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

AUSTIN, Texas, May 07, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile-first software products, solutions, data, and services to enable customers to engage, manage, and monetize their global audiences, today reported financial results for the first quarter ended March 31, 2026.

Financial Highlights

• Net revenue decreased 21% to $0.5 million in Q1 2026, as compared to $0.7 million in Q1 2025.
• Gross margin improved to 70.8% in Q1 2026, as compared to 52.2% in Q1 2025.
• Net loss improved to $3.2 million in Q1 2026, as compared to a net loss of $3.7 million in the previous year period.
• Net loss per basic and diluted share was ($0.16) in Q1 2026, as compared to ($0.18) per basic and diluted share in Q1 2025.
• Net cash used in operations decreased to $2.7 million for the three months ended March 31, 2026, as compared to $3.3 million for the previous year period.
• Cash and cash equivalents totaled $97.9 million as of March 31, 2026.

Recent Business Highlights

• Introduced two hospitality specific products, one for luxury brands and the other for full-service independent property owners, which provide solutions for developing modular, native mobile apps, with cloud-driven updates and a range of solutions for enhancing on-property guest experiences and engagements and ancillary revenue growth.
• Launched a redesigned corporate website and a refined portfolio of products for enhancing hospitality guest-related experiences, engagements and revenues.
• Continued investment in artificial intelligence (“AI”) to employ and integrate within our internal systems and product and services offerings.
• Continued development and release of our AI Concierge product, which is designed to personalize customer guest journeys through real-time wayfinding, Q&A and on-property recommendations.
• Final settlement and dismissal of legacy legal proceedings in early 2026.
  

Management Commentary

"The first quarter reflects a Company executing with focus and discipline," said Jeremy Krol, Interim CEO of Phunware. "During the quarter, we concentrated on tightening the product foundation that our commercial growth depends on. This included productizing our hospitality offering into two purpose-built tiers, advancing AI Concierge from pilot to commercial release, refining our portfolio to better address the needs of large-scale hospitality and healthcare property customers and ramping up AI-related research and development to evolve our platform and products for the next iteration. We focused on optimizing our product offering in lieu of near-term bookings velocity, and we believe this will position Phunware for higher-quality commercial momentum and ultimately achieving our strategic vision.

"We productized our hospitality product offering into two distinct tiers that address what we believe are the most acute economic challenges facing large-scale hotels and resorts: capturing ancillary guest revenue and operating coherently across complex on-property environments. Research published by our team found that approximately 35% of guest spending at these properties occurs after check-in, representing a meaningful ancillary guest revenue opportunity that we believe goes largely uncaptured today. By anticipating guest needs and reducing friction at every guest touchpoint, mobile engagements shift the guest experience from reactive to proactive, while growing revenue per guest.

"Our Luxury Engagement tier delivers fully personalized digital guest experiences anchored by Phunware's deep wayfinding capabilities. It is designed to anticipate guest needs and reinforce premium brand identity at every touchpoint. Our Enriched Experience tier delivers guest engagements through curated digital touchpoints that surface guest services, amenities, events and other on-property discovery. It is designed to extend core services into more dynamic interactions and create new guest revenue opportunities for property operators. Both tiers are designed to deepen guest relationships while expanding monetization for our customers.

"AI Concierge, our generative AI module embedded within Phunware mobile applications, is now commercially available following a successful pilot. Unlike conventional chatbots, AI Concierge is integrated with our proprietary mapping technology, providing context-aware responses and live blue-dot wayfinding directly to rooms or on-property amenities and events. This fusion of conversational AI and spatial intelligence is a meaningful differentiator for Phunware, and we are actively selling this module to new and existing customers. We are taking a measured, customer-collaborative approach to AI platform and product development, focusing on agentic and predictive solutions trained on guest behavior and property data, rather than deploying generic generative features at scale.

"Looking ahead, we are rebuilding our commercial engine around the productized portfolio, with new investment in sales leadership, modernized demand generation, and a tighter focus on the customer profiles where our offering delivers the most measurable value. While our current commercial focus is hospitality, we continue to serve our healthcare customers and view their needs as informing our broader product roadmap and look to expand into other large property-related verticals. We are positioning the Company for renewed bookings momentum as the rebuilt commercial function and productized portfolio come together throughout 2026, and as we advance toward a broader vision for property intelligence that will define our next chapter. With approximately $98 million in cash and cash equivalents and no debt, we have the financial capacity to invest in R&D, intellectual property, and both organic and inorganic growth opportunities to support this transition," concluded Krol.

