Phunware Announces CEO Transition and Shift Towards AI-Driven Technologies

Trump-linked Phunware Stock Falls As CEO Exits: What You Need To Know - Phunware (NASDAQ:PHUN)

Stephen Chen, former chair of the board, has taken over as interim CEO, effective as of Tuesday. Phunware Inc PHUN shares are trading lower Thursday after the company announced a CEO transition. What Happened: Mobile cloud enterprise solutions company Phunware announced that CEO Michael Snavely has resigned from the company. Stephen Chen, former chair of the board, has taken over as interim CEO, effective as of Tuesday. "We appreciate Mike's dedication and service to Phunware and wish him much success in the future," Chen said. "I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable Phunware and its shareholders to accelerate our journey." Phunware also announced the launch of a new AI-focused website dedicated to helping businesses and developers better leverage generative AI and Phunware's mobile app technologies. Phunware shares have been extremely volatile since the start of the year, largely driven by former President Donald Trump's presidential campaign. Phunware has ties to Trump dating back to 2020 when the company launched and managed Trump's 2020 reelection campaign mobile app. See Also: McDonald's Where Trump Worked Review-Bombed On Yelp: 'Fries Too Salty As If Someone Who Lost A Major Election Had Been Crying Over Them' Phunware shares are up more than 285% over the past month, surging alongside other Trump-linked stocks after online election prediction markets showed a shift in betting odds in Trump's favor. Prediction markets Polymarket and Kalshi showed a dramatic change in recent weeks with Trump firmly pulling ahead. At the time of writing, Polymarket showed Trump had a 61.8% chance of winning, and Kalshi had Trump listed at 58%. Meanwhile, the latest Morning Consult poll showed Vice President Kamala Harris as a slight favorite over Trump, although her lead has narrowed in recent weeks. PHUN Price Action: Phunware shares were down 16.3% at $11.83 at the time of publication, according to Benzinga Pro. Photo: Pixabay. Market News and Data brought to you by Benzinga APIs

Phunware Announces Retirement of CEO Mike Snavely and Appoints Stephen Chen as Interim CEO - Phunware (NASDAQ:PHUN)

AUSTIN, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. PHUN, a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024. "We appreciate Mike's dedication and service to Phunware and wish him much success in the future," said Mr. Chen. "I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable Phunware and its shareholders to accelerate our journey." Phunware remains committed to providing cutting-edge software, advertising, and other tools that empower enterprises to connect with people on a deeper, more human level. This new direction, powered by generative AI, reinforces Phunware's commitment to helping businesses thrive through meaningful engagement and technological transformation. The Phunware management team is excited to advance Phunware's leadership in mobile and cloud-based solutions, setting the stage for its next phase of growth and expansion into AI-driven technologies and broader digital engagement. In conjunction with this announcement, Phunware has launched a new microsite dedicated to helping businesses and developers better understand and leverage generative AI and Phunware's mobile app technologies. This resource will guide users through the potential of AI in transforming engagement and business operations. For more details, visit https://ai.phunware.com/. Mr. Snavely said, "Leading Phunware as CEO has been one of the most rewarding experiences of my career. I am very proud of what we accomplished as a team over the last 12 months. As I stated in our Letter to Shareholders, Phunware and its platforms, products, and services are well-positioned for the future. I am looking forward to my retirement and to pursuing my passion for rural enterprises." About Phunware Phunware, Inc. PHUN is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences. Phunware's mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. Phunware Investor Relations: CORE IR 516-222-2560 [email protected] MZ Group, North America Joe McGurk,  Managing Director 917-259-6895 [email protected] Safe Harbor / Forward-Looking Statements This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "expose," "intend," "may," "might," "opportunity," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under "Risk Factors" in our SEC filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Market News and Data brought to you by Benzinga APIs

Phunware : Announces Retirement of CEO Mike Snavely and Appoints Stephen Chen as Interim CEO Form 8 K

Phunware Announces Retirement of CEO Mike Snavely and Appoints Stephen Chen as Interim CEO Austin, TX - October 24, 2024 - Phunware, Inc. (NASDAQ: PHUN), a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024. "We appreciate Mike's dedication and service to Phunware and wish him much success in the future," said Mr. Chen. "I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable Phunware and its shareholders to accelerate our journey." Phunware remains committed to providing cutting-edge software, advertising, and other tools that empower enterprises to connect with people on a deeper, more human level. This new direction, powered by generative AI, reinforces Phunware's commitment to helping businesses thrive through meaningful engagement and technological transformation. The Phunware management team is excited to advance Phunware's leadership in mobile and cloud-based solutions, setting the stage for its next phase of growth and expansion into AI-driven technologies and broader digital engagement. In conjunction with this announcement, Phunware has launched a new microsite dedicated to helping businesses and developers better understand and leverage generative AI and Phunware's mobile app technologies. This resource will guide users through the potential of AI in transforming engagement and business operations. For more details, visit https://ai.phunware.com/. Mr. Snavely said, "Leading Phunware as CEO has been one of the most rewarding experiences of my career. I am very proud of what we accomplished as a team over the last 12 months. As I stated in our Letter to Shareholders, Phunware and its platforms, products, and services are well-positioned for the future. I am looking forward to my retirement and to pursuing my passion for rural enterprises." About Phunware Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences. Phunware's mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "expose," "intend," "may," "might," "opportunity," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under "Risk Factors" in our SEC filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

