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CORRECTING and REPLACING Smith Micro Reports Third Quarter 2022 Financial Results

CORRECTING and REPLACING Smith Micro Reports Third Quarter 2022 Financial Results

By AP News
Published - Nov 09, 2022, 08:56 PM ET
Last Updated - Jun 23, 2023, 04:57 PM EDT

PITTSBURGH--(BUSINESS WIRE)--Nov 9, 2022--

In 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…

Additionally, 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.

The updated release reads:

SMITH MICRO REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS

Smith Micro Software, Inc. ( NASDAQ: SMSI ) (“Smith Micro” or the “Company”) today reported financial results for its third quarter ended September 30, 2022.

“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.

“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.

Third Quarter 2022 Financial Results

Smith 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.

Gross profit for the quarter ended September 30, 2022 was $8.1 million, compared to $12.8 million for the quarter ended September 30, 2021.

Gross 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.

GAAP 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.

Non-GAAP net loss for the quarter ended September 30, 2022 was $5.2 million, or $0.09 loss per share, compared to non-GAAP net loss of $0.3 million, or $0.00 loss per share, for the quarter ended September 30, 2021. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures".

Third Quarter Year-to-Date 2022 Financial Results

Smith Micro reported revenue of $37.1 for the nine months ended September 30, 2022, compared to $43.7 million reported in the nine months ended September 30, 2021.

Gross profit for the nine months ended September 30, 2022 was $26.2 million compared to $35.1 million reported for the same period in 2021.

Gross profit as a percentage of revenue was 71 percent for the nine months ended September 30, 2022 compared to 80 percent for the nine months ended September 30, 2021.

GAAP net loss for the nine months ended September 30, 2022 was $22.8 million, or $0.41 loss per share, compared to GAAP net loss of $27.0 million, or $0.54 loss per share, for the same period in 2021.

Non-GAAP net loss for the nine months ended September 30, 2022 was $14.5 million, or $0.26 diluted loss per share, compared to non-GAAP net income of $0.1 million, or $0.00 earnings per share, for the nine months ended September 30, 2021. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures".

Total cash and cash equivalents as of September 30, 2022 were $19.0 million.

Non-GAAP Measures

To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, certain non-GAAP financial measures and a non-GAAP reconciliation from GAAP gross profit, net (loss) income before taxes, and net (loss) income to the following non-GAAP metrics: non-GAAP net (loss) income, and non-GAAP diluted (loss) earnings per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing our income generation and has therefore excluded the following items from GAAP earnings calculations: stock-based compensation, amortization of intangible assets, fair value adjustments, note and stock offering fees, personnel severance and reorganization activities, CFO transition costs, acquisition costs, and non-development intellectual property costs. Additionally, since the Company currently has federal and state net operating loss carryforwards that can be utilized to reduce future cash payments for income taxes, these non-GAAP adjustments have not been tax effected, and the resulting income tax expense reflects actual taxes paid or accrued during each period. This presentation may be considered more indicative of our ongoing operational performance. The table below presents the differences between non-GAAP net (loss) income and net (loss) income on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-GAAP financial measures as reported by Smith Micro may not be comparable to similarly titled amounts reported by other companies.

Investor Conference Call

Smith Micro will hold an investor conference call today, November 9, 2022, at 4:30 p.m. ET, to discuss the Company’s third quarter and year to date 2022 financial results. To access the call, dial 1-844-701-1164; international participants can call 1-412-317-5492. A passcode is not required to join the call; ask the operator to be placed into the Smith Micro conference. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. An internet webcast is available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=5ljkLiMb. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.

About Smith Micro Software, Inc.

Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. For more information, visit https://www.smithmicro.com.

Smith Micro, the Smith Micro logo and SafePath are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective owners.

Forward-Looking Statements

Certain statements in this press release are, and certain statements on the related conference call may be, forward-looking statements regarding future events or results within the meaning of the Private Securities Litigation Reform Act, including statements related to our financial prospects and other projections of our outlook or performance and our future business plans, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are customer concentration, given that the majority of our sales depend on a few large customer relationships, delay or failure of our customers to accept and deploy our products and services or new or upgraded versions thereof, delay or failure of our customers’ end users to adopt our products and services or new or upgraded versions thereof, the impact of the COVID-19 pandemic on our business and financial results, changes in demand for our products from our customers and their end users, changes in requirements for our products imposed by our customers or by the third party providers of software and/or platforms that we use, our ability to effectively integrate, market and sell acquired product lines, new and changing technologies and customer acceptance and timing of deployment of those technologies, our ability to compete effectively with other software and technology companies, and the existence and terms of our convertible notes and related agreements, including that they may restrict our ability to obtain additional financing, and adversely affect our business, financial condition and cash flows from operations in the future. These and other factors discussed in our filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management, and we do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro Software, Inc.

