Summary by Moomoo AI
Phunware reported Q3 2024 revenue of $0.7 million, down 47% from $1.3 million in Q3 2023, with a net loss of $2.8 million. Platform subscriptions and services revenue declined 33% to $0.5 million, while application transaction revenue fell 64% to $0.2 million. Gross margin was 48.4%, compared to 50.4% in the prior year period.The company significantly reduced operating expenses to $3.5 million from $13.9 million year-over-year, driven by lower headcount and decreased stock-based compensation. Sales and marketing expenses dropped 26% to $0.6 million, while general and administrative costs fell 24% to $2.3 million. Research and development spending decreased 41% to $0.6 million.As of September 30, 2024, Phunware held $35.5 million in cash and completed repayment of its 2022 Promissory Note through stock conversions. The company entered into an amended equity distribution agreement with Canaccord to increase its at-the-market facility to $171.5 million. Management believes current cash reserves are sufficient for at least 12 months of operations.
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