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Smith Micro Reports Fourth Quarter and Fiscal Year 2022 Financial Results

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Smith Micro Software, Inc. (NASDAQ: SMSI) announced its fourth quarter and fiscal year 2022 financial results, reporting a revenue of $11.4 million for Q4, down from $14.7 million in Q4 2021. The company posted a GAAP net loss of $8.0 million, compared to a loss of $4.0 million in the prior year. For the full year, revenue totaled $48.5 million, a decline from $58.4 million in 2021. The gross profit margin decreased, with gross profit at $34.3 million for the year. Smith Micro aims to reduce expenses by $4 million per quarter to return to profitability by Q3 2023, focusing on unifying its Digital Family Lifestyle business.

Positive
  • Plans to reduce expenses by $4 million per quarter to achieve profitability.
  • Improved GAAP net loss from $31.0 million in 2021 to $29.3 million in 2022.
Negative
  • Q4 2022 revenue decreased to $11.4 million, down from $14.7 million in Q4 2021.
  • GAAP net loss increased to $8.0 million in Q4 2022, from $4.0 million in Q4 2021.
  • Full-year revenue decreased to $48.5 million in 2022, down from $58.4 million in 2021.

PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2022.

“We made significant progress during 2022 toward the unification of our Digital Family Lifestyle business onto a single platform, resulting in a far superior, best-in-class solution,” said William W. Smith, Jr., President, CEO and Chairman of the Board of Smith Micro. “As we near completion of migration activities, we are focusing on partnering with our customers in growing revenues and returning the Company to profitability.”

Mr. Smith concluded, “We are currently taking steps to significantly reallocate resources and will be taking further actions in the very near term to streamline our costs. As such, we expect to reduce our expenses by a further $4 million per quarter from our fourth quarter 2022, with our goal to have it completed by the end of the second quarter, but no later than the end of the third quarter of this year, and as a result to reach profitability in the same timeframe.”

Fourth Quarter 2022 Financial Results

Smith Micro reported revenue of $11.4 million for the quarter ended December 31, 2022, compared to $14.7 million reported in the quarter ended December 31, 2021.

Gross profit for the quarter ended December 31, 2022 was $8.1 million, compared to $10.6 million for the quarter ended December 31, 2021.

Gross profit as a percentage of revenue was 71 percent for the quarter ended December 31, 2022, compared to 72 percent for the quarter ended December 31, 2021.

GAAP net loss for the quarter ended December 31, 2022 was $8.0 million, or $0.14 loss per share, compared to GAAP net loss of $4.0 million, or $0.07 loss per share, for the same period in 2021.

Non-GAAP net loss for the quarter ended December 31, 2022 was $4.3 million, or $0.08 loss per share, compared to non-GAAP net loss of $2.4 million, or $0.04 loss per share, for the quarter ended December 31, 2021. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures".

Fiscal Year 2022 Financial Results

Smith Micro reported revenue of $48.5 million for the year ended December 31, 2022, compared to $58.4 million reported in the year ended December 31, 2021.

Gross profit for the year ended December 31, 2022 was $34.3 million compared to $45.7 million reported for the same period in 2021.

Gross profit as a percentage of revenue was 71 percent for the year ended December 31, 2022 compared to 78 percent for the year ended December 31, 2021.

GAAP net loss for the year ended December 31, 2022 was $29.3 million, or $0.53 loss per share, compared to GAAP net loss of $31.0 million, or $0.61 loss per share, for the same period in 2021.

Non-GAAP net loss for the year ended December 31, 2022 was $18.8 million, or $0.34 loss per share, compared to non-GAAP net loss of $2.2 million, or $0.04 loss per share, for the year ended December 31, 2021. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures".

Total cash and cash equivalents as of December 31, 2022 were $14.0 million.

Non-GAAP Measures

To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, certain non-GAAP financial measures and a non-GAAP reconciliation from GAAP gross profit, net (loss) income before taxes, and net (loss) income to the following non-GAAP metrics: non-GAAP net (loss) income, and non-GAAP diluted (loss) earnings per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing our income generation and has therefore excluded the following items from GAAP earnings calculations: stock-based compensation, amortization of intangible assets, fair value adjustments, note and stock offering fees and amortization, personnel severance and reorganization activities, CFO transition costs, acquisition costs, and non-development intellectual property costs. Additionally, since the Company currently has federal and state net operating loss carryforwards that can be utilized to reduce future cash payments for income taxes, these non-GAAP adjustments have not been tax effected, and the resulting income tax expense reflects actual taxes paid or accrued during each period. This presentation may be considered more indicative of our ongoing operational performance. The table below presents the differences between non-GAAP net (loss) income and net (loss) income on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-GAAP financial measures as reported by Smith Micro may not be comparable to similarly titled amounts reported by other companies.

