Phunware, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (Compared to Q2 2022)

  • Total Revenue: $3.5 million (Down from $5.5M in Q2 2022)
  • Platform Revenue: $1.3 million (37%)
  • Hardware Revenue: $2.2 million (63%)
  • Gross Margin: 13.1% (Down from 27.7%)
  • Non-GAAP Gross Margin: 16.3% (Down from 28.6%)
  • Platform Gross Margin: 41.4% (Down from 64.9%)
  • Hardware Gross Margin: -3.6% (Down from 12%)
  • Operating Expense: $8.7 million (Down from $9.1 million)
  • Adjusted Operating Expense: $5.9 million (Down from $8.2 million)
  • Adjusted EBITDA Loss: $5.2 million (Improved from $6.6 million)
  • Net Loss: $6.5 million or $0.06/share (Improved from $17.2 million or $0.17/share)
  • Cash on Hand: $1.1 million

Operational and Strategic Updates

  • New CFO Hired: Troy Reisner, focusing on fiscal discipline and debt restructuring.
  • Cost Reduction: Workforce reduced by 33%, expects $5 million in annual savings. Full cost reduction impact expected by Q4 2023.

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Operator: Good afternoon ladies and gentlemen, and welcome to Phunware's Second Quarter 2023 Investor Conference Call. Currently all participants are in a listen-only mode. Joining me today are Russ Buyse, Chief Executive Officer; and Troy Reisner, Chief Financial Officer. The format today will include prepared remarks by Russ and Troy followed by a question-and-answer session. As a reminder, today's discussion will include forward-looking statements. These forward-looking statements reflect current views as of today and are based on various assumptions that are subject to risks and uncertainties disclosed in the Risk Factors section of our SEC filings. Actual results may differ materially, and undue reliance should not be placed on them. Additionally, the matters being discussed today may include non-GAAP financial measures. Reconciliation of GAAP to non-GAAP financial information is set forth in the earnings press release, which is available on the Investor Relations section of Phunware’s website at investors.phunware.com. I further encourage you to visit investors.phunware.com to access not only the earnings press release, but also the current investor presentation, SEC filings and additional collateral on Phunware. At this time, I would like to turn things over to Phunware’s CEO, Russ Buyse. Sir, please proceed. Russell Buyse: Thank you very much, and welcome to our second quarter 2023 investor conference call. We made several significant moves this quarter that will posi

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