AUSTIN, Texas, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a mobile-first enterprise patient intelligence platform company, today announced that Phunware Interactive Maps and Wayfinding is now available in the Wayfinding category of Toolbox on Epic Showroom, Epic’s marketplace where anyone can discover products that can connect to Epic. Phunware Patient Digital Front Door is also live in Epic Showroom as a Connection Hub listing.

Large health system campuses can span multiple buildings, parking structures and entrances, and patients and caregivers often arrive anxious, unwell or unfamiliar with the facility, resulting in arriving late or missing appointments that are costly to the health system. Phunware’s technology addresses this common issue. Patients of customers which have partnered with Epic can now receive a landing page in MyChart with directions, parking and visitor information before they sign in, and precise turn-by-turn indoor directions once they arrive on site.

Through Epic Showroom, Phunware offers two healthcare solutions for new and existing healthcare customers:

• Phunware Patient Digital Front Door (Connection Hub listing). Provides patients, caregivers and visitors with easy access to critical patient resources such as locations, directions, parking, visitor information, scheduling and bill pay from the MyChart login screen before they sign in, in a branded experience each health system configures. Patients know where to go and how to get there before they ever arrive.
• Phunware Interactive Maps and Wayfinding (Toolbox, Wayfinding category). Helps patients, staff, vendors, caregivers, and visitors navigate complex, multi-building health system campuses turn by turn, with precise indoor positioning and real-time updates to reach the right entrance, department, area and room without stopping to ask for directions.
  
  

“Navigation failure in a hospital or health system campus is not an inconvenience. It is a missed or late appointment or procedure and generates significant costs which the administration has to absorb,” said Dmitry Kroshka, Chief Executive Officer of Phunware. “Availability in Toolbox on Epic Showroom puts our healthcare location-aware platform in front of the health systems that partner with Epic. By pairing a MyChart entry point with precise indoor wayfinding we can help hospitals and other health system campuses guide patients, doctors, nurses, other staff and visitors from the parking lot directly to the procedure room and through recovery. This is only the first step. As a next step and part of Phunware 2.0, we are building a location-aware intelligence layer around the appointment itself, so hospitals and other health systems can see who is at risk of arriving late or missing an appointment and act before it happens.”

The announcement marks another step in Phunware’s evolving technology offerings leading to Phunware 2.0, which is envisioned to bring together mobile, location-aware and AI capabilities that typically operate in separate silos into a shared intelligence platform supporting applications in hospitality, healthcare and other verticals involving complex physical environments. Epic’s reach among health systems lets Phunware reach many health systems in the Epic environment they already use, and Phunware’s platform is available to health systems that do not use Epic as well. Health systems interested in Phunware’s Epic-connected capabilities can learn more at phunware.com/industry/healthcare.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare, and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our business strategy and plans, our objectives for future operations, the development and delivery of the Phunware Interactive Maps and Wayfinding and Phunware Patient Digital Front Door for Epic customers and our healthcare customers, the development and commercial rollout of our Product 2.0 strategy, and the expansion of our product offering into healthcare and other adjacent end markets, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Epic, MyChart and Showroom are trademarks of Epic Systems Corporation.

Media Contact:
Scott Berwitz, Greenpoint Agency
scott@greenpoint.agency

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Highlights Go-Forward Plan, Meaningful Milestones, and Growth Priorities

AUSTIN, Texas, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a provider of AI-enabled guest intelligence software to operators of hotels, resorts, and other large, complex properties, today issued a letter to shareholders from its Chief Executive Officer, Dmitry Kroshka.

Dear Phunware Shareholders,

My name is Dmitry Kroshka, and just over five months ago, I became CEO of Phunware. This is my first letter to you. I want to tell you plainly where we stand and where we are going, how we intend to get there, and how you can hold us accountable.

CEO Vision

Where we are going. We intend to complete the evolution of Phunware from a wayfinding and enterprise app developer to an AI enabled B2B intelligence platform capable of scale through our Phunware 2.0 strategy, starting with hospitality and healthcare customers. We gained the trust of major customers by installing IoT infrastructure for internal mapping and building world-class mobile applications across multiple properties. The groundwork has been laid. Now we will build on it.

Why we win. We give operators what they want most: the ability to reach guests in the moment, understand what guests are doing and want to do, and turn foot traffic into incremental revenue. Our technology is installed inside marquee brands' properties, and our contracts run for years. We are already on site, trusted, and seeing how and when guests move through a property in real time. Our Sales and Marketing efforts have established a robust pipeline of multi-property ownership groups who are eager to try our technology. This is a significant shift toward scaled, multi-property transactions, rather than single-property deals.

What we carry forward. Phunware was early to mobile. We have moved just as fast to AI, and are building it into our products, our user experience, and the way we run Phunware. AI is going to change how hospitality and healthcare companies engage with their guests, patients, residents, and visitors from end to end. Our customers need a partner with a real stake in the outcome to lead them through that change. We intend to be that partner.

What we own. Since going public, Phunware has been through several business cycles, and at times it has struggled. However, over the past year we assembled a team of new leaders and advisors around product, sales, and marketing, and we believe the right team is now in place to complete and deliver Phunware 2.0.

In this letter and in the months ahead, I'll lay out more details on our progress for Phunware 2.0 and share meaningful milestones. Thank you for your continued support.

My Background

I joined Phunware as an executive consultant in October 2025, bringing experience from previous travel and hospitality projects. In 2013, I ran a new omnichannel media business at Responsys, continuing that work at Oracle after it acquired Responsys. We combined first-party data with third-party intent signals and built one of the first platforms that enabled personalized, omnichannel loyalty marketing at scale.

Phunware presents a similar data opportunity. We already capture proprietary location-based data at marquee properties through beacons, GPS, and Wi-Fi. Connected to a property's marketing and technology stack, that data becomes an intent graph: a picture of what guests do and are doing, want and are likely to want, before they arrive, while they are on site, and after they leave the property. Few companies have the on-property infrastructure, software, AI expertise, and customer relationships to build and capitalize on this. Phunware does.

