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Phunware | 8-K: Phunware Announces Full Year 2023 Financial Results

SEC announcement ·  Mar 12 16:42
Summary by Moomoo AI
On March 12, 2024, Phunware, Inc., a leading provider of mobile engagement solutions, announced its financial results for the year ended December 31, 2023. The report highlighted a net revenue of $4.8 million from continuing operations, with a net loss from continuing operations of $41.9 million, which would have been $16.1 million excluding a goodwill impairment of $25.8 million. The net loss was reported at $52.8 million, with a loss per share from continuing operations at $17.62 and from discontinued operations at $4.56. The company also underwent a 1:50 reverse stock split on February 26, 2024. Non-GAAP Adjusted EBITDA loss was reported at $15.5 million. Notably, Phunware received a letter from Nasdaq on March 12, 2024, confirming compliance with listing requirements, following a previous notice of non-compliance due to the bid price of its common...Show More
On March 12, 2024, Phunware, Inc., a leading provider of mobile engagement solutions, announced its financial results for the year ended December 31, 2023. The report highlighted a net revenue of $4.8 million from continuing operations, with a net loss from continuing operations of $41.9 million, which would have been $16.1 million excluding a goodwill impairment of $25.8 million. The net loss was reported at $52.8 million, with a loss per share from continuing operations at $17.62 and from discontinued operations at $4.56. The company also underwent a 1:50 reverse stock split on February 26, 2024. Non-GAAP Adjusted EBITDA loss was reported at $15.5 million. Notably, Phunware received a letter from Nasdaq on March 12, 2024, confirming compliance with listing requirements, following a previous notice of non-compliance due to the bid price of its common stock. The company has been granted a one-year monitoring period by Nasdaq. Other corporate developments include the appointment of new senior executives and the expansion of its hospitality portfolio. Phunware's CFO highlighted strategic cost-cutting and equity raises in early 2024 that have improved the company's balance sheet and positioned it for future growth.

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