Smith Micro Reports Third Quarter 2024 Financial Results
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) ha riportato i suoi risultati finanziari del terzo trimestre 2024. L'azienda ha registrato un fatturato di 4,6 milioni di dollari, una significativa diminuzione rispetto agli 11,0 milioni di dollari del terzo trimestre 2023. Il profitto lordo è sceso a 3,3 milioni di dollari rispetto agli 8,5 milioni dell'anno precedente, con un margine lordo del 71,6% rispetto al 77,0% dell'anno scorso. La perdita netta GAAP è stata di 6,4 milioni di dollari (0,54 dollari per azione), peggiorando rispetto a una perdita di 5,1 milioni di dollari (0,61 dollari per azione) nel terzo trimestre 2023. La perdita netta Non-GAAP è stata di 3,6 milioni di dollari (0,30 dollari per azione), in calo rispetto a un guadagno netto di 0,6 milioni di dollari (0,08 dollari per azione) dell'anno scorso. Da inizio anno, il fatturato è stato di 15,6 milioni di dollari, in calo rispetto ai 32,3 milioni di dollari del 2023, e la perdita netta GAAP è stata di 44,3 milioni di dollari, rispetto ai 17,7 milioni di dollari dell'anno precedente. Il CEO William W. Smith Jr. ha evidenziato riduzioni dei costi di 1,9 milioni di dollari e un recente investimento personale di 3 milioni di dollari, esprimendo fiducia nella redditività e nelle prospettive di crescita del 2025.
Smith Micro Software (Nasdaq: SMSI) reportó sus resultados financieros del tercer trimestre de 2024. La compañía alcanzó ingresos de 4.6 millones de dólares, una caída significativa desde los 11.0 millones en el tercer trimestre de 2023. El beneficio bruto disminuyó a 3.3 millones de dólares desde 8.5 millones, con un margen bruto del 71.6% en comparación con el 77.0% del año pasado. La pérdida neta GAAP fue de 6.4 millones de dólares (0.54 dólares por acción), empeorando desde una pérdida de 5.1 millones de dólares (0.61 dólares por acción) en el tercer trimestre de 2023. La pérdida neta Non-GAAP fue de 3.6 millones de dólares (0.30 dólares por acción), bajando de una ganancia neta de 0.6 millones de dólares (0.08 dólares por acción) del año pasado. Hasta la fecha, los ingresos fueron de 15.6 millones de dólares, en comparación con los 32.3 millones de dólares en 2023, y la pérdida neta GAAP fue de 44.3 millones de dólares, subiendo desde los 17.7 millones de dólares. El CEO William W. Smith Jr. destacó reducciones de costos de 1.9 millones de dólares y una reciente inversión personal de 3 millones de dólares, expresando confianza en la rentabilidad y las perspectivas de crecimiento para 2025.
스미스 마이크로 소프트웨어 (Nasdaq: SMSI)는 2024년 3분기 재무 결과를 발표했습니다. 회사는 460만 달러의 매출을 기록했으며, 이는 2023년 3분기 1,100만 달러에서 크게 감소한 수치입니다. 총 수익은 850만 달러에서 330만 달러로 감소했으며, 총 이익률은 지난해 77.0%에 비해 71.6%에 달합니다. GAAP 순손실은 640만 달러(주당 0.54달러)로, 2023년 3분기의 510만 달러 손실(주당 0.61달러)에서 악화되었습니다. 비GAAP 순손실은 360만 달러(주당 0.30달러)로, 지난해 순이익 60만 달러(주당 0.08달러)에서 감소했습니다. 연초부터 지금까지의 매출은 1,560만 달러로, 2023년 3,230만 달러에서 감소했으며, GAAP 순손실은 4,430만 달러로 1,770만 달러에서 증가했습니다. CEO 윌리엄 W. 스미스 주니어는 190만 달러의 비용 절감과 최근 300만 달러의 개인 투자를 강조하며 2025년 수익성과 성장 전망에 대한 기대감을 나타냈습니다.
