Issue 000 | U.S. Pilot | US

PHUN

Phunware, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-11 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 55.5%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 99,082,000USD
Total Liabilities: 6,491,000USD
NCAV: 92,591,000USD
Cash: 97,860,000USD
NCAV per share: 4.30USD/share
Evidence: 10 annual | 26 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001193125-25-272407	2025-11-07	10-Q	Missing Source	Data Vault \| sec/cleaned/cik=0001665300/accession=0001193125-25-272407/parser=html-cleaner-v1/full.txt

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2018-11-30 10-K USD	2017-11-30 10-K USD
Revenue	2,553,000	3,189,000	4,832,000	21,794,000	10,643,000	10,001,000	19,150,000	30,883,000	n/a	n/a
Operating Income	-20,519,000	-13,889,000	-45,691,000	-29,502,000	-16,844,000	-17,498,000	-12,312,000	-6,863,000	-1,683,195	-862,228
Net Income	-11,401,000	-10,316,000	-52,785,000	-50,894,000	-53,522,000	-22,199,000	-12,871,000	-9,803,000	-923,180	-307,274
Cash From Operations	-12,467,000	-13,302,000	-18,435,000	-26,827,000	-22,514,000	-10,973,000	-6,187,000	-6,592,000	-1,043,360	-204,743
Capex	n/a	n/a	0	-923,000	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	-18,435,000	-27,750,000	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	100,587,000	112,974,000	3,934,000	1,955,000	23,137,000	3,940,000	276,000	844,000	93	117,205
Accounts Receivable	300,000	276,000	550,000	958,000	967,000	664,000	1,671,000	3,606,000	n/a	n/a
Inventory	n/a	n/a	n/a	2,780,000	2,636,000	0	n/a	n/a	n/a	n/a
Total Current Assets	120,147,000	113,759,000	4,961,000	16,863,000	60,007,000	4,908,000	2,315,000	4,722,000	18,332	134,074
Total Assets	120,868,000	114,781,000	6,728,000	54,835,000	99,294,000	31,836,000	29,052,000	36,881,000	19,724,276	71,349,930
Total Current Liabilities	23,905,000	6,451,000	16,503,000	25,577,000	30,293,000	26,463,000	19,833,000	19,974,000	2,599,570	741,731
Total Liabilities	24,551,000	7,598,000	18,185,000	29,954,000	34,017,000	33,815,000	25,026,000	25,677,000	3,062,500	2,466,884
Shareholders Equity	96,317,000	107,183,000	-11,457,000	24,881,000	65,277,000	-1,979,000	4,026,000	5,827,000	5,000,003	5,000,007
Shares Outstanding	20,190,878	20,170,745	8,027,082	103,969,895	97,250,520	71,211,399	40,368,825	35,201,259	34,595,248	9,010,177
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	20,177,806	10,972,163	2,379,972	98,982,000	75,447,000	44,269,000	36,879,000	25,556,000	2,834,955	2,737,367
Weighted Avg Shares Basic	20,177,806	10,972,163	2,379,972	98,982,000	75,447,000	44,269,000	36,879,000	25,556,000	2,834,955	2,737,367
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-06-30 10-Q USD	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	799,000	542,000	788,000	788,000	622,000	455,000	688,000	592,000	592,000	665,000	1,011,000	921,000	-6,194,000	-6,194,000	2,792,000	3,487,000	4,747,000	4,773,000	4,773,000	4,758,000	5,485,000	6,778,000	5,401,000	5,401,000	2,160,000	1,436,000
Operating Income	-6,049,000	-4,022,000	-7,945,000	-7,945,000	-3,500,000	-4,260,000	-4,814,000	-4,891,000	-4,891,000	-3,190,000	-2,934,000	-2,874,000	-11,703,000	-11,703,000	-18,540,000	-8,197,000	-7,251,000	-9,067,000	-9,067,000	-7,878,000	-7,535,000	-5,022,000	-5,201,000	-5,201,000	-4,037,000	-4,194,000
Net Income	-5,249,000	-3,194,000	-2,125,000	-2,125,000	-2,409,000	-3,144,000	-3,723,000	-2,633,000	-2,633,000	-2,760,000	-2,631,000	-2,292,000	-23,013,000	-23,013,000	-18,979,000	-6,524,000	-4,269,000	-10,888,000	-10,888,000	-8,018,000	-17,071,000	-14,917,000	-31,811,000	-33,238,000	372,000	-8,293,000
Cash From Operations	-5,727,000	-2,727,000	-3,196,000	-3,196,000	-2,481,000	-3,455,000	-3,335,000	-2,712,000	-2,712,000	-2,385,000	-2,675,000	-5,530,000	-2,566,000	-2,566,000	-3,309,000	-5,178,000	-7,382,000	-3,955,000	-3,955,000	-7,883,000	-4,818,000	-10,171,000	-3,425,000	-3,425,000	-4,718,000	-7,072,000