Investor Conference Call

Smith Micro will hold an investor conference call today, March 9, 2023, at 4:30 p.m. ET, to discuss the Company’s fourth quarter and fiscal year 2022 financial results. To access the call, dial 1-844-701-1164; international participants can call 1-412-317-5492. A passcode is not required to join the call; ask the operator to be placed into the Smith Micro conference. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. An internet webcast is available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=TaNVvJpd. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.

About Smith Micro Software, Inc.

Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. For more information, visit www.smithmicro.com.

Smith Micro, the Smith Micro logo and SafePath are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective owners.

Forward-Looking Statements

Certain statements in this press release are, and certain statements on the related conference call may be, forward-looking statements regarding future events or results within the meaning of the Private Securities Litigation Reform Act, including statements related to our financial prospects, goals and other projections of our outlook or performance and our future business plans, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are delays in our ability to fully execute on our expense reduction plans due to statutory and other requirements, reduction in revenue from a terminating customer agreement earlier or at a more rapid rate than expected, the risk of harm to our business resulting from our cost reduction efforts, customer concentration, given that the majority of our sales depend on a few large customer relationships, delay or failure of our customers to accept and deploy our products and services or new or upgraded versions thereof, delay or failure of our customers’ end users to adopt our products and services or new or upgraded versions thereof, the impact of the COVID-19 pandemic on our business and financial results, changes in demand for our products from our customers and their end users, changes in requirements for our products imposed by our customers or by the third party providers of software and/or platforms that we use, our ability to effectively integrate, market and sell acquired product lines, new and changing technologies and customer acceptance and timing of deployment of those technologies, our ability to compete effectively with other software and technology companies, and the existence and terms of our convertible notes and related agreements, including that they may restrict our ability to obtain additional financing, and adversely affect our business, financial condition and cash flows from operations in the future. These and other factors discussed in our filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management, and we do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro Software, Inc.

 

 

 

Consolidated Balance Sheets

 

 

 

(in thousands except share and par value data)

 

 

 

 

 

 

 

 

December 31,
2022

 

December 31,
2021

 

(unaudited)

 

(audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

14,026

 

 

$

16,078

 

Accounts receivable, net of allowance for doubtful accounts and other adjustments of $3 and $2 (2022 and 2021, respectively)

 

10,501

 

 

 

10,590

 

Prepaid expenses and other current assets

 

1,983

 

 

 

1,988

 

Total current assets

 

26,510

 

 

 

28,656

 

Equipment and improvements, net

 

1,498

 

 

 

2,698

 

Right-of-use assets

 

3,722

 

 

 

4,866

 

Other assets

 

490

 

 

 

620

 

Intangible assets, net

 

36,320

 

 

 

42,631

 

Goodwill

 

35,041

 

 

 

35,041

 

Total assets

$

103,581

 

 

$

114,512

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,236

 

 

$

3,301

 

Accrued payroll and benefits

 

3,883

 

 

 

4,055

 

Current operating lease liabilities

 

1,441

 

 

 

1,400

 

Other current liabilities

 

1,589

 

 

 

612

 

Current portion of convertible notes payable

 

9,007

 

 

 

 

Derivative liabilities

 

1,575

 

 

 

 

Total current liabilities

 

20,731

 

 

 

9,368

 

Non-current liabilities:

 

 

 

Warrant liabilities

 

3,317

 

 

 

 

Operating lease liabilities

 

2,976

 

 

 

4,467

 

Deferred tax liabilities, net

 

178

 

 

 

117

 

Total non-current liabilities

 

6,471

 

 

 

4,584

 

Commitments and contingencies

 

 

 

Stockholders' equity:

 

 

 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 56,197,910 and 54,259,390 shares issued and outstanding at December 31, 2022 and 2021, respectively

 

56

 

 

 

54

 

Additional paid-in capital

 

357,875

 

 

 

352,779

 

Accumulated comprehensive deficit

 

(281,552

)

 

 

(252,273

)

Total stockholders’ equity

 

76,379

 

 

 

100,560

 

Total liabilities and stockholders' equity

$

103,581

 

 

$

114,512

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

Consolidated Statement of Operations

 

 

 

