Phunware Inc. reported a narrowed loss in the mobile-advertising company’s third-quarter results after market close Thursday, although net revenue declined sharply from the same period last year.

The company reported a net loss of $2.8 million, or a loss of 25 cents a share, after a net loss of $13.7 million, or a loss of $5.72 a share, in the prior year’s quarter. Analysts surveyed by FactSet were looking for a loss of 26 cents a share.

Phunware’s net revenue for the quarter ending Sept. 30 was $665,000, down from $1.252 million in the same period last year. Analysts surveyed by FactSet were looking for sales of $1.3 million. However, Phunware said that year-to-date software and subscription bookings are up 300% over the prior year.

Speaking during a conference call to discuss the results, Phunware’s interim CEO Stephen Chen said that the company plans to launch its next-generation software-as-a-service platform in mid-2025. This, he said, will enable companies of all sizes to build custom mobile apps.

As of Sept. 30, Phunware’s cash and cash equivalents was $35.5 million. “We have adequate resources to support our continued investment in AI, sales and engineering,” said Chen, during the conference call.

Phunware’s stock was down 8.7% in extended trading after ending Thursday’s session down 13.6%.

Shares of Phunware have soared in recent weeks as the Trump-related company garnered attention ahead of the U.S. presidential election. The Austin, Texas-based company developed and launched a mobile app for Trump’s 2020 re-election campaign. Earlier this week the company announced a deal to acquire a controlling stake in MyCanvass, a subsidiary of Campaign Nucleus, a software-as-a-service platform founded by Brad Parscale, the digital director of Trump’s 2016 campaign and the manager of his 2020 campaign.

Phunware and Campaign Nucleus plan to use MyCanvass as the foundation of a partnership focused on developing artificial-intelligence-powered canvassing. Campaign Nucleus provided services for Trump’s 2024 campaign.

Phunware shares are up 56.6% in 2024, outpacing the S&P 500 index’s gain of 25.2%.