Phunware Inc (NASDAQ:PHUN) reported its financial results for the second quarter, during which the company made strides in setting itself up for future success, according to CEO Russ Buyse.
“This past quarter was a pivotal period for Phunware, as we right sized our workforce to an optimal amount, reduced our corporate cash burn, and have refined our sales and marketing strategy to capitalize on opportunities across the multitude of industries where our Location-Based Platform solution can make a significant impact,” Buyse said in a statement.
Net revenue was $3.5 million, including $1.3 million in platform revenue and $2.2 million in hardware revenue. The company’s adjusted loss was $5.2 million.
“Spearheaded by our newly appointed CFO Troy Reisner, we are working on restructuring our existing debt and negotiating with prospective investors on more favorable terms, in tandem with reducing our cash burn to accelerate our organization toward a path of growth and profitability,” Buyse added.
“As we activate our revamped sales and marketing strategy, we continue to have productive conversations with prospective clients.”
One such client is Thunder Pond, a resort that Phunware recently executed a deal with.
Thunder Pond “is representative of the entire category of mid-market hospitality brands that can affordably and effectively use the our Location-Based Platform to offer guests the best and most personalized experience,” Buyse said. “ Looking ahead, we remain laser focused on commercializing our Location-Based Platform across all verticals, with a heavy emphasis on hospitality and healthcare.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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