Smith Micro Q1 revenue down 14% to $10.9M; net loss narrows slightly to $6.9M

SMITH MICRO SOFTWARE, INC.

2023-Q1 EPS reported -$0.11 revenue$10,930,000

Revenue $10.9M vs $12.7M Q1 2022; gross margin 70% vs 71%.
GAAP net loss $6.9M ($0.11 per share); Non-GAAP net loss $3.6M ($0.06 per share).
Cost reduction plan expects $4M quarterly savings by Q2 2023 from resource reallocation.
Management cites new Tier 1 carrier launch on SafePath and growing pipeline for SafePath and ViewSpot.
Non-GAAP net loss $3.6M vs prior-year $3.9M; loss per share improved to $0.06 from $0.07.

item 2.02 item 7.01 item 9.01

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 first quarter ended March 31, 2023 results: revenue $10.9 million, net income $6.9 million, EPS $0.11 loss per share.

Period: first quarter ended March 31, 2023
Revenue: $10.9 million
Net income: $6.9 million
EPS: $0.11 loss per share
Result: reported results

Exact text from the filing

our SafePath and ViewSpot ® platforms, building momentum as we look at the remainder of our fiscal year.” First Quarter 2023 Financial Results Smith Micro reported revenue of $10.9 million for the quarter ended March 31, 2023, compared to $12.7 million reported in the quarter ended March 31, 2022. Gross profit for the quarter ended March 31, 2023 was $7.6 million,

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Source: SEC EDGAR

accession 0000948708-23-000025

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