Smith Micro Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Smith Micro Software (NASDAQ: SMSI) reported its Q4 and fiscal year 2024 financial results, marking a challenging period with significant revenue decline. Q4 revenue dropped to $5.0 million from $8.6 million in Q4 2023, while full-year revenue decreased to $20.6 million from $40.9 million in 2023.
The company reported Q4 GAAP net loss of $4.4 million ($0.25 loss per share) compared to $6.7 million loss in Q4 2023. Full-year GAAP net loss widened to $48.7 million ($3.94 loss per share) from $24.4 million in 2023. Gross profit margins were 75.6% in Q4 2024.
The company highlighted its transformation through 2024, focusing on SafePath platform innovations. Notable developments include the launch of SafePath OS and SafePath Kids, with successful deployment of SafePath Kids with Orange Spain's TúYo solution. Cash and equivalents stood at $2.8 million as of December 31, 2024.
Smith Micro Software (NASDAQ: SMSI) ha riportato i risultati finanziari del quarto trimestre e dell'anno fiscale 2024, segnando un periodo difficile con un significativo calo delle entrate. Le entrate del Q4 sono scese a 5,0 milioni di dollari rispetto agli 8,6 milioni di dollari del Q4 2023, mentre le entrate annuali sono diminuite a 20,6 milioni di dollari rispetto ai 40,9 milioni di dollari del 2023.
L'azienda ha riportato una perdita netta GAAP nel Q4 di 4,4 milioni di dollari (perdita di 0,25 dollari per azione) rispetto a una perdita di 6,7 milioni di dollari nel Q4 2023. La perdita netta GAAP per l'intero anno è aumentata a 48,7 milioni di dollari (perdita di 3,94 dollari per azione) rispetto ai 24,4 milioni di dollari del 2023. I margini di profitto lordo erano del 75,6% nel Q4 2024.
L'azienda ha sottolineato la sua trasformazione nel 2024, concentrandosi sulle innovazioni della piattaforma SafePath. Sviluppi notevoli includono il lancio di SafePath OS e SafePath Kids, con un'implementazione di successo di SafePath Kids con la soluzione TúYo di Orange Spagna. La liquidità e gli equivalenti ammontavano a 2,8 milioni di dollari al 31 dicembre 2024.
Smith Micro Software (NASDAQ: SMSI) informó sobre sus resultados financieros del cuarto trimestre y del año fiscal 2024, marcando un período desafiante con una disminución significativa de ingresos. Los ingresos del Q4 cayeron a 5.0 millones de dólares desde 8.6 millones de dólares en el Q4 2023, mientras que los ingresos anuales disminuyeron a 20.6 millones de dólares desde 40.9 millones de dólares en 2023.
La compañía reportó una pérdida neta GAAP de 4.4 millones de dólares (pérdida de 0.25 dólares por acción) en el Q4, en comparación con una pérdida de 6.7 millones de dólares en el Q4 2023. La pérdida neta GAAP del año completo se amplió a 48.7 millones de dólares (pérdida de 3.94 dólares por acción) desde 24.4 millones de dólares en 2023. Los márgenes de utilidad bruta fueron del 75.6% en el Q4 2024.
La compañía destacó su transformación a lo largo de 2024, enfocándose en innovaciones de la plataforma SafePath. Los desarrollos notables incluyen el lanzamiento de SafePath OS y SafePath Kids, con un despliegue exitoso de SafePath Kids con la solución TúYo de Orange España. El efectivo y equivalentes se situaron en 2.8 millones de dólares al 31 de diciembre de 2024.
스미스 마이크로 소프트웨어 (NASDAQ: SMSI)는 2024년 4분기 및 회계 연도 재무 결과를 발표하며, 상당한 수익 감소로 어려운 시기를 겪고 있음을 알렸습니다. 4분기 수익은 2023년 4분기의 8.6백만 달러에서 5.0백만 달러로 감소하였고, 연간 수익은 2023년의 40.9백만 달러에서 20.6백만 달러로 감소했습니다.
