Phunware

PHUN

Software - Application · Technology

Price

$2.13

-0.05 (-2.29%)

Market Cap

$43.6M

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+1237.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.5M (2021) → 20.2M (2025)

Phunware is a small software company that builds mobile apps and digital tools for businesses. Its main product is a platform that helps companies create and manage their own mobile applications — used by hospitals, hotels, sports stadiums, and real estate developers to engage with customers through smartphones. The company also sells digital advertising services and has experimented with blockchain-based loyalty tokens.

Phunware earns money through software licenses, platform subscriptions, and advertising fees. It operates primarily in the United States and is a very small company with a market cap near zero, meaning it has limited financial resources compared to larger software competitors. The operating margin of roughly negative 820% shows the company is spending far more than it earns, which is its most pressing risk — without significant revenue growth or cost cuts, it faces ongoing challenges staying financially viable.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+75.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-62.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3M/ year

↑ Rising (+40% vs prior year)

123.9% of revenue

8.3x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

3.7%ownership

Relatively low insider ownership

Cash Runway

~3 years

$92M cash & investments

Quarterly Free Cash Flow

$92M cash & investments at current burn rate

Revenue accelerating

Phunware grew revenue 76% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

69.0%

Premium pricing power — 69.0% gross margin

Operating Margin

-757.1%

Losing money on operations — -757.1%

ROCE

-6.8%

Weak — -6.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+14.6%

Fast-growing sales (+14.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-825.4%

Burning cash (-825.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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