Phunware announces cost saving measures, reduces workforce by 33%

Phunware announced a series of strategic cost saving measures designed to improve its financial performance and to position it for sustainable, long-term success. The Company expects to realize annual run-rate cost savings upwards of $5. As part of its strategic cost optimization efforts, the Company has made the difficult but necessary decision to implement a reduction in force, impacting approximately 33% of Phunware’s workforce across all departments. This decision is not a reflection on the dedication or performance of these team members, but rather a strategic action to refocus the Company’s efforts on its most promising revenue generating opportunities and ensure Phunware’s continued success in the rapidly evolving mobile technology landscape. In addition to the workforce reduction, Phunware is implementing several other cost-cutting measures to become a leaner and more efficient company. These include streamlining operations, reducing non-essential expenses, and optimizing use of existing resources to further enhance efficiencies.