Smith Micro Q4 revenue $11.4M, down 22% YoY; announces $4M quarterly cost cuts

SMITH MICRO SOFTWARE, INC.

GAAP net loss Q4 $8.0M ($0.14/share) vs $4.0M loss ($0.07) last year; FY loss $29.3M ($0.53) vs $31.0M ($0.61).
Non-GAAP net loss Q4 $4.3M ($0.08/share) vs $2.4M ($0.04); FY non-GAAP loss $18.8M ($0.34) vs $2.2M ($0.04).
Revenue for full year 2022 was $48.5M, down from $58.4M in 2021; gross margin fell from 78% to 71%.
Company plans to reduce quarterly expenses by $4M and return to profitability in Q2 2023, but no later than Q3.
Cash and cash equivalents at Dec 31, 2022 were $14.0M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SMITH MICRO SOFTWARE, INC. reported the quarter ended December 31, 2022 results: revenue $11.4 million, net income GAAP net loss for the quarter ended December 31, 2022 was $8.0 million, or $0.14 loss per share, EPS $0.14 loss per share.

Period: the quarter ended December 31, 2022
Revenue: $11.4 million
Net income: GAAP net loss for the quarter ended December 31, 2022 was $8.0 million, or $0.14 loss per share
EPS: $0.14 loss per share
Result: reported results

Exact text from the filing

Smith Micro reported revenue of $11.4 million for the quarter ended December 31, 2022

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SMITH MICRO SOFTWARE, INC. reported the fiscal year ended December 31, 2022 results: revenue $48.5 million, net income GAAP net loss for the year ended December 31, 2022 was $29.3 million, or $0.53 loss per share, EPS $0.53 loss per share.

Period: the fiscal year ended December 31, 2022
Revenue: $48.5 million
Net income: GAAP net loss for the year ended December 31, 2022 was $29.3 million, or $0.53 loss per share
EPS: $0.53 loss per share
Result: reported results

Exact text from the filing

Smith Micro reported revenue of $48.5 million for the year ended December 31, 2022

View on SEC.gov

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Source: SEC EDGAR

accession 0000948708-23-000006

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