Smith Micro Software (Nasdaq: SMSI) a publié ses résultats financiers du troisième trimestre 2024. L'entreprise a réalisé un chiffre d'affaires de 4,6 millions de dollars, une baisse significative par rapport à 11,0 millions de dollars au troisième trimestre 2023. Le bénéfice brut a chuté à 3,3 millions de dollars contre 8,5 millions de dollars, avec une marge brute de 71,6% contre 77,0% l'année dernière. La perte nette GAAP s'élevait à 6,4 millions de dollars (0,54 dollar par action), aggravant une perte de 5,1 millions de dollars (0,61 dollar par action) au troisième trimestre 2023. La perte nette non-GAAP était de 3,6 millions de dollars (0,30 dollar par action), en baisse par rapport à un gain net de 0,6 million de dollars (0,08 dollar par action) de l'année dernière. Depuis le début de l'année, le chiffre d'affaires s'élevait à 15,6 millions de dollars, contre 32,3 millions de dollars en 2023, et la perte nette GAAP était de 44,3 millions de dollars, contre 17,7 millions de dollars l'année précédente. Le PDG William W. Smith Jr. a souligné une réduction des coûts de 1,9 million de dollars et un récent investissement personnel de 3 millions de dollars, exprimant sa confiance dans la rentabilité et les perspectives de croissance pour 2025.
Smith Micro Software (Nasdaq: SMSI) hat seine Finanzergebnisse für das dritte Quartal 2024 veröffentlicht. Das Unternehmen erzielte einen Umsatz von 4,6 Millionen Dollar, ein erheblicher Rückgang von 11,0 Millionen Dollar im dritten Quartal 2023. Der Bruttogewinn fiel auf 3,3 Millionen Dollar von 8,5 Millionen Dollar, mit einer Bruttomarge von 71,6 % im Vergleich zu 77,0 % im letzten Jahr. Der GAAP-Nettoverlust betrug 6,4 Millionen Dollar (0,54 Dollar pro Aktie), was sich im Vergleich zu einem Verlust von 5,1 Millionen Dollar (0,61 Dollar pro Aktie) im dritten Quartal 2023 verschlechterte. Der Non-GAAP-Nettoverlust betrug 3,6 Millionen Dollar (0,30 Dollar pro Aktie), ein Rückgang von einem Nettogewinn von 0,6 Millionen Dollar (0,08 Dollar pro Aktie) im letzten Jahr. Im bisherigen Jahresverlauf lag der Umsatz bei 15,6 Millionen Dollar, ein Rückgang von 32,3 Millionen Dollar im Jahr 2023, und der GAAP-Nettoverlust betrug 44,3 Millionen Dollar, im Vergleich zu 17,7 Millionen Dollar im Vorjahr. CEO William W. Smith Jr. hob Kostensenkungen von 1,9 Millionen Dollar und eine kürzlich getätigte persönliche Investition von 3 Millionen Dollar hervor und äußerte Zuversicht in die Rentabilität und Wachstumsperspektiven für 2025.
- Cost reductions of $1.9 million achieved in Q3 2024.
- CEO's personal investment of $3 million into the company.
- Planned launch of a Tier One carrier in Europe.
- Revenue declined to $4.6 million from $11.0 million in Q3 2023.
- Gross profit decreased to $3.3 million from $8.5 million in Q3 2023.
- GAAP net loss increased to $6.4 million from $5.1 million in Q3 2023.
- Non-GAAP net loss of $3.6 million compared to a net gain of $0.6 million in Q3 2023.
- Year-to-date revenue dropped to $15.6 million from $32.3 million in 2023.
- Year-to-date GAAP net loss rose to $44.3 million from $17.7 million.
Insights
The Q3 2024 results reveal significant challenges for Smith Micro, with
- Gross profit margin deterioration to
71.6% from77.0% - Widening GAAP net loss of
$6.4 million - Low cash position of
$1.5 million
While management's
“We believe that the actions that we’ve taken to rationalize our costs over the past several months, coupled with the expansion of our revenue opportunities, have positioned us for a return to profitability on a non-GAAP basis and free cash flow during 2025,” said William W. Smith Jr., president, chief executive officer, and chairman of the board of Smith Micro. “With the pending launch of our Tier One carrier in
“We had targeted eliminating at least
Third Quarter 2024 Financial Results
Smith Micro reported revenue of
Gross profit for the quarter ended September 30, 2024 was
Gross profit as a percentage of revenue was 71.6 percent for the quarter ended September 30, 2024, compared to 77.0 percent for the quarter ended September 30, 2023.
