Business
Smith Micro Reports Second Quarter and Year-to-Date 2023 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, 2023.\n\n\n“The Company achieved a number of significant targets across multiple fronts during the second quarter of 2023,” said William W. Smith, Jr., president, chief executive officer, and chairman of the board of Smith Micro. “Notably, we have now completed our development efforts to merge the code from our various acquisitions into our flagship SafePath® platform after a very complex and lengthy process, which represents a significant milestone for the Company.”\n\n\nSmith continued, “From a financial perspective, I am pleased that we exceeded our quarterly cost reduction goal of $4 million in savings compared to the fourth quarter of 2022, which has created momentum in optimizing our organizational footprint and positioning the Company to see a return to growth, improved gross margins, and profitability on a non-GAAP basis during the third quarter.”\n\n\nSecond Quarter 2023 Financial Results\n\n\nSmith Micro reported revenue of $10.3 million for the quarter ended June 30, 2023, compared to $12.7 million reported in the quarter ended June 30, 2022.\n\n\nGross profit for the quarter ended June 30, 2023 was $7.7 million, compared to $9.1 million for the quarter ended June 30, 2022. Non-GAAP gross profit for the quarter ended June 30, 2023 was $7.8 million compared to $9.1 million for the quarter ended June 30, 2022.\n\n\nGross profit as a percentage of revenue was 75 percent for the quarter ended June 30, 2023, compared to 71 percent for the quarter ended June 30, 2022. Non-GAAP gross profit as a percentage of revenue was 75 percent for the quarter ended June 30, 2023 and 72 percent for the quarter ended June 30, 2022.\n\n\nGAAP net loss for the quarter ended June 30, 2023 was $5.7 million, or $0.09 loss per share, compared to GAAP net loss of $8.5 million, or $0.15 loss per share, for the quarter ended June 30, 2022.\n\n\nNon-GAAP net loss for the quarter ended June 30, 2023 was $0.6 million, or $0.01 loss per share, compared to non-GAAP net loss of $4.8 million, or $0.09 loss per share, for the quarter ended June 30, 2022. Non-GAAP net loss excludes the items noted below under \"Non-GAAP Measures.\"\n\n\nSecond Quarter Year to Date 2023 Financial Re...