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Globe and Mail
12 minutes ago
- Globe and Mail
Phunware Reports Second Quarter 2025 Financial Results
Delivers Strong First Half with Key Product Milestones and Customer Momentum 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. US-GAAP NET LOSS TO ADJUSTED EBITDA RECONCILIATION (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net loss $ (3,144) $ (2,631) $ (6,867) $ (4,923) Add back: Depreciation 4 4 8 8 Add back: Interest expense 5 8 14 116 Less: Interest income (1,094) (239) (2,213) (379) EBITDA (4,229) (2,858) (9,058) (5,178) Add back: Stock-based compensation 118 660 204 1,290 Less: Gain on extinguishment of debt - - - (535) Adjusted EBITDA $ (4,111) $ (2,198) $ (8,854) $ (4,423) 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 To better understand and leverage generative AI and Phunware's mobile app technologies, visit 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. June 30, December 31, 2025 2024 Assets: (Unaudited) Current assets: Cash and cash equivalents $ 106,264 $ 112,974 Accounts receivable, net of allowance for credit losses of $239 and $166 as of June 30, 2025 and December 31, 2024, respectively 379 276 Digital currencies 108 103 Prepaid expenses and other current assets 456 406 Total current assets 107,207 113,759 Non-current assets: Property and equipment, net 16 24 Right-of-use asset, net 699 840 Other assets 158 158 Total non-current assets 873 1,022 Total assets $ 108,080 $ 114,781 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,573 $ 3,754 Accrued expenses 176 148 Deferred revenue 885 1,034 Lease liability 327 313 PhunCoin subscription payable 1,202 1,202 Total current liabilities 6,163 6,451 Deferred revenue 864 528 Lease liability 453 619 Total noncurrent liabilities 1,317 1,147 Total liabilities 7,480 7,598 Commitments and contingencies - - Stockholders' equity Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 20,183,043 shares issued and 20,172,913 shares outstanding as of June 30, 2025 and 20,166,665 shares issued and 20,156,535 shares outstanding as of December 31, 2024 2 2 Treasury stock (502) (502) Additional paid-in capital 421,287 421,003 Accumulated deficit (320,187) (313,320) Total stockholders' equity 100,600 107,183 Total liabilities and stockholders' equity $ 108,080 $ 114,781 Phunware, Inc. Condensed Consolidated Statements of Operations (In thousands, except share and per share information) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net revenues $ 455 $ 1,011 $ 1,143 $ 1,932 Cost of revenues 265 541 594 938 Gross profit 190 470 549 994 Operating expenses: Sales and marketing 690 609 1,586 1,052 General and administrative 2,790 2,299 6,254 4,770 Research and development 970 496 1,783 980 Total operating expenses 4,450 3,404 9,623 6,802 Operating loss (4,260) (2,934) (9,074) (5,808) Other income (expense): Interest expense (5) (8) (14) (116) Interest income 1,094 239 2,213 379 Gain on extinguishment of debt - - - 535 Other income, net 27 72 8 87 Total other income 1,116 303 2,207 885 Loss before taxes (3,144) (2,631) (6,867) (4,923) Income tax expense - - - - Net loss (3,144) (2,631) (6,867) (4,923) Net loss per share, basic and diluted $ (0.16) $ (0.32) $ (0.34) $ (0.65) Weighted-average shares used to compute net loss per share, basic & diluted 20,171,639 8,299,323 20,170,639 7,581,774
Globe and Mail
12 minutes ago
- Globe and Mail
Vera Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
BRISBANE, Calif., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA) today announced that, on August 4, 2025, the Compensation Committee of Vera's Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 99,000 shares of Class A common stock and restricted stock units (RSUs) underlying 48,200 shares of Class A common stock to eight (8) new employees under the Vera Therapeutics, Inc. 2024 Inducement Plan (Inducement Plan). The Compensation Committee approved the awards as an inducement material to the new employees' employment in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option granted on August 4, 2025 has an exercise price per share equal to $20.45, Vera's closing trading price on August 4, 2025. Each stock option will vest over four years, with 25% of the underlying shares vesting on the first anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employee's continued service relationship with Vera through the applicable vesting dates. Each of the RSU awards will vest over four years, with 25% of the underlying shares vesting on each anniversary of August 20, 2025, subject to the new employee's continued service relationship with Vera through the applicable vesting dates. The awards are subject to the terms and conditions of the Inducement Plan and the terms and conditions of an applicable award agreement covering the grant. About Vera Vera Therapeutics is a late clinical-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera's mission is to advance treatments that target the source of immunological diseases in order to change the standard of care for patients. Vera's lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B-cell Activating Factor (BAFF) and A PRoliferation-Inducing Ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including immunoglobulin A nephropathy (IgAN), also known as Berger's disease, and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK virus (BKV), a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. Vera retains all global developmental and commercial rights to atacicept and MAU868. Vera also holds an exclusive license agreement with Stanford University for a novel, next generation fusion protein targeting BAFF and APRIL, known as VT-109, with wide therapeutic potential across the spectrum of B cell mediated diseases. For more information, please visit For more information, please contact: Investor Contact: Joyce Allaire LifeSci Advisors 212-915-2569 jallaire@
