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 $NDAQ 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 [email protected].