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AUSTIN, Texas - Phunware, Inc. (NASDAQ:PHUN) announced on Monday a leadership restructuring that includes the appointment of Jeremy Krol as Interim Chief Executive Officer and Rahul Mewawalla as Executive Chairman and Chief AI Architect, effective immediately. The leadership change comes as the company, with a market capitalization of $65.5 million, faces challenging market conditions, having seen its stock decline by about 39% over the past six months according to InvestingPro data.
Krol, who previously served as the company’s Chief Operating Officer, replaces Stephen Chen as CEO. Prior to joining Phunware full-time in February 2025, Krol served as the company’s fractional Chief Operating Officer since June 2024. His background includes five years as a startup advisor for Platform Calgary, a technology accelerator hub.
In his dual role, Mewawalla will focus on strategic and operational matters while advancing the company’s artificial intelligence initiatives. A current board member, Mewawalla brings experience from leadership positions at Yahoo, Nokia, and General Electric Company. He has previously served as chairman and CEO of Nasdaq-listed companies.
"We are confident that with Jeremy as interim CEO and Rahul as Executive Chairman and as Chief AI Architect, advancing our AI priorities, the Company is well positioned for enhanced innovation and continued growth," said Elliot Han, Chair of the Compensation Committee and Quyen Du, Chair of the Nominating and Governance Committee, in a joint statement on behalf of the board.
Phunware specializes in enterprise mobile app solutions with integrated intelligent capabilities. The company provides businesses with tools to create and manage custom mobile applications, analytics, digital advertising, and location-based services.
The leadership changes, according to the company’s press release statement, reflect Phunware’s commitment to strengthening its leadership team and accelerating execution of its long-term strategic goals.
In other recent news, Phunware, Inc. reported its first-quarter revenue for 2025, amounting to $0.7 million, showing a slight increase from the previous quarter. The company has been expanding its client base, adding three new hospitality customers and securing a $0.5 million booking with a healthcare facility. Ascendiant Capital has adjusted its price target for Phunware, lowering it from $13.00 to $12.00, while maintaining a Buy rating, reflecting confidence in the company’s growth potential despite its high-risk profile. Meanwhile, H.C. Wainwright maintained a Neutral rating on Phunware, with a consistent price target of $3.00, noting concerns about the company’s long-term strategy and rising operating expenses. Phunware’s strong cash position of approximately $110 million is expected to support mergers and acquisitions aimed at boosting revenue growth.
Additionally, at its 2024 Annual Meeting of Stockholders, Phunware elected Quyen Du as a Class III director and ratified Marcum LLP as its independent registered public accounting firm. Ascendiant Capital had previously raised Phunware’s price target to $12.50, citing attractive valuation and growth prospects, but later adjusted it back to $12.00. Investors are closely monitoring these developments and the company’s future performance in light of the updated analyst evaluations.
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