Operational cash flow remains consistently negative, with the company failing to achieve positive free cash flow in nine of the last ten quarters.
| Cash from Operations | -11.82M | -12.47M | -13.3M | -18.43M | -26.86M | -22.51M | -10.97M | -6.19M | -6.59M | -16.99M | -72.16K |
| Operating CF Margin % | - | -488.33% | -417.12% | -381.52% | -411.84% | -211.54% | -109.72% | -32.31% | -21.35% | -63.58% | -0.15% |
| Operating CF Growth % | -31.45% | 6.28% | 27.84% | 31.36% | -19.29% | -105.18% | -77.36% | 6.14% | 61.2% | -23445.55% | - |
| Net Income | -10.91M | -11.4M | -10.32M | -23.01M | -50.89M | -53.52M | -22.2M | -12.87M | -9.8M | -25.94M | -90.19K |
| Depreciation & Amortization | -4K | 0 | 0 | 84K | 1.03M | 3.18M | 153K | 327K | 434K | 1.44M | 1.83M |
| Stock-Based Compensation | 118K | 455K | 1.66M | 4.07M | 3.01M | 4.94M | 4.49M | 1.78M | 450K | 118K | 247K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -387K | -93K | 0 |
| Other Non-Cash Items | -568.19K | -808K | -896K | 2.45M | 21.34M | 31.91M | 3.28M | 118K | 1.85M | 3.1M | -24.75K |
| Working Capital Changes | -458.16K | -713K | -3.75M | -2.02M | -1.34M | -9.02M | 3.3M | 4.46M | 863K | 4.38M | 18.03K |
| Change in Receivables | 251.61K | -21K | 130K | 235K | 2K | -16K | 796K | 1.82M | 2.44M | -1.24M | 233K |
| Change in Inventory | 0 | 0 | 0 | 0 | -412K | -949K | 0 | 0 | -5.77M | 3.04M | 0 |
| Change in Payables | 629.04K | -267K | -2.93M | 558K | 726K | -1.57M | 427K | 740K | 4.16M | -903K | 24.75K |
| Cash from Investing | 0 | 0 | 0 | 15.38M | -2.26M | -46.38M | 0 | 70K | 377K | -27K | -56.39K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -242K | -41.28M | 0 | -18K | 0 | -27K | -28K |
| CapEx % of Revenue | 0% | - | - | - | 3.71% | 387.9% | - | 0.09% | - | 0.1% | 0.06% |
| Acquisitions | 0 | 0 | 0 | 0 | -2.38M | -5.1M | 0 | 0 | 0 | 27K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 15.38M | 0 | 0 | 0 | 0 | -536K | 218.29K | -56.39K |
| Cash from Financing | -1.18K | 80K | 122.34M | 4.97M | 8.05M | 88.02M | 14.6M | 99K | 12.32M | 4.62M | 71.01M |
| Debt Issued (Net) | 0 | 0 | 0 | -5.06M | 3.73M | -11.53M | 6.4M | 1.1M | 0 | -83K | -4.55M |
| Equity Issued (Net) | -1.18K | 80K | 122.34M | 9.97M | 4.3M | 94.74M | 9.18M | -6.24M | 6M | 410K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -502K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 58K | 28K | 4.81M | -978K | 5.23M | 6.32M | 4.29M | 22.99M |
| Net Change in Cash | -11.86M | -12.39M | 109.04M | 1.98M | -21.18M | 19.11M | 3.67M | -5.98M | 536K | -12.32M | 70.86M |
| Free Cash Flow | -5.94M | -12.47M | -13.3M | -18.43M | -28.02M | -63.8M | -10.97M | -6.21M | -6.59M | -17.02M | -100.16K |
| FCF Margin % | -246.61% | -488.33% | -417.12% | -381.52% | -429.7% | -599.44% | -109.72% | -32.4% | -21.35% | -63.68% | -0.21% |
| FCF Growth % | 46.56% | 6.28% | 27.84% | 34.21% | 56.08% | -481.41% | -76.84% | 5.87% | 61.26% | -16890.16% | - |
| FCF per Share | -0.29 | -0.62 | -1.21 | -7.75 | -14.15 | -42.28 | -12.39 | -8.41 | -12.90 | -34.37 | -2.39 |
| FCF Conversion (FCF/Net Income) | 0.54x | 1.09x | 1.29x | 0.35x | 0.53x | 0.42x | 0.49x | 0.48x | 0.67x | 0.66x | 0.80x |
| Interest Paid | 14K | 0 | 31K | 0 | 0 | 0 | 0 | -603K | 0 | 0 | 0 |
| Taxes Paid | 21K | 0 | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent structural operating losses
According to the provided quarterly data, Phunware's operating cash flow consistently trails net income, with the OCF/NI ratio frequently exceeding 1.0, suggesting that reported losses are being exacerbated by cash-based outflows rather than mitigated by non-cash accounting adjustments or significant accrual-based revenue recognition benefits.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely paper-based but reflect actual cash depletion. Investors should monitor this trend, as the inability to generate positive operating cash flow despite various accounting treatments suggests a fundamental disconnect between the company's business model and its cash-generating potential.
As reported in financial statements, Phunware has failed to achieve positive free cash flow in nine of the last ten quarters, with the most recent figures showing a continued inability to cover operational requirements, highlighting a structural reliance on external financing to sustain its current business trajectory.
The consistent negative FCF trajectory underscores the company's struggle to reach a scale where operational inflows can cover its overhead. This pattern suggests that the business remains in a perpetual state of cash consumption, which may necessitate further capital raises if the current cash buffer is depleted.
Based on the historical cash flow data, Phunware's working capital changes have been highly erratic, swinging from a $3.5 million outflow in 2024Q1 to a $756,000 inflow in 2024Q4, which indicates significant instability in the company's ability to manage its short-term assets and liabilities effectively.
This volatility in working capital suggests that the company's cash cycle is highly sensitive to the timing of specific project-based contracts or hardware inventory movements. Such fluctuations make it difficult to forecast future cash needs and may indicate underlying inefficiencies in the collection of receivables or the management of payables.
Analysis of the cash flow statements reveals that stock-based compensation has historically served as a significant non-cash add-back, reaching as high as $660,000 in 2024Q2, which effectively obscures the true magnitude of the company's operational cash burn from a pure cash-basis perspective.
While stock-based compensation is a standard non-cash expense, its prevalence in Phunware's financials suggests that the company relies on equity to preserve cash. Investors should be wary of this dynamic, as it dilutes existing shareholders while failing to address the core issue of negative operating cash flow.
Quick answers to the most common questions about buying PHUN stock.
Phunware, Inc. (PHUN) generated $-12.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Phunware, Inc. (PHUN) reported negative free cash flow of $12.5M in 2025, indicating capital requirements exceeded cash from operations.
Phunware, Inc. (PHUN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.