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Smith Micro Reports Third Quarter and Year-to-Date 2023 Financial Results

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Rhea-AI Summary
Smith Micro Software, Inc. (SMSI) reports sequential revenue growth and $1.5 million of cash flow from operations during Q3 2023. The company exceeded cost reduction targets, improved gross margins, and achieved non-GAAP profitability. Revenue for Q3 2023 was $11.0 million, with a gross profit of $8.5 million. GAAP net loss was $5.1 million, while non-GAAP net income was $0.6 million. Year to date, revenue was $32.3 million, with a gross profit of $23.9 million. GAAP net loss for the nine months ended September 30, 2023, was $17.7 million, and non-GAAP net loss was $3.6 million. Total cash and cash equivalents as of September 30, 2023, were $8.0 million.
Positive
  • Sequential revenue growth and positive cash flow from operations demonstrate financial stability and growth potential.
  • Exceeding cost reduction targets and achieving non-GAAP profitability show strong financial management and operational efficiency.
  • Improvement in gross margins indicates enhanced operational performance and cost control measures.
  • Stable cash and cash equivalents position the company well for future investment and growth opportunities.
Negative
  • None.

Company Reports Sequential Revenue Growth and $1.5 million of Cash Flow From Operations During the Quarter

PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (Nasdaq: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its third quarter ended September 30, 2023.

“Launching our flagship SafePath® platform at another Tier 1 carrier during the third quarter was a prerequisite to drive both marketing investment and anticipated revenue growth with this customer," said William W. Smith, Jr., president, chief executive officer, and chairman of the board of Smith Micro. “In today’s world, carriers recognize the strength and value our technology provides for protecting their family subscribers, both in the digital and physical worlds they face.”

“From a financial perspective, I am delighted that we exceeded the cost reduction targets that we outlined back in March.” Smith continued, “We created an aggressive plan that improved our gross margins and further reduced operating expenses. We have executed rigorously, and, although we have reported a GAAP net loss, we have achieved non-GAAP profitability while generating cash flow from operations during the third quarter.”

Third Quarter 2023 Financial Results

Smith Micro reported revenue of $11.0 million for the quarter ended September 30, 2023, compared to $11.7 million reported in the quarter ended September 30, 2022. Sequentially, revenue grew by $0.7 million from the $10.3 million reported in the second quarter of 2023.

Gross profit for the quarter ended September 30, 2023 was $8.5 million, compared to $8.1 million for the quarter ended September 30, 2022.

Gross profit as a percentage of revenue was 77 percent for the quarter ended September 30, 2023, compared to 69 percent for the quarter ended September 30, 2022.

GAAP net loss for the quarter ended September 30, 2023 was $5.1 million, or $0.08 loss per share, compared to GAAP net loss of $5.8 million, or $0.10 loss per share, for the quarter ended September 30, 2022.

Non-GAAP net income for the quarter ended September 30, 2023 was $0.6 million, or $0.01 income per share, compared to non-GAAP net loss of $4.9 million, or $0.09 loss per share, for the quarter ended September 30, 2022. Non-GAAP net income and net loss excludes the items noted below under "Non-GAAP Measures."

Third Quarter Year to Date 2023 Financial Results

Smith Micro reported revenue of $32.3 million for the nine months ended September 30, 2023, compared to $37.1 million reported in the nine months ended September 30, 2022.

Gross profit for the nine months ended September 30, 2023 was $23.9 million compared to $26.2 million reported for the same period in 2022.

Gross profit as a percentage of revenue was 74 percent for the nine months ended September 30, 2023 compared to 71 percent for the nine months ended September 30, 2022.

GAAP net loss for the nine months ended September 30, 2023 was $17.7 million, or $0.28 loss per share, compared to GAAP net loss of $21.3 million, or $0.39 loss per share, for the nine months ended September 30, 2022.

Non-GAAP net loss for the nine months ended September 30, 2023 was $3.6 million, or $0.06 loss per share, compared to non-GAAP net loss of $13.6 million, or $0.25 loss per share, for the nine months ended September 30, 2022. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures."

Total cash and cash equivalents as of September 30, 2023 were $8.0 million.

