Business
Smith Micro Reports First Quarter 2023 Financial Results
PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first
About this update from Smith Micro Software, Inc.
[{"type":"text","content":" PITTSBURGH--(BUSINESS WIRE)--\nSmith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2023.\n\n\n“We accomplished several key initiatives during our first quarter of 2023,” said William W. Smith Jr., president, chief executive officer and chairman of the board of Smith Micro. “Most significantly, we took the necessary steps in reallocating resources to better streamline operations across the entire organization and to substantially reduce expenses. We anticipate $4 million of quarterly cost savings as compared to the fourth quarter of 2022 as a result and expect to achieve that savings target in the second quarter.”\n\n\nSmith continued, “Looking ahead we remain very positive and excited about our Fiscal 2023. We expect a new launch with one of our Tier 1 carrier partners on the SafePath® platform, and our sales pipeline in both the U.S. and European markets is growing nicely for both our SafePath and ViewSpot® platforms, building momentum as we look at the remainder of our fiscal year.”\n\n\nFirst Quarter 2023 Financial Results\n\n\nSmith 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.\n\n\nGross profit for the quarter ended March 31, 2023 was $7.6 million, compared to $9.1 million for the quarter ended March 31, 2022. Non-GAAP gross profit for the quarter ended March 31, 2023 was $7.8 million.\n\n\nGross profit as a percentage of revenue was 70 percent for the quarter ended March 31, 2023, compared to 71 percent for the quarter ended March 31, 2022. Non-GAAP gross profit as a percentage of revenue was 72% for the quarter ended March 31, 2023.\n\n\nGAAP net loss for the quarter ended March 31, 2023 was $6.9 million, or $0.11 loss per share, compared to GAAP net loss of $7.0 million, or $0.13 loss per share, for the same period in 2022.\n\n\nNon-GAAP net loss for the quarter ended March 31, 2023 was $3.6 million, or $0.06 loss per share, compared to non-GAAP net loss of $3.9 million, or $0.07 loss per share, for the quarter ended March 31, 2022. Non-GAAP net loss excludes the items noted below under \"Non-GAAP Measures.\"\n\n\nNon-GAAP Measures\n\n\nTo supplement our financial information presented in accordance with GAAP, the Company con...