Smith Micro posts Q2 revenue $10.3M, GAAP net loss $5.7M; targets Q3 non-GAAP profitability

SMITH MICRO SOFTWARE, INC.

2023-Q2 EPS reported -$0.21 revenue$21,268,000

Revenue $10.3M in Q2 2023, down from $12.7M YoY; gross margin improved to 75% from 71%.
GAAP net loss $5.7M ($0.09 loss per share) vs $8.5M ($0.15 loss) in Q2 2022; non-GAAP net loss $0.6M.
Completed merger of acquisition code into SafePath platform; achieved $4M cost savings vs Q4 2022.
Expects return to growth, improved margins, and non-GAAP profitability in Q3 2023; cash $6.4M.

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