GAAP net loss for the quarter ended September 30, 2024 was
Non-GAAP net loss for the quarter ended September 30, 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.
Third Quarter Year-to-Date 2024 Financial Results
Smith Micro reported revenue of
Gross profit for the nine months ended September 30, 2024 was
Gross profit as a percentage of revenue was 68.5 percent for the nine months ended September 30, 2024 compared to 74.0 percent for the nine months ended September 30, 2023.
GAAP net loss for the nine months ended September 30, 2024 was
Non-GAAP net loss for the nine months ended September 30, 2024 was
Total cash and cash equivalents as of September 30, 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) income, non-GAAP gross profit, and non-GAAP basic and 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 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, November 13, 2024, at 4:30 p.m. ET, to discuss the Company’s third quarter 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=wslPnih5. 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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September 30,
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December 31,
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(unaudited) |
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(audited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
1,509 |
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$ |
7,125 |
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Accounts receivable, net of related allowances of |
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3,406 |
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|
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7,912 |
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Prepaid expenses and other current assets |
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1,505 |
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|
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1,843 |
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Total current assets |
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6,420 |
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|
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16,880 |
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Equipment and improvements, net |
|
615 |
|
|
|
883 |
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Right-of-use assets |
|
2,657 |
|
|
|
2,759 |
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Other assets |
|
504 |
|
|
|
482 |
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Intangible assets, net |
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24,931 |
|
|
|
29,532 |
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Goodwill |
|
11,052 |
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|
|
35,041 |
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Total assets |
$ |
46,179 |
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$ |
85,577 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
$ |
2,050 |
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|
$ |
2,522 |
|
Accrued payroll and benefits |
|
2,121 |
|
|
|
2,500 |
|
Current operating lease liabilities |
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1,228 |
|
|
|
1,483 |
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Other current liabilities |
|
1,011 |
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|
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1,137 |
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Total current liabilities |
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6,410 |
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7,642 |
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Non-current liabilities: |
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Warrant liabilities |
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149 |
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|
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597 |
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Operating lease liabilities |
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1,706 |
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|
|
1,780 |
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Deferred tax liabilities, net |
|
168 |
|
|
|
168 |
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Total non-current liabilities |
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2,023 |
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2,545 |
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Commitments and contingencies |
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Stockholders' equity: |