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0	0	n/a	0	0	-434,000	-489,000	n/a	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-2,566,000	-3,309,000	-5,178,000	-7,382,000	n/a	-3,955,000	-7,883,000	-5,252,000	-10,660,000	n/a	n/a	n/a	n/a
Cash And Equivalents	92,133,000	97,860,000	100,587,000	100,587,000	103,783,000	106,264,000	109,719,000	112,974,000	112,974,000	35,537,000	20,369,000	21,567,000	3,934,000	3,934,000	2,857,000	1,105,000	694,000	1,955,000	1,955,000	8,538,000	2,705,000	10,815,000	23,137,000	23,137,000	882,000	2,714,000
Total Current Assets	92,952,000	99,082,000	120,147,000	120,147,000	104,843,000	107,207,000	111,086,000	113,759,000	113,759,000	39,767,000	21,653,000	22,636,000	4,961,000	4,961,000	5,483,000	4,831,000	7,902,000	16,863,000	16,863,000	26,914,000	20,816,000	42,271,000	60,007,000	60,007,000	3,639,000	5,732,000
Total Liabilities	5,009,000	6,491,000	24,551,000	24,551,000	7,315,000	7,480,000	8,408,000	7,598,000	7,598,000	11,888,000	8,978,000	9,647,000	18,185,000	18,185,000	21,255,000	22,882,000	23,556,000	29,954,000	29,954,000	35,696,000	25,543,000	29,433,000	34,017,000	34,017,000	18,925,000	23,732,000
Shares Outstanding	20,462,675	20,447,419	20,188,160	20,190,878	20,187,326	20,186,491	20,170,745	20,156,535	20,170,745	19,888,185	11,339,155	8,272,091	3,851,448	8,027,082	135,439,755	120,355,584	104,658,145	103,153,337	103,969,895	102,628,317	98,382,554	97,834,795	96,751,610	97,250,520	96,261,780	72,742,689
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	20,431,227	20,188,210	20,177,806	20,187,453	20,182,247	20,171,639	20,169,640	10,972,163	10,972,163	11,104,174	8,299,323	6,864,226,000	2,379,972	2,379,972	119,989,000	105,133,000	103,169,000	98,982,000	102,460,043	98,822,000	97,742,000	96,844,000	75,447,000	90,956,315	74,699,000	71,620,000
Weighted Avg Shares Basic	20,431,227	20,188,210	20,177,806	20,187,453	20,182,247	20,171,639	20,169,640	10,972,163	10,972,163	11,104,174	8,299,323	6,864,226,000	2,379,972	2,379,972	119,989,000	105,133,000	103,169,000	98,982,000	102,460,043	98,822,000	97,742,000	96,844,000	75,447,000	90,956,315	74,347,000	71,620,000
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	92,952,000USD	us-gaap:AssetsCurrent	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json
Total Liabilities	5,009,000USD	us-gaap:Liabilities	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json
Cash	92,133,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json
Shares Outstanding	20,462,675	dei:EntityCommonStockSharesOutstanding	2026-06-30	1.00	Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json Data Vault \| sec/companyfacts/cik=0001665300/companyfacts.json
NCAV	87,943,000USD	derived	2026-06-30	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	4.30USD	derived	2026-06-30	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	55.5%	derived	2026-06-30	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001665300
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001665300/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001665300/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 27
Imported At: 2026-10-04T02:14:15+00:00
Rendered At: 2026-10-04T14:23:47+00:00

Run Audit

Mary Run: 1ec055d81d1a42a39490a83bb9e1f22f
Mary As Of: 2026-07-03
Accession: 0001193125-26-216740
CIK: 0001665300
Mary Filing Date: 2026-05-11
Filing Currency: USD
Internal Discount: 55.5%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=1ec055d81d1a42a39490a83bb9e1f22f; mary_as_of=2026-07-03; mary_filing_date=2026-05-11; mary_accession=0001193125-26-216740; mary_cik=0001665300; gnni_supporting_filing_date=2026-05-11; internal_discount=0.55509; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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