PHUN

MKT CAP:$45M

Phunware, Inc.

Market Cap

$45M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$2.14+$0.29 (+15.68%)

Apr 21, 2026

Company Details

Phunware, Inc., together with its subsidiaries, offers integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States an...

CEO

Jeremy Krol

IPO Date

Oct 28, 2016

Website

www.phunware.com

Key Metrics TTM

Revenue

$3M

-19.9% YoY

Net Income

-$11M

EPS (Diluted)

-$0.63

Free Cash Flow

-$9M

Revenue / Share

$0.13

Gross Margin

50.6%

Operating Margin

-803.7%

Net Margin

-448.1%

FCF Margin

-363.1%

P/S

17.6x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 26, 2026

$3M-19.9%EPS -$0.57

Q4 2025

Mar 26, 2026

$788.0K+33.1%EPS -$0.11

Q3 2025

Nov 7, 2025

$622.0K-6.5%EPS -$0.12

Q2 2025

Aug 8, 2025

$455.0K-55.0%EPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$2M	$1M	-$4M
Q4 21	$5M	$1M	-$5M
Q1 22	$7M	$2M	-$5M
Q2 22	$5M	$2M	-$8M
Q3 22	$5M	$795.0K	-$8M
Q4 22	$5M	$990.0K	-$9M
Q2 23	$1M	$535.0K	-$6M
Q4 23	-$6M	$674.0K	-$12M
Q1 24	$921.0K	$524.0K	-$3M
Q2 24	$1M	$470.0K	-$3M
Q3 24	$665.0K	$322.0K	-$3M
Q4 24	$592.0K	$138.0K	-$5M
Q1 25	$688.0K	$359.0K	-$5M
Q2 25	$455.0K	$190.0K	-$4M
Q3 25	$622.0K	$287.0K	-$4M
Q4 25	$788.0K	$455.0K	-$8M

Valuation

Quarter	P/S	P/E
Q3 21	8.5x	—
Q4 21	24.6x	—
Q1 22	16.8x	—
Q2 22	5.7x	—
Q3 22	5.3x	—
Q4 22	4.4x	—
Q2 23	3.8x	—
Q4 23	5.6x	—
Q1 24	88.9x	—
Q2 24	—	—
Q3 24	—	—
Q4 24	19.0x	—
Q1 25	20.1x	—
Q2 25	26.6x	—
Q3 25	24.2x	—
Q4 25	14.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$5M	-$5M
Q4 21	-$3M	-$3M
Q1 22	-$10M	-$11M
Q2 22	-$5M	-$5M
Q3 22	-$8M	-$8M
Q4 22	-$4M	-$4M
Q2 23	-$5M	-$5M
Q4 23	-$3M	-$3M
Q1 24	-$6M	-$6M
Q2 24	-$3M	-$3M
Q3 24	-$2M	-$2M
Q4 24	-$3M	-$3M
Q1 25	-$3M	-$3M
Q2 25	-$3M	-$3M
Q3 25	-$2M	-$2M
Q4 25	-$3M	$0

Capital Expenditures

Quarter	CapEx
Q3 21	$0
Q4 21	$2
Q1 22	$569.0K
Q2 22	$78.0K
Q3 22	$80.0K
Q4 22	$33.0K
Q2 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-2.4%	+19.6%
Q4 21	+72.6%	+73.0%
Q1 22	+235.9%	+127.6%
Q2 22	+282.0%	+131.3%
Q3 22	+120.3%	+103.9%
Q4 22	-11.6%	+30.5%
Q2 23	-80.9%	-37.4%
Q4 23	-212.9%	-57.7%
Q1 24	-80.6%	-70.0%
Q2 24	-78.8%	-71.5%
Q3 24	-48.6%	-47.8%
Q4 24	+109.6%	-0.5%
Q1 25	-25.3%	+45.0%
Q2 25	-55.0%	+19.5%
Q3 25	-6.5%	+6.9%
Q4 25	+33.1%	+59.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$1M	69.2%
Q4 21	$0	0.0%
Q1 22	$564.0K	8.3%
Q2 22	$706.0K	12.9%
Q3 22	$899.0K	18.9%
Q4 22	$840.0K	17.6%
Q2 23	$1M	112.9%
Q4 23	$409.0K	—
Q1 24	$630.0K	68.4%
Q2 24	$660.0K	65.3%
Q3 24	$242.0K	36.4%
Q4 24	$124.0K	20.9%
Q1 25	$86.0K	12.5%
Q2 25	$118.0K	25.9%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$1M	$3M	$715.0K
Q4 21	$1M	$4M	$1M
Q1 22	$1M	$4M	$1M
Q2 22	$2M	$5M	$2M
Q3 22	$2M	$5M	$2M
Q4 22	$2M	$5M	$2M
Q2 23	$1M	$4M	$1M
Q4 23	$423.0K	$824.0K	—
Q1 24	$484.0K	$2M	$443.0K
Q2 24	$496.0K	$2M	$609.0K
Q3 24	$612.0K	$2M	$619.0K
Q4 24	$673.0K	$3M	$934.0K
Q1 25	$813.0K	$3M	$896.0K
Q2 25	$970.0K	$3M	$690.0K
Q3 25	$679.0K	$2M	$800.0K
Q4 25	$701.0K	$7M	$966.0K