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, and our objectives for future operations, 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

Exits FY25 with Strong Cash Position to Accelerate AI Platform and Products and New Corporate Initiatives

AUSTIN, Texas, March 20, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile-first software products, solutions, data, and services to enable customers to engage, manage, and monetize their global audiences, today reported financial results for the fourth quarter and year ended December 31, 2025.

Financial Highlights

• Net revenue increased 33% to $0.8 million in Q4 2025, as compared to $0.6 million in Q4 2024.
• Gross margin improved to 57.7% in Q4 2025, as compared to 23.3% in Q4 2024, a 3,443 basis point improvement.
• Net loss improved to $2.1 million in Q4 2025, as compared to a net loss of $2.6 million in the previous year period.
• Net loss per basic and diluted share was ($0.11) in Q4 2025, as compared to ($0.15) per basic and diluted share in Q4 2024.
• FY 2025 net revenue decreased to $2.6 million from $3.2 million in FY 2024.
• FY 2025 gross margin increased 500 basis points to 50.6%, as compared to 45.6% in the prior year period.
• FY 2025 net loss was $11.4 million, or ($0.57) per basic and diluted share, compared to a net loss of $10.3 million, or ($0.94) per basic and diluted share in FY 2024.
• Net cash used in operations decreased to $12.5 million for the year ended December 31, 2025, as compared to $13.3 million for the previous year period.
• Cash and cash equivalents totaled $100.6 million as of December 31, 2025.
  
  

Recent Business Highlights

• Introduced two hospitality specific products, one for luxury brands and the other for full-service independent property owners, which provide solutions for developing modular, native mobile apps, with cloud-driven updates and a range of solutions for enhancing on-property guest experiences and engagements and ancillary revenue growth.
• Launched a redesigned corporate website and a refined portfolio of products for enhancing hospitality guest-related experiences, engagements and revenues.
• Continued investment in artificial intelligence (“AI”) to employ and integrate within our internal systems and product and services offerings.
• Continued development and release of our AI Concierge product, which is designed to personalize customer guest journeys through real-time wayfinding, Q&A and on-property recommendations.
• Announced election of Ed Lu to the Board of Directors, bringing financial, strategic and operational leadership experience to guide the Company's finance and technology strategy and customer initiatives.
• Appointed Elliot Han, a director of the Company since 2024 with experience in corporate finance and investments in digital asset companies, as Chairperson of the Board of Directors.
• Appointed Jeremy Krol, our Interim CEO, to the Board of Directors.
  
  

Management Commentary

“The decrease of approximately $0.6 million in revenue from fiscal year 2024 to fiscal year 2025 was the result of a softening advertising market, but this was positively offset by growth in our software business. Moreover, net revenue increased 33% to $0.8 million in Q4 2025, as compared to $0.6 million in Q4 2024. The fourth quarter of 2025 and early 2026 reflects the ongoing evolution of our pioneering capabilities and forward-thinking approach to mobile software products and solutions that focus on the multi-billion-dollar hospitality market,” said Jeremy Krol, Interim CEO of Phunware. “We believe our platform and products can fundamentally change the economics of large hotels and resorts and deliver the most value to customers and shareholders.

"We recently introduced two hospitality-specific product tiers designed to align our platform with the distinct needs of different property segments. Our Luxury Engagement tier is built for premium hospitality brands. It delivers fully personalized digital guest experiences anchored by Phunware's deep wayfinding capabilities, serving as a branded, immersive companion for guests throughout the on-property journey. It is designed to anticipate guest needs, enhance discovery, and reinforce the brand's premium identity at every touchpoint. Our Enriched Experience tier is built for full-service independent properties. It delivers guest engagement through curated digital touchpoints that drive on-property discovery and surface amenities and events, extending core services into more intelligent, dynamic guest interactions to create new revenue opportunities for property operators. Both tiers are designed to deepen guest relationships while expanding monetization opportunities for property operators.

