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Side-by-side financial comparison of Phunware, Inc. (PHUN) and Versus Systems Inc. (VS). Click either name above to swap in a different company.
Versus Systems Inc. is the larger business by last-quarter revenue ($2.2M vs $1.0M, roughly 2.1× Phunware, Inc.). Versus Systems Inc. runs the higher net margin — -44.7% vs -260.2%, a 215.6% gap on every dollar of revenue.
Phunware Inc. is a publicly traded enterprise software company headquartered in Austin, Texas. Founded in 2009, Phunware builds cloud-based platforms that help brands and governments engage users across mobile and digital environments. Its core products include solutions for mobile app development, location-based services, digital advertising, and data-driven engagement.
Versus Systems Inc. operates a proprietary interactive reward platform that integrates with video games, streaming content, live sports broadcasts and mobile apps. It enables content creators and brands to offer personalized real-time prizes to audiences across North America and global digital entertainment markets.
PHUN vs VS — Head-to-Head
Income Statement — Q2 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0M | $2.2M |
| Net Profit | $-2.6M | $-964.9K |
| Gross Margin | 46.5% | 0.2% |
| Operating Margin | -290.2% | -54.2% |
| Net Margin | -260.2% | -44.7% |
| Revenue YoY | -21.9% | — |
| Net Profit YoY | 59.7% | -19.2% |
| EPS (diluted) | $-0.32 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $2.2M | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $-176.0K | ||
| Q4 24 | — | $0 | ||
| Q2 24 | $1.0M | — | ||
| Q1 24 | $921.0K | — | ||
| Q4 23 | $941.0K | — | ||
| Q3 23 | $1.3M | — |
| Q4 25 | — | $-964.9K | ||
| Q3 25 | — | $-537.8K | ||
| Q2 25 | — | $672.3K | ||
| Q4 24 | — | $-809.5K | ||
| Q2 24 | $-2.6M | — | ||
| Q1 24 | $-2.3M | — | ||
| Q4 23 | $-23.0M | — | ||
| Q3 23 | $-19.0M | — |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | 46.5% | — | ||
| Q1 24 | 56.9% | — | ||
| Q4 23 | 47.5% | — | ||
| Q3 23 | 50.4% | — |
| Q4 25 | — | -54.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | -290.2% | — | ||
| Q1 24 | -312.1% | — | ||
| Q4 23 | -2086.3% | — | ||
| Q3 23 | -1060.5% | — |
| Q4 25 | — | -44.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -382.0% | ||
| Q4 24 | — | — | ||
| Q2 24 | -260.2% | — | ||
| Q1 24 | -248.9% | — | ||
| Q4 23 | -2445.6% | — | ||
| Q3 23 | -1515.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $0.14 | ||
| Q4 24 | — | $-0.27 | ||
| Q2 24 | $-0.32 | — | ||
| Q1 24 | $-0.33 | — | ||
| Q4 23 | — | — | ||
| Q3 23 | $-0.16 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.4M | $527.4K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $14.1M | $10.2M |
| Total Assets | $23.1M | $2.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $527.4K | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $3.1M | ||
| Q2 24 | $20.4M | — | ||
| Q1 24 | $21.6M | — | ||
| Q4 23 | $3.9M | — | ||
| Q3 23 | $2.9M | — |
| Q4 25 | — | $10.2M | ||
| Q3 25 | — | $11.1M | ||
| Q2 25 | — | $11.7M | ||
| Q4 24 | — | $11.4M | ||
| Q2 24 | $14.1M | — | ||
| Q1 24 | $14.6M | — | ||
| Q4 23 | $-11.5M | — | ||
| Q3 23 | $6.6M | — |
| Q4 25 | — | $2.1M | ||
| Q3 25 | — | $3.1M | ||
| Q2 25 | — | $3.8M | ||
| Q4 24 | — | $3.5M | ||
| Q2 24 | $23.1M | — | ||
| Q1 24 | $24.3M | — | ||
| Q4 23 | $6.7M | — | ||
| Q3 23 | $27.8M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.7M | $-568.6K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-568.6K | ||
| Q3 25 | — | $24.7K | ||
| Q2 25 | — | $-867.5K | ||
| Q4 24 | — | $-716.6K | ||
| Q2 24 | $-2.7M | — | ||
| Q1 24 | $-5.5M | — | ||
| Q4 23 | $-2.6M | — | ||
| Q3 23 | $-3.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 0.0% | — | ||
| Q3 23 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -1.29× | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