National Post
12 minutes ago
- National Post
LibertyStream Announces Closing of Promissory Note Financing
Article content CALGARY, Alberta — LibertyStream Infrastructure Partners Inc. (TSXV: LIB | OTCQB: VLTLF | FSE: I2D) (' LibertyStream ' or the ' Company ') is pleased to announce that it has closed its previously-announced offering of 12% promissory notes (the ' Notes ') for aggregate gross proceeds of $3,530,000 (the ' Offering '). Article content Pathfinder Asset Management Ltd. (' Pathfinder ') purchased $3,400,000 aggregate principal amount of Notes under the Offering, which Notes are senior and secured against all of the Company's present and after-acquired property. The remaining $130,000 aggregate principal amount of the Notes were purchased by Alex Wylie, the Company's President and Chief Executive Officer. The Notes purchased by Mr. Wylie are unsecured Article content The principal balance of each Note will be payable on August 8, 2026 (the ' Maturity Date '), provided that the Company shall have the right to redeem and repay the Notes at any time prior the Maturity Date, in whole or in part, without notice, bonus or penalty. The Notes bear simple interest at a rate of 12% per annum, with interest payable on the Maturity Date. The Company intends to use the proceeds from the Notes to complete the purchase of the refining unit ($2,100,000) (as disclosed in the Company's press release dated July 31, 2025) and for general working capital purposes ($1,430,000) or for such other purposes as the Company may determine to be appropriate in its sole discretion. In connection with the Offering, the Company issued an aggregate of 3,004,255 common shares in the capital of the Company (the ' Bonus Shares ') to Pathfinder and Mr. Wylie. The Bonus Shares represent a value equal to 20% of the principal amount of the Notes, calculated at a price of $0.235 per Bonus Share which was the closing price of the Company's common shares on July 31, 2025 prior to the announcement of the Offering. The Bonus Shares are subject to a four month hold period commencing on August 8, 2025, in accordance with applicable Canadian securities laws and the policies of the Exchange. Article content This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities of the Company in the United States. The Notes and Bonus Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the ' U.S. Securities Act ') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or except where an exemption from such registration is available. Article content Alex Wylie, the Company's President and Chief Executive Officer, acquired $130,000 aggregate principal amount of Notes and 110,638 Bonus Shares. Accordingly, the Offering constitutes a 'related party transaction' as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (' MI 61-101 '). The Company is relying on the exemptions for the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101, as the Notes are not listed, and will not be listed, on a specified market and the fair market value of the Notes and Bonus Shares being issued to the related party does not exceed $2,500,000, as determined in accordance with MI 61-101. The Company has not filed a material change report with respect to the participation of the insiders at least 21 days prior to the closing as the related party participation had not been determined at such time. Article content About LibertyStream Infrastructure Partners Article content LibertyStream is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary DLE technology and process, LibertyStream's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: Article content This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities of the Company in the United States. The Notes and Bonus Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the ' U.S. Securities Act ') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or except where an exemption from such registration is available. Article content Forward Looking Statements Article content This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, the use of proceeds of the Offering. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including the risk of delay in completing the purchase of the Refining Unit, the risk that management's production estimates relating to the Refining Unit turn out to be incorrect, and generally, those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024, the Management's Discussion and Analysis for the six months ended December 31, 2024, and the (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Article content Article content Article content Article content Article content Contacts Article content
