Smith Micro Software Inc - SMSI STOCK NEWS

Smith Micro Software, Inc. (NASDAQ: SMSI) announced it will report its third quarter 2022 financial results after market close on November 9, 2022. A teleconference is scheduled for 4:30 PM ET to discuss the results. Investors can access the call by dialing 1-844-701-1164 or through an internet webcast. The news release will be available in the Smith Micro Newsroom. This announcement is part of Smith Micro's commitment to transparency for shareholders regarding its financial performance.

Smith Micro Software (SMSI) reported Q2 2022 results with revenues of $12.7 million, down from $15.9 million in Q2 2021. Gross profit also declined to $9.1 million (71% of revenue) compared to $12.6 million (79% of revenue) a year prior. The company faced a GAAP net loss of $8.5 million, or $0.15 per share, worse than a $5.2 million loss a year ago. Non-GAAP net loss stood at $5.1 million. The firm plans to reduce operating expenses significantly in the upcoming quarters as it nears completion of integrating recent acquisitions.

Smith Micro Software, Inc. (NASDAQ: SMSI) announced two offerings expected to generate gross proceeds of $18 million. This includes $15 million from a private placement of senior secured convertible notes and $3 million from a registered direct offering of common stock. The convertible notes have a conversion price of $3.35 per share and associated warrants. The proceeds will be used for general corporate and working capital purposes. The offerings are expected to close around August 12, 2022.

Smith Micro Software will release its second quarter 2022 financial results on August 11, 2022, after market close. A live teleconference will take place at 4:30 PM ET where key financial metrics and business updates will be discussed. Participants can join the call by dialing 1-844-701-1164 or through the internet webcast available on the company's website. This event is pertinent for investors monitoring SMSI as they assess the company's performance in a competitive market.

Smith Micro Software has appointed Von Cameron as Chief Revenue Officer, bringing over 30 years of experience in technology sales. Cameron aims to enhance customer acquisition and drive sales strategies, focusing on mobile carrier market growth. Previously at Smith Micro from 2008 to 2013, he has also held roles at prestigious firms like Oracle and Booz Allen. CEO William W. Smith, Jr. highlights Cameron's extensive talent as vital for achieving aggressive growth goals. Cameron aims to strengthen existing carrier relationships and expand global sales reach for Smith Micro.

Smith Micro Software, Inc. (NASDAQ: SMSI) reported its first-quarter results for 2022, revealing revenues of $12.7 million, an increase from $11.4 million in Q1 2021. However, gross profit decreased to $9.1 million with a gross profit margin of 71%, down from 86% year-over-year. The company recorded a GAAP net loss of $7.0 million or $0.13 loss per share, worsening from a $3.2 million loss in the previous year. Non-GAAP net loss stood at $4.3 million, contrasting with a non-GAAP net income of $0.7 million in the same period last year.

Smith Micro Software, Inc. (NASDAQ: SMSI) announces it will report its first quarter 2022 financial results after market close on May 4, 2022. A teleconference for interested parties will be held at 4:30pm ET / 1:30pm PT, accessible via a dial-in or internet webcast. The details for replaying the conference call will also be provided. Smith Micro specializes in software solutions that enhance the mobile experience for wireless service providers and cable providers.

Smith Micro Software, Inc. (NASDAQ: SMSI) has appointed two experienced leaders to its Board of Directors: Asha Keddy, a corporate Vice President at Intel, and Chetan Sharma, CEO of Chetan Sharma Consulting. Both bring extensive expertise in technology and strategic execution, expected to enhance the company’s focus on mobile technology and innovation. Keddy's leadership in 5G advancements and Sharma's advisory role in the wireless sector are anticipated to significantly impact the company's direction and performance.

Smith Micro Software has entered into a secured revolving credit facility with Wells Fargo Bank, granting up to $7.0 million to support working capital and corporate needs. This one-year credit line may be renewed and aims to enhance financial flexibility for ongoing research and development and product implementations, particularly for the SafePath 7 Family Safety platform. The company emphasizes the importance of this agreement for its operations in the telecommunications sector.