What We Are Building

Phunware 2.0 is the reset of Phunware from an enterprise mobile app development company to a data and intelligence platform company. At its core is our Guest Intelligence Platform. Our vision is simple:

We help the people who run complex physical properties understand what is happening on their properties, anticipate guests’ needs and preferences, and act on them.

For guests, patients, residents, and visitors, this means easier navigation, more relevant recommendations, getting help, and better access to services and experiences while they are on-property. For operators, it means capturing spend they would otherwise miss or fail to attribute properly, like a poolside cabana or a spa booking, reducing no-shows, and making more efficient use of staff time. For operations, marketing, and IT teams, it means location-based data, engagement data, robust analytics, and recommendations that work alongside the systems they already run.

Software companies learned long ago that customers who adopt more of a product get better outcomes. The same is true for a physical property: guests who use more of what a resort offers are happier and spend more time and money on-property.

Nearly every hospitality technology company is talking about AI, but most of the AI deployments we see today are transactional and built to push a sale rather than anticipate a need. By combining real-time location intelligence with guest behavior and engagement data, Phunware can deliver personalized recommendations when and where they are the most relevant to act in the moment. Every property to which we deploy Phunware modules adds various categories of data to an intent graph, and that proprietary dataset, with measurable impact, is our moat.

Since January we have:

• Launched AI Concierge, connected to our location-based Mobile Engagement hospitality solution.
• Announced Itinerary Planner in May and demonstrated it in June; it is in beta now.
• Announced a new operator console with revamped location-aware analytics and self-serve reporting, being demonstrated to prospective customers starting next week.
• Commenced building an AI recommendation engine and guest profile enrichment.
  

Each of these is a module and part of our full platform. North America has roughly 3,000 to 4,000 spatially complex resorts¹, the market our original platform was built for. Because Itinerary Planner, Operator Console, AI Concierge, and Mobile Engagement now work on their own, we can deliver guest intelligence to almost any property, regardless of who built its app, website, or kiosk. That expands our hospitality market to roughly 30,000 to 40,000 3-star and above properties in the US alone.

Our technology stack and modular product build is designed to scale to other complex domains, including healthcare, where 90% of the technology is shared with our hospitality offering. Leveraging on the guest experience, our healthcare products today guide patients through complex hospital systems, like NY’s Mount Sinai and Virginia’s VHC Health. Our latest release is focusing on reducing late and missed appointments, which presents major opportunities to reduce revenue shrinkage. Our technology also takes advantage of multiple related data streams, such as traffic and weather patterns, to help inform our users. We are currently working to simplify and expand our integrations and relationship with a dominant healthcare records platform used by almost 50% of US hospitals, which will allow us to enable our technology inside their existing patient portals.

Achievements Year to Date

The Board backed us to move fast. Here is a snapshot of our achievements in 2026 so far:

Today, our experienced, combined leadership team runs product, marketing, sales, and revenue operations as an integrated unit, tracking performance at every stage of the funnel.

Our product teams are centralized under Michael Cerdá, who helped build Facebook's News Feed, Marcus by Goldman Sachs, Disney+, and Univision's streaming services. His BSPG team has scaled algorithmic products to more than a billion users and works with our internal teams to implement AI-forward development methods to everything we ship.

Our sales team is centralized under Nick Farrell, our new SVP of Sales. Nick brings 20 years of hospitality tech sales, and comes from IDEAS and EXPEDIA. Marketing is consolidated under Aaron Burcell, who has led marketing and operations teams at Silicon Valley startups and Goldman Sachs.

Where We Stand

• We have moved past wayfinding, and are in discussions with major flags for the 2.0 platform, with consumer-facing components delivered as modules within their existing system.
• We commenced implementation of increased pricing adjustments for our platform and products.
• We have momentum in healthcare as discussed above.
• We wound down our advertising business to keep focus on core Phunware 2.0.

How We Build

We have also changed how we build. This year we moved product and engineering to an AI-forward development process. Our teams now use AI tools at each stage of the work, with experienced engineers reviewing what ships. The effect shows in our pace. Itinerary Planner went from announcement in May to working demonstration in June and into beta at properties in September. The Operator Console, the AI recommendation engine, and guest profile enrichment are being built in the same way.

A different way of building calls for a different type of team. We reorganized our internal teams to match: smaller teams, fewer layers, and senior people who own a product from concept to release. Our teams work alongside Michael Cerdá and his BSPG team, which has a force multiplier effect for Phunware and adds senior product and engineering capacity as we need it.

For shareholders, the result is more and better product for each dollar we spend on development. We will keep matching the size and shape of the teams to the strategy and work.

Capital Allocation

Investment Approach. Phunware’s balance sheet is healthy, and we have ample liquidity and carry no debt. That gives us more freedom to invest in growth, and we intend to do it with discipline. Every dollar allocated to investment will be held to the same standard: it must accelerate scale and deliver revenue with our ideal customer profiles (ICPs), operators of large, complex properties in hospitality and healthcare. We view every dollar on our balance sheet as shareholder capital, and we deploy capital responsibly behind initiatives we believe will generate attractive risk-adjusted returns.

Priority One: Organic Growth. Organic growth comes first. That means building out the Phunware 2.0 platform and its modules as we complete our shift from mobile apps to a platform model, and strengthening sales and marketing as we move our go-to-market focus from individual properties to property ownership groups, hospitality flags, and healthcare systems. This strategic pivot requires us to retool and enhance our teams, but our growth plan does not call for a material increase in headcount.

Legacy Tech. We already paid for the wayfinding technology that anchors our competitive advantage in location-based services today. We will spread that investment across more customers, more sectors, and new revenue streams.

Our fixed cost base remains large relative to revenue, and we continue to operate at a loss. We expect to reverse this by focusing on revenue and scale, both organically and through strategic M&A.

Priority Two: Strategic M&A. Acquisitions come second, pursued selectively, and only where a deal gets Phunware 2.0 to market faster or better than we could accomplish on our own. We will evaluate each opportunity on whether:

• It serves our ICPs and extends or complements the platform or the products we sell.
• It accelerates revenue growth through cross-sell or upsell: our modules into its customers, or its products into ours.
• It helps our products scale, adding properties and data to the platform.
• It is one we can purchase, maintain, and grow responsibly.
• It is accretive to our bottom line.
  