 

 

 

 

(in thousands except share data)

 

 

 

 

 

 

 

 

For the Three Months Ended
December 31,

 

For the Year Ended
December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(audited)

Revenues

$

11,405

 

 

$

14,679

 

 

$

48,513

 

 

$

58,422

 

Cost of revenues

 

3,328

 

 

 

4,103

 

 

 

14,210

 

 

 

12,698

 

Gross profit

 

8,077

 

 

 

10,576

 

 

 

34,303

 

 

 

45,724

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

 

3,196

 

 

 

3,153

 

 

 

12,887

 

 

 

11,581

 

Research and development

 

6,732

 

 

 

7,137

 

 

 

29,870

 

 

 

26,197

 

General and administrative

 

3,764

 

 

 

4,146

 

 

 

16,161

 

 

 

17,920

 

Change in fair value of contingent consideration

 

 

 

 

 

 

 

 

 

 

12,864

 

Amortization of intangible assets

 

1,545

 

 

 

142

 

 

 

6,312

 

 

 

8,100

 

Total operating expenses

 

15,237

 

 

 

14,578

 

 

 

65,230

 

 

 

76,662

 

Operating loss

 

(7,160

)

 

 

(4,002

)

 

 

(30,927

)

 

 

(30,938

)

Other income (expense):

 

 

 

 

 

 

 

Change in fair value of warrant and derivative liabilities

 

1,212

 

 

 

 

 

 

4,669

 

 

 

 

Interest (expense) income, net

 

(1,782

)

 

 

9

 

 

 

(2,680

)

 

 

34

 

Other (expense) income, net

 

(125

)

 

 

41

 

 

 

(115

)

 

 

76

 

Loss before provision for income taxes

 

(7,855

)

 

 

(3,952

)

 

 

(29,053

)

 

 

(30,828

)

Provision for income tax expense

 

148

 

 

 

56

 

 

 

226

 

 

 

215

 

Net loss

$

(8,003

)

 

$

(4,008

)

 

$

(29,279

)

 

$

(31,043

)

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.14

)

 

$

(0.07

)

 

$

(0.53

)

 

$

(0.61

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

 

56,228

 

 

 

54,454

 

 

 

55,422

 

 

 

51,232

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
December 31,

 

For the Year Ended
December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(audited)

 

(unaudited)

 

(audited)

Operating activities:

 

 

 

 

 

 

 

Net loss

$

(8,003

)

 

$

(4,008

)

 

$

(29,279

)

 

$

(31,043

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

1,805

 

 

 

466

 

 

 

7,556

 

 

 

9,338

 

Non-cash lease expense

 

987

 

 

 

341

 

 

 

1,144

 

 

 

1,160

 

Non-cash transaction costs including amortization

 

1,902

 

 

 

 

 

 

3,324

 

 

 

 

Change in fair value

 

(1,212

)

 

 

 

 

 

(4,669

)

 

 

12,864

 

Provision for doubtful accounts

 

 

 

 

8

 

 

 

 

 

 

5

 

Provision for excess and obsolete inventory

 

 

 

 

 

 

 

 

 

 

(97

)

Stock based compensation

 

1,099

 

 

 

1,226

 

 

 

4,948

 

 

 

4,848

 

Deferred income taxes

 

61

 

 

 

58

 

 

 

61

 

 

 

58

 

Gain (loss) on disposal of assets

 

(27

)

 

 

(14

)

 

 

4

 

 

 

(14

)

Changes in operating accounts:

 

 

 

 

 

 

 

Accounts receivable

 

(1,023

)

 

 

1,987

 

 

 

85

 

 

 

7,938

 

Prepaid expenses and other assets

 

(908

)

 

 

(69

)

 

 

(25

)

 

 

(268

)

Accounts payable and accrued liabilities

 

215

 

 

 

(14,661

)

 

 

(2,570

)

 

 

(16,309

)

Other liabilities

 

321

 

 

 

(525

)

 

 

160

 

 

 

(1,396

)

Net cash used in operating activities

 

(4,783

)

 

 

(15,191

)

 

 

(19,261

)

 

 

(12,916

)

Investing activities:

 

 

 

 

 

 

 

Acquisitions, net

 

 

 

 

 

 

 

 

 

 

(56,865

)

Capital expenditures, net

 

36

 

 

 

(92

)

 

 

(49

)

 

 

(830

)

Other investing activities

 

70

 

 

 

118

 

 

 

164

 

 

 

192

 

Net cash provided by (used in) investing activities

 

