Phunware Inc Reports Second Quarter 2024 Financial Results

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Phunware Inc. Reports Second Quarter 2024 Financial Results

Phunware Inc. (NASDAQ:PHUN), the mobile experience platform, reported its financial results for the quarter ended June 30, 2024.

Key Financial Metrics

Metric	2Q24	1Q24	2Q23	YoY Change	QoQ Change	Consensus Estimate (Current)
Total Revenue	$1.0M	$0.9M	$0.7M	+42.9%	+10.0%	$1.1M
Earnings Per Share (EPS)	($0.32)	($0.37)	($2.10)	+84.8%	+13.5%	($0.37)

Phunware reported total revenue of $1.0 million for Q2 2024, a 42.9% year-over-year increase and a 10.0% quarter-over-quarter increase, slightly below the Wall Street consensus estimate of $1.1 million. The EPS improved significantly to ($0.32) from ($2.10) year-over-year and from ($0.37) quarter-over-quarter, beating the consensus estimate of ($0.37). The results signify sustained growth and efficient cost management, contributing to substantial EPS improvement.

Revenue Performance by Segment

Segment	2Q24 Revenue	Previous Guidance
Total Revenue	$1.0M	$1.1M

Phunware's total revenue for the quarter was $1.0 million, aligning closely with the previously given guidance of $1.1 million. The company's robust software bookings and strong client renewals indicate effective customer engagement and retention strategies.

Operational Highlights

623% and 939% increase in software bookings in 2Q24 and 1H24, respectively, compared to prior periods.
Total operating expenses declined by 49% year-over-year to $3.4 million from $6.6 million.
Net loss declined by 60% year-over-year to $2.6 million in 2Q24 from $6.5 million in 2Q23.
Cash on hand increased to $20.4 million from $3.9 million at the end of 2023.

Officer Comments

Troy Reisner, Phunware CFO, highlighted, "Our team continued to work hard to support our existing customers, including executing early renewals with three of our largest customers, which demonstrates the demand for and value of our product and services."

CEO Mike Snavely remarked, "Our software bookings are up nearly 10x over the prior six-month period which is a testament to the effectiveness of our revamped sales team and evolving sales model. We continue to build on the momentum driven by major client renewals in the hospitality and healthcare sectors."

Dividends and Share Repurchase Program

No dividends or share repurchase programs were announced during this period.

Forward Guidance

Phunware did not provide specific forward guidance for the following quarters or full fiscal year.

Stock Price Movement

Following the earnings release, Phunware's stock price experienced a 1.16% increase, indicating a positive market response to the reported financial performance.

Phunware's Q2 results reflect a significant improvement in financial metrics and strategic execution, positioning the company for continued progress in the mobile experience industry.