Business
CORRECTING and REPLACING Smith Micro Reports Third Quarter 2022 Financial Results
PITTSBURGH--(BUSINESS WIRE)-- In the Third Quarter Year-to-Date 2022 Financial Results section, the fifth paragraph, first sentence should read: Non-GAAP net
About this update from Smith Micro Software, Inc.
[{"type":"text","content":" PITTSBURGH--(BUSINESS WIRE)--\nIn the Third Quarter Year-to-Date 2022 Financial Results section, the fifth paragraph, first sentence should read: Non-GAAP net loss for the nine months ended September 30, 2022 was $14.5 million, or $0.26 diluted loss per share…\n\nAdditionally, in the last table, in the Nine Months Ended September 30, 2022 section, there are multiple revisions to the Stock Compensation and Non-GAAP columns.\n\nThe updated release reads:\n\nSMITH MICRO REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS\n\nSmith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its third quarter ended September 30, 2022.\n\n“We have been making significant progress on many fronts, not only with our customers, but also with strategic changes that capitalize on synergies from the Avast acquisition, which drove a meaningful sequential reduction in operating costs,” said William W. Smith, Jr, President, CEO and Chairman of the Board of Smith Micro. “After a long development process to migrate our Tier One carrier customers to the SafePath platform, we are finally nearing completion. Once the migration is complete, having all carriers on a feature-enhanced 'best of both' platform will ensure a best-in-class Digital Family Lifestyle experience for our carrier partners’ subscribers.\n\n“We remain extremely focused on the very critical task at hand to bring the migrations to a close and turn our focus on building for the future. The next phase of the Company is more exciting and larger than any opportunity I have seen at Smith Micro in our 40-year history,” concluded Mr. Smith.\n\nThird Quarter 2022 Financial Results\n\nSmith Micro reported revenue of $11.7 million for the quarter ended September 30, 2022, compared to $16.4 million reported in the quarter ended September 30, 2021.\n\nGross profit for the quarter ended September 30, 2022 was $8.1 million, compared to $12.8 million for the quarter ended September 30, 2021.\n\nGross profit as a percentage of revenue was 69 percent for the quarter ended September 30, 2022, compared to 78 percent for the quarter ended September 30, 2021.\n\nGAAP net loss for the quarter ended September 30, 2022 was $7.3 million, or $0.13 loss per share, compared to GAAP net loss of $18.6 million, or $0.34 loss per share, for the same period in 2021.\n\nNon-GAAP...