회사는 4분기 GAAP 기준 순손실이 4.4백만 달러 (주당 손실 0.25달러)로, 2023년 4분기의 6.7백만 달러 손실과 비교되며 보고했습니다. 연간 GAAP 기준 순손실은 2023년의 24.4백만 달러에서 48.7백만 달러 (주당 손실 3.94달러)로 확대되었습니다. 2024년 4분기 총 이익률은 75.6%였습니다.
회사는 2024년 동안 SafePath 플랫폼 혁신에 집중하며 변화를 강조했습니다. 주목할 만한 개발 사항으로는 SafePath OS 및 SafePath Kids의 출시가 있으며, Orange Spain의 TúYo 솔루션과 함께 SafePath Kids의 성공적인 배포가 포함됩니다. 2024년 12월 31일 기준 현금 및 현금성 자산은 2.8백만 달러였습니다.
Smith Micro Software (NASDAQ: SMSI) a annoncé ses résultats financiers pour le quatrième trimestre et l'année fiscale 2024, marquant une période difficile avec une baisse significative des revenus. Les revenus du Q4 ont chuté à 5,0 millions de dollars contre 8,6 millions de dollars au Q4 2023, tandis que les revenus annuels ont diminué à 20,6 millions de dollars contre 40,9 millions de dollars en 2023.
L'entreprise a signalé une perte nette GAAP de 4,4 millions de dollars (perte de 0,25 dollar par action) au Q4, contre une perte de 6,7 millions de dollars au Q4 2023. La perte nette GAAP pour l'année entière s'est élargie à 48,7 millions de dollars (perte de 3,94 dollars par action) contre 24,4 millions de dollars en 2023. Les marges bénéficiaires brutes étaient de 75,6 % au Q4 2024.
L'entreprise a mis en avant sa transformation tout au long de 2024, en se concentrant sur les innovations de la plateforme SafePath. Parmi les développements notables, on trouve le lancement de SafePath OS et SafePath Kids, avec un déploiement réussi de SafePath Kids avec la solution TúYo d'Orange Espagne. La trésorerie et les équivalents s'élevaient à 2,8 millions de dollars au 31 décembre 2024.
Smith Micro Software (NASDAQ: SMSI) berichtete über seine finanziellen Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024, was eine herausfordernde Phase mit einem signifikanten Rückgang der Einnahmen markiert. Die Einnahmen im Q4 sanken auf 5,0 Millionen Dollar von 8,6 Millionen Dollar im Q4 2023, während die Gesamteinnahmen für das Jahr auf 20,6 Millionen Dollar von 40,9 Millionen Dollar im Jahr 2023 zurückgingen.
Das Unternehmen meldete im Q4 einen GAAP-Nettoverlust von 4,4 Millionen Dollar (Verlust von 0,25 Dollar pro Aktie) im Vergleich zu einem Verlust von 6,7 Millionen Dollar im Q4 2023. Der GAAP-Nettoverlust für das gesamte Jahr weitete sich auf 48,7 Millionen Dollar (Verlust von 3,94 Dollar pro Aktie) von 24,4 Millionen Dollar im Jahr 2023 aus. Die Bruttogewinnmarge betrug im Q4 2024 75,6 %.
Das Unternehmen hob seine Transformation im Jahr 2024 hervor und konzentrierte sich auf Innovationen der SafePath-Plattform. Zu den bemerkenswerten Entwicklungen gehören die Einführung von SafePath OS und SafePath Kids, mit erfolgreicher Implementierung von SafePath Kids in der Lösung TúYo von Orange Spanien. Bargeld und Äquivalente beliefen sich zum 31. Dezember 2024 auf 2,8 Millionen Dollar.
- Slight improvement in gross profit margin to 75.6% in Q4 2024
- Successful launch of SafePath Kids with Orange Spain
- Reduced Q4 GAAP net loss to $4.4M from $6.7M year-over-year
- Q4 revenue declined 42% to $5.0M from $8.6M year-over-year
- Full-year revenue dropped 50% to $20.6M from $40.9M in 2023
- Annual GAAP net loss doubled to $48.7M from $24.4M in 2023
- Low cash position of $2.8M as of December 31, 2024
Insights
Smith Micro's Q4 and FY 2024 results reveal concerning financial deterioration despite management's optimistic narrative. Their quarterly revenue plummeted to
While Q4 gross margin slightly improved to
The company's cash position of
Despite management's characterization of 2024 as "transformative," the financial results tell a story of significant contraction. While their SafePath innovations may eventually create new revenue streams, the current financial trajectory is unsustainable without substantial revenue recovery or capital infusion. The strategic shift to integrate family safety solutions directly into carriers' core offerings could potentially address their revenue challenges, but execution risks remain considerable.
