Consolidated Balance Sheets(In thousands, except share and per share data) December 31, December 31, 2024 2023 Assets: Current assets: Cash and cash equivalents $112,974 $3,934 Accounts receivable, net of allowance for credit losses of $166 and $86 as of December 31, 2024 and 2023, respectively 276 550 Digital currencies 103 75 Prepaid expenses and other current assets 406 374 Current assets of discontinued operation - 28 Total current assets 113,759 4,961 Non-current assets: Property and equipment, net 24 40 Right-of-use asset 840 1,451 Other assets 158 276 Total non-current assets 1,022 1,767 Total assets $114,781 $6,728 Liabilities and stockholders' equity Current liabilities: Accounts payable $3,754 $7,836 Accrued expenses 148 437 Deferred revenue 1,034 1,258 Lease liability 313 629 Current maturities of debt - 4,936 PhunCoin subscription payable 1,202 1,202 Current liabilities of discontinued operation - 205 Total current liabilities 6,451 16,503 Deferred revenue 528 651 Lease liability 619 1,031 Total noncurrent liabilities 1,147 1,682 Total liabilities 7,598 18,185 Commitments and contingencies (See Note 10) - - Stockholders' equity (deficit) Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 20,166,665 shares issued and 20,156,535 shares outstanding as of December 31, 2024; and 3,861,578 shares issued and 3,851,448 shares outstanding as of December 31, 2023 2 - Treasury Stock (502) (502)Additional paid-in capital 421,003 292,467 Accumulated other comprehensive loss — (418)Accumulated deficit (313,320) (303,004)Total stockholders' equity (deficit) 107,183 (11,457)Total liabilities and stockholders' equity (deficit) $114,781 $6,728 Phunware, Inc.
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION(Unaudited) Year Ended December 31, (in thousands) 2024 2023 Net loss from continuing operations $(10,316) $(41,944)Add back: Depreciation 16 84 Add back: Interest expense 135 1,733 Less: Interest income (1,732) - Add back: Income tax expense 41 29 EBITDA (11,856) (40,098)Add back: Stock-based compensation 1,656 4,071 Add back: Impairment of digital assets - 50 Add back/less: (Gain) loss on extinguishment of debt (535) 237 Add back: Loss on disposal of subsidiary 418 - Add back: Impairment of goodwill - 25,819 Less: Fair value adjustment for warrant liabilities - (256)Less: Gain on sale of digital assets, net of impairment - (5,310)Adjusted EBITDA $(10,317) $(15,487) About Phunware Phunware, Inc.(NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions with integrated intelligent capabilities.
Fortified Balance Sheet of $113.0 Million Enables Company to continue R&D activities in AI-Driven Customer Platform in other Corporate Initiatives 2024 Annual Meeting of Stockholders Scheduled for May 6, 2025 AUSTIN, Texas, March 20, 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 year ended December 31, 2024.
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