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Phunware, Inc. reported total net revenue of $1.143 million for the six months ended June 30, 2025, down 40.8% from $1.932 million a year earlier as advertising revenue sharply declined while software subscriptions rose. Advertising revenue fell to $75 thousand for the six months, a 92.2% drop, while software subscriptions increased 10.1% to $1.068 million. Gross profit for the six months was $549 thousand. The company recorded a six鈥憁onth net loss of $6.867 million and negative adjusted EBITDA of $8.854 million.
Phunware holds $106.3 million in cash and cash equivalents and had total assets of $108.08 million as of June 30, 2025. Backlog plus deferred revenue totaled $5.116 million with remaining performance obligations of $5.320 million. Management disclosed material weaknesses in internal controls, ongoing litigation (Wild Basin and WSGR arbitration), a board/audit鈥慶ommittee composition issue with Nasdaq, and a change in the interim CEO.
Phunware, Inc. filed a Current Report stating that on August 8, 2025 it issued a press release announcing its financial results for the second quarter ended June 30, 2025. The press release is furnished as Exhibit 99.1 and the report notes the press release contains reconciliations of non-GAAP measures to the nearest comparable GAAP measures. The filing explicitly states the furnished information is not "filed" for Section 18 liability purposes and will not be incorporated by reference into other SEC filings. The report includes a Cover Page Interactive Data File as Exhibit 104 and is signed by CEO Jeremy Krol.
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