Phunware Inc (NASDAQ:PHUN) has reported its financial results for the year ended December 31, 2023, with management highlighting improvements to the company’s balance sheet in preparation for its growth initiatives.
“Our company today is dramatically stronger than the one we talked about in November,” Phunware CEO Mike Snavely said in a statement accompanying the company’s results.
“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.”
For 2023, the wayfinding and mobile engagement solutions provider reported revenue of $4.8 million.
Its net loss was $52.8 million. Its net loss from continuing operations was $41.9 million, which excluding a goodwill impairment charge would have been a loss of $16.1 million.
Subsequent to the year-end, on March 12, 2024, Phunware was notified by the Nasdaq that it had fulfilled the compliance requirements to remain listed on the Nasdaq Capital Market.
“In late 2023 and into early 2024, we strategically reshaped our operating costs and stabilized our balance sheet to prepare for future growth,” CFO Tony Reisner commented.
“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.”