"We continue to invest in artificial intelligence across our internal operations and products. We note that IDC, a leading market intelligence provider, estimates that 50% of AI budgets in hospitality and travel will be allocated to guest personalization efforts by 2030, powering ambient intelligence and preference anticipation to increase guest satisfaction, and we intend to capitalize on that trend. Our AI Concierge, a generative AI module embedded within our mobile applications, serves as a conversational, human-like interface that enhances guest engagement and creates new monetization opportunities for our hospitality customers. Unlike conventional chatbot solutions, the AI Concierge is deeply integrated with Phunware's proprietary navigation and mapping technology, enabling guests to receive intelligent, context-aware responses and to be routed directly to their rooms, points of interest, restaurants, the spa and other on-property destinations with turn-by-turn directions and live blue-dot wayfinding. This integration of real-time conversational AI and on-property spatial intelligence represents what we believe is a significant differentiator for Phunware in the hospitality technology market. Following a successful pilot program with one of our large resort customers, AI Concierge is now commercially available, and Phunware is actively selling this module to new and existing customers.

"We recognize that hospitality brands are built on trust and we are taking a deliberate, collaborative approach on AI development for our products. Rather than deploying simple generative AI features at scale, we are working closely with our customers to develop agentic and predictive guest-focused AI solutions tailored to their immediate operational needs while progressively building more robust language models trained on increasingly complete guest behavior, location intelligence and property data. We believe this measured approach of combining near-term commercial value with longer-term data and model enterprise value and maturity positions us to deliver AI guest experience capabilities that luxury brands and independent property operators can deploy with confidence and their guests will actually use, which in our view is ultimately the threshold that separates AI as a strategic asset from AI as a marketing line item in this vertical. Beyond hospitality, we continue to serve healthcare customers where our wayfinding and mobile engagement capabilities address similar on-property navigation and patient experience challenges, and we see meaningful opportunity to extend our AI-enabled products into that vertical as it matures.

"Looking ahead, we remain deeply committed to executing our transformative approach within the hospitality industry, driving ancillary revenue growth while enhancing guest experiences through smart digital engagement. The hospitality industry is entering a new phase where technology, and AI in particular, is no longer simply an add-on feature, but is evolving to become the core infrastructure for maximizing guest experience and property value, unlocking customer operational efficiencies and revenues and delivering personalized guest experiences at scale. Our continued investment in AI, grounded in real product integration and close customer collaboration, is central to that vision.

"Operationally, we are expanding business and sales initiatives, including new sales and marketing personnel to accelerate momentum for our existing products and drive adoption of our AI Concierge and future AI-enabled capabilities. With approximately $100 million in cash and cash equivalents at year-end, we have meaningful capacity to invest in our product research and development, sales, other intellectual property and organic and inorganic growth, including potential acquisitions and partnerships, to deepen our data assets and infrastructure, extend our development platform, and accelerate our AI roadmap." concluded Krol.

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, and our objectives for future operations, 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

AUSTIN, Texas, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile-first software products, solutions, data, and services to enable customers to engage, manage, and monetize their global audiences, today introduced a redesigned corporate website and a refined portfolio of products for enhancing hospitality guest-related experiences, engagements and revenues.

Phunware’s redesigned corporate website reflects the evolution of its pioneering capabilities and forward-thinking approach to mobile software products and solutions with a focus on the large and growing hospitality market. The dynamic, user-friendly, and content-rich website showcases a refined product portfolio and highlights how Phunware's advanced location and wayfinding capabilities continue to remove friction, enhance guest experiences and interactions across hospitality touchpoints to build relationships and loyalty, and free up hospitality staff to deliver other higher-touch guest services.

The website notably showcases Phunware’s introduction of two hospitality specific products, one for luxury brands and the other for full-service property owners, which provide solutions for developing modular, native mobile apps, with cloud-driven updates, and range of solutions for enhancing on-property guest experiences and engagements, and ancillary guest revenue growth. These solutions address critical needs for large spatially complex hotels and resorts that offer a variety of on-site amenities and events.

“When I stepped in as CEO, my mandate was simple: focus and double down on where we deliver the most value. We looked at the data, and it was clear that our platform can and should be used to fundamentally change the economics of large hotels and resorts,” said Jeremy Krol, Interim CEO of Phunware.

The Luxury Engagement product tier, developed for premium luxury hospitality brands, delivers fully-personalized digital guest experiences and engagements and takes advantage of Phunware’s deep wayfinding capabilities to provide guests with a branded, immersive companion throughout each guest’s on-property journey. It was developed to anticipate needs, enhance discovery, reinforce a brand’s premium identity at every touchpoint, and increase guest relationships and revenues. The Enriched Experience product tier, developed for full service hospitality properties, delivers options to elevate guest engagement across meaningful touchpoints, drive discovery, and expand and reinforce guest revenue opportunities, all of which builds on core services for deeper interactivity, more curated ways to explore the property, and more intelligent and dynamic guest engagement with services, amenities and events.

