• 3
  • Comment
  • Favorite

Phunware's Stock Slips After Q4 EPS Miss - Here's Why

Benzinga03-13

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

empty
No comments yet
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial