10-Q · May 11, 2026
Phunware, Inc. reported a Q1 2026 revenue of $542,000, a decline of 21.2% from $688,000 in Q1 2025. However, gross margin improved to 70.8%, an increase from 52.2% year-over-year, while the net loss was reduced to $3.2…
Earnings analysis · 10-Q
PHUN earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Q2 2026 revenue of $799,000 increased 47.4% sequentially and 75.6% year over year, but diluted EPS deteriorated to -$0.26 from -$0.16 in both comparison periods. The filing continues to show a material weakness and…
Read full summary
Q2 2026 revenue of $799,000 increased 47.4% sequentially and 75.6% year over year, but diluted EPS deteriorated to -$0.26 from -$0.16 in both comparison periods. The filing continues to show a material weakness and ineffective disclosure controls, while the company faces arbitration claims exceeding $34 million and new activist-investor pressure. No quantitative guidance, segment data, margin data or cash-flow information was available in the extracted filing text.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.26
What stood out
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Revenue accelerated
Q2 2026 revenue was $799,000, up from $542,000 in Q1 2026, a sequential increase of approximately 47.4%, and up from $455,000 in Q2 2025, an increase of approximately 75.6%.
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Control remediation initiated
Management began its remediation plan during Q2 2026, including engaging an independent senior finance and accounting professional and hiring a full-time finance professional to improve segregation of duties.
What to watch
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Losses worsened
Diluted EPS was -$0.26 in Q2 2026 versus -$0.16 in both Q1 2026 and Q2 2025, indicating a deterioration in per-share losses despite higher revenue.
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Material weakness remains
Management concluded that disclosure controls and procedures were not effective as of June 30, 2026. The underlying material weakness was first identified in 2023 and remains unremediated until controls are fully implemented, operated, tested and deemed effective.
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Arbitration exposure exceeds $34 million
An amended arbitration claim filed January 16, 2026 alleges damages collectively exceeding $34 million; the hearing is currently scheduled for September 2026.
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Activist investor disruption
The company disclosed communications from an activist investor urging corporate actions, creating potential management distraction, legal and proxy costs, and uncertainty regarding strategic direction during 2026.
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Remediation outcome uncertain
The company states that remediation efforts may not be successful and provides no guarantee that internal control over financial reporting will become effective, leaving a continuing risk of reporting errors or delays.
Management's outlook
No quantitative outlook was provided in the extracted 10-Q text. Prior management commentary indicated that profitability was not expected in the near term while investing in AI capabilities.
Earlier filings 4
10-K · March 27, 2026
Phunware, Inc. continued to face challenges with operating losses and cash burn, despite a modest increase in software subscription revenue. They reported a net loss of $11.4 million for 2025, driven by higher…
10-Q · November 7, 2025
Phunware, Inc. posted a Q3 2025 revenue of $622,000, a 6.5% decline year-over-year, alongside an improved diluted EPS of -$0.12, beating consensus estimates by $0.02. The company is facing challenges with decreased…
10-Q · August 8, 2025
Phunware, Inc. reported disappointing results for Q2 2025, with revenues of $455,000, a significant decrease of 55.0% year-over-year. Gross margin decreased to 41.8%, and the company posted a net loss of $3.1 million,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.