Phunware, Inc. (PHUN): restructuring charge — Phunware winds down Lyte PC business; expects up to $3M impairment, $0.2-0.4M cash costs

Phunware, Inc.

Committed to wind down Lyte Technology PC business by end of 2023; lease termination in principle.
Estimates cash wind-down costs of $0.2M-$0.4M, funded from asset sale proceeds.
Expects pre-tax non-cash impairment losses up to $3.0M in Q4 2023.
CEO says wind down reduces annual cash burn by ~$2M; reaffirms focus on enterprise software.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Phunware, Inc. announced a restructuring with charges of between $0.2 million and $0.4 million affecting PC manufacturing assembly business, Lyte Technology.

Type: restructuring
Charge: between $0.2 million and $0.4 million
Affected area: PC manufacturing assembly business, Lyte Technology

Exact text from the filing

the Company estimates that it will incur cash costs related to the wind down of between $0.2 million and $0.4 million.

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Phunware, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-037416

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.