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Common stock, par value |
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12 |
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9 |
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Additional paid-in capital |
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387,988 |
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381,329 |
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Accumulated comprehensive deficit |
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(350,254 |
) |
|
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(305,948 |
) |
Total stockholders’ equity |
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37,746 |
|
|
|
75,390 |
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Total liabilities and stockholders' equity |
$ |
46,179 |
|
|
$ |
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
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For the Nine Months Ended
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2024 |
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2023 |
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2024 |
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2023 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Revenues |
$ |
4,648 |
|
|
$ |
11,001 |
|
|
$ |
15,585 |
|
|
$ |
32,269 |
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Cost of revenues (including depreciation of |
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1,321 |
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|
|
2,528 |
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|
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4,915 |
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|
|
8,400 |
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Gross profit |
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3,327 |
|
|
|
8,473 |
|
|
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10,670 |
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|
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23,869 |
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Operating expenses: |
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||||||||
Selling and marketing |
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2,060 |
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|
|
2,449 |
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|
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7,202 |
|
|
|
8,631 |
|
Research and development |
|
3,637 |
|
|
|
3,704 |
|
|
|
11,328 |
|
|
|
13,276 |
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General and administrative |
|
2,715 |
|
|
|
2,934 |
|
|
|
8,213 |
|
|
|
9,448 |
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Depreciation and amortization |
|
1,422 |
|
|
|
1,567 |
|
|
|
4,872 |
|
|
|
4,872 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
23,989 |
|
|
|
— |
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Total operating expenses |
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9,834 |
|
|
|
10,654 |
|
|
|
55,604 |
|
|
|
36,227 |
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Operating loss |
|
(6,507 |
) |
|
|
(2,181 |
) |
|
|
(44,934 |
) |
|
|
(12,358 |
) |
Other income (expense): |
|
|
|
|
|
|
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||||||||
Change in fair value of warrant and derivative liabilities |
|
221 |
|
|
|
73 |
|
|
|
448 |
|
|
|
3,486 |
|
Loss on derecognition of debt |
|
— |
|
|
|
(1,583 |
) |
|
|
— |
|
|
|
(2,985 |
) |
Interest (expense) income, net |
|
(12 |
) |
|
|
(1,443 |
) |
|
|
89 |
|
|
|
(5,740 |
) |
Other (expense) income, net |
|
(71 |
) |
|
|
15 |
|
|
|
130 |
|
|
|
(62 |
) |
Loss before provision for income taxes |
|
(6,369 |
) |
|
|
(5,119 |
) |
|
|
(44,267 |
) |
|
|
(17,659 |
) |
Provision for income tax expense |
|
— |
|
|
|
14 |
|
|
|
39 |
|
|
|
25 |
|
Net loss |
$ |
(6,369 |
) |
|
$ |
(5,133 |
) |
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$ |
(44,306 |
) |
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$ |
(17,684 |
) |
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Loss per share: |
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Basic and diluted |
$ |
(0.54 |
) |
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$ |
(0.61 |
) |
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$ |
(4.17 |
) |
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$ |
(2.27 |
) |
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Weighted average shares outstanding: |
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|
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||||||||
Basic and diluted |
|
11,832 |
