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Phunware, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenues to $665,000 from $1,252,000 in the same quarter the previous year. The decrease is attributed to a decline in platform subscriptions and services revenue and application transaction revenue.
Cost of revenues for the quarter was $343,000, representing 51.6% of sales, compared to 49.6% in the same quarter of the previous year.
The company reported a gross profit of $322,000 for the quarter, compared to $631,000 in the previous year.
Sales and marketing expenses decreased to $619,000 from $839,000, primarily due to a reduction in payroll and related expenses.
General and administrative expenses were $2,281,000, down from $2,985,000, reflecting lower payroll and stock-based compensation expenses.
Research and development expenses decreased to $612,000 from $1,042,000, attributed to a reduction in headcount.
Net loss for the quarter was $2,760,000, compared to a net loss of $13,717,000 in the previous year. The prior year included a goodwill impairment charge of $9,043,000.
Cash used in operating activities was $10,590,000, while cash provided by financing activities was $42,193,000.
Phunware had cash and cash equivalents of $35,537,000 as of September 30, 2024.
The filing also discusses recent developments, including changes in executive leadership and compliance with Nasdaq listing requirements.
Phunware continues to focus on expanding its software platform offerings and developing new products, including a generative AI-driven software development platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Phunware Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.