“Looking back on 2024, it was a transformative year for Smith Micro as we addressed challenges head-on and developed new innovations that have ignited a renewed focus for the Company. We are seeing excitement – both within the company and among our customers and prospects – for the opportunities that we are creating with the latest expansion of our SafePath® platform,” said William W. Smith, Jr., president, chief executive officer, and chairman of the board of Smith Micro.
“We have distinguished ourselves as a trusted partner to mobile operators through our delivery of value-added-services, and now, with our latest innovations in SafePath OS™ and SafePath Kids™, carriers can leverage the strength of our SafePath solutions to offer devices and rate plans aimed at creating a safer mobile experience, not as valued-added-services, but as an integral component of the carrier's core offerings. Our successful launch of SafePath Kids with Orange Spain's TúYo solution during the fourth quarter was our first deployment under this renewed focus, and the product is generating tremendous interest,” Smith added, “Our path forward is clear. We are bringing an enhanced and powerful new portfolio of our family safety solutions to market, which we believe align to mobile operators' core strengths and principal business objectives. I believe the pivot we have made positions us to capture a significant market opportunity and a return to profitability.”
Fourth Quarter 2024 Financial Results
Smith Micro reported revenue of
Gross profit for the quarter ended December 31, 2024 was
Gross profit as a percentage of revenue was 75.6 percent for the quarter ended December 31, 2024, compared to 74.9 percent for the quarter ended December 31, 2023.
GAAP net loss for the quarter ended December 31, 2024 was
Non-GAAP net loss for the quarter ended December 31, 2024 was
All share and per share amounts for common stock herein have been retroactively adjusted for all periods presented to give effect to the one-for-eight reverse stock split of our common stock, which became effective April 10, 2024 at 11:59 pm Eastern time.
Fourth Quarter Year-to-Date 2024 Financial Results
Smith Micro reported revenue of
Gross profit for the twelve months ended December 31, 2024 was
Gross profit as a percentage of revenue was 70.2 percent for the twelve months ended December 31, 2024 compared to 74.2 percent for the twelve months ended December 31, 2023.
GAAP net loss for the twelve months ended December 31, 2024 was
Non-GAAP net loss for the twelve months ended December 31, 2024 was
Total cash and cash equivalents as of December 31, 2024 were
Non-GAAP Measures
To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, the following non-GAAP financial measures and a non-GAAP reconciliation from the equivalent GAAP metric: non-GAAP net loss, non-GAAP gross profit, and non-GAAP basic and diluted loss per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing the Company's income generation and has therefore excluded the following items from GAAP earnings calculations: stock compensation, intangibles amortization, depreciation, fair value adjustments, amortization of debt issuance costs and discount, goodwill impairment, personnel severance and reorganization activities, and adjustment for non-recurring items. 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 the Company's ongoing operational performance. The table below presents the differences between non-GAAP net loss and net loss 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 11, 2025, at 4:30 p.m. ET, to discuss the Company’s fourth quarter and fiscal year 2024 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=ppW11NOZ. 