We will pass on opportunities that do not meet these tests. When we commit capital to an acquisition, we will explain what we bought and how and why it fits within our Phunware 2.0 strategy. Capital allocation decisions are among the most important decisions management and the Board can make, and we will treat them that way.

Active Board Involvement

I want to recognize our Board of Directors for the considerable time, experience, and support they have brought to Phunware 2.0. Since I became CEO, the Board has been closely engaged in the work described in this letter, continuously reviewing, testing, and sharpening our strategy, and keeping us focused on building long-term value for shareholders.

Our Board will continue to play an active role as we move from planning to executing Phunware 2.0. Our directors bring deep operating experiences, financial and business acumen, investment and capital markets expertise, broad leadership networks, and perspectives across disciplines. All of this experience strengthens our ability to pursue the market opportunity, deliver on our product roadmap, and stay disciplined on the path ahead.

How We Will Communicate

On communications, our rules are simple: we will announce platform modules and functionalities and products when they are real. We build first, announce when we can demo, and launch commercially when customers are live. We will continue to be specific, consistent, and transparent with our communications to shareholders going forward.

Thank You

We are grateful to our shareholders for your patience and support; and we are grateful to our customers whose feedback and partnership shape everything we build. We welcome your engagement with Phunware.

While we are early and there is a lot left for Phunware to prove, we have a clear strategy, a team built to execute it, and early customer evidence that it works. I look forward to reporting our progress to you over the coming months.

Sincerely,

Dmitry Kroshka
Chief Executive Officer

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare, and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

¹ Wu, Chantal. "Resorts deliver strongest hotel room revenue gains across US location types." CoStar Analytics, July 10, 2026.

Mr. Kroshka will provide an overview of Phunware 2.0 and the Company's Guest Intelligence Platform. The discussion will cover how Phunware is bringing together location intelligence and guest engagement capabilities to help property operators improve the guest experience, better understand guest behavior, and identify opportunities to generate ancillary revenue.

The presentation will also address the Company's progress with AI Concierge, commercially launched in January 2026, the roadmap for the AI Itinerary Builder and Location-Aware Data Layer, and opportunities to extend the platform into adjacent markets, including healthcare and senior living.

Emerging Growth Conference 97
Date: October 28–29, 2026
Format: Virtual Presentation and 1x1 meetings
Presentation: Thursday, October 29, 2026, 9:40 a.m. ET
Webcast Registration: Click here
Attendees: Chief Executive Officer Dmitry Kroshka

To schedule a one-on-one meeting with Phunware management, please contact your Emerging Growth representative, email your request to PHUN@mzgroup.us, or call Chris Tyson at (949) 491-8235.

Questions for management may be submitted to Questions@EmergingGrowth.com. For those unable to attend live, an archived webcast will be available on EmergingGrowth.com and the Emerging Growth YouTube Channel following the event.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Mr. Kroshka’s presentation will highlight Phunware 2.0, the Company’s repositioning around the Guest Intelligence Platform, which is sold as a recurring subscription per property and expanded module by module. The platform brings together location, property management and transactional data to help guests discover what a property offers, find their way around it and book dining, spa services and activities, and to give operators a clearer view of what their guests want and ancillary income generated. He will also discuss AI Concierge, which was commercially released in January 2026 and is in production, the Company’s roadmap for the AI Itinerary Builder and the Location-Aware Data Layer, and the planned expansion of the platform beyond hospitality into healthcare campuses and senior living.

LD Micro Main Event XX
Date: October 20–21, 2026
Location: Luxe Sunset Boulevard Hotel, Los Angeles, CA
Conference Website: Click here
Format: In-person Presentation and 1x1 meetings
Presentation: Tuesday, October 20, 2026, 10:30 a.m. PT (1:30 p.m. ET), Track 3
Webcast Registration: Click here
Attendees: Chief Executive Officer Dmitry Kroshka

To schedule a one-on-one meeting with Phunware management, please contact your conference representative, email your request to PHUN@mzgroup.us, or call Chris Tyson at (949) 491-8235.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Maintained $92 Million Cash Position with No Debt to Support Continued Product Innovation and Growth

Appointed Chief Executive Officer and Senior Vice President of Sales and AI and Digital Transformation Veterans to Lead Company's Next Phase of Growth

AUSTIN, Texas, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a mobile-first enterprise guest intelligence platform company delivering location-aware guest intelligence and AI-enabled guest engagement tools, today reported financial results for the second quarter ended June 30, 2026.

Financial Highlights

• Net revenue increased 76% to $0.8 million in the second quarter of 2026, compared to $0.5 million in the second quarter of 2025 as a result of a customer-initiated early contract termination. For the first six months of 2026, net revenue increased 17% to $1.3 million, compared to $1.1 million in the prior-year period.
• Gross margin improved to 69.0% in the second quarter of 2026 from 41.8% in the prior-year period and increased to 69.7% for the first six months of 2026 from 48.0% in the prior-year period.
• Cash and cash equivalents totaled $92.1 million as of June 30, 2026, with no debt, providing significant financial flexibility to execute the Company's growth strategy.
• Net loss was $5.2 million, or ($0.26) per basic and diluted share, in the second quarter of 2026, compared to a net loss of $3.1 million, or ($0.16) per basic and diluted share, in the prior-year period. The increase primarily reflects continued investment in product, sales and marketing, research and development, and general and administrative initiatives supporting the Company's 2.0 Strategy. Net loss was $8.4 million, or ($0.42) per basic and diluted share, in the first six months of 2026, compared to a net loss of $6.9 million, or ($0.34) per basic and diluted share, in the prior-year period.
• Adjusted EBITDA loss was $5.5 million in the second quarter of 2026, compared to an Adjusted EBITDA loss of $4.1 million in the prior-year period. Adjusted EBITDA loss was $9.5 million in the first six months of 2026, compared to an Adjusted EBITDA loss of $8.9 million in the prior-year period.
• Net cash used in operations was $8.5 million for the six months ended June 30, 2026, as compared to $6.8 million for the prior-year period.
  