Non-GAAP Measures

To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, 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, non-GAAP gross profit as a percentage of revenue 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 compensation, intangibles amortization, depreciation, fair value adjustments, amortization of debt issuance costs and discount, and personnel severance and reorganization activities. 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 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 8, 2023, at 4:30 p.m. ET, to discuss the Company’s third quarter 2023 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=iYPh0ex6. 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, 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 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 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 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)

 

 

 

 

 

September 30,
2023

 

December 31,
2022

 

(unaudited)

 

(audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

7,982

 

 

$

14,026

 

Accounts receivable, net of allowance for doubtful accounts of $3 and $3 (2023 and 2022, respectively)

 

10,290

 

 

 

10,501

 

Prepaid expenses and other current assets

 

2,940

 

 

 

1,983

 

Total current assets

 

21,212

 

 

 

26,510

 

Equipment and improvements, net

 

998

 

 

 

1,498

 

Right-of-use assets

 

2,686

 

 

 

3,722

 

Other assets

 

475

 

 

 

490

 

Intangible assets, net

 

31,901

 

 

 

36,320

 

Goodwill

 

35,041

 

 

 

35,041

 

Total assets

$

92,313

 

 

$

103,581

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,027

 

 

$

3,236

 

Accrued payroll and benefits

 

2,502

 

 

 

3,883

 

Current operating lease liabilities

 

1,434

 

 

 

1,441

 

Other current liabilities

 

1,714

 

 

 

1,589

 

Current portion of convertible notes payable

 

3,456

 

 

 

9,007

 

Derivative liabilities

 

46

 

 

 

1,575

 

Total current liabilities

 

12,179

 

 

 

20,731

 

Non-current liabilities:

 

 

 

Warrant liabilities

 

1,278

 

 

 

3,317

 

Operating lease liabilities

 

1,787

 

 

 

2,976

 

Deferred tax liabilities, net

 

178

 

 

 

178

 

Total non-current liabilities

 

3,243

 

 

 

6,471

 

Commitments and contingencies

 

 

 

Stockholders' equity:

 

 

 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 70,384,838 and 56,197,910 shares issued and outstanding (2023 and 2022, respectively)

 

70

 

 

 

56

 

Additional paid-in capital

 

376,057

 

 

 

357,875

 

Accumulated comprehensive deficit

 

(299,236

)

 

 

(281,552

)

Total stockholders’ equity

 

76,891

 

 

 

76,379

 

Total liabilities and stockholders' equity

$

92,313

 

 

$

103,581

 

Smith Micro Software, Inc.

Consolidated Statement of Operations

(in thousands except share data)

 

For the Three Months
Ended

September 30,

 

For the Nine Months
Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Revenues

$

11,001

 

 

$

11,699

 

 

$

32,269

 

 

$

37,108

 

Cost of revenues (including depreciation of $12, $25, $40, and $85 in the three and nine months ended September 30, 2023 and 2022, respectively)

 

2,528

 

 

 

3,629

 

 

 

8,400

 

 

 

10,882

 

Gross profit

 

8,473

 

 

 

8,070

 

 

 

23,869

 

 

 

26,226

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling and marketing

 

2,449

 

 

 

2,986

 

 

 

8,631

 

 

 

9,687

 

Research and development

 

3,704

 

 

 

7,409

 

 

 

13,276

 

 

 

22,756

 

General and administrative

 

2,934

 

 

 

4,208

 

 

 

9,448

 

 

 

11,885

 

Depreciation and amortization

 

1,567

 

 

 

1,822

 

 

 

4,872

 

 

 

5,665

 

Total operating expenses

 

10,654

 

 

 

16,425

 

 

 

36,227

 

 

 

49,993

 

Operating loss

 

(2,181

)

 

 

(8,355

)

 

 

(12,358

)

 

 

(23,767

)

Other income (expense):

 

 

 

 

 

 

 

 

 

Change in fair value of warrant and derivative liabilities

 

73

 

 

 

3,457

 

 

 

3,486

 

 

 

3,457

 

Loss on derecognition of debt

 

(1,583

)

 

 

 

 

 

(2,985

)

 

 

 

Interest expense, net

 

(1,443

)

 

 

(896

)

 

 

(5,740

)

 

 

(898

)

Other income (expense), net

 

15

 

 

 

9

 

 

 

(62

)

 

 

(22

)

Loss before provision for income taxes

 

(5,119

)

 

 

(5,785

)

 

 

(17,659

)

 

 

(21,230

)

Provision for income tax expense

 

