Phunware Appoints Dmitry Kroshka as CEO with $1M Performance-Based Equity, Launches Major Apollo 2.0 Development

summarizeSummary

Phunware appointed Dmitry Kroshka as its new CEO with a substantial performance-based equity package and committed over $3.5 million to develop its Apollo 2.0 platform, marking a significant strategic pivot for the company.

check_boxKey Events

• New CEO Appointed

  Dmitry Kroshka has been appointed Chief Executive Officer, effective May 12, 2026. He previously served as a senior advisor to the company since October 2025 and brings extensive experience in AI, hospitality technology, and SaaS.

• Significant Performance-Based Equity Award

  The new CEO's compensation includes an annual base salary of $475,000 and an aggregate $1,000,000 equity award. A substantial portion ($600,000) of this equity is performance-vested, tied to achieving a $5 stock price and $4.5 million in GAAP revenue.

• Major Software Development Contract

  Phunware entered into a Master Software and Services Agreement with Build Something LLC for up to $3,559,200 to develop its Apollo 2.0 Program, a new customer platform. This represents a significant investment in product strategy and execution.

• Executive Reshuffle and Board Resignation

  Jeremy Krol, the former Interim CEO, will transition back to his role as Chief Operating Officer and has voluntarily resigned from the Board of Directors, streamlining the leadership structure under the new CEO.

auto_awesomeAnalysis

Phunware has appointed Dmitry Kroshka as its new Chief Executive Officer, signaling a significant strategic shift towards its "2.0 Strategy." Kroshka's compensation package includes a $475,000 annual base salary and a substantial $1,000,000 equity award, with 60% tied to performance metrics like achieving a $5 stock price (more than double the current price) and $4.5 million in GAAP revenue. Concurrently, the company entered into a Master Software and Services Agreement with Build Something LLC for up to $3,559,200 to develop its Apollo 2.0 Program, a new customer platform. This represents a major investment for a company with a $41 million market cap. Former Interim CEO Jeremy Krol will return to his Chief Operating Officer role and has resigned from the Board. These changes come amidst recent activist investor interest and a Q1 revenue decline, indicating a decisive move to revitalize the company's growth trajectory and product offerings.