Phunware (PHUN) Q4 2025 earnings summary

Executive summary

• Net revenue rose 33% year-over-year to $0.8 million in Q4 2025, driven by growth in software business despite a softening advertising market.

• Full-year 2025 net revenue declined to $2.6 million from $3.2 million in 2024, reflecting market headwinds.

• Gross margin improved significantly to 57.7% in Q4 2025 and 50.6% for FY 2025.

• Net loss narrowed to $2.1 million in Q4 2025 and $11.4 million for FY 2025.

• Strong cash position of $100.6 million at year-end supports ongoing AI and product investments.

Financial highlights

• Q4 2025 net revenue: $0.8 million (up 33% YoY); FY 2025: $2.6 million (down from $3.2 million YoY).

• Q4 2025 gross margin: 57.7% (up from 23.3% YoY); FY 2025: 50.6% (up from 45.6% YoY).

• Q4 2025 net loss: $2.1 million (improved from $2.6 million YoY); FY 2025 net loss: $11.4 million (vs. $10.3 million YoY).

• Net loss per share: $(0.11) in Q4 2025, $(0.57) for FY 2025.

• Net cash used in operations: $12.5 million for FY 2025 (improved from $13.3 million YoY).

Outlook and guidance

• Focus on hospitality and related markets, with new product tiers targeting luxury and independent properties.

• Continued investment in AI, with plans to expand AI-enabled products and capitalize on industry trends toward guest personalization.

• Expansion of sales and marketing initiatives to accelerate product adoption and revenue growth.