Phunware, a fully integrated software platform provider, has reported a decrease in total revenue and gross profit for the fiscal year ended December 31, 2023. The company's total revenue fell by 25.9% to $4.832 million, down from $6.521 million in the previous year. This decline was primarily attributed to a $1.5 million decrease in PhunToken sales. Gross profit also saw a significant reduction of 52.0%, dropping to $1.686 million from $3.509 million. Operating expenses, however, decreased across sales and marketing, general and administrative, and research and development categories, with a notable $25.819 million impairment of goodwill. Other income for the year amounted to $3.776 million, largely due to a $5.3 million gain from the sale of digital assets. Phunware's cash position as of December 31, 2023, stood at $3.9 million. The company has...Show More

Phunware, a fully integrated software platform provider, has reported a decrease in total revenue and gross profit for the fiscal year ended December 31, 2023. The company's total revenue fell by 25.9% to $4.832 million, down from $6.521 million in the previous year. This decline was primarily attributed to a $1.5 million decrease in PhunToken sales. Gross profit also saw a significant reduction of 52.0%, dropping to $1.686 million from $3.509 million. Operating expenses, however, decreased across sales and marketing, general and administrative, and research and development categories, with a notable $25.819 million impairment of goodwill. Other income for the year amounted to $3.776 million, largely due to a $5.3 million gain from the sale of digital assets. Phunware's cash position as of December 31, 2023, stood at $3.9 million. The company has not paid any cash dividends on its common stock and does not expect to declare any in the foreseeable future. Phunware's business development included a change in leadership, with Michael Snavely appointed as the new CEO and a Class III director. The company's future plans involve continued investment in global marketing, sales, and product and service development, despite not expecting profitability in the near future. Phunware settled a legal proceeding with Wilson Sonsini Goodrich & Rosati, PC, related to the 'Uber Litigation' and 'Uber Arbitration', with a payment of $2.193 million. The company also completed various financing activities, including equity sales and the full conversion of a promissory note, to support its operations.