Mobile advertising software company Phunware, Inc. ( PHUN ) shares traded higher on Wednesday after the company issued a letter to stockholders announcing a business update.

The company mentioned plans to invest in its AI-powered platform for advocacy and voter engagement, recalling its successful development of the Donald Trump 2020 Presidential Campaign app, which was well-received for voter and advocacy engagement.

“It is more important than ever for Phunware ( PHUN ) to help political candidates and voters connect, engage and participate in the voting process, and for individuals and organizations to become knowledgeable about, educate others about, and advocate for events, causes and issues that are important to them. Our platform can help them do just that,” the company said.

Also Read: Mortgage Demand Sees Sharpest Weekly Drop Since April 2020 As Rates Climb Above 6.5%

Phunware ( PHUN ) revealed the development of a new generative AI-based platform aimed at making design, user experience, and content creation accessible to businesses of all sizes, enabling them to design, create, build, and launch custom mobile apps within days or even hours.

The company also expects to add new AI-related features and functionalities to all of Phunware’s mobile app offerings. 

Phunware ( PHUN ) expects its new AI-powered SaaS platform to launch mid-2025 and to further integrate AI and machine learning capabilities into its new platform in 2025. In addition, the company intends to integrate AI-driven predictive analytics into the platform by the third quarter of 2025.

With plans to expand its digital advertising platform in several additional ways, Phunware ( PHUN ) intends to relaunch its programmatic advertising capabilities into core mobile platform.

Phunware ( PHUN ) targets expansion into the Global Mobile App Market, which is expected to exceed $420 billion by 2028.

Also Read: Trump Goes On The Defense About ‘Massive Effect’ Of Tariffs, Economic Growth, Putin Relationship: DJT Shares Fall

So far this year, Phunware ( PHUN ) lowered its cash burn by more than half and have increased sales by two orders of magnitude in the first half of 2024 as compared to the same period in 2023. Bookings in the first half jumped 939%, and gross profit rose 63%.

“Our customers like what we do for them and notably we are getting terrific word of mouth references, accelerating our growth in major customers.” 

Phunware ( PHUN ) stated that as it approaches the end of the year and 2025, it is focusing on sales growth, recruiting experienced sales and marketing talent, and launching initiatives to access new markets, aiming to position itself as a leading mobile company globally.

Yesterday, the stocks encountered a volatile trading session, resulting in a temporary halt due to sudden price fluctuations.

According to Benzinga Pro, PHUN stock has lost over 34% in the past year.

Price Action: PHUN shares are trading higher by 10.4% to $5.95 at last check Wednesday.

Read Next:

What’s Going On With Container Store Stock After Getting $40M Investment From Beyond?