The following is a summary of the Phunware, Inc. (PHUN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Phunware reported Q1 2024 net revenues of approximately $921,000, exceeding their internal plan by 5%.

• The net revenue goal for the year 2024 is between $6 million and $8 million.

• The gross profit for Q1 2024 was $524,000 resulting in a gross margin of 56.9%.

• Total Q1 2024 operating expense showed a decrease of 49.8% from Q1 2023, standing at approximately $3.4 million.

• Non-GAAP adjusted EBITDA loss reduced to $2 million in the first quarter of '24, showing a 61.1% reduction in loss from Q1 2023.

• The net loss shrunk to approximately $2.3 million in Q1 2024, with no debt and $21.6 million cash on hand at the end of the quarter.

Business Progress:

• Phunware showed increased sales traction in Q1 2024 with new logos and bookings up, particularly strong in the hospitality and healthcare sectors.

• Over 60% of the total bookings goal was achieved in the first quarter alone.

• Cuts in expenses brought dramatic improvements in gross margins.

• The company is expanding their sales and marketing teams as part of its strategy to achieve net revenue goals for 2024.

• Proceeds from a settled legal matter have inspired a patent monetization process that is expected to contribute to income by year's end.

• Moving forward, Phunware targets software contract bookings within a one to three year timeframe to significantly contribute to its SaaS revenues.

More details: Phunware IR

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