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|
|
8,419 |
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|
|
10,626 |
|
|
|
7,787 |
|
Smith Micro Software, Inc. |
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Consolidated Statements of Cash Flows |
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(in thousands) |
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For the Nine Months Ended
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2024 |
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2023 |
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(unaudited) |
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(unaudited) |
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Operating activities: |
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Net loss |
$ |
(44,306 |
) |
|
$ |
(17,684 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
|
4,886 |
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|
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4,912 |
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Goodwill impairment charge |
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23,989 |
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|
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— |
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Non-cash lease expense |
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(227 |
) |
|
|
(160 |
) |
Change in fair value of warrant and derivative liabilities |
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(448 |
) |
|
|
(3,486 |
) |
Loss on derecognition of debt |
|
— |
|
|
|
2,985 |
|
Amortization of debt discount and issuance costs |
|
— |
|
|
|
5,398 |
|
Stock based compensation |
|
3,520 |
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|
|
3,316 |
|
Gain on license of patents, net |
|
(198 |
) |
|
|
— |
|
Loss on disposal of assets |
|
— |
|
|
|
12 |
|
Changes in operating accounts: |
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|
|
||||
Accounts receivable |
|
4,506 |
|
|
|
208 |
|
Prepaid expenses and other assets |
|
315 |
|
|
|
220 |
|
Accounts payable and accrued liabilities |
|
(1,375 |
) |
|
|
(2,224 |
) |
Other liabilities |
|
(30 |
) |
|
|
553 |
|
Net cash used in operating activities |
|
(9,368 |
) |
|
|
(5,950 |
) |
Investing activities: |
|
|
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Capital expenditures, net |
|
(17 |
) |
|
|
(5 |
) |
Proceeds from license of patents, net |
|
198 |
|
|
|
— |
|
Other investing activities, net |
|
— |
|
|
|
71 |
|
Net cash provided by investing activities |
|
181 |
|
|
|
66 |
|
Financing activities: |
|
|
|
||||
Proceeds from Common Stock, Warrants, and Pre-Funded Warrants Offering, net |
|
3,351 |
|
|
|
— |
|
Proceeds from financing arrangements |
|
1,044 |
|
|
|
981 |
|
Repayments of financing arrangements |
|
(829 |
) |
|
|
(1,156 |
) |
Other financing activities |
|
5 |
|
|
|
15 |
|
Net cash provided by (used in) financing activities |
|
3,571 |
|
|
|
(160 |
) |
Net decrease in cash and cash equivalents |
|
(5,616 |
) |
|
|
(6,044 |
) |
Cash and cash equivalents, beginning of period |
|
7,125 |
|
|
|
14,026 |
|
Cash and cash equivalents, end of period |
$ |
1,509 |
|
|
$ |
7,982 |
|
Smith Micro Software, Inc. |
|
|
|
|
||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Results |
|
|
|
|
||||||||||||||||||||||
(in thousands, except per share data) - unaudited |
|
|
|
|
||||||||||||||||||||||
|
GAAP |
Stock
|
Intangibles
|
Depreciation |
Fair Value
|
Amortization
|
Personnel
|
Adjustment
|
Non-
|
|||||||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross profit |
$ |
3,327 |
|
$ |
— |
|
$ |
— |
|
$ |
3 |
|
$ |
— |
|
$ |
— |
$ |
— |
|
$ |
— |
|
$ |
3,330 |
|
Selling and marketing |
|
2,060 |
|
|
(315 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(20 |
) |
|
— |
|
|
1,725 |
|
Research and development |
|
3,637 |
|
|
(318 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(227 |
) |
|
(6 |
) |
|
3,086 |
|
General and administrative |
|
2,715 |
|
|
(616 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(37 |
) |
|
(58 |
) |
|
2,004 |
|
Depreciation and amortization |
|
1,422 |
|
|
— |
|
|
(1,334 |
) |
|
(88 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
Total operating expenses |
$ |
9,834 |
|
$ |
(1,249 |
) |
$ |
(1,334 |
) |
$ |
(88 |
) |
$ |
— |
|
$ |
— |
|
(284 |
) |
|
(64 |
) |
$ |
6,815 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(Loss) Income before provision for income taxes |
$ |
(6,369 |
) |
$ |
1,249 |
|
$ |
1,334 |
|
$ |
91 |
|
$ |
(221 |
) |
$ |
— |
|
284 |
|
|
64 |
|
$ |
(3,568 |
) |
Net (Loss) Income |
$ |
(6,369 |
) |
$ |
1,249 |
|
$ |
1,334 |
|
$ |
91 |
|
$ |
(221 |
) |
$ |