106

 

 

 

26

 

 

 

115

 

 

 

(57,503

)

Financing activities:

 

 

 

 

 

 

 

Proceeds from notes and warrants offering

 

 

 

 

 

 

 

15,000

 

 

 

 

Proceeds from stock and warrants offering

 

 

 

 

 

 

 

3,000

 

 

 

59,711

 

Stock, notes, and warrants offering costs

 

 

 

 

 

 

 

(1,227

)

 

 

 

Payments related to contingent consideration

 

 

 

 

(1,136

)

 

 

 

 

 

(1,136

)

Proceeds from exercise of common stock warrants

 

 

 

 

 

 

 

 

 

 

2,066

 

Proceeds from financing arrangements

 

 

 

 

 

 

 

1,541

 

 

 

 

Repayments of financing arrangements

 

(300

)

 

 

 

 

 

(1,278

)

 

 

 

Other financing activities

 

2

 

 

 

7

 

 

 

58

 

 

 

102

 

Net cash provided by financing activities

 

(298

)

 

 

(1,129

)

 

 

17,094

 

 

 

60,743

 

Net decrease in cash and cash equivalents

 

(4,975

)

 

 

(16,294

)

 

 

(2,052

)

 

 

(9,676

)

Cash and cash equivalents, beginning of year

$

19,001

 

 

$

32,372

 

 

$

16,078

 

 

$

25,754

 

Cash and cash equivalents, end of year

$

14,026

 

 

$

16,078

 

 

$

14,026

 

 

$

16,078

 

Smith Micro Software, Inc.

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Results

 

 

 

 

 

(in thousands, except per share data) - unaudited

 

 

 

 

 

 

GAAP

Stock Compensation

Intangibles Amortization

Fair Value Adjustments

Notes and Stock Offering Fees and Amortization

Personnel Severance and Reorganization Activities

CFO Transition Costs

Acquisition Costs

Non- GAAP

Three Months Ended
December 31, 2022

 

 

 

 

 

 

 

 

 

Gross profit

$

8,077

 

$

 

$

 

$

 

$

$

 

$

 

$

 

$

8,077

 

Selling and marketing expenses

 

3,196

 

 

(186

)

 

 

 

 

 

 

(68

)

 

 

 

 

 

2,942

 

Research and development expenses

 

6,732

 

 

(274

)

 

 

 

 

 

 

(364

)

 

 

 

 

 

6,094

 

General and administrative expenses

 

3,764

 

 

(639

)

 

 

 

 

 

 

(184

)

 

 

 

 

 

2,941

 

Amortization of intangible assets

 

1,545

 

 

 

 

(1,545

)

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

15,237

 

 

(1,099

)

 

(1,545

)

 

 

 

 

(616

)

 

 

 

 

 

11,977

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(7,855

)

 

1,099

 

 

1,545

 

 

(1,212

)

 

1,661

 

616

 

 

 

 

 

 

(4,146

)

Net (loss) income

 

(8,003

)

 

1,099

 

 

1,545

 

 

(1,212

)

 

1,661

 

616

 

 

 

 

 

 

(4,294

)

(Loss) earnings per share: basic and diluted

 

(0.14

)

 

0.02

 

 

0.03

 

 

(0.02

)

 

0.03

 

0.01

 

 

 

 

 

 

(0.08

)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31, 2021

 

 

 

 

 

 

 

 

 

Gross profit

$

10,576

 

$

 

$

 

$

 

$

$

 

$

 

$

 

$

10,576

 

Selling and marketing expenses

 

3,153

 

 

(239

)

 

 

 

 

 

 

 

 

 

 

 

 

2,914

 

Research and development expenses

 

7,137

 

 

(260

)

 

 

 

 

 

 

 

 

 

 

 

 

6,877

 

General and administrative expenses

 

4,146

 

 

(727

)

 

 

 

 

 

 

 

 

(179

)

 

 

 

3,159

 

Change in fair value of contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,864

)

 

 

Amortization of intangible assets

 

142

 

 

 

 

(142

)

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

14,578

 

 

(1,226

)

 

(142

)

 

 

 

 

 

 

(179

)

 

(12,864

)

 

12,950

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(3,952

)

 

1,226

 

 

142

 

 

 

 

 

 

 

179

 

 

12,864

 

 

(2,324

)

Net (loss) income

 

(4,008

)

 

1,226

 

 

142

 

 

 

 

 

 

 

179

 

 

12,864

 

 

(2,380

)

(Loss) earnings per share: basic and diluted

 

(0.07

)

 

0.02

 

 

 

 

 

 

 

 

 

 

 

0.24

 

 

(0.04

)

Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

Smith Micro Software, Inc.

