MeritValue

Phunware, Inc.

PHUNdata completeness 75%12 fiscal years on file
The thesis, from the filings

Phunware, Inc. earns about -77% on equity, and has bought back 73% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10.6M1$6.52M2$4.83M3$3.19M4$2.55M4
Net income−$53.5M5−$50.9M6−$52.8M7−$10.3M8−$11.4M8
Operating cash flow−$22.5M9−$26.9M10−$18.4M11−$13.3M12−$12.5M12
Capital expenditure$013$923,00014$014——
Free cash flow (derived)−$22.5M9−$27.8M10−$18.4M11——
Total debt$10.1M15$9.67M16$4.94M17——
Cash & equivalents$23.1M18$1.96M19$3.93M20$113M21$100.6M21
Diluted shares75.4M2.0M2.4M11.0M20.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$47.73
your share of equity
Profit it earned you last year
−$5.65
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $47.73 of net worth that earned you −$5.65 last year.

iii. Is this a good business?
Moat signal · return on equity
-77% avg · 5y
FY21 -82%FY22 -205%FY23 —FY24 -10%FY25 -12%

It earned an average -77% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−73% shares · 5y

Share count is down 73% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 51% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-23-010188 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-011484 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047919 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-126850 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-010188 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-011484 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047919 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-126850 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-010188 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-011484 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047919 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-126850 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-010188 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-011484 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2021-12-31 · accession 0001628280-22-008722 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001628280-24-011484 (LongTermDebtCurrent)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-047919 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001628280-23-010188 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001628280-24-011484 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-047919 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-126850 (CashAndCashEquivalentsAtCarryingValue)