call will be available until August 22, 2024 by dialing 1-877-481-4010 (or 919-882-2331 for international callers) and using replay access code 50975.
About Phunware, Inc.
Leading hospitality brands partner with Phunware to delight their guests with personalized mobile experiences. Phunware's mobile applications and SDKs leverage patented wayfinding and contextual engagement to guide guests to the right experience at the right time. Hotels, resorts, casinos, and convention centers can integrate their most important business systems to unify the guest journey, boost loyalty, and drive new revenue across their properties.
Safe Harbor
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (the “SEC”), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
Investor Contact:
CORE IR
516-222-2560
investorrelations@phunware.com
Financial Tables Follow
Phunware, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share information) | |||||||
June 30, | December 31, | ||||||
2024 | 2023 | ||||||
(Unaudited) | |||||||
Assets: | |||||||
Current assets: | |||||||
Cash | $ | 20,369 | $ | 3,934 | |||
Accounts receivable, net of allowance for doubtful accounts of | 972 | 550 | |||||
Digital currencies | 19 | 75 | |||||
Prepaid expenses and other current assets | 293 | 374 | |||||
Current assets of discontinued operation | — | 28 | |||||
Total current assets | 21,653 | 4,961 | |||||
Property and equipment, net | 31 | 40 | |||||
Right-of-use asset | 1,108 | 1,451 | |||||
Other assets | 276 | 276 | |||||
Total assets | $ | 23,068 | $ | 6,728 | |||
Liabilities and stockholders’ equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | 4,787 | 7,836 | |||||
Accrued expenses | 293 | 437 | |||||
Lease liability | 429 | 629 | |||||
Deferred revenue | 975 | 1,258 | |||||
PhunCoin subscription payable | 1,202 | 1,202 | |||||
Debt | — | 4,936 | |||||
Current liabilities of discontinued operation | — | 205 | |||||
Total current liabilities | 7,686 | 16,503 | |||||
Deferred revenue | 512 | 651 | |||||
Lease liability | 780 | 1,031 | |||||
Total liabilities | 8,978 | 18,185 | |||||
Commitments and contingencies | - | - | |||||
Stockholders’ equity (deficit) | |||||||
Common stock, | 1 | — | |||||
Treasury Stock at cost; 10,130 shares as of June 30, 2024 and December 31, 2023 | (502 | ) | (502 | ) | |||
Additional paid-in capital | 322,936 | 292,467 | |||||
Accumulated other comprehensive loss | (418 | ) | (418 | ) | |||
Accumulated deficit | (307,927 | ) | (303,004 | ) | |||
Total stockholders’ equity (deficit) | 14,090 | (11,457 | ) | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 23,068 | $ | 6,728 |
Phunware, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share information) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net revenues | $ | 1,011 | $ | 1,295 | $ | 1,932 | $ | 2,640 | |||||||
Cost of revenues | 541 | 760 | 938 | 2,030 | |||||||||||
Gross profit | 470 | 535 | 994 | 610 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 609 | 1,142 | 1,052 | 1,998 | |||||||||||
General and administrative | 2,299 | 4,268 | 4,770 | 8,412 | |||||||||||
Research and development | 496 | 1,212 | 980 | 2,981 | |||||||||||
Total operating expenses | 3,404 | 6,622 | 6,802 | 13,391 | |||||||||||
Operating loss | (2,934 | ) | (6,087 | ) | (5,808 | ) | (12,781 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest expense | (8 | ) | (553 | ) | (116 | ) | (1,090 | ) | |||||||
Interest income | 239 | — | 379 | — | |||||||||||
Gain on extinguishment of debt | — | — | 535 | — | |||||||||||
Gain on sale of digital currencies | — | 2,096 | — | 5,310 | |||||||||||
Other income | 72 | 130 | 87 | 435 | |||||||||||
