Phunware, Inc. (NASDAQ:PHUN) reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details.
Phunware reported quarterly losses of $17.62 per share, which missed the analyst consensus estimate of losses of $2.00 per share.
The company clocked sales of $4.8 million, beating the analyst consensus estimate of $2.1 million and representing a 0.57% increase over sales of $4.77 million from the same period last year.
"In late 2023 and into early 2024, we strategically reshaped our operating costs and stabilized our balance sheet to prepare for future growth," said Phunware CFO Troy Reisner.
"Our strategic cost-cutting initiatives have significantly reduced our expected cash burn for 2024, and, through equity raises in early 2024, we have significantly bolstered our balance sheet and eliminated outstanding debt. We are confident that we have the tools for supporting and investing in the business and future growth initiatives," Resiner added.
The company said that Nasdaq notified Phunware that it had demonstrated compliance with the requirements to remain listed on The Nasdaq Capital Market on March 12.
"Our company today is dramatically stronger than the one we talked about in November," said Mike Snavely, CEO of Phunware.
"With management changes, a reduction in our cost structure and marked improvements to the balance sheet we've moved into executing on our vision. We have significant traction with existing and new accounts and a new vision of how we're serving our markets. We'll share our plans on the earnings call and beyond."
PHUN Price Action: According to Benzinga Pro, Phunware shares are trading lower by 1.25% after-hours at $10.27 at the time of publication.
