Business
Smith Micro Reports Second Quarter 2020 Financial Results
PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its second
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 second quarter ended June 30, 2020.\n\n\n“I am pleased with our results for the first half of 2020, particularly with our ongoing R&D efforts as we continue to ramp product development to meet the demands of our growing customer base,” said William W. Smith, Jr., President and CEO of Smith Micro. “In the second quarter, we remained profitable, generated free cash flow, readied our SafePath® platform for launch with a new wireless carrier, and deployed our ViewSpot® solution at another carrier - all while navigating the unique demands of doing business during the COVID-19 pandemic.”\n\n\nSecond Quarter 2020 Financial Results\n\n\nSmith Micro reported revenue of $12.9 million for the second quarter ended June 30, 2020, compared to $10.9 million reported in the second quarter ended June 30, 2019.\n\n\nSecond quarter 2020 gross profit was $11.7 million compared to $9.9 million reported in the second quarter of 2019.\n\n\nGross profit as a percentage of revenue was 90 percent for the second quarter of 2020 compared to 91 percent for the second quarter of 2019.\n\n\nGenerally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the second quarter of 2020 was $1.4 million, or $0.03 diluted earnings per share, compared to GAAP net income available to common stockholders of $3.4 million, or $0.10 diluted earnings per share, for the second quarter of 2019.\n\n\nNon-GAAP net income (which excludes stock-based compensation, amortization of intangibles, transaction gains, acquisitions costs, and preferred stock dividends) for the second quarter of 2020 was $3.0 million, or $0.07 diluted earnings per share, compared to non-GAAP net income of $3.6 million, or $0.10 diluted earnings per share, for the second quarter of 2019.\n\n\nSecond Quarter Year-to-Date 2020 Financial Results\n\n\nSmith Micro reported revenue of $26.3 million for the six months ended June 30, 2020, compared to $19.3 million reported in the six months ended June 30, 2019.\n\n\nGross profit for the six months ended June 30, 2020 was $23.8 million compared to $17.4 million reported for the same period in 2019.\n\n\nGross profit as a percentage of revenue was 91 percent for the...