Total other income | 303 | 1,673 | 885 | 4,655 | |||||||||||
Loss before taxes | (2,631 | ) | (4,414 | ) | (4,923 | ) | (8,126 | ) | |||||||
Income tax benefit (expense) | — | — | — | — | |||||||||||
Net loss from continuing operations | (2,631 | ) | (4,414 | ) | (4,923 | ) | (8,126 | ) | |||||||
Net loss from discontinued operation | — | (2,110 | ) | — | (2,667 | ) | |||||||||
Net loss | (2,631 | ) | (6,524 | ) | (4,923 | ) | (10,793 | ) | |||||||
Other comprehensive income | |||||||||||||||
Cumulative translation adjustment | — | 23 | — | 46 | |||||||||||
Comprehensive loss | $ | (2,631 | ) | $ | (6,501 | ) | $ | (4,923 | ) | $ | (10,747 | ) | |||
Net loss from continuing operations per share, basic and diluted | $ | (0.32 | ) | $ | (2.10 | ) | $ | (0.65 | ) | $ | (3.90 | ) | |||
Net loss from discontinued operations per share, basic and diluted | $ | — | $ | (1.00 | ) | $ | — | $ | (1.28 | ) | |||||
Weighted-average shares used to compute net loss per share, basic and diluted | 8,299,323 | 2,102,051 | 7,581,774 | 2,082,715 |
Phunware, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2024 | 2023 | ||||||
Operating activities | |||||||
Net loss from continuing operations | $ | (4,923 | ) | $ | (8,126 | ) | |
Net loss from discontinued operation | - | (2,667 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Gain on sale of digital assets | - | (5,310 | ) | ||||
Gain on extinguishment of debt | (535 | ) | - | ||||
Stock based compensation | 1,290 | 2,824 | |||||
Other adjustments | 434 | 952 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (422 | ) | (28 | ) | |||
Prepaid expenses and other assets | 81 | 19 | |||||
Accounts payable and accrued expenses | (3,158 | ) | (252 | ) | |||
Lease liability payments | (373 | ) | (527 | ) | |||
Deferred revenue | (422 | ) | (687 | ) | |||
Net cash used in operating activities from continued operations | (8,028 | ) | (13,802 | ) | |||
Net cash (used in) provided by operating activities from discontinued operation | (177 | ) | 1,242 | ||||
Net cash used in operating activities | (8,205 | ) | (12,560 | ) | |||
Investing activities | |||||||
Proceeds received from sale of digital currencies | — | 15,390 | |||||
Net cash provided by investing activities - continuing operations | — | 15,390 | |||||
Net cash used in investing activities - discontinued operations | — | (9 | ) | ||||
Net cash used in investing activities | — | 15,381 | |||||
Financing activities | |||||||
Payments on borrowings | — | (4,270 | ) | ||||
Proceeds from sale of common stock | 24,640 | 995 | |||||
Proceeds from exercise of options to purchase common stock | — | 58 | |||||
Payments on stock repurchases | — | (502 | ) | ||||
Net cash provided by (used in) financing activities | 24,640 | (3,719 | ) | ||||
Effect of exchange rate on cash | — | 48 | |||||
Net increase (decrease) in cash | 16,435 | (850 | ) | ||||
Cash at the beginning of the period | 3,934 | 1,955 | |||||
Cash at the end of the period | $ | 20,369 | $ | 1,105 | |||
Supplemental disclosure of cash flow information | |||||||
Interest paid | $ | 12 | $ | 438 | |||
Income taxes paid | $ | 40 | $ | — | |||
Supplemental disclosures of non-cash financing activities: | |||||||
Issuance of common stock upon conversion of the 2022 Promissory Note | $ | 4,505 | $ | — | |||
Issuance of common stock for payment of bonuses and consulting fees | $ | 35 | $ | 347 | |||
Non-cash exchange of digital assets | $ | $ | 557 | ||||
Issuance of common stock under the 2018 Employee Stock Purchase Plan, previously accrued | $ | $ | 47 | ||||
FAQ
What was Phunware's (PHUN) revenue growth in Q2 2024?
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