Phunware Inc (PHUN)
NASDAQ:PHUN
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Phunware
(NASDAQ:PHUN)
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Rating:45Neutral
Price Target:
$2.00
▲(3.63% Upside)
Action:ReiteratedDate:03/23/26
The score is primarily constrained by weak financial performance—large ongoing losses and persistent negative free cash flow—despite a currently low-debt balance sheet. Technicals are mixed (stabilizing short-term but weaker long-term trend), and valuation is difficult to support due to negative earnings and no dividend yield.
Positive Factors
Low leverage / balance-sheet flexibility
A debt-light balance sheet with under $1M of debt and meaningful equity provides durable financial flexibility. It reduces near-term insolvency risk, supports continued investment in product and sales initiatives, and makes future capital raises or strategic M&A less urgent.
Negative Factors
Persistent negative operating and free cash flow
Consistent, material negative operating and free cash flow means the business does not self-fund operations. This structural cash burn forces reliance on external financing or equity dilution, constrains discretionary spending, and limits the company's ability to scale or endure prolonged market weakness without new capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance-sheet flexibility
A debt-light balance sheet with under $1M of debt and meaningful equity provides durable financial flexibility. It reduces near-term insolvency risk, supports continued investment in product and sales initiatives, and makes future capital raises or strategic M&A less urgent.
Read all positive factors
Phunware (PHUN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.56M
Dividend YieldN/A
Average Volume (3M)152.97K
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees29
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.11
Shares Outstanding20,190,878
10 Day Avg. Volume184,198
30 Day Avg. Volume152,974
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.39
Price to Sales (P/S)14.62
P/FCF Ratio-2.99
Enterprise Value/Market Cap-1.66
Enterprise Value/Revenue-24.45
Enterprise Value/Gross Profit-48.34
Enterprise Value/Ebitda3.64
Forecast
1Y Price Target
$2.00Price Target Upside3.63% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.52
Revenue Forecast (FY)$4.64M
Phunware Business Overview & Revenue Model
Company Description
Phunware, Inc., together with its subsidiaries, offers integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States and inter...
How the Company Makes Money
Phunware primarily generates revenue by selling access to and use of its software platform (typically via subscription/SaaS and other platform fees) and by providing associated services to implement and support customer deployments. Key revenue st...
Phunware Earnings Call Summary
Earnings Call Date:Nov 07, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant improvements in bookings, gross margin, and a substantial increase in cash reserves while maintaining a debt-free status. However, there was a decline in net revenues and a continuing non-GAAP adjusted EBITDA loss. Overall, while there are positive strides in financial health and strategic positioning, the decline in revenues indicates challenges that need addressing.Positive Updates
Significant Increase in Software Subscriptions and Service Bookings
Year-to-date software subscriptions and service bookings for the 9 months ended September 30 increased nearly 300% to $2.2 million in 2024 compared to $600,000 in 2023.
Negative Updates
Decline in Net Revenues
Net revenues for Q3 2024 were approximately $665,000, down from $1.3 million in Q3 2023. Year-to-date net revenues also decreased from $3.9 million in 2023 to $2.6 million in 2024.
Read all updates
Q3-2024 Updates
Positive
Negative
Significant Increase in Software Subscriptions and Service Bookings
Year-to-date software subscriptions and service bookings for the 9 months ended September 30 increased nearly 300% to $2.2 million in 2024 compared to $600,000 in 2023.
Read all positive updates
Company Guidance
During the Phunware Q3 2024 earnings call, the company provided comprehensive guidance on its strategic direction and financial performance. Phunware's year-to-date software subscriptions and service bookings increased by nearly 300% to $2.2 million compared to $600,000 in 2023. The company's gross margin also improved to 51% in 2024 from 32% in 2023. Operating expenses decreased by 28% in Q3 2024 compared to Q3 2023, excluding a goodwill impairment expense in the previous year. The non-GAAP adjusted EBITDA loss was approximately $2.9 million for Q3 2024, showing a significant improvement from a $3.3 million loss in the same quarter of 2023. Phunware ended the quarter with $35.6 million in cash and no debt, bolstered by its at-the-market equity program, which raised gross proceeds of $16.8 million. Subsequent to the quarter, the company raised an additional $79.8 million, bringing its cash reserves to approximately $100 million. This strong financial position supports Phunware's strategic focus on integrating AI into mobile solutions and targeting enterprise and federal government contracts, with expectations to launch a next-generation AI-driven SaaS platform by mid-2025.Phunware Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.55M | 3.19M | 4.83M | 6.52M | 10.64M |
| Gross Profit | 1.29M | 1.45M | 1.69M | 3.51M | 3.61M |
| EBITDA | -20.52M | -10.12M | -40.10M | -42.97M | -49.23M |
| Net Income | -11.40M | -10.32M | -52.78M | -50.89M | -53.52M |
Balance Sheet | |||||
| Total Assets | 120.87M | 114.78M | 6.73M | 56.80M | 98.02M |
| Cash, Cash Equivalents and Short-Term Investments | 100.68M | 112.97M | 3.93M | 1.96M | 23.14M |
| Total Debt | 619.00K | 932.00K | 6.60M | 13.24M | 6.45M |
| Total Liabilities | 24.55M | 7.60M | 18.18M | 31.91M | 32.74M |
| Stockholders Equity | 96.32M | 107.18M | -11.46M | 24.88M | 65.28M |
Cash Flow | |||||
| Free Cash Flow | -12.47M | -13.30M | -18.43M | -28.02M | -63.80M |
| Operating Cash Flow | -12.47M | -13.30M | -18.43M | -26.86M | -22.51M |
| Investing Cash Flow | 0.00 | 0.00 | 15.38M | -2.26M | -46.38M |
| Financing Cash Flow | 80.00K | 122.34M | 4.97M | 8.05M | 88.02M |
Phunware Technical Analysis
Positive
1.93
Price Trends
1.78
Positive
1.88
Negative
2.36
Negative
Market Momentum
0.02
Negative
56.63
Neutral
66.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHUN, the sentiment is Positive. The current price of 1.93 is above the 20-day moving average (MA) of 1.78, above the 50-day MA of 1.78, and below the 200-day MA of 2.36, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 56.63 is Neutral, neither overbought nor oversold. The STOCH value of 66.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PHUN.
Phunware Risk Analysis
Phunware disclosed 74 risk factors in its most recent earnings report. Phunware reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Phunware Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $41.48M | 36.21 | 5.21% | ― | 7.70% | -36.01% | |
46 Neutral | $26.35M | -6.67 | -21.18% | ― | 2.73% | 25.65% | |
45 Neutral | $37.56M | -3.27 | -11.47% | ― | ― | ― | |
44 Neutral | $16.44M | ― | -994.64% | ― | -39.75% | -89.61% | |
42 Neutral | $22.36M | -4.05 | -35.41% | ― | 5.96% | -156.04% |
* Technology Sector Average
PHUN
Phunware
1.86
-0.68
-26.77%
AWRE
Aware
1.22
-0.27
-18.12%
NTWK
Netsol Technologies
3.51
1.31
59.55%
SURG
SurgePays
0.70
-1.63
-69.91%
AMOD
Alpha Modus Holdings
0.35
-0.87
-71.07%
BMR
Beamr Imaging Ltd.
1.44
-0.58
-28.71%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.