Summary by Moomoo AI
Phunware reported FY2024 revenue of $3.2 million, down 34% YoY from $4.8 million, with gross profit declining 13.8% to $1.5 million. Operating loss narrowed significantly to $13.9 million from $45.7 million in 2023, primarily due to reduced operating expenses and absence of goodwill impairment charges. The company maintained a gross margin of 45.6%, up from 34.9% in 2023.The company strengthened its balance sheet substantially, ending the year with $113 million in cash compared to $3.9 million at the end of 2023, through various equity offerings. Operating expenses decreased 67.6% to $15.3 million, driven by lower payroll costs and reduced stock-based compensation. The company also completed restructuring efforts including the wind-down of its Lyte Technology subsidiary.Management announced strategic initiatives including development of a new AI-driven software platform to enable faster mobile application development. The company appointed Stephen Chen as Interim CEO in October 2024 following the departure of Michael Snavely. Phunware continues to focus on its core mobile application development and advertising business while exploring opportunities in AI technology integration.
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