Phunware Inc
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Phunware Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash of 103.8M is 2.5x market cap (41.8M) - trading at negative enterprise value (-61.3M). Pure cash play.[Cash and Equivalents]
- Burning 12M/yr FCF with only 2.4M TTM revenue - 44x burn rate vs revenue. Cash runway ~8 years at current pace.[Free Cash Flow TTM]
- Revenue collapsed 49% 3Y and 28% 5Y CAGR. Business shrinking rapidly while sitting on cash pile.[Total Revenue 3Y Growth]
Watch Triggers
- Cash and Equivalents: Falls below 80M — At 12M/yr burn, crossing 80M signals <7yr runway - thesis shifts from asset play to going concern
- Total Revenue TTM: Stabilizes above 3M or accelerates decline below 1.5M — Revenue direction determines if this is turnaround or liquidation candidate
- Operating Expense TTM: Drops below 12M annually — Cost cuts extending runway would signal management prioritizing cash preservation
Bull Case
Trading below net cash (P/B 0.42) - liquidation value exceeds market cap by 56.5M. Downside protected by balance sheet.
Near-zero debt (0.7M, D/E 0.007) and 98.7M working capital provide years of runway for turnaround or strategic alternatives.
Bear Case
Operating margin of -741% (17.5M loss on 2.4M revenue) shows core business is non-viable. Burning 5x revenue annually.
Revenue declining 49% 3Y with no floor in sight. At current trajectory, business becomes pure cash shell within 2 years.
Bull vs Bear Balance
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Forward Thesis
Cash value floor limits downside, but operating business likely continues deteriorating
- 103.8M cash vs 41.8M market cap provides 2.5x asset backing
- 12M annual burn consumes ~12% of cash yearly
- No visible revenue stabilization catalyst
Valuation Context
Caveats
Public Strategies Rankings
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PHUN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$34.31M | — | ||
$-68.77M | — | ||
0.00 | — | ||
$2.36M | -33.4% | — | |
$-0.52 | — | ||
-741% | -405.8% | — | |
-505% | +362.6% | — | |
$-11.98M | — | ||
-18.7% | +153.4% | — | |
Beta 5Y (Monthly) | unknown | — |
PHUN Dividend History
PHUN Stock Splits
PHUN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/15/25 | 03/31/25 | 10-Q | |
03/31/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/09/24 | 06/30/24 | 10-Q | |
05/13/24 | 03/31/24 | 10-Q | |
03/15/24 | 12/31/23 | 10-K | |
11/13/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
05/12/23 | 03/31/23 | 10-Q | |
03/31/23 | 12/31/22 | 10-K | |
11/10/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
04/07/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
08/13/21 | 06/30/21 | 10-Q | |
05/14/21 | 03/31/21 | 10-Q | |
03/31/21 | 12/31/20 | 10-K | |
11/12/20 | 09/30/20 | 10-Q | |
08/14/20 | 06/30/20 | 10-Q | |
05/15/20 | 03/31/20 | 10-Q | |
03/30/20 | 12/31/19 | 10-K | |
11/14/19 | 09/30/19 | 10-Q | |
08/13/19 | 06/30/19 | 10-Q | |
05/15/19 | 03/31/19 | 10-Q | |
03/20/19 | 12/31/18 | 10-K | |
11/14/19 | 09/30/18 | 10-Q | |
08/13/19 | 06/30/18 | 10-Q | |
05/15/19 | 03/31/18 | 10-Q |