On November 7, 2024, Phunware Inc., a Delaware-based enterprise cloud solutions provider for mobile applications, reported its financial results for the third quarter ending September 30, 2024. The company announced a significant reduction in net loss from continuing operations to $2.8 million, or ($0.25) per share, compared to a net loss of $13.7 million, or ($5.72) per share, in the same quarter of the previous year. Additionally, net cash used in operating activities decreased to $10.4 million from $14.6 million year-over-year. The company highlighted a 300% increase in year-to-date software and subscription bookings compared to the prior year. As of September 30, 2024, Phunware's cash and cash equivalents stood at $35.5 million, which increased to approximately $110 million as of November 6, 2024, following the use of an at-the-market...Show More

On November 7, 2024, Phunware Inc., a Delaware-based enterprise cloud solutions provider for mobile applications, reported its financial results for the third quarter ending September 30, 2024. The company announced a significant reduction in net loss from continuing operations to $2.8 million, or ($0.25) per share, compared to a net loss of $13.7 million, or ($5.72) per share, in the same quarter of the previous year. Additionally, net cash used in operating activities decreased to $10.4 million from $14.6 million year-over-year. The company highlighted a 300% increase in year-to-date software and subscription bookings compared to the prior year. As of September 30, 2024, Phunware's cash and cash equivalents stood at $35.5 million, which increased to approximately $110 million as of November 6, 2024, following the use of an at-the-market financing facility. On the same day, Phunware received a letter from Nasdaq notifying the company of non-compliance with audit committee composition requirements due to the resignation of Stephen Chen from the audit committee. The company is currently reviewing options to regain compliance within the provided cure period. Phunware also announced the appointment of Stephen Chen as Interim CEO and Rahul Mewawalla as Chairman of the Board, along with plans to acquire a controlling interest in MyCanvass, LLC. The company's CFO, Troy Reisner, will step down by November 30, 2024. Phunware's focus moving forward includes developing AI-driven platforms and maintaining high standards of security and compliance.