14

 

 

 

27

 

 

 

25

 

 

 

77

 

Net loss

$

(5,133

)

 

$

(5,812

)

 

$

(17,684

)

 

$

(21,307

)

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.08

)

 

$

(0.10

)

 

$

(0.28

)

 

$

(0.39

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

 

67,354

 

 

 

55,722

 

 

 

62,297

 

 

 

55,140

 

Smith Micro Software, Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

 

 

 

 

 

 

 

 

For the Three Months
Ended

September 30,

 

For the Nine Months
Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Operating activities:

 

 

 

 

 

 

 

Net loss

$

(5,133

)

 

$

(5,812

)

 

$

(17,684

)

 

$

(21,307

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

1,580

 

 

 

1,849

 

 

 

4,912

 

 

 

5,751

 

Non-cash lease expense

 

(82

)

 

 

(220

)

 

 

(160

)

 

 

(374

)

Non-cash transaction costs including amortization of debt discount and issuance costs

 

1,343

 

 

 

1,422

 

 

 

5,398

 

 

 

1,422

 

Change in fair value of warrant and derivative liabilities

 

(73

)

 

 

(3,457

)

 

 

(3,486

)

 

 

(3,457

)

Loss on derecognition of debt

 

1,583

 

 

 

 

 

 

2,985

 

 

 

 

Stock based compensation

 

1,341

 

 

 

1,095

 

 

 

3,316

 

 

 

3,849

 

Loss on disposal of assets

 

1

 

 

 

31

 

 

 

12

 

 

 

31

 

Changes in operating accounts:

 

 

 

 

 

 

 

Accounts receivable

 

1,581

 

 

 

2,083

 

 

 

208

 

 

 

1,108

 

Prepaid expenses and other assets

 

151

 

 

 

713

 

 

 

220

 

 

 

186

 

Accounts payable and accrued liabilities

 

(682

)

 

 

(540

)

 

 

(2,224

)

 

 

(1,526

)

Other liabilities

 

(69

)

 

 

(15

)

 

 

553

 

 

 

(161

)

Net cash provided by (used in) operating activities

 

1,541

 

 

 

(2,851

)

 

 

(5,950

)

 

 

(14,478

)

Investing activities:

 

 

 

 

 

 

 

Capital expenditures, net

 

(8

)

 

 

27

 

 

 

(5

)

 

 

(85

)

Other investing activities

 

 

 

 

11

 

 

 

71

 

 

 

94

 

Net cash (used in) provided by investing activities

 

(8

)

 

 

38

 

 

 

66

 

 

 

9

 

Financing activities:

 

 

 

 

 

 

 

Proceeds from notes and warrants offering

 

 

 

 

15,000

 

 

 

 

 

 

15,000

 

Proceeds from stock and warrants offering

 

 

 

 

3,000

 

 

 

 

 

 

3,000

 

Stock, notes, and warrants offering costs

 

 

 

 

(1,227

)

 

 

 

 

 

(1,227

)

Proceeds from financing arrangements

 

539

 

 

 

250

 

 

 

981

 

 

 

1,541

 

Repayments of financing arrangements

 

(514

)

 

 

(587

)

 

 

(1,156

)

 

 

(978

)

Other financing activities

 

7

 

 

 

21

 

 

 

15

 

 

 

56

 

Net cash provided by (used in) financing activities

 

32

 

 

 

16,457

 

 

 

(160

)

 

 

17,392

 

Net increase (decrease) in cash and cash equivalents

 

1,565

 

 

 

13,644

 

 

 

(6,044

)

 

 

2,923

 

Cash and cash equivalents, beginning of period

$

6,417

 

 

$

5,357

 

 

$

14,026

 

 

$

16,078

 

Cash and cash equivalents, end of period

$

7,982

 

 

$

19,001

 

 

$

7,982

 

 

$

19,001

 

Smith Micro Software, Inc.

