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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