Smith Micro Q1 revenue falls 47% to $5.8M; GAAP net loss $31.0M

SMITH MICRO SOFTWARE, INC.

2024-Q1 EPS reported -$3.28 revenue$5,798,000

Revenue $5.8M, down 47% from $10.9M YoY.
GAAP net loss $31.0M ($3.28 loss per share); non-GAAP loss $4.2M ($0.45 loss).
Cash and equivalents $6.2M as of March 31, 2024.
Plans to launch SafePath Global and reduce cost structure; European Tier 1 MNO expected H2 2024.
1-for-8 reverse stock split effective April 10, 2024, retroactively adjusted per share data.

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 1.0

SMITH MICRO SOFTWARE, INC. reported first quarter ended March 31, 2024 results: revenue $5.8 million, net income $31.0 million net loss, EPS $3.28 loss per share.

Period: first quarter ended March 31, 2024
Revenue: $5.8 million
Net income: $31.0 million net loss
EPS: $3.28 loss per share
Result: reported results

Exact text from the filing

Smith Micro reported revenue of $5.8 million for the quarter ended March 31, 2024, compared to $10.9 million reported in the quarter ended March 31, 2023. Gross profit for the quarter ended March 31, 2024 was $3.8 million, compared to $7.6 million for the quarter ended March 31, 2023. Gross profit as a percentage of revenue was 65.7 percent for the quarter ended March 31, 2024, compared to 70.0 percent for the quarter ended March 31, 2023. GAAP net loss for the quarter ended March 31, 2024 was $31.0 million, or $3.28 loss per share, compared to GAAP net loss of $6.9 million, or $0.97 loss per share, for the quarter ended March 31, 2023.

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Source: SEC EDGAR

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