Smith Micro loses Tier 1 carrier contract for family safety; ~32% of revenue at risk

SMITH MICRO SOFTWARE, INC.

Received written termination notice from a U.S. Tier 1 carrier, effective June 30, 2023, with up to 180-day transition period.
The agreement represented approximately 32% of revenues for the nine months ended September 30, 2022.
Company conducting impairment review; cannot yet estimate potential impairment.
Plans to reduce expenses, reallocate resources to other Tier 1 U.S. carriers and international customers.
CEO expressed surprise and disappointment but noted diversification and cost savings acceleration.

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