AUSTIN, Texas, May 09, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ:PHUN) ("Phunware" or the "Company"), the leading provider of patented wayfinding and mobile engagement solutions that enables brands to engage, manage and monetize anyone anywhere, today announced financial results for the quarter ended March 31, 2024. "We've had a strong start to our year," said Mike Snavely, CEO of Phunware. "New logo sales, gross margins and improvement in the strategic financial position of the company are the bright spots. We have the product, the team, and the pipeline to continue to make a global difference in mobile." First Quarter 2024 Financial Results - A Foundation to Build Upon Statement of Income (Loss) Net revenues for the quarter totaled $0.9 million, exceeding the Company's internal Q1 2024 plan by 5% Gross margin was 56.9% up from 5.4% in Q1 2023 Net loss decreased to $(2.3) million from $(4.3) million in Q1 2023 Net loss per share was $(0.33) versus $(2.07) in Q1 2023 Non-GAAP Adjusted EBITDA loss was $(2.0) million versus $(5.2) million in Q1 2023 or a 61.1% improvement Balance Sheet $21.6 million of cash Eliminated remaining debt of $5.0 million Settled existing lawsuit by paying past due accounts payable, thus incurring no additional expense for the settlement Preserved full shelf availability "During the first quarter of 2024, we have substantially completed the stabilization of our balance sheet by strategically raising cash through equity, paying off our debt, and settling a litigation matter through the payment of past due accounts payable," said Phunware CFO Troy Reisner. "As we build on the first quarter's sales momentum, we are making strategic investments in our sales and marketing capabilities, while maintaining financial discipline. We believe we are well positioned to execute our vision both financially and operationally." Recent Business Highlights Notable Corporate and Product Developments: Regained compliance with requirements to remain listed on The Nasdaq Capital Market Announced and executed a Reverse Stock Split Appointed Elliot Han to its Board of Directors Notable Customer and Partner Wins: Announced Multi-Year Renewals of Mobile Solutions with Major Hospitality and Healthcare Customers Expanded Hospitality Portfolio via a Multi-Year Partnership with Escapades Memphrémagog and PAL+ Conference Call Information Phunware management will host a conference call today (May 9, 2024) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results for the quarter ended March 31, 2024. Interested parties may access the conference call by dialing 888-506-0062 in the United States, or 973-528-0011 from international locations with access code: 694812. The conference call will be broadcast live and available for replay here and via the investor relations section of the Company's website at investors.phunware.com. Safe Harbor Clause and Forward-Looking Statements This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "expose," "intend," "may," "might," "opportunity," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the Securities and Exchange Commission (the "SEC"), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under "Risk Factors" in our SEC filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Disclosure Information Phunware uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company's Investor Relations website, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. About Phunware, Inc. Phunware's mission is to foster an ecosystem where digital interactions enable a more engaged, interactive, and valuable experience for all stakeholders. We are redefining connectivity by ensuring the widespread adoption of our technologies amongst brands, mobile consumers, partners, digital asset holders, and market participants. Phunware PR & Media Inquiries:Christina Lockwood and Brenlyn MotlaghGateway Group, Inc.Email: (949) 574-3860 Phunware Investor Relations:Matt Glover and John YiGateway Investor RelationsEmail: (949) 574-3860 Condensed Consolidated Balance Sheets(In thousands, except share and per share information)   March 31, 2024   December 31, 2023   (Unaudited)     Assets       Current assets:       Cash and cash equivalents $ 21,567     $ 3,934   Accounts receivable, net of allowance for doubtful accounts of $86 at March 31, 2024 and December 31, 2023, respectively   637       550   Digital assets   19       75   Prepaid expenses and other current assets   385       374   Current assets of discontinued operation   28       28   Total current assets   22,636       4,961   Property and equipment, net   35       40   Right-of-use asset   1,325       1,451   Other assets   276       276   Total assets $ 24,272     $ 6,728   Liabilities and stockholders' equity       Current liabilities:       Accounts payable $ 5,070     $ 7,836   Accrued expenses   239       437   Lease liability   656       629   Deferred revenue   1,012       1,258   PhunCoin deposits   1,202       1,202   Current maturities of long-term debt, net   —       4,936   Current liabilities of discontinued operation   —       205   Total current liabilities   8,179       16,503   Deferred revenue   611       651   Lease liability   857       1,031   Total liabilities   9,647       18,185   Commitments and contingencies (Note 7)       Stockholders' equity (deficit)       Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 8,282,221 shares issued and 8,272,091 shares outstanding as of March 31, 2024; and 3,861,578 shares issued and 3,851,448 shares outstanding as of December 31, 2023   1       —   Treasury stock at cost; 10,130 shares at March 31, 2024 and December 31, 2023   (502 )     (502 ) Additional paid-in capital   320,840       292,467   Accumulated other comprehensive loss   (418 )     (418 ) Accumulated deficit   (305,296 )     (303,004 ) Total stockholders' equity (deficit)   14,625       (11,457 ) Total liabilities and stockholders' equity (deficit) $ 24,272     $ 6,728                   Condensed Consolidated Statements of Operations and Comprehensive Loss(In thousands, except share and per share information)(Unaudited)   Three Months EndedMarch 31,     2024       2023   Net revenues $