  

Recent Business Highlights

• Continued execution of the Company's 2.0 Strategy, unifying Phunware's mobile, location-aware, and AI capabilities into a single AI-enabled Guest Intelligence Platform designed for hospitality, healthcare, and other complex physical environments.
• Appointed Dmitry Kroshka as Chief Executive Officer, effective May 13, 2026, to lead execution of the Company's strategic transformation.
• Engaged Michael Cerdá and his AI-first product transformation firm, Build Something Product Group, to accelerate the Company's 2.0 product development and execution.
• Appointed hospitality technology veterans Nick Farrell and Brent McMahan as Senior Vice President of Sales and Senior Director of Sales, respectively, to expand the Company's hospitality business development efforts.
• Showcased the Company's expanding AI-enabled Guest Intelligence Platform at HITEC North America 2026, featuring live demonstrations of AI Concierge, the AI Itinerary Builder, and the forthcoming Location-Aware Data Layer.
• Appointed AI and technology veterans Aaron Holloway and Michael Crooks as advisors.
• Continued strong commercial momentum for AI Concierge and related guest engagement metrics following its launch in January 2026.
• Maintained running 12-month customer retention of greater than 95%.
  
  

Management Commentary

“Building on the strong momentum generated at the Hospitality Industry Technology Exposition and Conference (“HITEC”), where live demonstrations of Phunware's evolving Guest Intelligence Platform—including AI Concierge and AI Itinerary Builder—captured significant interest from hospitality professionals, the Company continues to advance its Product and Sales initiatives,” said Dmitry Kroshka, Chief Executive Officer of Phunware. “Since becoming Chief Executive Officer, my focus has been on translating our technology, expertise, customer relationships, and strong balance sheet into disciplined execution of our 2.0 Strategy. We believe this quarter marks an important milestone in Phunware's evolution.

"We believe traditional hospitality technology helps operators understand who guests are and what they have done. Our vision is to deliver a platform which helps them understand what guests are doing in real time and enable them to engage and respond to guests while those interactions are occurring. By combining our mobile platform, proprietary location-aware technology, and AI capabilities into a unified Guest Intelligence Platform, we believe we can deliver a differentiated solution that originates and improves guest experiences while creating new opportunities for our customers to drive engagement, data collection, and on-property revenue.

"During the second quarter, we continued to advance our product roadmap and strengthen our commercial organization. AI Concierge is now commercially deployed and generating engagement levels well above our initial expectations. At HITEC, we showcased the next phase of our platform with AI Itinerary Builder, which is designed to help operators personalize guest experiences and increase ancillary revenue opportunities, along with our forthcoming Location-Aware Data Layer, which is designed to connect digital guest interactions with real-world operational and revenue outcomes. We also strengthened our internal sales leadership team by hiring Nick Farrell as Senior Vice President of Sales, who will lead the Company’s hospitality growth strategy, and Brent McMahan as Senior Director of Sales, who brings more than a decade of experience in hospitality technology sales. Further, we engaged Michael Cerdá and Build Something Product Group to accelerate 2.0 Product development, and added advisors Aaron Holloway and Michael Crooks, both veterans in technology and AI.

"We are executing the 2.0 strategy from a position of financial strength. We ended the quarter with approximately $92 million in cash and cash equivalents and no debt, providing flexibility to continue investing in product innovation, intellectual property, and strategic growth initiatives. While hospitality remains our primary commercial focus, we believe the same AI-enabled, location-aware intelligence platform can be applied to address meaningful opportunities across healthcare and other complex physical environments and intend to do so. We remain confident that our 2.0 strategy, product roadmap, and balance sheet best position the Company to create long-term value for shareholders.

“To that end, I intend to lead a series of new investor relations initiatives designed to provide shareholders with a regular cadence of communication and transparency into our 2.0 Strategy, including investor webinars, regular updates on our progress, a comprehensive investor presentation, and an expanded presence at key investor and industry conferences. We look forward to keeping our shareholders informed and engaged as we continue to execute on our strategy,” concluded Kroshka.

Note about Non-GAAP Financial Measures

A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.

In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest expense (income), income tax expense, depreciation, and further adjusted for non-cash impairment, valuation adjustments and stock-based compensation expense. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides additional information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Appointments Build on HITEC 2026 Momentum and Support Continued Expansion of the Company’s Guest Intelligence Platform

AUSTIN, Texas, July 30, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. ("Phunware" or the "Company") (NASDAQ: PHUN), a mobile-first enterprise guest intelligence platform company delivering location-aware guest intelligence and AI-enabled guest engagement tools, today announced a series of key appointments following its successful showing at The Hospitality Industry Technology Exposition and Conference ("HITEC") North America 2026 in San Antonio, Texas. The Company has appointed Nick Farrell as Senior Vice President of Sales and has added technology industry veterans Aaron Holloway and Michael Crooks as advisors.

The appointments follow strong momentum generated at HITEC, where Phunware’s live demonstrations of its Guest Intelligence Platform, including its AI Concierge and AI Itinerary Builder, drove meaningful engagement across the hospitality industry.

As part of Product and Sales efforts tied to Phunware’s 2.0 Plan, Wailea Beach Resort has entered an agreement to use AI Concierge. AI Concierge, Mobile Engagement, and Itinerary Builder are part of Phunware’s Guest Intelligence Platform, which connects Wayfinding and other Location-Based Services to property data, creating a guest experience that personalizes each property’s unique offerings to what guests want and where they are in real-time.

"Coming out of HITEC, our priority is converting industry momentum into commercial results, and these expansions and appointments do exactly that," said Dmitry Kroshka, Chief Executive Officer of Phunware. "Nick brings deep hospitality enterprise sales leadership at precisely the moment we are scaling our go-to-market organization, while Aaron and Michael add world-class domain expertise across healthcare technology, AI and large-scale digital transformation. Together they strengthen our ability to serve hospitality and healthcare customers and accelerate the rollout of our Guest Intelligence Platform."

