Smith Micro Software Inc - SMSI STOCK NEWS

Smith Micro Software (Nasdaq: SMSI) reported its Q3 2024 financial results. The company achieved $4.6 million in revenue, a significant drop from $11.0 million in Q3 2023. Gross profit declined to $3.3 million from $8.5 million, with a gross margin of 71.6% compared to 77.0% last year. The GAAP net loss was $6.4 million ($0.54 per share), worsening from a $5.1 million loss ($0.61 per share) in Q3 2023. The Non-GAAP net loss was $3.6 million ($0.30 per share), down from a net gain of $0.6 million ($0.08 per share) last year. Year-to-date, revenue was $15.6 million, down from $32.3 million in 2023, and the GAAP net loss was $44.3 million, up from $17.7 million. CEO William W. Smith Jr. highlighted cost reductions of $1.9 million and a recent $3 million personal investment, expressing confidence in 2025 profitability and growth prospects.

Smith Micro Software (NASDAQ: SMSI) will release its third quarter 2024 financial results after market close on Wednesday, November 13, 2024. Following the announcement, the company will hold a teleconference at 4:30 pm ET / 1:30 pm PT to discuss the results. The teleconference can be accessed by dialing 1-844-701-1164 or 1-412-317-5492 for international participants, with no passcode required. The recording will be available for replay in the Investor Relations section of Smith Micro's website.

Smith Micro Software (NASDAQ: SMSI) has completed two concurrent equity offerings, raising $6.9 million in gross proceeds. The offerings include:

1. A Registered Offering of 3,321,881 shares at $1.165 per share with accompanying warrants, raising $3.87 million.

2. A Private Placement led by CEO Bill Smith, investing $3.0 million for 2,575,107 unregistered shares at $1.165 per share with warrants.

Both offerings include warrants exercisable at $1.04 per share. The company plans to use the net proceeds for working capital and general corporate purposes. The securities in the Private Placement and warrants in both offerings were issued under exemptions from SEC registration requirements.

Smith Micro Software (NASDAQ: SMSI) has announced two concurrent financing agreements totaling approximately $6.9 million in gross proceeds. The financing includes:

1. A registered offering of 3,321,881 shares at $1.165 per share with accompanying warrants, yielding about $3.9 million.

2. A private placement with CEO Bill Smith investing $3.0 million for 2,575,107 unregistered shares at $1.165 per share with warrants.

Both offerings include warrants exercisable at $1.04 per share after six months, expiring in five years. The transactions are expected to close on October 2, 2024. Proceeds will be used for working capital and general corporate purposes.

Smith Micro Software (Nasdaq: SMSI) has signed a marketing engagement agreement with Competitive Carriers Association (CCA) to promote its SafePath Global™ family safety solution to CCA's carrier members. This partnership aims to enable carriers of all sizes to offer the SafePath app to their subscribers under a single branded application, distributed via Google Play and the Apple App Store.

The collaboration is expected to expand Smith Micro's addressable markets and accelerate the delivery and launch of the app, potentially leading to faster revenue generation. SafePath Global™ allows carriers to easily offer family safety features to their subscriber base, enabling consumers to obtain a trusted safety solution from their wireless provider.

Smith Micro Software (Nasdaq: SMSI) reported its Q2 2024 financial results, showing a decline in revenue to $5.1 million from $10.3 million in Q2 2023. The company experienced a GAAP net loss of $6.9 million ($0.66 loss per share) compared to a $5.7 million loss in Q2 2023. Gross profit decreased to $3.5 million, with gross profit margin falling to 68.7%. Despite these challenges, Smith Micro highlighted positive developments, including the launch of Boost Family Guard and progress towards introducing a SafePath-based Family Safety solution with a tier-one European carrier. The company emphasized its focus on the expanding Family Safety market and ongoing cost reduction initiatives to drive growth and profitability.

Smith Micro Software, Inc. (NASDAQ: SMSI) has announced its plans to report second quarter 2024 financial results on Thursday, August 1, 2024, after the close of regular trading. The company will host a teleconference at 4:30 pm ET / 1:30 pm PT to discuss the results.

Interested parties can access the conference call by dialing 1-844-701-1164 (US) or +1-412-317-5492 (International) ten minutes before the start time. No passcode is required. An internet webcast will also be available, and a recording of the call will be accessible in the Investor Relations section of Smith Micro's website for replay.

Smith Micro Software announced the closing of its follow-on offering, issuing 1,910,000 shares of common stock at $2.15 per share to institutional and accredited investors. The offering included accompanying warrants, allowing the purchase of up to 1,910,000 shares at an exercise price of $2.34 per share.

The transaction resulted in approximately $4.1 million in gross proceeds, intended for working capital and general corporate purposes. The warrants will become exercisable six months after the closing date and expire five and a half years later. Roth Capital Partners acted as the exclusive placement agent for the offering. The shares were registered with the SEC under an effective shelf registration statement, and the warrants were issued in a private placement exempt from registration requirements.

Smith Micro Software, Inc. announced a follow-on offering where an investor will purchase 1,910,000 shares of its common stock at $2.15 per share, with accompanying warrants to purchase additional shares. The offering is expected to result in gross proceeds of approximately $4.1 million. The company plans to use the net proceeds for working capital and general corporate purposes. The closing of the offering is subject to customary conditions and is expected to occur on May 14, 2024.