Phunware, Inc. Revenue Disclosure
3. Revenue
Disaggregation of Revenue
The following table sets forth our net revenue by category:
|
|
Year ended December 31, |
|
|||||
(in thousands) |
|
2025 |
|
|
2024 |
|
||
Software subscriptions and services |
|
$ |
2,271 |
|
|
$ |
1,907 |
|
Advertising |
|
|
282 |
|
|
|
1,282 |
|
Net revenues |
|
$ |
2,553 |
|
|
$ |
3,189 |
|
We generate revenue in domestic and foreign regions and attribute net revenue to individual countries based on the location of the contracting entity. Revenue by geographic location is as follows:
|
|
Year ended December 31, |
|
|||||
(in thousands) |
|
2025 |
|
|
2024 |
|
||
Net revenues |
|
|
|
|
|
|
||
United States |
|
$ |
2,508 |
|
|
$ |
3,171 |
|
International |
|
|
45 |
|
|
|
18 |
|
Net revenues |
|
$ |
2,553 |
|
|
$ |
3,189 |
|
The following table sets forth our concentration of revenue sources as a percentage of total net revenues:
|
|
Year ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Customer B |
|
|
12 |
% |
|
|
0 |
% |
Customer C |
|
|
24 |
% |
|
|
15 |
% |
Customer F |
|
|
0 |
% |
|
|
10 |
% |
Customer B and C above were from our software subscriptions and services operating segment, whereas Customer F was from our Advertising operating segment.
Deferred Revenue
Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue under arrangements with customers. We recognize deferred revenue as revenue only when revenue recognition criteria are met. During the year ended December 31, 2025, we recognized revenue of $1.21 million that was included in our deferred revenue balance as of December 31, 2024. Remaining performance obligations were $4.19 million as of December 31, 2025, of which we expect to recognize 48% as revenue over the next 12 months and the remainder thereafter.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 27, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Apr 7, 2022 | |
| 2020 | Mar 31, 2021 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.