Nick Farrell joins Phunware as Senior Vice President of Sales, where he will lead the Company’s hospitality sales organization and commercial growth strategy. Prior to joining Phunware, he held sales and commercial leadership roles at IDeaS Revenue Solutions, partnering with many of the world’s leading hotel brands, management companies and ownership groups to drive revenue growth through technology, data and strategic transformation.

"Phunware sits at the center of two priorities every hotel operator shares today: delivering a more personalized guest experience and finding new sources of revenue," said Nick Farrell, Senior Vice President of Sales of Phunware. "The Guest Intelligence Platform, AI Concierge and Itinerary Builder give properties practical, proven tools to do both. I am excited to build on the momentum from HITEC and help our customers put this technology to work."

Aaron Holloway is a seasoned product leader and innovator known for his expertise in developing advanced technology solutions in the healthcare sector. He is the Founder and Head of Product of tallywell™, where he developed AI-powered predictive healthcare analytics using wearable device data. Previously, he led product development at Peach IntelliHealth, including its AI-driven Peach Acute Care platform, and held leadership roles at HealMyHeart. He brings deep expertise in AI, machine learning, predictive analytics and healthcare technology.

Michael Crooks brings nearly three decades of technology and business strategy experience, including more than 16 years focused on AI, advanced analytics and data management. He helped build AI and advanced analytics practices at PwC and HP and served as a cloud strategy managing director at Accenture. Throughout his career, he has led large-scale digital transformation initiatives for Fortune 500 companies, governments and emerging technology organizations. His work has included projects with Disney, Microsoft, CBRE, NASCAR, and NEOM.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expected contributions of new executives and advisors, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Company Addresses Goldenwise Statements Regarding Capital, Governance, Board Leadership, and Goldenwise’s Interests

AUSTIN, Texas, July 16, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. ("Phunware" or the "Company") (NASDAQ: PHUN), a mobile-first enterprise guest intelligence platform company delivering location-aware guest intelligence and AI-enabled guest engagement tools, today issued the following statement in response to the amended Schedule 13D and attached open letter recently filed by Goldenwise Capital Group and its principal, Huakun (Richard) Ding (the "Goldenwise Materials").

Phunware’s Board of Directors (the "Board") and management team value the perspectives of all shareholders and share the common objective of building long-term value. Unfortunately, the Goldenwise Materials do not provide a coherent or actionable long-term value creation plan and contain errors, misleading statements, and mischaracterizations. Goldenwise further demands that the Board act on impractically short and artificial deadlines while threatening litigation, adverse publicity, and proxy activity if Goldenwise’s demands are not accepted within these arbitrary time frames.

In sum, the Goldenwise Materials lack credibility, are disingenuous in their approach to understanding our strategy and governance, demand compromises to our fiduciary processes, contain a number of factual errors including omissions and unsupported assertions, and present a distraction from the Company’s execution of its 2.0 Strategy.

Phunware welcomes input from and constructive engagement with all of its shareholders, and we are united with every shareholder in the goal of creating and building long-term value. However, Goldenwise's communications have followed a revealing pattern: demand expansion of the Board and Board seats before presenting a credible rationale for those actions; refuse the customary protections required for a substantive private dialogue and then complain that the dialogue was limited; demand transparency from others while leaving its own economic exposure opaque; and claim to be constructive while imposing deadlines backed by threats of litigation and publicity. The Company believes that the Board should not place the demands of one shareholder above the interests of all Phunware shareholders.

Phunware’s Board and management team remain focused on executing the Company's 2.0 Strategy, advancing the AI-enabled Guest Intelligence Platform, and seeking to leverage the Company’s technology, customer base, and strong balance sheet into commercial momentum and long-term value for all shareholders. The Goldenwise Materials, however, contain numerous factual errors, material omissions, and unsupported assertions that lack credibility, and the Company does not believe that attempting to address each of them individually would be a productive use of its time and resources. The Company’s strategy is supported by a strong, debt-free balance sheet, an experienced leadership team, and growing product momentum, including inorganic growth. The Company is confident this strategy is the right path forward for Phunware and all of its shareholders.

Goldenwise Has Presented No Credible Value Creation Plan, Just Demands for Board Seats

The Company has engaged with Mr. Ding through multiple video calls and extensive written exchanges. The Company invited him several times to identify a credible and specific operating plan, product strategy, acquisition framework, capital-allocation proposal, or communications plan that differs meaningfully from the course Phunware is already pursuing. The Company also asked him to explain why each of his proposed Board nominees is necessary and what specific value each would add to the Board and the Company.

The Board believes Goldenwise has failed to meaningfully respond to these basic requests. Goldenwise has offered no specific operational plan and failed to support its demand for Board seats. Instead, its responses consisted of general references to "governance," "shareholder confidence," "capital allocation," and "transparency," followed by demands for Board seats. In other words, Goldenwise’s only specific proposal that differs from the Company's existing strategy is to install Mr. Ding and his handpicked nominees on the Board.

Goldenwise's Evolving Demands Cannot Be Taken Seriously

Goldenwise's demands regarding Board composition have also repeatedly changed. On June 4, Mr. Ding proposed expanding the then existing three-member Board to six members by adding three "shareholder representatives." He later demanded that the number of Board seats be doubled to eight by adding himself and three nominees, and he imposed a five-business-day deadline for the Board to accept or reject that demand. The Goldenwise July 10 amended Schedule 13D filing then sought "at least" three new directors and states that fewer might suffice if Mr. Han leaves the Board.

The implications are plain: a 6.9% shareholder is effectively asking the other 93.1% of shareholders to accept a Board structure that would place at least half of the Board decision making authority in the hands of its slate. Goldenwise reports acquiring its position for approximately $2.60 million, potentially using margin financing, while the Board oversees in excess of $90 million in Company cash. That mismatch does not disqualify Goldenwise from being heard, but it underscores why the Board could not responsibly confer such extraordinary influence without a compelling strategic rationale, complete new director nominee diligence, and determine that the arrangement is in the best interests of all shareholders. The Board believes Goldenwise has not provided a compelling strategic rationale for that level of representation, and the required nominee diligence remains incomplete. Instead, Mr. Ding has threatened numerous hostile public and private actions if the Board does not acquiesce to his preferred outcome, including pre-empting any future acquisitions without first establishing a strong command of our business. Instead of constructive engagement, Goldenwise offers an ultimatum accompanied by a media and litigation checklist.

