Business
Smith Micro Reports Fourth Quarter and Fiscal Year 2022 Financial Results
PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its fourth
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 fourth quarter and fiscal year ended December 31, 2022.\n\n“We made significant progress during 2022 toward the unification of our Digital Family Lifestyle business onto a single platform, resulting in a far superior, best-in-class solution,” said William W. Smith, Jr., President, CEO and Chairman of the Board of Smith Micro. “As we near completion of migration activities, we are focusing on partnering with our customers in growing revenues and returning the Company to profitability.”\n\nMr. Smith concluded, “We are currently taking steps to significantly reallocate resources and will be taking further actions in the very near term to streamline our costs. As such, we expect to reduce our expenses by a further $4 million per quarter from our fourth quarter 2022, with our goal to have it completed by the end of the second quarter, but no later than the end of the third quarter of this year, and as a result to reach profitability in the same timeframe.”\n\nFourth Quarter 2022 Financial Results\n\nSmith Micro reported revenue of $11.4 million for the quarter ended December 31, 2022, compared to $14.7 million reported in the quarter ended December 31, 2021.\n\nGross profit for the quarter ended December 31, 2022 was $8.1 million, compared to $10.6 million for the quarter ended December 31, 2021.\n\nGross profit as a percentage of revenue was 71 percent for the quarter ended December 31, 2022, compared to 72 percent for the quarter ended December 31, 2021.\n\nGAAP net loss for the quarter ended December 31, 2022 was $8.0 million, or $0.14 loss per share, compared to GAAP net loss of $4.0 million, or $0.07 loss per share, for the same period in 2021.\n\nNon-GAAP net loss for the quarter ended December 31, 2022 was $4.3 million, or $0.08 loss per share, compared to non-GAAP net loss of $2.4 million, or $0.04 loss per share, for the quarter ended December 31, 2021. Non-GAAP net loss excludes the items noted below under \"Non-GAAP Measures\".\n\nFiscal Year 2022 Financial Results\n\nSmith Micro reported revenue of $48.5 million for the year ended December 31, 2022, compared to $58.4 million reported in the year ended December 31, 2021.\n\nGross profit for the year ended December 31, 2022 was ...