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 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 and the Smith Micro logo 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 our cost reduction plans and other 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 customer concentration, given that the majority of our sales depend on a few large customer relationships and the loss of any of them could materially and negatively affect our business, 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, our reliance on third party operating systems and other technology for the proper operation and delivery of our solutions and any barriers to our use of such third party technology, our reliance on third party application stores for the distribution of our software applications to users and any barriers to such distribution, including any delay or failure of such third party to approve new versions of our applications or their implementation and/or application of policies that may be harmful to our business, unanticipated delays or obstacles in our development and release cycles, the degree to which competing business needs may affect our allocation of resources to planned projects, the risk of harm to our business resulting from our recent and any future cost reduction efforts, our ability to attract and retain key technical personnel that are essential to our product development and support efforts, 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, hardware and/or platforms that we use or operate with, 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, and our ability to compete effectively with other software and technology companies. 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. |
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Consolidated Balance Sheets |
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(in thousands except share and par value data) |
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|
|
|
|
||||
|
December 31,
|
|
December 31,
|
||||
|
(unaudited) |
|
(audited) |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
2,808 |
|
|
$ |
7,125 |
|
Accounts receivable, net of related allowances of |
|
5,721 |
|
|
|
7,912 |
|
Prepaid expenses and other current assets |
|
1,467 |
|
|
|
1,843 |
|
Total current assets |
|
9,996 |
|
|
|
16,880 |
|
Equipment and improvements, net |
|
538 |
|
|
|
883 |
|
Right-of-use assets |
|
2,367 |
|
|
|
2,759 |
|
Other assets |
|
496 |
|
|
|
482 |
|
Intangible assets, net |
|
23,597 |
|
|
|
29,532 |
|
Goodwill |
|
11,052 |
|
|
|
35,041 |
|
Total assets |
$ |
48,046 |
|
|
$ |
85,577 |
|
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,738 |
|
|
$ |
2,522 |
|
Accrued payroll and benefits |
|
1,694 |
|
|
|
2,500 |
|
Current operating lease liabilities |
|
1,279 |
|
|
|
1,483 |
|
Other current liabilities |
|
940 |
|
|
|
1,137 |
|
Total current liabilities |
|
5,651 |
|
|
|
7,642 |
|
Non-current liabilities: |
|
|
|
||||
Warrant liabilities |
|
224 |
|
|
|
597 |
|
Operating lease liabilities |
|
1,287 |
|
|
|
1,780 |
|
Deferred tax liabilities, net |
|
128 |
|
|
|
168 |
|
Total non-current liabilities |
|
1,639 |
|
|
|
2,545 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock, par value |
|
18 |
|
|
|
9 |
|
Additional paid-in capital |
|
395,383 |
|
|
|
381,329 |
|
Accumulated comprehensive deficit |
|
(354,645 |
) |
|
|
(305,948 |
) |
Total stockholders’ equity |
|
40,756 |
|
|
|
75,390 |
|
Total liabilities and stockholders' equity |
$ |
48,046 |
|
|
$ |
85,577 |
|
Smith Micro Software, Inc. |