Goldenwise Demands Transparency While Its Own Disclosures Raise Serious Questions

In a director questionnaire signed on June 24, 2026, Mr. Ding disclosed interests in Phunware labeled "short put option: 495" and "short call option (hedge): 10453," but did not provide sufficient information to determine the instruments’ terms, current status, or economic effect.

Goldenwise's July 10 Schedule 13D filing does not describe those put and call positions in Item 6. Instead, Item 6 refers only to relationships among Mr. Ding and the Goldenwise entities. Item 6 of Schedule 13D calls for disclosure of contracts, arrangements, understandings, or relationships involving issuer securities, expressly including puts, calls, and similar arrangements. This apparent discrepancy requires explanation. The Company is evaluating the matter with its advisers and reserves all of its rights and remedies; it is troubling that Goldenwise has not provided a complete and intelligible account of its own exposure to Phunware securities while apparently seeking substantial influence over the Company’s Board and business strategy.

Also, the Company understands that a public 2020 complaint named Mr. Ding and Goldenwise Capital Management, Inc. as defendants and alleged professional negligence and breach of fiduciary duty arising from approximately $1.3 million in alleged investment losses over several days. That notwithstanding, Mr. Ding's signed questionnaire answered "No" to a question asking whether, during the prior ten years, he had been the subject of a legal proceeding involving breach of fiduciary duty, gross negligence, or similar conduct.

These are not mere technicalities. These matters bear directly on the credibility, completeness and accuracy of statements and nominations made by Mr. Ding and Goldenwise.

Goldenwise even gets the minor details wrong. For example, its claim that the Company "hired two lawyers" to avoid shareholder engagement is incorrect: one individual is the Company's General Counsel and an executive officer of the Company and the other is outside counsel to the Company. A basic understanding of the Company’s management team would reveal this. Moreover, their dual participation is routine and prudent where communications involve potential proxy activity, threatened litigation, confidentiality, and securities law obligations.

Goldenwise Rewrites Board History

The Goldenwise Materials repeatedly measure events from January 2024 and portray them as part of Mr. Elliot Han's tenure as Chairperson or the "Elliot Han Governance Model." Goldenwise conflates two distinct periods: Mr. Han’s service as one of several independent directors began in January 2024 and his service as Board Chairperson began 20 months later in October 2025. Rahul Mewawalla served as Board Chairperson from October 2024 to October 2025, and Stephen Chen served as Board Chairperson during the remainder of 2024. The Goldenwise measurement and portrayal of Mr. Han are not minor chronological errors. Mr. Han, during his service as one of several independent directors, obviously did not control or lead the Board, management, corporate strategy, or capital allocation.

Goldenwise omits that Mr. Han was the key Board member voice who advocated for the Company’s 2024 At-the-Market (ATM) equity offering program that provided needed liquidity for and helped stabilize the balance sheet of the Company that Goldenwise now cites as evidence of undervaluation.

In the short period that Mr. Han has been Chairperson, the Board has sharpened the Company's strategic focus, appointed Dmitry Kroshka as Chief Executive Officer to lead the 2.0 Strategy, and engaged an experienced product team led by Michael Cerda.

Goldenwise Financial Assessments Lack Credibility

Goldenwise’s central financial narrative, by subtracting the Company’s current equity market capitalization from the historical amount of capital raised, is that $80 million of corporate assets was spent, lost, or destroyed. That analysis itself suggests a fundamental lack of financial understanding and credibility. Market capitalization is the market’s valuation of outstanding equity at a point in time; capital raised is a financing inflow. Subtracting one from the other is not a measure of cash usage, investment loss, operating loss, or capital preserved.

As of March 31, 2026, Phunware held approximately $97.9 million in cash and cash equivalents and had no debt. The capital that the Goldenwise Materials references as having been raised in 2024, prior to Mr. Han’s appointment as Board Chairperson, substantially remains on the Company’s balance sheet today and provides meaningful flexibility to invest in research and development, intellectual property, and organic and inorganic growth.

Additionally, Goldenwise also omits recent financial operating improvements. The Company’s net loss narrowed to $3.2 million in the first quarter of 2026 from $3.7 million in the prior-year period, net cash used in operations declined to $2.7 million from $3.3 million, and gross margin improved to 70.8% from 52.2%.

Phunware is Executing a Strategy, Not a Slogan

The Company’s 2.0 Strategy is a deliberate plan to unify Phunware’s mobile, location-aware, and customer-engagement capabilities into an AI-enabled Guest Intelligence Platform for hospitality, healthcare, and other complex physical environments. It is led by Chief Executive Officer Dmitry Kroshka, who has advised the Company on this strategy beginning in October 2025, and is supported by a seasoned product team led by Michael Cerda, who joined Phunware in May 2026 to help accelerate and scale product development. The Company has deliberately prioritized strengthening its product foundation, building out its senior leadership team to execute 2.0, and prudently deploying capital befitting each stage of this transition. That work is already producing results in such a short period of time, including the following:

• AI Concierge, Phunware’s generative AI module integrated with its proprietary wayfinding, has been commercially released, with customer engagement approximately 40% above internal forecasts.
• Customer retention remained above 95% across the Company’s core verticals.
• The Company introduced two purpose-built hospitality product tiers and launched a refined product portfolio and redesigned its corporate website.
  