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Results

 

 

 

 

 

 

(in thousands, except per share data) - unaudited

 

 

 

 

 

 

 

GAAP

Stock Compensation

Intangibles Amortization

Fair Value Adjustments

Notes and Stock Offering Fees and Amortization

Personnel Severance and Reorganization Activities

CFO Transition Costs

Acquisition Costs

IP-related Costs

Non-GAAP

Year Ended

December 31, 2022

 

 

 

 

 

 

 

 

 

 

Gross profit

$

34,303

 

$

2

 

$

 

$

 

$

 

$

 

$

 

$

 

$

 

$

34,305

 

Selling and marketing expenses

 

12,887

 

 

(522

)

 

 

 

 

 

 

 

(837

)

 

 

 

 

 

 

 

11,528

 

Research and development expenses

 

29,870

 

 

(1,082

)

 

 

 

 

 

 

 

(364

)

 

 

 

 

 

 

 

28,424

 

General and administrative expenses

 

16,161

 

 

(2,764

)

 

 

 

 

 

(630

)

 

(184

)

 

 

 

 

 

 

 

12,583

 

Amortization of intangible assets

 

6,312

 

 

 

 

(6,312

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

65,230

 

 

(4,368

)

 

(6,312

)

 

 

 

(630

)

 

(1,385

)

 

 

 

 

 

 

 

52,535

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income before provision for income taxes

 

(29,053

)

 

4,370

 

 

6,312

 

 

(4,669

)

 

3,083

 

 

1,385

 

 

 

 

 

 

 

 

(18,572

)

Net (loss) income

 

(29,279

)

 

4,370

 

 

6,312

 

 

(4,669

)

 

3,083

 

 

1,385

 

 

 

 

 

 

 

 

(18,798

)

(Loss) earnings per share: basic and diluted

 

(0.53

)

 

0.08

 

 

0.11

 

 

(0.08

)

 

0.06

 

 

0.02

 

 

 

 

 

 

 

 

(0.34

)

 

 

 

 

 

 

 

 

 

 

 

Year Ended

December 31, 2021

 

 

 

 

 

 

 

 

 

 

Gross profit

$

45,724

 

$

1

 

$

 

$

 

$

 

$

 

 

 

$

 

 

 

$

45,725

 

Selling and marketing expenses

 

11,581

 

 

(901

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,680

 

Research and development expenses

 

26,197

 

 

(965

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,232

 

General and administrative expenses

 

17,920

 

 

(2,981

)

 

 

 

 

 

 

 

 

 

(322

)

 

(1,668

)

 

(1,000

)

 

11,949

 

Change in fair value of contingent consideration

 

12,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

8,100

 

 

 

 

(8,100

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

76,662

 

 

(4,847

)

 

(8,100

)

 

 

 

 

 

 

 

(322

)

 

(14,532

)

 

(1,000

)

 

47,861

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income before provision for income taxes

 

(30,828

)

 

4,848

 

 

8,100

 

 

 

 

 

 

 

 

322

 

 

14,532

 

 

1,000

 

 

(2,026

)

Net (loss) income

 

(31,043

)

 

4,848

 

 

8,100

 

 

 

 

 

 

 

 

322

 

 

14,532

 

 

1,000

 

 

(2,241

)

(Loss) earnings per share: basic and diluted

 

(0.61

)

 

0.09

 

 

0.16

 

 

 

 

 

 

 

 

0.01

 

 

0.28

 

 

0.02

 

 

(0.04

)

Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

 

IR INQUIRIES:

Charles Messman

Investor Relations

949-362-5800

IR@smithmicro.com

Source: Smith Micro Software, Inc.

FAQ

What were Smith Micro's Q4 2022 financial results?

Smith Micro reported Q4 2022 revenue of $11.4 million, a GAAP net loss of $8.0 million, and gross profit of $8.1 million.

How did Smith Micro's performance in 2022 compare to 2021?

In 2022, Smith Micro's revenue dropped to $48.5 million from $58.4 million in 2021, with a reduced GAAP net loss of $29.3 million, compared to $31.0 million the previous year.

What is Smith Micro's plan for achieving profitability?

Smith Micro plans to reduce costs by $4 million per quarter and aims to reach profitability by the end of Q3 2023.

Smith Micro Software Inc

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