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Consolidated Statements of Operations |
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(in thousands except share data) |
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For the Three Months Ended
|
|
For the Year Ended December 31, |
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
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Revenues |
$ |
4,969 |
|
|
$ |
8,593 |
|
|
$ |
20,555 |
|
|
$ |
40,862 |
|
Cost of revenues (including depreciation of |
|
1,210 |
|
|
|
2,159 |
|
|
|
6,126 |
|
|
|
10,559 |
|
Gross profit |
|
3,759 |
|
|
|
6,434 |
|
|
|
14,429 |
|
|
|
30,303 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling and marketing |
|
1,675 |
|
|
|
2,458 |
|
|
|
8,877 |
|
|
|
11,089 |
|
Research and development |
|
2,757 |
|
|
|
3,868 |
|
|
|
14,085 |
|
|
|
17,145 |
|
General and administrative |
|
2,370 |
|
|
|
3,331 |
|
|
|
10,583 |
|
|
|
12,779 |
|
Depreciation and amortization |
|
1,413 |
|
|
|
2,473 |
|
|
|
6,285 |
|
|
|
7,345 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
23,989 |
|
|
|
— |
|
Total operating expenses |
|
8,215 |
|
|
|
12,130 |
|
|
|
63,819 |
|
|
|
48,358 |
|
Operating loss |
|
(4,456 |
) |
|
|
(5,696 |
) |
|
|
(49,390 |
) |
|
|
(18,055 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant and derivative liabilities |
|
(75 |
) |
|
|
728 |
|
|
|
372 |
|
|
|
4,214 |
|
Loss on derecognition of debt |
|
— |
|
|
|
(1,006 |
) |
|
|
— |
|
|
|
(3,991 |
) |
Interest income (expense), net |
|
23 |
|
|
|
(614 |
) |
|
|
112 |
|
|
|
(6,354 |
) |
Other income (expense), net |
|
66 |
|
|
|
10 |
|
|
|
196 |
|
|
|
(52 |
) |
Loss before provision for income tax (benefit) provision |
|
(4,442 |
) |
|
|
(6,578 |
) |
|
|
(48,710 |
) |
|
|
(24,238 |
) |
(Benefit) provision for income tax expense |
|
(51 |
) |
|
|
133 |
|
|
|
(13 |
) |
|
|
158 |
|
Net loss |
$ |
(4,391 |
) |
|
$ |
(6,711 |
) |
|
$ |
(48,697 |
) |
|
$ |
(24,396 |
) |
|
|
|
|
|
|
|
|
||||||||
Loss per share: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(0.25 |
) |
|
$ |
(0.74 |
) |
|
$ |
(3.94 |
) |
|
$ |
(3.01 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
17,550 |
|
|
|
9,086 |
|
|
|
12,367 |
|
|
|
8,115 |
|
Smith Micro Software, Inc. |
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Consolidated Statements of Cash Flows |
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(in thousands) |
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|
|
|
|
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|
For the Year Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
(audited) |
||||
Operating activities: |
|
|
|
||||
Net loss |
$ |
(48,697 |
) |
|
$ |
(24,396 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
6,300 |
|
|
|
7,395 |
|
Goodwill impairment charge |
|
23,989 |
|
|
|
— |
|
Non-cash lease expense |
|
(304 |
) |
|
|
(191 |
) |
Change in fair value of warrant and derivative liabilities |
|
(372 |
) |
|
|
(4,214 |
) |
Loss on derecognition of debt |
|
— |
|
|
|
3,991 |
|
Non-cash transaction costs including amortization of debt discount and issuance costs |
|
— |
|
|
|
5,993 |
|
Stock based compensation |
|
4,503 |
|
|
|
4,835 |
|
Deferred income taxes |
|
(40 |
) |
|
|
(10 |
) |
Gain on license of patents, net |
|
(198 |
) |
|
|
— |
|
Loss on disposal of assets |
|
— |
|
|
|
12 |
|
Changes in operating accounts: |
|
|
|
||||
Accounts receivable |
|
2,191 |
|
|
|
2,589 |
|
Prepaid expenses and other assets |
|
361 |
|
|
|
12 |
|
Accounts payable and accrued liabilities |
|
(1,934 |
) |
|
|
(2,825 |
) |
Other liabilities |
|
(94 |
) |
|
|
(164 |
) |
Net cash used in operating activities |
|
(14,295 |
) |
|
|
(6,973 |