Phunware Announces Retirement of CEO Mike Snavely and Appoints Stephen Chen as Interim CEO

AUSTIN, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN), a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024. "We appreciate Mike's dedication and service to and wish him much success in the future," said . "I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable and its shareholders to accelerate our journey." remains committed to providing cutting-edge software, advertising, and other tools that empower enterprises to connect with people on a deeper, more human level. This new direction, powered by generative AI, reinforces commitment to helping businesses thrive through meaningful engagement and technological transformation. The management team is excited to advance leadership in mobile and cloud-based solutions, setting the stage for its next phase of growth and expansion into AI-driven technologies and broader digital engagement. In conjunction with this announcement, has launched a new microsite dedicated to helping businesses and developers better understand and leverage generative AI and Phunware's mobile app technologies. This resource will guide users through the potential of AI in transforming engagement and business operations. For more details, visit https://ai.phunware.com/. said, "Leading Phunware as CEO has been one of the most rewarding experiences of my career. I am very proud of what we accomplished as a team over the last 12 months. As I stated in our Letter to Shareholders, and its platforms, products, and services are well-positioned for the future. I am looking forward to my retirement and to pursuing my passion for rural enterprises." About Phunware (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. is transforming mobile engagement by delivering scalable and personalized mobile app experiences. Phunware's mission is to achieve unparalleled connectivity and monetization through widespread adoption of mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "expose," "intend," "may," "might," "opportunity," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the , including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under "Risk Factors" in our filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

Phunware appoints interim CEO amid leadership shift By Investing.com

AUSTIN, Texas - Phunware, Inc. (NASDAQ: PHUN), a company specializing in mobile app solutions, announced a significant change in its leadership structure earlier this week. Stephen Chen, who previously served as the Chairperson of the Phunware Board of Directors, has stepped in as the interim CEO following the retirement of Michael Snavely. The transition, effective since October 22, 2024, comes as Phunware embarks on exploring new opportunities in generative AI, predictive analytics, and cloud-based services. "We appreciate Mike's dedication and service to Phunware and wish him much success in the future," stated Chen. Phunware, known for its enterprise cloud platform for mobile, aims to further its commitment to technological innovation and meaningful customer engagement through this strategic move. The company's management team is poised to continue its leadership in mobile and cloud-based solutions while expanding into AI-driven technologies. In conjunction with the leadership announcement, Phunware has launched a new microsite aimed at educating businesses and developers on the applications of generative AI in enhancing engagement and operational efficiency. Snavely expressed pride in his tenure as CEO, highlighting the company's positioning for future success. "I am looking forward to my retirement and to pursuing my passion for rural enterprises," he remarked. Phunware's mission remains focused on driving connectivity and monetization through the widespread adoption of its mobile technologies. The company is set to broaden its audience and industry verticals, leveraging its software products, services, and intellectual property. This announcement is based on a press release statement from Phunware, Inc. and does not include forward-looking statements or speculative content. It provides a factual account of the company's leadership change and strategic direction. In other recent news, Phunware, Inc. has reported a 10% revenue increase in Q2 2024, reaching $1 million, and successfully raised an additional $16.2 million in capital in July. The company also reported a 939% increase in bookings in the first half of 2024, despite a 27% decrease in revenue. H.C. Wainwright has upgraded its price target for Phunware from $7.00 to $9.00, maintaining a Buy rating, following the company's announcement of a new AI-based platform. This platform is expected to democratize the creation of high-quality custom mobile applications for businesses of all sizes. Other recent developments include the company's exploration of potential mergers and acquisitions, expansion of its team, and investment in sales and marketing efforts. Phunware is also investing in research and development to discover new growth markets. Despite a net loss of $2.6 million for Q2 2024, the company demonstrated a strong cash position of $20.4 million. As Phunware, Inc. (NASDAQ: PHUN) undergoes this significant leadership transition and strategic shift towards AI and cloud-based services, investors may find additional context from recent financial data and market trends illuminating. According to InvestingPro data, Phunware's market capitalization stands at $160.34 million, reflecting its current position in the mobile technology sector. The company's revenue for the last twelve months as of Q2 2024 was $4.12 million, with a remarkable revenue growth of 232.95% over the same period. This substantial growth aligns with the company's push into new technological frontiers, as mentioned in the article. InvestingPro Tips highlight that Phunware holds more cash than debt on its balance sheet, which could provide financial flexibility as it explores opportunities in generative AI and predictive analytics. Additionally, the company's liquid assets exceed short-term obligations, potentially offering stability during this transition period. It's worth noting that Phunware has seen a significant return over the last week, with a 1-week price total return of 89.04% as of the latest data. This recent market enthusiasm may reflect investor optimism about the company's new direction and leadership change. For those seeking a deeper understanding of Phunware's financial health and market position, InvestingPro offers 16 additional tips, providing a comprehensive view of the company's prospects as it navigates this pivotal moment in its corporate journey.