Phunware, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Phunware, Inc. has filed its Q1 2024 10-Q report, detailing financial data and corporate history.</b>

AI Summary

Phunware, Inc. (PHUN) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Phunware, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. Phunware, Inc. was formerly known as Stellar Acquisition III Inc. until January 28, 2016. The filing includes data related to common stock, treasury stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income for various periods.

Why It Matters

For investors and stakeholders tracking Phunware, Inc., this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and position of Phunware, Inc. Understanding the details in this 10-Q is crucial for assessing the company's financial health and operational status in early 2024.

Risk Assessment

Risk Level: medium — Phunware, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, without specific financial performance data (revenue, net income, etc.) in the provided text, a definitive risk assessment is difficult, but the nature of a 10-Q suggests medium risk.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to make an informed investment decision.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 20160128 — Name Change Date (Date of name change from Stellar Acquisition III Inc.)

Key Players & Entities

• Phunware, Inc. (company) — Filer name
• Stellar Acquisition III Inc. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 7800 SHOAL CREEK BLVD (address) — Business and mail address
• AUSTIN (location) — City for business and mail address
• DE (location) — State of incorporation
• 20160128 (date) — Date of name change

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

Key Financial Figures

• $0.0001 — ch registered: Common Stock, par value $0.0001 per share PHUN The NASDAQ Capital Marke
• $1.00 — Nasdaq Capital Market had closed below $1.00 per share for the previous 30 consecuti
• $0.10 — common stock had a closing bid price of $0.10 or less for ten consecutive trading day

Filing Documents

• phun-20240331.htm (10-Q) — 727KB
• ex-311xcertificationxq12024.htm (EX-31.1) — 9KB
• ex-312xcertificationxq12024.htm (EX-31.2) — 9KB
• ex-321xcertificationxq12024.htm (EX-32.1) — 10KB
• 0001628280-24-022743.txt (&nbsp;) — 4284KB
• phun-20240331.xsd (EX-101.SCH) — 29KB
• phun-20240331_cal.xml (EX-101.CAL) — 59KB
• phun-20240331_def.xml (EX-101.DEF) — 165KB
• phun-20240331_lab.xml (EX-101.LAB) — 494KB
• phun-20240331_pre.xml (EX-101.PRE) — 324KB
• phun-20240331_htm.xml (XML) — 366KB

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 202 4 (unaudited) and December 31, 20 23 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 202 4 and 202 3 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 202 4 and 202 3 (unaudited) 5 Notes to the Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

Signatures

Signatures 33 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report (the "Report") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Report, 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," "intend," "may," "might," "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 Report 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 ." 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 tho

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Table of Contents Phunware, Inc. 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 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 (deficit) 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 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents Phunware, Inc. Condensed Consolidated Statements of Operations

View Full Filing

View this 10-Q filing on SEC EDGAR