New Investor Relations Initiatives to Support the 2.0 Strategy

Phunware intends to pursue initiatives lead by its Chief Executive Officer to provide shareholders with a regular cadence of communication and greater Company visibility into its 2.0 Strategy, which are expected to include some or all of the following:

• Investor webinars on the 2.0 Strategy. Hosted by management in the coming weeks alongside upcoming platform and product announcements, with details to be announced separately.
• Regular press release communications. Increased communications providing updates on ongoing events, initiatives, and thought leadership.
• Comprehensive investor presentation. Posted to the Company’s investor relations portal and updated as needed.
• Presence at key investor and industry conferences. Including showcasing the Company’s productized hospitality offering and AI Concierge module and Itinerary Planner.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

The grant of the Awards was approved by Phunware’s Compensation Committee on June 25, 2026 pursuant to a delegation by the Board and was issued as an equity grant pursuant to Nasdaq Listing Rule 5635(c)(4), as an inducement material to Mr. Kroshka entering into employment with Phunware. The Time Vested RSUs are subject to a three-year vesting schedule commencing on May 13, 2026, with one-third of the restricted stock units vesting on the first anniversary of the commencement date, and the remaining amount vesting in equal quarterly installments thereafter, subject to Mr. Kroshka’s continued employment. The Performance Vested RSUs are subject to vesting upon the Company’s achievement of a volume weighted average price at or above $5.00 per share for 20 days and revenue of at least $4.5 million for a trailing 12 month period (excluding professional services revenue), which may be pro-rated in the event that the Company terminates Mr. Kroshka without cause within a year. The Stock Option shall be exercisable at a price of $5.00, subject to a four-year vesting schedule commencing on May 13, 2026, with one-quarter of the shares vesting on the first anniversary of the commencement date, and the remaining amount vesting in equal quarterly installments thereafter, subject to Mr. Kroshka’s continued employment.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit https://www.phunware.com/.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the timing and impact of leadership transitions, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements. For example, Phunware uses forward-looking statements when it discusses the adoption and impact of emerging technologies and their use across mobile engagement platforms.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:

Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Management and New Senior Director of Sales to Preview Innovative Location-Aware Intelligence Capabilities Designed to Increase Guest Engagement and Ancillary Revenue

AUSTIN, Texas, June 11, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. ("Phunware" or the "Company") (NASDAQ: PHUN), a mobile-first enterprise guest intelligence platform company delivering location-aware guest intelligence and AI-enabled guest engagement tools, today announced it will exhibit at The Hospitality Industry Technology Exposition and Conference (“HITEC”) North America 2026 in San Antonio, Texas on June 15 – 18, 2026. HITEC is the world's largest, longest-running hospitality technology conference.

In conjunction with the conference, the Company announced the appointment of Brent McMahan, a hospitality technology veteran formerly with FLYR Hospitality, as Senior Director of Sales and provided a preview of upcoming enhancements to its Guest Intelligence Platform designed to grow ancillary revenue for hospitality customers.

About Brent

Brent McMahan brings more than a decade of experience in hospitality technology, most recently serving at FLYR Hospitality, where he led enterprise sales efforts focused on helping hotels and hospitality groups optimize commercial strategy through AI-driven commercial solutions. His background in hospitality operations, revenue strategy, and enterprise software aligns closely with Phunware’s focus on expanding its Guest Intelligence Platform across independent luxury resorts, full-service hotels, and hotel management groups.

“Brent joins Phunware at an important time as we expand our hospitality sales efforts and continue to bring more AI-enabled, location-aware capabilities to market,” said Dmitry Kroshka, Chief Executive Officer of Phunware. “His experience at the intersection of hospitality operations, revenue strategy, and technology gives him a clear understanding of the challenges our customers face and the outcomes they are trying to achieve. We are excited to welcome Brent to the team and we look forward to his contributions as we deepen our relationships across the hospitality industry.”

“What drew me to Phunware is the quality of the platform and the clarity of the vision,” said Brent McMahan, Senior Director of Sales of Phunware. "Hospitality operators are under real pressure to deliver more personalized, seamless guest experiences while identifying new ways to grow revenue. Phunware's mobile-first approach is built to address both priorities by helping properties better understand and serve their guests throughout their stay. I am excited to work with properties that are ready to use technology to better serve their guests and improve their bottom line."

HITEC North America 2026
Date: June 15 – 18, 2026
Location: Henry B. González Convention Center in San Antonio, Texas
Attendees: CEO Dmitry Kroshka and Senior Director of Sales Brent McMahan
Format: The Company will offer live demonstrations of its Guest Intelligence Platform, including three key capabilities:

AI Concierge — Deployed and Driving Measurable Guest Engagement

• Phunware’s AI Concierge module, commercially released in January 2026, is generating strong engagement results across deployed properties. App engagement with the AI Concierge feature is running approximately 40% above internal forecasts, demonstrating guest adoption of the conversational, location-aware experience. Integrated with Phunware’s proprietary blue-dot wayfinding, on-property mapping, and points of interest, AI Concierge gives guests a natural-language interface for navigating the property and discovering amenities, helping reduce front desk inquiries while increasing guest engagement throughout the stay.
  
  

AI Itinerary Builder — In-Booth Demonstration

• Phunware’s AI Itinerary Builder, an agentic planning capability designed to help guests organize their on-property activities and experiences. The Itinerary Builder surfaces personalized recommendations across dining, spa, recreation, and resort experiences, creating new opportunities for ancillary revenue generation. The feature is designed to increase on-property spending for resort operators while also meaningfully improving the guest planning experience.
  
  

Location-Aware Data Layer — Coming Soon

• Phunware’s forthcoming Location-Aware Data Layer, which integrates both AI Concierge and the AI Itinerary Builder to provide real-time behavioral intelligence across the guest journey. By understanding where guests travel on property and where they ultimately book amenities and activities, operators gain insight into which amenities, venues, and experiences drive guest engagement and revenue generation. This capability creates a new class of operational intelligence for resort and hotel operators: the ability to connect digital guest interactions to on-property revenue outcomes in real time.
  
  

“HITEC is the premier event for hospitality technology, and we are arriving with significant momentum,” said Dmitry Kroshka, Chief Executive Officer of Phunware. “AI Concierge is live, performing well above expectations, and demonstrating that guests want an intelligent, location-aware companion during their stay. The Itinerary Builder and our forthcoming Location-Aware Data Layer extend that foundation by helping operators better understand guest behavior, personalize experiences, and unlock additional revenue. We look forward to showing the industry what that looks like.”

