• Revenue: $1 million for Q2 2024, a nearly 10% increase over Q1 2024.

• Six-Month Revenue: $1.9 million for the period ended June 30, 2024, a decrease of 26.8% compared to the same period in 2023.

• Gross Profit: $470,000 for Q2 2024, consistent with the prior year period.

• Six-Month Gross Profit: $994,000, an increase of 63% compared to the same period in 2023.

• Operating Expenses: $3.4 million for Q2 2024, a decrease of 48.6% from the same period in 2023.

• Six-Month Operating Expenses: $6.8 million, a decrease of 49.2% from the same period in 2023.

• Net Loss: $2.6 million for Q2 2024, or a per share loss of $0.32.

• Six-Month Net Loss: $4.9 million, or a per share loss of $0.65.

• Cash Position: $20.4 million as of June 30, 2024, with an additional $16.2 million added in July from ATM share sales.

• Software Bookings Growth: Increased approximately 623% for Q2 2024 and 939% for the six-month period compared to 2023.

• Warning! GuruFocus has detected 4 Warning Signs with PHUN.

Release Date: August 08, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Phunware Inc (NASDAQ:PHUN) achieved 100% customer retention in the second quarter of 2024, indicating strong customer satisfaction and loyalty.

• The company has exceeded its customer bookings for the entire year of 2023 within the first half of 2024, showcasing significant growth in securing new contracts.

• Phunware Inc (NASDAQ:PHUN) has been included in the FTSE Russell Microcap Index, which could enhance its visibility and attract more investors.

• The company reported a substantial increase in software bookings, with a 623% rise in the second quarter of 2024 compared to the same period in 2023.

• Phunware Inc (NASDAQ:PHUN) has a strong cash position, with $20.4 million as of June 30, 2024, and an additional $16.2 million raised in July, providing financial stability for future growth initiatives.

Negative Points

• Revenues for the six-month period ended June 30, 2024, decreased by approximately 26.8% compared to the same period in 2023, primarily due to a customer breakage fee in 2023.

• The company reported a net loss of $2.6 million for the second quarter of 2024, although this was an improvement from the previous year's loss.

• Phunware Inc (NASDAQ:PHUN) anticipates a modest increase in operating expenses in the latter half of 2024 due to planned investments in sales and marketing.

• The implementation cycle for new customers can vary significantly, with some taking up to six months, which may delay revenue realization.

• Despite strong bookings, the conversion of these bookings into top-line revenue remains a challenge, requiring effective execution and customer engagement.