) |
Investing activities: |
|
|
|
||||
Capital expenditures, net |
|
(20 |
) |
|
|
(4 |
) |
Proceeds from license of patents, net |
|
198 |
|
|
|
— |
|
Other investing activities, net |
|
— |
|
|
|
136 |
|
Net cash provided by investing activities |
|
178 |
|
|
|
132 |
|
Financing activities: |
|
|
|
||||
Proceeds from Common Stock, Private Placement, Warrants, Pre-Funded Warrants Offerings, net |
|
9,838 |
|
|
|
— |
|
Proceeds from financing arrangements |
|
1,044 |
|
|
|
981 |
|
Repayments of financing arrangements |
|
(1,087 |
) |
|
|
(1,036 |
) |
Other financing activities |
|
5 |
|
|
|
(5 |
) |
Net cash provided by (used in) financing activities |
|
9,800 |
|
|
|
(60 |
) |
Net decrease in cash and cash equivalents |
|
(4,317 |
) |
|
|
(6,901 |
) |
Cash and cash equivalents, beginning of period |
|
7,125 |
|
|
|
14,026 |
|
Cash and cash equivalents, end of period |
$ |
2,808 |
|
|
$ |
7,125 |
|
Smith Micro Software, Inc. |
|
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Results |
|
||||||||||||||||
(in thousands, except per share data) - unaudited |
|
||||||||||||||||
|
|
|
|
|
|
|
|||||||||||
Three Months Ended
|
GAAP |
Stock
|
Intangibles
|
Depreciation |
Fair Value
|
Non-GAAP |
|||||||||||
Gross profit |
$ |
3,759 |
|
$ |
— |
|
$ |
— |
|
$ |
1 |
|
$ |
— |
$ |
3,760 |
|
Selling and marketing |
|
1,675 |
|
|
(239 |
) |
|
— |
|
|
— |
|
|
— |
|
1,436 |
|
Research and development |
|
2,757 |
|
|
(250 |
) |
|
— |
|
|
— |
|
|
— |
|
2,507 |
|
General and administrative |
|
2,370 |
|
|
(495 |
) |
|
— |
|
|
— |
|
|
— |
|
1,875 |
|
Depreciation and amortization |
|
1,413 |
|
|
— |
|
|
(1,334 |
) |
|
(79 |
) |
|
— |
|
— |
|
Total operating expenses |
$ |
8,215 |
|
$ |
(984 |
) |
$ |
(1,334 |
) |
$ |
(79 |
) |
$ |
— |
$ |
5,818 |
|
|
|
|
|
|
|
|
|||||||||||
(Loss) Income before provision for income taxes |
$ |
(4,442 |
) |
$ |
984 |
|
$ |
1,334 |
|
$ |
80 |
|
$ |
75 |
$ |
(1,969 |
) |
Net (Loss) Income |
$ |
(4,391 |
) |
$ |
984 |
|
$ |
1,334 |
|
$ |
80 |
|
$ |
75 |
$ |
(1,918 |
) |
(Loss) earnings per share: basic and diluted |
$ |
(0.25 |
) |
$ |
0.06 |
|
$ |
0.08 |
|
$ |
— |
|
$ |
— |
$ |
(0.11 |
) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate. |
|||||||||||||||||
Three Months Ended December 31, 2023 |
GAAP |
Stock
|
Intangibles
|
Depreciation |
Fair Value
|
Amortization of
|
Personnel
|
Non-GAAP |
||||||||||||||
Gross profit |
$ |
6,434 |
|
$ |
— |
|
$ |
— |
|
$ |
11 |
|
$ |
— |
$ |
— |
$ |
— |
|
$ |
6,445 |
|
Selling and marketing |
|
2,458 |
|
|
(302 |
) |
|
— |
|
|
— |
|
|
— |
|
— |
|
— |
|
|
2,156 |
|
Research and development |
|
3,868 |
|
|
(302 |
) |
|
— |
|
|
— |
|
|
— |
|
— |
|
— |
|
|
3,566 |
|
General and administrative |
|
3,331 |
|
|
(915 |
) |
|
— |
|
|
— |
|
|
— |
|
— |
|
(155 |
) |
|
2,261 |
|
Depreciation and amortization |
|
2,473 |
|
|
— |
|
|
(2,369 |
) |
|
(104 |
) |
|
— |
|
— |
|
— |
|
|
— |
|
Total operating expenses |
$ |
12,130 |
|
$ |
(1,519 |
) |
$ |
(2,369 |
) |
$ |
(104 |
) |
$ |
— |
$ |
— |
$ |
(155 |
) |
$ |
7,983 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Loss) Income before provision for income taxes |
$ |
(6,578 |
) |
$ |
1,519 |
|
$ |
2,369 |
|
$ |
115 |
|
$ |
278 |
$ |
595 |
$ |
155 |
|
$ |
(1,547 |
) |
Net (Loss) Income |
$ |
(6,711 |
) |
$ |
1,519 |
|
$ |
2,369 |
|
$ |
115 |
|
$ |
278 |
$ |
595 |
$ |
155 |
|
$ |
(1,680 |
) |
(Loss) earnings per share: basic and diluted |
$ |
(0.74 |
) |
$ |
0.17 |
|
$ |
0.26 |
|
$ |
0.01 |
|
$ |
0.03 |
$ |
0.07 |
$ |
0.01 |
|
$ |
(0.18 |
) |
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 |
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Year Ended
|
GAAP |
Stock
|