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the performance and adoption of our AI Concierge, AI Itinerary Builder, and Location-Aware Data Layer capabilities, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us

Company to Accelerate Product 2.0 Strategy Across Hospitality, Healthcare, and Large-Property Environments

AI Concierge Momentum, 95%+ Customer Retention, and Strong Cash Position Provide Foundation for Next Phase of Growth

AUSTIN, Texas, May 14, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a mobile-first enterprise cloud platform delivering location-aware customer intelligence and AI-enabled audience engagement tools, today announced a leadership transition and product strategy update designed to accelerate the Company’s 2.0 Strategy and expand its footprint across hospitality, healthcare, and other large-property verticals.

Effective immediately, Dmitry Kroshka has been appointed Chief Executive Officer. Mr. Kroshka has served as a senior advisor to Phunware since October 2025, working with the Company on growth strategy, product direction, and the development of its next-generation Guest Intelligence Platform. He will now lead the Company’s 2.0 Strategy, with a focus on converting Phunware’s mobile, location-aware, and customer engagement capabilities into a unified, AI-enabled platform for complex physical environments. Jeremy Krol, who has served as interim CEO, will return to his Chief Operating Officer role.

Mr. Kroshka brings more than two decades of experience across AI, hospitality technology, marketing technology, SaaS, digital media, and consumer platforms, including leadership and advisory roles with Oracle, FCB Global, FOX Digital Entertainment, Spark Brands, and multiple venture-backed technology companies. His background in product strategy, revenue growth, customer engagement, and data-driven marketing aligns with Phunware’s focus on scaling its next-generation Guest Intelligence Platform.

In addition, Phunware has engaged Build Something Product Group (“BSPG”), the AI-first product and transformation practice founded by Michael Cerdá, to help lead the Company’s product strategy and Product 2.0 rollout. Cerdá, whose prior product leadership includes Disney+, Marcus by Goldman Sachs (Apple Card), and Facebook Newsfeed, will serve as Phunware’s senior product leader through the BSPG engagement. BSPG will also embed additional proven AI product and engineering leadership alongside the Phunware team to accelerate product development and commercial rollout.

The leadership changes come as hospitality, healthcare, and large-property operators increasingly seek platforms that can connect mobile engagement, indoor location, behavioral data, and AI-driven personalization in real time. While traditional hospitality, CRM, and Martech systems generally help operators understand who the customer is and what the customer has done, Phunware’s 2.0 Strategy is focused on helping operators better understand what guests are doing on-property and how to respond while those interactions are still happening.

“Phunware is entering a defining chapter,” said Dmitry Kroshka, Chief Executive Officer of Phunware. “The Company has a strong installed base across marquee hospitality and healthcare properties, a more disciplined product portfolio, emerging AI Concierge momentum, and a strong cash position with no debt. Our objective now is to turn that foundation into focused execution.”

“Product 2.0 is about making Phunware’s capabilities more unified, more intelligent, and easier for customers to deploy. We believe our location-aware deployments, mobile engagement tools, and real-world behavioral data create a strong foundation for AI-enabled guest intelligence across hospitality, healthcare, and adjacent large-property environments,” concluded Mr. Kroshka.

Following Phunware’s first quarter 2026 results, reported on May 7, 2026, the Company enters this next phase with a stronger operating foundation and meaningful product momentum. Recent strategic, commercial, and financial milestones include:

• Commercial release of AI Concierge, Phunware’s generative AI module integrated with proprietary blue-dot wayfinding, on-property mapping, and points of interest. AI Concierge engagement is running approximately 40% above internal forecasts following its official release in January.
• Development of agentic AI-driven itinerary planning and booking, designed to grow ancillary on-property revenue and drive guest satisfaction across complex hotels and resorts.
• Sustained customer retention rates above 95% across the Company’s core verticals.
• Capital flexibility to invest in R&D, intellectual property, and organic and inorganic growth opportunities.

“Phunware has a meaningful opportunity to modernize how large properties understand, engage, and serve their guests in real time,” said Michael Cerdá, Founder and CEO of BSPG. “Our work with the team is focused on sharpening the product architecture, accelerating AI-native development practices, and helping turn Phunware’s capabilities into a more unified platform that customers can deploy quickly and extend over time.”

While Phunware’s near-term commercial focus remains hospitality, the Company believes many of the same operational intelligence, indoor location, and AI orchestration capabilities applicable to hotels and resorts are directly relevant to complex healthcare campuses and other large-scale enterprise property environments. The Company intends to extend its productized portfolio into adjacent verticals as the Guest Intelligence Platform matures.

“Today’s announcement reflects a deliberate step forward in Phunware’s strategy and leadership,” said Elliot Han, Chairman of the Board. “Dmitry has been deeply involved in shaping the Company’s 2.0 Strategy, and the Board believes he is the right leader to bring the required focus, urgency, and product discipline to this next phase. With Dmitry leading the Company, Michael and BSPG strengthening product execution, and Jeremy returning his full attention to operations, we believe Phunware is better positioned to translate its technology, customer base, and balance sheet into commercial momentum. On behalf of the Board, I also want to thank Jeremy for his leadership as interim CEO and for helping guide the Company through an important transition period. His continued focus on operations and customer delivery will remain important as the Company advances its 2.0 Strategy.”

Upcoming Investor Webinar and HITEC North America 2026

Management expects to host an investor webinar in the coming weeks in conjunction with upcoming product announcements. Phunware will also be displaying its productized hospitality offering and AI Concierge module at HITEC North America 2026, the world’s largest hospitality technology conference. Additional details, including the investor webinar date and registration information, will be announced separately.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions for hospitality, healthcare and other large property related customers, with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through new generative AI products and product enhancements which are in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.

For more information on Phunware, please visit www.phunware.com.

Safe Harbor / Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, our objectives for future operations, the timing and impact of leadership transitions, the development and commercial rollout of our Product 2.0 strategy and Guest Intelligence Platform, the expansion of our product offering into adjacent end markets, and the timing of upcoming investor and industry events, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements. For example, Phunware uses forward-looking statements when it discusses the adoption and impact of emerging technologies and their use across mobile engagement platforms.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

Investor Relations Contact:

Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
PHUN@mzgroup.us
www.mzgroup.us