Phunware, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter End: June 30, 2024
  • Date of Call: August 8, 2024
  • Key Executives: Mike Snavely (CEO), Troy Reisner (CFO)

Business Highlights

  • Achieved 100% customer retention in Q2 2024.
  • Phunware was added to the FTSE Russell Microcap Index.
  • 2024 bookings to date already surpassed full-year 2023 bookings.
  • Identified over $7 million in new pipeline in Q3 so far.
  • Strengthened sales model and team, contributing to improved pipeline.
  • Phunware platform continues to differentiate with native apps and reusable, configurable modules for industry-specific needs.
  • Prepared for M&A activities and exploring expansion into new market verticals beyond hospitality and healthcare.

Financial Results

Bookings (Total Contract Value)
  • Q2 2024 bookings increase: +623% vs Q2 2023
  • First half 2024 bookings: +939% vs H1 2023
Revenue
  • Q2 2024: $1.0 million, ↑ ~10% vs Q1 2024
  • H1 2024: $1.9 million, ↓ ~$0.7M or 26.8% vs H1 2023 (H1 2023 included a breakage fee)
Profitability and Expenses

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Operator: Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the Phunware Second Quarter Conference Call. All participants are in a listen-only mode. [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 would now like to turn the call over to Joey Delahoussaye of Core IR, the company's Investor Relations firm. Please go ahead, sir. Joey Delahoussaye: 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 website at www.phunware.com by selecting Investors under the About tab from the corporate home page. Joining me on today's earnings call from Phunware's management team are Mike Snavely, Chief Executive Officer; and Troy Reisner, Chief Financial Officer. During this call, management will be making forward-looking statements, including statements that address Phunware's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these

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