Q2 2024 Phunware Inc Earnings Call Transcript
Key Points
- Phunware Inc (PHUN) achieved 100% customer retention in the second quarter of 2024, indicating strong customer satisfaction and loyalty.
- The company has exceeded its customer bookings for the entire year of 2023 within the first half of 2024, showcasing significant growth in securing new contracts.
- Phunware Inc (PHUN) has been included in the FTSE Russell Microcap Index, which could enhance its visibility and attract more investors.
- The company reported a substantial increase in software bookings, with a 623% rise in the second quarter of 2024 compared to the same period in 2023.
- Phunware Inc (PHUN) has a strong cash position, with $20.4 million as of June 30, 2024, and an additional $16.2 million raised in July, providing financial stability for future growth initiatives.
- Revenues for the six-month period ended June 30, 2024, decreased by approximately 26.8% compared to the same period in 2023, primarily due to a customer breakage fee in 2023.
- The company reported a net loss of $2.6 million for the second quarter of 2024, although this was an improvement from the previous year's loss.
- Phunware Inc (PHUN) anticipates a modest increase in operating expenses in the latter half of 2024 due to planned investments in sales and marketing.
- The implementation cycle for new customers can vary significantly, with some taking up to six months, which may delay revenue realization.
- Despite strong bookings, the conversion of these bookings into top-line revenue remains a challenge, requiring effective execution and customer engagement.
Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to the Phunware second-quarter conference call. (Operator Instructions)
Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet, and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through August 8, 2025.
I will turn the call over to Joey Delahoussaye of CoreIR, the company's Investor Relations firm. Please go ahead, sir.
Thank you, operator. Good afternoon, and thank you for participating in today's conference call. Earlier this afternoon, the company released its financial results for the quarter ended June 30, 2024. A copy of that press release can be found on the company's websit at www.phunware.com by selecting Investors under the About tab from the corporate homepage. Joining me on today's earnings
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