Phunware is a small software company that builds and sells cloud-based mobile app platforms, primarily targeting companies in hospitality and healthcare. Phunware's core offering is an app framework and modular SDKs that let customers deploy and manage branded iOS and Android apps without rebuilding from scratch. These SDKs cover analytics, content management, push notifications, and location-based services like indoor mapping and wayfinding. A hotel might use Phunware's platform to offer guests navigation and in-property services, while a hospital might use it to guide patients through a facility. Phunware is also developing AI-powered features, including an "AI Concierge" and a "Guest Services Agent" for hospitality, though both are early-stage. Phunware also runs a mobile advertising business, helping brands and agencies acquire app users and serve in-app ads on a CPM basis. The company operates two segments: software subscriptions and services (multi-year recurring licenses and custom development), and mobile advertising (transactional, CPM-priced). Revenue is driven by customer count, contract size, and renewal rates on the software side, and by impression volume and CPM rates on the advertising side. Phunware sells through a direct sales team as well as resellers and systems integrators. With only 26 employees, Phunware is a very small operation, and its revenue is concentrated — two customers accounted for 36% of net revenues in FY25.