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PHUN

Phunware, Inc.

PHUN

Phunware, Inc. • NASDAQ
$2.07 ▼ -2.36% (-0.05)
Market Cap $41.79 M
52w High $6.29
52w Low $1.83
Dividend Yield 0%
P/E -3.98
Volume 44.68K
Outstanding Shares 20.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $622K ▲ $3.787M ▼ $-2.409M ▲ -387.299% ▲ $-0.12 ▲ $-2.368M ▲
Q2-2025 $455K ▼ $4.45M ▼ $-3.144M ▲ -690.989% ▼ $-0.16 ▲ $-3.135M ▲
Q1-2025 $688K ▲ $5.173M ▲ $-3.723M ▼ -541.134% ▼ $-0.24 $-3.71M ▼
Q4-2024 $592K ▼ $5.029M ▲ $-2.633M ▲ -444.764% ▼ $-0.24 ▲ $-2.579M ▲
Q3-2024 $665K $3.512M $-2.76M -415.038% $-0.25 $-2.74M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $103.783M ▼ $105.64M ▼ $7.315M ▼ $98.325M ▼
Q2-2025 $106.264M ▼ $108.08M ▼ $7.48M ▼ $100.6M ▼
Q1-2025 $109.719M ▼ $112.034M ▼ $8.408M ▲ $103.626M ▼
Q4-2024 $112.974M ▲ $114.781M ▲ $7.598M ▼ $107.183M ▲
Q3-2024 $35.537M $41.013M $11.888M $29.125M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.409M ▲ $-2.481M ▲ $0 $0 $-2.481M ▲ $-2.481M ▲
Q2-2025 $-3.144M ▲ $-3.455M ▼ $0 $0 ▼ $-3.455M ▼ $-3.455M ▼
Q1-2025 $-3.723M ▼ $-3.335M ▼ $0 $80K ▼ $-3.255M ▼ $-3.335M ▼
Q4-2024 $-2.633M ▲ $-2.712M ▼ $0 $80.149M ▲ $77.437M ▲ $-2.712M ▼
Q3-2024 $-2.76M $-2.385M $0 $17.553M $15.168M $-2.385M

Revenue by Products

Product Q2-2023Q3-2023Q2-2025Q3-2025
Advertising
Advertising
 $0 ▲$0 ▲$0 ▲$0 ▲
Software subscriptions and services
Software subscriptions and services
 $0 ▲$0 ▲$0 ▲$0 ▲
Hardware Revenues
Hardware Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲
Platform Revenue
Platform Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Phunware’s income statement shows a company still in an early or fragile commercial stage. Revenue over the past several years has been very small and has not shown clear, sustained growth. Gross profit has been thin or negative, and operating results have been consistently in the red. Losses at the operating and net income level have persisted, indicating that the business model has not yet scaled to cover its cost base. Per‑share losses look extremely large, but they are heavily distorted by the recent reverse stock split, which mechanically inflates the loss per share without changing the underlying economics. Stripping that out conceptually, the core picture is still one of recurring losses, limited revenue traction, and substantial dependence on future growth to justify ongoing spending.

Balance Sheet

Balance Sheet The balance sheet is small and relatively simple. On the positive side, reported cash now makes up most of total assets, and debt is modest, which reduces immediate financial strain. Equity, which had dipped into negative territory in the recent past, has turned positive again, suggesting fresh capital, restructuring, or both. However, the company’s asset base is light, and the equity cushion is thin. This leaves limited room to absorb ongoing operating losses without further capital raises or cost reductions. In plain terms, Phunware’s financial foundation has improved from its weakest point, but it is still fragile and sensitive to setbacks.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, meaning the core business has been consuming cash year after year rather than generating it. Free cash flow has also been negative, even though investment in physical assets has been very modest. That implies most of the cash burn is tied to operating expenses, not big capital projects. This pattern points to a company reliant on external financing—equity issuance, debt, or other capital sources—to keep funding its strategy. Until operating cash flow trends meaningfully toward break‑even, liquidity and access to capital remain key points of risk.

Competitive Edge

Competitive Edge Competitively, Phunware operates in a very crowded and fast‑moving space: enterprise mobile software, app development, and digital engagement. The company’s main differentiator is its integrated “Multiscreen‑as‑a‑Service” platform, which aims to bundle app development, analytics, location services, and monetization into one stack. That can create switching costs for customers who adopt it deeply. Phunware also emphasizes patented location‑based services, a customer data platform, and industry‑specific solutions in areas like healthcare, hospitality, and smart cities. These vertical specializations and patents can provide some defensible niche positioning. The flip side is scale. Many larger, better‑funded competitors offer overlapping tools—either as suites or as best‑of‑breed point solutions. Phunware’s small size, modest revenue base, and history of losses suggest a weaker economic moat than the technology story alone implies. Its future competitive strength will depend on its ability to convert its platform and IP into stable, recurring customer relationships at a larger scale.

Innovation and R&D

Innovation and R&D Innovation is where Phunware is most ambitious. The company is leaning hard into several themes: - An integrated mobile platform combining app development, analytics, and monetization. - Advanced location‑based services to power indoor navigation, geofencing, and context‑aware experiences. - A dual‑token blockchain ecosystem (PhunCoin and PhunToken) aimed at rethinking data ownership and loyalty. - A strategic pivot toward generative AI for faster app creation, an “AI personal concierge” concept, and future predictive analytics. These efforts, on paper, paint a forward‑looking and experimental technology roadmap. The main risks are execution and adoption. The blockchain token model sits in a regulatory and market gray zone, where real‑world uptake is uncertain. The AI platform and predictive analytics plans are promising but not yet proven in the market, and many competitors are pursuing similar AI strategies. In short, Phunware is innovating aggressively, but the payoff is still to be demonstrated in sustained revenue growth and customer stickiness.

Summary

Overall, Phunware is a small, innovation‑heavy software company with a history of recurring losses, modest revenue, and ongoing cash burn. Its balance sheet has improved from its weakest point, with more cash and less strain from debt, but remains thin and sensitive to continued operating losses. The reverse stock split underscores past market pressure on the share price and does not change the underlying business fundamentals. Strategically, the company is trying to stand out through an integrated mobile platform, patented location technology, a blockchain‑based loyalty and data model, and a pivot into generative AI and predictive analytics. If these bets translate into meaningful customer adoption and recurring contracts, the financial profile could change over time. Until then, the story is one of high innovation potential but also high execution risk, limited scale, and dependence on external financing to bridge the gap between vision and sustainable profitability.

NEWS

November 3, 2025 · 8:31 AM UTC

Phunware Unveils New White Paper Demonstrating $2M+ Annual Revenue Opportunity for Hospitality Leaders

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October 22, 2025 · 8:05 AM UTC

Phunware Announces Appointment of Jeremy Krol to Board of Directors

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