— |
|
284 |
|
|
64 |
|
$ |
(3,568 |
) |
(Loss) earnings per share: basic and diluted |
$ |
(0.54 |
) |
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.01 |
|
$ |
(0.02 |
) |
$ |
— |
|
0.02 |
|
$ |
0.01 |
|
$ |
(0.30 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross profit |
$ |
8,473 |
|
$ |
— |
|
$ |
— |
|
$ |
12 |
|
$ |
— |
|
$ |
— |
$ |
— |
|
$ |
— |
|
$ |
8,485 |
|
Selling and marketing |
|
2,449 |
|
|
(300 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
2,149 |
|
Research and development |
|
3,704 |
|
|
(290 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
3,414 |
|
General and administrative |
|
2,934 |
|
|
(749 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
2,185 |
|
Depreciation and amortization |
|
1,567 |
|
|
— |
|
|
(1,454 |
) |
|
(113 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
Total operating expenses |
$ |
10,654 |
|
$ |
(1,339 |
) |
$ |
(1,454 |
) |
$ |
(113 |
) |
$ |
— |
|
$ |
— |
$ |
— |
|
$ |
— |
|
$ |
7,748 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(Loss) Income before provision for income taxes |
$ |
(5,119 |
) |
$ |
1,339 |
|
$ |
1,454 |
|
$ |
125 |
|
$ |
1,510 |
|
$ |
1,343 |
$ |
— |
|
$ |
— |
|
$ |
652 |
|
Net (Loss) Income |
$ |
(5,133 |
) |
$ |
1,339 |
|
$ |
1,454 |
|
$ |
125 |
|
$ |
1,510 |
|
$ |
1,343 |
$ |
— |
|
$ |
— |
|
$ |
638 |
|
(Loss) earnings per share: basic and diluted |
$ |
(0.61 |
) |
$ |
0.16 |
|
$ |
0.17 |
|
$ |
0.01 |
|
$ |
0.18 |
|
$ |
0.16 |
$ |
— |
|
$ |
— |
|
$ |
0.08 |
|
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
|
Intangibles
|
Depreciation |
Fair Value
|
Amortization
|
Goodwill
|
Personnel
|
Adjustment
|
Non-
|
|||||||||||||||||||
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross profit |
$ |
10,670 |
|
$ |
— |
|
$ |
— |
|
$ |
14 |
|
$ |
— |
|
$ |
— |
$ |
— |
|
$ |
11 |
|
$ |
— |
|
$ |
10,695 |
|
Selling and marketing |
|
7,202 |
|
|
(968 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
$ |
— |
|
|
(174 |
) |
|
— |
|
|
6,060 |
|
Research and development |
|
11,328 |
|
|
(827 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
(315 |
) |
|
(6 |
) |
|
10,180 |
|
General and administrative |
|
8,213 |
|
|
(1,725 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
(61 |
) |
|
(230 |
) |
|
6,197 |
|
Depreciation and amortization |
|
4,872 |
|
|
— |
|
|
(4,601 |
) |
|
(271 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Goodwill Impairment |
|
23,989 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(23,989 |
) |
|
— |
|
|
— |
|
|
— |
|
Total operating expenses |
|
55,604 |
|
|
(3,520 |
) |
|
(4,601 |
) |
|
(271 |
) |
|
— |
|
|
— |
|
(23,989 |
) |
|
(550 |
) |
|
(236 |
) |
|
22,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
(Loss) income before provision for income taxes |
|
(44,267 |
) |
|
3,520 |
|
|
4,601 |
|
|
285 |
|
|
(448 |
) |
|
— |
|
23,989 |
|
|
561 |
|
|
38 |
|
|
(11,721 |
) |
Net (loss) income |
|
(44,306 |
) |
|
3,520 |
|
|
4,601 |
|
|
285 |
|
|
(448 |
) |
|
— |
|
23,989 |
|
|
561 |
|
|
38 |
|
|
(11,760 |
) |
(Loss) earnings per share: basic and diluted |
|
(4.17 |
) |
|
0.33 |
|
|
0.43 |
|
|
0.03 |
|
|
(0.04 |
) |
|
— |
|
2.26 |
|
|
0.05 |
|
|
— |
|
|
(1.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross profit |
$ |
23,869 |
|
$ |
— |
|
$ |
— |
|
$ |
40 |
|
$ |
— |
|
$ |
— |
$ |
— |
|
$ |
183 |
|
$ |
— |
|
$ |
24,092 |
|
Selling and marketing |
|
8,631 |
|
|
(653 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
(93 |
) |
|
— |
|
|
7,885 |
|
Research and development |
|
13,276 |
|
|
(753 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
(471 |
) |
|
— |
|
|
12,052 |
|
General and administrative |
|
9,448 |
|
|
(1,907 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
(210 |
) |
|
— |
|
|
7,331 |
|
Depreciation and amortization |
|
4,872 |
|
|
— |
|
|
(4,419 |
) |
|
(453 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total operating expenses |
|
36,227 |
|
|
(3,313 |
) |
|
(4,419 |
) |
|
(453 |
) |
|
— |
|
|
— |
|
— |
|
|
(774 |
) |
|
— |
|
$ |
27,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
(Loss) income before provision for income taxes |
|
(17,659 |
) |
|
3,313 |
|
|
4,419 |
|
|
493 |
|
|
(501 |
) |
|
5,397 |
|
— |
|
|
957 |
|
|
— |
|
|
(3,581 |
) |
Net (loss) income |
|
(17,684 |
) |
|
3,313 |
|
|
4,419 |
|
|
493 |
|
|
(501 |
) |
|
5,397 |
|
— |
|
|
957 |
|
|
— |
|
|
(3,606 |
) |
(Loss) earnings per share: basic and diluted |
|
(2.27 |
) |
|
0.43 |
|
|
0.57 |
|
|
0.06 |
|
|
(0.06 |
) |
|
0.69 |
|
— |
|
|
0.12 |
|
|
— |
|
|
(0.46 |
) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113344961/en/
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Source: Smith Micro Software, Inc.
FAQ
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