“We’re building software solutions designed to eliminate friction.” Krol added. “When a guest doesn't have to wander through a maze with a paper map to find his or her room or come back tomorrow to book a spa appointment because the spa just closed, the guest’s vacation starts instantly. At properties running Phunware hospitality software, we are seeing guest app adoption rates exceed 70%. That level of guest engagement is, in our view, unprecedented in hospitality. It can turn a static hotel or resort stay into a high-margin digital marketplace. For our customers, we believe this means massive jumps in ancillary revenue. For our investors, we believe it demonstrates the unlocking of a repeatable, highly scalable customer playbook in a multi-billion-dollar market. We have the ability to deploy this standard to customers across the hospitality industry, and our new website reflects an absolute commitment to addressing the biggest problem in hospitality: unnecessary friction between guests and their vacations.”

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, and our objectives for future operations, 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us

AUSTIN, Texas, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile that provides products, solutions, data, and services for brands to engage, manage and monetize global audiences, today announced the election of Ed Lu to the Company’s Board of Directors at the Company’s Annual Meeting of Stockholders held on December 17, 2025. Phunware also today announced the re-election of Interim Chief Executive Officer Jeremy Krol to the Company’s Board of Directors, after having joined the Board in October 2025.

Ed Lu brings financial, strategic and operational leadership experience to Phunware, including over 14 years of service as Chief Financial Officer and similar roles in companies backed by venture capital and private equity. Mr. Lu’s expertise includes finance, accounting, risk management, corporate development and capital markets. Mr. Lu currently serves as the Chief Financial Officer and Chief Operating Officer of Fandom, Inc., with oversight over all financial, planning, accounting and corporate development functions since joining Fandom in October 2018. Mr. Lu has also served as a director of Outpost Games and as a board advisor and strategic advisor across several early to mid-stage companies.

Mr. Lu holds a B.A. in Economics from the University of California, Berkeley and an M.S. in Management Science & Engineering with a concentration in Entrepreneurial Finance and Strategy from Stanford University.

“Ed brings a strong background in finance and operations, and expertise in guiding technology companies through periods of strategic and financial transformation, to our board of directors,” said Elliot Han, Phunware Board Chairperson. “Ed is known for his ability to drive hypergrowth and build scalable organizations, and has extensive experience with M&A and capital markets transactions. He is also a thought leader within the finance community. We welcome him to the Board and look forward to his insights and contributions to help create sustainable, long-term value for Phunware and its shareholders.”

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions 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, and our objectives for future operations, 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us

AUSTIN, Texas, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile that provides products, solutions, data, and services for brands to engage, manage and monetize global audiences, today announced that Elliot Han was appointed Chairperson of the Company’s Board of Directors and Chairperson of the Board’s Audit Committee, each effective October 2025.

Mr. Han has served as a Class II non-employee Director on the Company's Board since January 2024 and will continue to chair the Board’s Compensation Committee.

Since February 2025, Mr. Han has served as Chief Investment Officer of C1 Fund Inc., a NYSE-listed closed-end investment company primarily focused on investments in private digital asset services and technology companies. Since September 2023, he has also served as a Partner at PGP Capital Advisors, a boutique investment and merchant banking firm, focused on the technology and digital asset sectors.

Mr. Han is an accomplished investment executive with global experience and deep expertise across technology, finance, digital assets, and the full spectrum of corporate finance, strategy, legal, and operational disciplines. He has held senior leadership roles at several global financial institutions, including Cantor Fitzgerald, the New York Stock Exchange, and Goldman Sachs. He also served on the management team of the Argon Group, a pioneering blockchain technology and advisory company. Earlier in his career, he practiced corporate law at Freshfields Bruckhaus Deringer and began his finance career at Credit Suisse/CSFB.

Mr. Han holds a B.A. from Columbia University, a Master's degree from Oxford University, and law and M.A. degrees from Cambridge University.