Reconciliation of GAAP to Non-GAAP Results

(in thousands, except per share data) - unaudited

 

GAAP

Stock
Compensation

Intangibles
Amortization

Depreciation

Fair Value
Adjustments

Amortization of
Debt Issuance
Costs and
Discount

Personnel
Severance and
Reorganization
Activities

Non-
GAAP

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

 

(0.08

)

 

0.02

 

 

0.02

 

 

 

 

0.02

 

 

0.02

 

 

 

 

0.01

 

(Loss) earnings per share: diluted

 

(0.07

)

 

0.02

 

 

0.02

 

 

 

 

0.02

 

 

0.02

 

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2022

 

 

 

 

 

 

 

 

Gross profit

$

8,070

 

$

 

$

 

$

25

 

$

 

$

 

$

 

$

8,095

 

Selling and marketing

 

2,986

 

 

(180

)

 

 

 

 

 

 

 

 

 

(49

)

 

2,757

 

Research and development

 

7,409

 

 

(279

)

 

 

 

 

 

 

 

 

 

 

 

7,130

 

General and administrative

 

4,208

 

 

(636

)

 

 

 

 

 

 

 

(630

)

 

(3

)

 

2,939

 

Depreciation and amortization

 

1,822

 

 

 

 

(1,545

)

 

(277

)

 

 

 

 

 

 

 

 

Total operating expenses

 

16,425

 

 

(1,095

)

 

(1,545

)

 

(277

)

 

 

 

(630

)

 

(52

)

 

12,826

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(5,785

)

 

1,095

 

 

1,545

 

 

302

 

 

(3,457

)

 

1,421

 

 

52

 

 

(4,827

)

Net (loss) income

 

(5,812

)

 

1,095

 

 

1,545

 

 

302

 

 

(3,457

)

 

1,421

 

 

52

 

 

(4,854

)

(Loss) earnings per share: basic and diluted

 

(0.10

)

 

0.02

 

 

0.03

 

 

0.01

 

 

(0.06

)

 

0.03

 

 

 

 

(0.09

)

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

Depreciation

Fair Value
Adjustments

Amortization of
Debt Issuance
Costs and
Discount

Personnel
Severance and
Reorganization
Activities

Non-GAAP

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

 

(0.28

)

 

0.05

 

 

0.07

 

 

0.01

 

 

(0.01

)

 

0.09

 

 

0.02

 

 

(0.06

)

 

 

 

 

 

 

 

 

 

Nine Months Ended

September 30, 2022

 

 

 

 

 

 

 

 

Gross profit

$

26,226

 

$

2

 

$

 

$

85

 

$

 

$

 

$

 

$

26,313

 

Selling and marketing

 

9,687

 

 

(336

)

 

 

 

 

 

 

 

 

 

(769

)

 

8,582

 

Research and development

 

22,756

 

 

(808

)

 

 

 

 

 

 

 

 

 

 

 

21,948

 

General and administrative

 

11,885

 

 

(2,124

)

 

 

 

 

 

 

 

(630

)

 

(3

)

 

9,128

 

Depreciation and amortization

 

5,665

 

 

 

 

(4,766

)

 

(899

)

 

 

 

 

 

 

 

 

Total operating expenses

 

49,993

 

 

(3,268

)

 

(4,766

)

 

(899

)

 

 

 

(630

)

 

(772

)

 

39,658

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(21,230

)

 

3,270

 

 

4,766

 

 

984

 

 

(3,457

)

 

1,421

 

 

772

 

 

(13,474

)

Net (loss) income

 

(21,307

)

 

3,270

 

 

4,766

 

 

984

 

 

(3,457

)

 

1,421

 

 

772

 

 

(13,551

)

(Loss) earnings per share: basic and diluted

 

(0.39

)

 

0.06

 

 

0.09

 

 

0.02

 

 

(0.06

)

 

0.03

 

 

0.01

 

 

(0.25

)

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 Software, Inc.'s revenue and gross profit for Q3 2023?

The revenue for Q3 2023 was $11.0 million, with a gross profit of $8.5 million.

What were the GAAP and non-GAAP net income for Q3 2023?

The GAAP net loss was $5.1 million, while the non-GAAP net income was $0.6 million.

What was the total cash and cash equivalents as of September 30, 2023?

The total cash and cash equivalents were $8.0 million.

When will Smith Micro hold an investor conference call to discuss the Q3 2023 financial results?

Smith Micro will hold an investor conference call today, November 8, 2023, at 4:30 p.m. ET.

What are the non-GAAP financial measures presented by Smith Micro?

The non-GAAP financial measures include non-GAAP net (loss) income, non-GAAP gross profit, non-GAAP gross profit as a percentage of revenue, and non-GAAP diluted (loss) earnings per share.

Smith Micro Software Inc

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