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Phunware Inc. (PHUN+1.15%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Phunware's business operations, which include software subscriptions, application development services, and in-app advertising. The company reported total revenue of $3.2 million for 2024, a decrease from $4.8 million in 2023.
Phunware's software subscriptions and services revenue decreased by 39.6% to $1.9 million, while advertising revenue decreased by 23.5% to $1.3 million.
The company reported a net loss from continuing operations of $10.3 million for 2024, compared to a net loss of $41.9 million in 2023. The decrease in net loss is attributed to a reduction in operating expenses, including a significant decrease in impairment of goodwill.
Operating expenses for 2024 totaled $15.3 million, down from $47.4 million in 2023, primarily due to the absence of a goodwill impairment charge in 2024.
Phunware's cash and cash equivalents increased significantly to $113 million as of December 31, 2024, from $3.9 million as of December 31, 2023, primarily due to proceeds from sales of common stock.
The company continues to focus on its growth strategy, which includes expanding mobile products and services, deepening customer relationships, and exploring strategic transactions.
Phunware's management has identified material weaknesses in internal control over financial reporting related to IT general controls and segregation of duties, which are being addressed.
The company is subject to ongoing litigation, including a case with Wild Basin Investments, LLC and arbitration with former counsel Wilson Sonsini Goodrich & Rosati, PC.
Phunware's board of directors is composed of four members, with three qualifying as independent under Nasdaq rules. Stephen Chen serves as Interim Chief Executive Officer.
The company continues to develop its Token Ecosystem, including PhunCoin and PhunToken, and is assessing regulatory requirements for digital assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Phunware Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.