Phunware reports FY24 EPS (94c), consensus (89c)

Reports FY24 revenue $3.19M, consensus $3.53M. “Fiscal year 2024 was highlighted by significant growth in bookings, a strengthened balance sheet, and the commencement of development of our new generative AI-powered software development platform,” said interim CEO Stephen Chen. “Mobile software subscriptions and services and advertising services drove revenues of $3.2 million for the full year of 2024 with gross margins of 46%. Our software bookings increased 232% in 2024, enabled by the effectiveness of our revamped sales team and evolving sales model, which continues to drive a strong pipeline while reducing the length of our sales cycle. We closed the year with cash and cash equivalents of $113.0 million, which we are leveraging to strengthen our core business units, explore opportunities for new investments, enhance our operations and right-size our cost structure in service of our strategic vision. We are focused on recruiting seasoned sales, marketing and technology talent to help us get our message out to more customers and to win more deals.”