Phunware Inc

Phunware reported second-quarter 2026 financial results with net revenue surging 76% year-over-year to $0.8 million, while gross margin expanded to 69% from 41.8% a year earlier. The company maintained a cash position of $92.1 million with no debt as of June 30, 2026, providing flexibility for its 2.0 Strategy focused on an AI-enabled Guest Intelligence Platform for hospitality and healthcare. Net loss widened to $5.2 million, or $0.26 per share, from $3.1 million, or $0.16 per share, reflecting increased investment in product, sales, and marketing. Phunware also announced the appointment of Dmitry Kroshka as CEO and the hiring of sales and AI veterans to lead its next growth phase, while customer retention remained above 95%.

Phunware has appointed Nick Farrell as Senior Vice President of Sales and added Aaron Holloway and Michael Crooks as advisors following its participation in the HITEC North America 2026 conference. The company also announced that Wailea Beach Resort has entered an agreement to use its AI Concierge, one component of Phunware's Guest Intelligence Platform. Farrell previously held sales leadership roles at IDeaS Revenue Solutions, while Holloway brings AI and healthcare technology expertise from tallywell and Peach IntelliHealth, and Crooks has led AI and digital transformation initiatives at PwC, HP, and Accenture. The appointments are intended to accelerate commercial growth and support the rollout of the Guest Intelligence Platform across hospitality and healthcare markets.

Phunware's board and management issued a statement rejecting demands from Goldenwise Capital Group and its principal Huakun Ding, reaffirming confidence in the company's 2.0 strategy. The company stated that Goldenwise's materials contain errors, misleading statements, and mischaracterizations, and lack a coherent long-term value creation plan. Goldenwise, which holds a 6.9% stake acquired for approximately $2.60 million, has demanded board seats and imposed short deadlines backed by threats of litigation and proxy activity. Phunware highlighted its strong balance sheet with approximately $97.9 million in cash and no debt as of March 31, 2026, and noted recent financial improvements including a narrowed net loss of $3.2 million in the first quarter of 2026. The company also raised concerns about Goldenwise's disclosures, including an apparent omission of put and call option positions in its Schedule 13D filing and a prior legal complaint alleging breach of fiduciary duty against Ding.