SCHEDULE: Vanguard Group Amends Phunware Stake, Holds 4.98%

The Vanguard Group has filed an amendment to its beneficial ownership in Phunware Inc., reporting a 4.98% stake in the company's common stock.

Summary

• The Vanguard Group, an investment adviser, has filed an Amendment No. 1 to its Schedule 13G regarding its beneficial ownership in Phunware Inc.
• As of September 30, 2025, The Vanguard Group beneficially owns an aggregate of 1,007,179 shares of Phunware Inc. common stock.
• This ownership represents 4.98% of the total class of Phunware Inc. common stock.
• The Vanguard Group holds sole voting power over 0 shares and shared voting power over 117,801 shares.
• The firm has sole dispositive power over 885,430 shares and shared dispositive power over 121,749 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by a passive institutional investor, providing factual information without expressing positive or negative sentiment about the issuer's performance or outlook.

Positives

• The continued disclosure of a significant, albeit passive, stake by a major institutional investor like The Vanguard Group may signal ongoing institutional interest in Phunware Inc.

Negatives

• The filing does not indicate any active engagement or intent to influence the management or strategic direction of Phunware Inc., as it is a passive 13G filing.

Risks

• The filing itself does not detail specific risks related to Phunware Inc.'s operations or financial health, as its purpose is solely to disclose beneficial ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance from Phunware Inc. or The Vanguard Group regarding the issuer's future performance.

Management Comments

• Ashley Grim, Head of Global Fund Administration for The Vanguard Group, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This is a routine institutional ownership disclosure, common for large asset managers like The Vanguard Group, reflecting their passive investment holdings across numerous public companies. It provides transparency into significant shareholder positions but typically does not imply strategic intent beyond portfolio management.

Stakeholder Impact

• Shareholders may view The Vanguard Group's continued, albeit passive, stake as a sign of ongoing institutional confidence in Phunware Inc.

Key Dates

Keywords

Phunware Inc, Vanguard Group, Common Stock, SEC Filing, Schedule 13G, Beneficial Ownership, Institutional Investor, Investment Adviser