Intangibles
|
Depreciation |
Fair Value
|
Goodwill
|
Personnel
|
Adjustment
|
Non-GAAP |
||||||||||||||||||
Gross profit |
$ |
14,429 |
|
$ |
— |
|
$ |
— |
|
$ |
15 |
|
$ |
— |
|
$ |
— |
|
$ |
11 |
|
$ |
— |
|
$ |
14,455 |
|
Selling and marketing |
|
8,877 |
|
|
(1,207 |
) |
|
— |
|
|
— |
|
|
— |
|
$ |
— |
|
|
(174 |
) |
|
— |
|
|
7,496 |
|
Research and development |
|
14,085 |
|
|
(1,076 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(316 |
) |
|
(6 |
) |
|
12,687 |
|
General and administrative |
|
10,583 |
|
|
(2,220 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(60 |
) |
|
(231 |
) |
|
8,072 |
|
Depreciation and amortization |
|
6,285 |
|
|
— |
|
|
(5,935 |
) |
|
(350 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Goodwill impairment |
|
23,989 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(23,989 |
) |
|
— |
|
|
— |
|
|
— |
|
Total operating expenses |
|
63,819 |
|
|
(4,503 |
) |
|
(5,935 |
) |
|
(350 |
) |
|
— |
|
|
(23,989 |
) |
|
(550 |
) |
|
(237 |
) |
|
28,255 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(Loss) Income before provision for income taxes |
|
(48,710 |
) |
|
4,503 |
|
|
5,935 |
|
|
365 |
|
|
(372 |
) |
|
23,989 |
|
|
561 |
|
|
39 |
|
|
(13,690 |
) |
Net (Loss) Income |
|
(48,697 |
) |
|
4,503 |
|
|
5,935 |
|
|
365 |
|
|
(372 |
) |
|
23,989 |
|
|
561 |
|
|
39 |
|
|
(13,677 |
) |
(Loss) earnings per share: basic and diluted |
|
(3.94 |
) |
|
0.36 |
|
|
0.48 |
|
|
0.03 |
|
|
(0.03 |
) |
|
1.94 |
|
|
0.05 |
|
|
— |
|
|
(1.11 |
) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate. |
|||||||||||||||||||||||||||
1Adjustment for Non-Recurring Items includes costs associated with corporate actions in 2024, including but not limited to special meetings and reverse stock split, offset by licensure of patents. |
|||||||||||||||||||||||||||
Year Ended
|
GAAP |
Stock
|
Intangibles
|
Depreciation |
Fair Value
|
Amortization
|
Personnel
|
Adjustment
|
Non-GAAP |
|||||||||||||||||
Gross profit |
$ |
30,303 |
|
$ |
— |
|
$ |
— |
|
$ |
50 |
|
$ |
— |
|
$ |
— |
$ |
183 |
|
$ |
— |
|
$ |
30,536 |
|
Selling and marketing |
|
11,089 |
|
|
(955 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(93 |
) |
|
|
10,041 |
|
||
Research and development |
|
17,145 |
|
|
(1,056 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(463 |
) |
|
(8 |
) |
|
15,618 |
|
General and administrative |
|
12,779 |
|
|
(2,823 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(174 |
) |
|
(189 |
) |
|
9,593 |
|
Depreciation and amortization |
|
7,345 |
|
|
— |
|
|
(6,789 |
) |
|
(556 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
Total operating expenses |
|
48,358 |
|
|
(4,834 |
) |
|
(6,789 |
) |
|
(556 |
) |
|
— |
|
|
— |
|
(730 |
) |
|
(197 |
) |
|
35,252 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(Loss) Income before provision for income taxes |
|
(24,238 |
) |
|
4,834 |
|
|
6,789 |
|
|
606 |
|
|
(223 |
) |
|
5,993 |
|
913 |
|
|
197 |
|
|
(5,129 |
) |
Net (Loss) Income |
|
(24,396 |
) |
|
4,834 |
|
|
6,789 |
|
|
606 |
|
|
(223 |
) |
|
5,993 |
|
913 |
|
|
197 |
|
|
(5,287 |
) |
(Loss) earnings per share: basic and diluted |
|
(3.01 |
) |
|
0.60 |
|
|
0.84 |
|
|
0.07 |
|
|
(0.03 |
) |
|
0.74 |
|
0.11 |
|
|
0.02 |
|
|
(0.65 |
) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate. |
||||||||||||||||||||||||||
1Adjustment for Non-Recurring Items includes professional fees associated with office closures and convertible notes. |
||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311406143/en/
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Source: Smith Micro Software, Inc.
FAQ
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