“We are thrilled to have Elliot lead as Chairperson of our Board and Chair of the Audit Committee,” said Jeremy Krol, Interim CEO of Phunware. “Elliot has a wealth of experience in corporate finance, strategy, capital markets, technology and digital assets, and his leadership will continue to be instrumental as we execute on our software business growth strategy, explore and develop opportunities in digital assets, and deliver value to our shareholders.”

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions 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, and our objectives for future operations, 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us

AUSTIN, Texas, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware”, or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile that provides products, solutions, data, and services for brands to engage, manage and monetize global audiences, today reported financial results for the third quarter ended September 30, 2025.

Financial Highlights

• Net revenue decreased 6.5% to $0.6 million in Q3 2025, as compared to $0.7 million in Q3 2024.
• Gross margin was 46.1% in Q3 2025, as compared to 48.4% in Q3 2024.
• Net loss improved to $2.4 million for the three months ended September 30, 2025, as compared to $2.8 million in the previous year period.
• Net loss per share improved to ($0.12) in Q3 2025, as compared to ($0.25) per share in Q3 2024.
• Net cash used in operations decreased to $9.3 million for the nine months ended September 30, 2025, as compared to $10.6 million for the previous year period.
• Cash and cash equivalents of $103.8 million at September 30, 2025.

Recent Business Highlights

• Appointed Mr. Jeremy Krol as Interim CEO and to the Board of Directors.
• Announced December 17, 2025, as the date for its 2025 Annual Meeting of Stockholders, with October 23, 2025, set as the record date for stockholders entitled to vote.
• Forward momentum continues as sales pipeline opportunities created increased quarter over quarter.
• Continued advancement of AI Concierge, a context-aware agent that personalizes the guest journey through real-time wayfinding, Q&A, and on-property recommendations - currently in pilot testing with a trusted hospitality partner.
• Investments in sales and marketing increased from our pullback in 2024, including investing in brand & performance marketing spending, a new website expected to launch in Q4 2025 and the addition of senior marketing and product leadership as we continue to focus on the hospitality and healthcare sectors.
  

Management Commentary

“The third quarter of 2025 was underscored by progress toward the launch of our new AI Concierge product and steady revenue as we continue to advance our investment in AI,” said Jeremy Krol, Interim CEO of Phunware. “Earlier this year we announced our new AI Concierge product feature and Guest Services Agent product with features to help hoteliers unlock additional revenue by utilizing AI in their hospitality applications. AI Concierge functionalities will serve as a human-like interface in our mobile apps for customers to enhance customer engagement with users, providing customers with innovative opportunities to further monetize their products and services with users. We are running an AI Concierge pilot testing program with an existing customer in their mobile application and are delighted by the initial positive response. We look forward to measuring its impact on user engagement and customer insights.”

“Looking ahead, we are highly focused on adding more AI-related features and functionalities within our current product offerings and are working with other customers to launch pilot testing programs for our AI Concierge. Our team is continuing internal development and testing of our Guest Services Agent to provide information and book reservations at restaurants located on customer properties. Expanding business and sales initiatives, including new sales consultants, are ramping momentum in our existing products and building interest in our upcoming AI features and functionalities. To support our strategy, we continue to have ample liquidity to invest in our product development and sales initiatives, as well as the deployment of capital for organic and inorganic growth," concluded Krol.

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 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, and our objectives for future operations, 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us

AUSTIN, Texas, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), today announced the release of its latest white paper, "From Browsing to Booking and Back Again”, outlining a transformative strategy for the hospitality industry to increase ancillary revenue and elevate guest experiences through intelligent digital engagement.

The white paper highlights that 35% of guest spending takes place after check-in, representing an untapped $2+ million annual revenue opportunity for a 200-room property at 60% occupancy.

By transforming a property's static printed or electronic brochure into an interactive digital map with a real-time, always available concierge, resorts can capture attention at the moments that build loyalty and drive spending behavior. Properties now have the ability to unlock new revenue streams, optimize operations, and deliver frictionless experiences that build long-term loyalty.

"Hospitality has entered a new era where technology isn’t just an enhancement - it’s the foundation for unlocking the full value of a property while creating extraordinary guest experiences," said Jeremy Krol, Interim CEO of Phunware. "Our research shows that by meeting guests in the moments that matter, properties can dramatically increase engagement, satisfaction, and revenue - while gaining a sustainable competitive edge."

The white paper details five key levers driving this transformation: capturing guest attention on-site, unlocking post-check-in revenue, deploying precision engagement, increasing operational efficiency, and positioning properties for market leadership.