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	-2.4%	17.2%	14.8
Q4 21	72.6%	-589.0%	-516.5
Q1 22	235.9%	-214.5%	21.4
Q2 22	282.0%	-306.3%	-24.3
Q3 22	120.3%	-147.7%	-27.4
Q4 22	-11.6%	-212.1%	-223.7
Q2 23	-80.9%	-298.1%	-379.0
Q4 23	-212.9%	189.9%	-23.0
Q1 24	-80.6%	-236.6%	-317.2
Q2 24	-78.8%	-259.1%	-337.9
Q3 24	-48.6%	-412.0%	-460.7
Q4 24	109.6%	-435.6%	-326.1
Q1 25	-25.3%	-539.2%	-564.5
Q2 25	-55.0%	-689.0%	-744.0
Q3 25	-6.5%	-380.7%	-387.2
Q4 25	33.1%	-1008.0%	-974.9

Rule of 40

Revenue Segments

Quarter	Application transaction revenue	Platform subscriptions and services revenue	Hardware Revenues	Platform Revenue	Advertising	Software subscriptions and services
Q3 21	$389.0K	$2M	—	—	—	—
Q1 22	—	—	$4M	$2M	—	—
Q2 22	—	—	$4M	$2M	—	—
Q3 22	—	—	$3M	$1M	—	—
Q2 25	—	—	—	—	$22.0K	$433.0K
Q3 25	—	—	—	—	$176.0K	$446.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$11M	$0	$11M
Q2 22	$3M	$0	$3M
Q3 22	$9M	$0	$9M
Q4 22	$2M	$0	$2M
Q1 23	$694.0K	$0	$694.0K
Q2 23	$1M	$0	$1M
Q3 23	$3M	$0	$3M
Q4 23	$4M	$0	$4M
Q1 24	$22M	$0	$22M
Q2 24	$20M	$0	$20M
Q3 24	$36M	$0	$36M
Q4 24	$113M	$0	$113M
Q1 25	$110M	$0	$110M
Q2 25	$106M	$0	$106M
Q3 25	$104M	$0	$104M
Q4 25	$101M	$96.0K	$101M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	1M	+4.3%	+78.4%
Q4 21	2M	+22.1%	+105.9%
Q1 22	2M	+6.2%	+90.6%
Q2 22	2M	+1.0%	+36.6%
Q3 22	2M	+1.0%	+32.3%
Q4 22	2M	+3.7%	+12.3%
Q2 23	2M	+2.6%	+8.6%
Q4 23	3M	+40.3%	+50.8%
Q1 24	7M	+132.7%	+247.3%
Q2 24	8M	+20.9%	+304.8%
Q3 24	11M	+33.8%	+428.1%
Q4 24	11M	-1.2%	+271.9%
Q1 25	16M	+41.9%	+126.9%
Q2 25	20M	+29.5%	+143.1%
Q3 25	20M	+0.0%	+81.7%
Q4 25	20M	+0.1%	+84.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$37.2K	58
Q4 21	$45.0K	120
Q1 22	$56.5K	120
Q2 22	$45.7K	120
Q3 22	$39.6K	120
Q4 22	$45.0K	106
Q2 23	$12.2K	106
Q4 23	-$247.8K	25
Q1 24	$36.8K	25
Q2 24	$40.4K	25
Q3 24	$26.6K	25
Q4 24	$20.4K	29
Q1 25	$23.7K	29
Q2 25	$15.7K	29
Q3 25	$21.4K	29
Q4 25	$30.3K	26

Revenue / Employee