Download the full white paper here.

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions 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, and our objectives for future operations, 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us

AUSTIN, Texas, Oct. 22, 2025 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), the enterprise cloud platform for mobile that provides products, solutions, data, and services for brands to engage, manage and monetize global audiences, today announced the appointment of Jeremy Krol to its Board of Directors, effective immediately.

Mr. Krol, who served as Phunware’s COO before accepting a position as Interim Chief Executive Officer in July 2025, will continue in that leadership position in addition to joining the Board. Krol began his tenure at Phunware in June 2024 and brings more than 20 years of experience in engineering, finance, and technology startups. Prior to Phunware he served as a startup advisor for Platform Calgary, a technology accelerator hub. He will continue to oversee Phunware’s daily operations, strengthening business and sales initiatives around the existing products and advancing integrations of new technologies.

“We are pleased to welcome Jeremy to Phunware’s Board of Directors,” said Quyen Du, Board Director and Chair of the Company’s Nominating and Corporate Governance Committee. “Jeremy’s strategic insight and deep familiarity with our business and operations remains invaluable in the steer of Phunware, especially as we continue to finesse and execute on our growth plans.”

About Phunware

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions 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, and our objectives for future operations, 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us

Strong Liquidity Powering New Technology Improvements, AI Integration and Corporate Initiatives

AUSTIN, Texas, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, today reported financial results for the second quarter ended June 30, 2025.

Financial Highlights

• Software subscriptions and services revenue decreased 16% to $0.4 million in Q2 2025, as compared to Q2 2024.
• Q2 2025 software and subscription bookings totaled $0.6 million.
• Software subscriptions and services gross margin improved 1,694 basis points to 43.9% in Q2 2025 from 26.9% in Q2 2024.
• Net loss was $3.1 million for the three months ended June 30, 2025, compared to $2.6 million in the previous year period.
• Net loss per share improved to ($0.16) per share in Q2 2025, as compared to ($0.32) per share in Q2 2024.
• Net cash used in operations decreased to $6.8 million for the six months ended June 30, 2025, compared to $8.2 million for the previous year period.

Recent Business Highlights

• Debuted hospitality AI features to streamline mobile interaction at the 2025 Hospitality Industry Technology Exposition and Conference (HITEC®)
• Appointed Mr. Jeremy Krol, the Company’s current Chief Operating Officer, as new Interim CEO.

Management Commentary

“The second quarter of 2025 was highlighted by new product innovation and technology expansion with the highly-anticipated introduction of Phunware AI solutions,” said Jeremy Krol, interim CEO of Phunware. "We are proud to showcase and demo our new AI Concierge product feature and Guest Services Agent product feature at HITEC® in Indianapolis. Although still in development, we believe these product features will help hoteliers unlock additional revenue by utilizing AI in their hospitality applications."

“A release of Map Editor 3.0 provided customers with significant platform upgrades and marks the largest update to our Multiscreen-as-a-Service platform to date. We also deployed 6 updates across our Support & Maintenance mobile applications to improve performance and security across customer installations.

"Second quarter software subscriptions and services revenues of $0.4 million and gross margin of 43.9% were mainly driven by recurring revenue from our existing customers. Software bookings for the second quarter were $0.6 million, all of which represented new customer logos for the Company, as we accelerate our pipeline and simultaneously shorten the sales cycle. We currently have four new customers in development and on track to launch next quarter in the hospitality and healthcare industries.

“Last month, I had the privilege of stepping into the role of Interim CEO after serving as Chief Operating Officer (COO) and fractional COO over the past year. We remain committed to advancing our investment in AI. In the months ahead, we’ll be engaging with existing customers to launch pilot testing programs for our AI Personal Concierge, while also continuing internal development and testing of our Guest Services Agent feature. As we look ahead, our focus is firmly on strengthening our business and sales initiatives around our existing products, where we’re seeing strong momentum—particularly following the success of HITEC. Lastly, Phunware continues to have ample liquidity. In the coming months, I will be working with our board on the deployment of capital for organic and inorganic growth," concluded Krol.

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 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. To better understand and leverage generative AI and Phunware’s mobile app technologies, visit ai.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, and our objectives for future operations, 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 is using 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

Phunware Media Contact:
Joe McGurk, Managing Director
917-259-6895
PHUN@mzgroup.us