 

 

 

Consolidated Balance Sheets

 

 

 

(in thousands except share and par value data)

 

 

 

 

 

 

 

 

September 30,
2022

 

December 31,
2021

 

(unaudited)

 

(audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

19,001

 

 

$

16,078

 

Accounts receivable, net of allowance for doubtful accounts and other

adjustments of $3 and $2 (2022 and 2021, respectively)

 

9,479

 

 

 

10,590

 

Prepaid expenses and other current assets

 

1,087

 

 

 

1,988

 

Total current assets

 

29,567

 

 

 

28,656

 

Equipment and improvements, net

 

1,767

 

 

 

2,698

 

Right-of-use assets

 

4,709

 

 

 

4,866

 

Other assets

 

547

 

 

 

620

 

Intangible assets, net

 

37,865

 

 

 

42,631

 

Goodwill

 

35,041

 

 

 

35,041

 

Total assets

$

109,496

 

 

$

114,512

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,625

 

 

$

3,301

 

Accrued payroll and benefits

 

3,342

 

 

 

4,055

 

Current operating lease liabilities

 

1,402

 

 

 

1,400

 

Other current liabilities

 

961

 

 

 

612

 

Current portion of convertible notes payable

 

6,035

 

 

 

 

Total current liabilities

 

15,365

 

 

 

9,368

 

Non-current liabilities:

 

 

 

Long term portion of convertible notes payable

 

4,173

 

 

 

 

Warrant and derivative liabilities

 

4,721

 

 

 

 

Operating lease liabilities

 

3,237

 

 

 

4,467

 

Deferred tax liabilities, net

 

117

 

 

 

117

 

Total non-current liabilities

 

12,248

 

 

 

4,584

 

Commitments and contingencies

 

 

 

Stockholders' equity:

 

 

 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 56,260,670 and 54,259,390 shares issued and outstanding (2022 and 2021, respectively)

 

56

 

 

 

54

 

Additional paid-in capital

 

356,907

 

 

 

352,779

 

Accumulated comprehensive deficit

 

(275,080

)

 

 

(252,273

)

Total stockholders’ equity

 

81,883

 

 

 

100,560

 

Total liabilities and stockholders' equity

$

109,496

 

 

$

114,512

 

Smith Micro Software Inc.

 

 

 

 

 

 

 

Consolidated Statement of Operations

 

 

 

 

 

 

 

(in thousands except share data)

 

 

 

 

 

 

 

 

For the Three Months Ended
September 30,

 

For the Nine Months Ended

September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Revenues

$

11,699

 

 

$

16,443

 

 

$

37,108

 

 

$

43,743

 

Cost of revenues

 

3,629

 

 

 

3,692

 

 

 

10,882

 

 

 

8,595

 

Gross profit

 

8,070

 

 

 

12,751

 

 

 

26,226

 

 

 

35,148

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

 

2,986

 

 

 

3,067

 

 

 

9,692

 

 

 

8,428

 

Research and development

 

7,523

 

 

 

7,123

 

 

 

23,139

 

 

 

19,060

 

General and administrative

 

4,133

 

 

 

5,143

 

 

 

12,206

 

 

 

13,746

 

Change in fair value of contingent consideration

 

 

 

 

12,864

 

 

 

 

 

 

12,864

 

Amortization of intangible assets

 

1,545

 

 

 

3,015

 

 

 

4,766

 

 

 

7,958

 

Total operating expenses

 

16,187

 

 

 

31,212

 

 

 

49,803

 

 

 

62,056

 

Operating loss

 

(8,117

)

 

 

(18,461

)

 

 

(23,577

)

 

 

(26,908

)

Other income (expense):

 

 

 

 

 

 

 

Change in fair value of warrant and derivative liabilities

 

1,557

 

 

 

 

 

 

1,557

 

 

 

 

Interest (expense) income, net

 

(696

)

 

 

1

 

 

 

(698

)

 

 

25

 

Other (expense) income, net

 

(29

)

 

 

(2

)

 

 

(12

)

 

 

7

 

Loss before provision for income taxes

 

(7,285

)

 

 

(18,462

)

 

 

(22,730

)

 

 

(26,876

)

Provision for income tax expense

 

27

 

 

 

145

 

 

 

77

 

 

 

159

 

Net loss

$

(7,312

)

 

$

(18,607

)

 

$

(22,807

)

 

$

(27,035

)

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.13

)

 

$

(0.34

)

 

$

(0.41

)

 

$

(0.54

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

 

55,722

 

 

 

53,939

 

 

 

55,140

 

 

 

50,147

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
September 30,

 

For the Nine Months Ended
September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Operating activities:

 

 

 

 

 

 

 

Net loss

$

(7,312

)

 

$

(18,607

)

 

$

(22,807

)

 

$

(27,035

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

1,849

 

 

 

3,391

 

 

 

5,751

 

 

 

8,872

 

Non-cash lease expense

 

(516

)

 

 

201

 

 

 

157

 

 

 

819

 

Non-cash transaction costs including amortization

 

1,022

 

 

 

 

 

 

1,022

 

 

 

 

Change in fair value

 

(1,557

)

 

 

12,864

 

 

 

(1,557

)

 

 

12,864

 

Provision for doubtful accounts

 

 

 

 

 

 

 

 

 

 

(3

)

Provision for excess and obsolete inventory

 

 

 

 

 

 

 

 

 

 

(97

)

Stock based compensation

 

1,095

 

 

 

1,327

 

 

 

3,849

 

 

 

3,622

 

Loss on disposal of assets

 

31

 

 

 

 

 

 

31

 

 

 

 

Changes in operating accounts:

 

 

 

 

 

 

 

Accounts receivable

 

2,083

 

 

 

2,311

 

 

 

1,108

 

 

 

5,951

 

Prepaid expenses and other assets

 

1,410

 

 

 

26

 

 

 

883

 

 

 

(199

)

Accounts payable and accrued liabilities

 

(941

)

 

 

(571

)

 

 

(2,754

)

 

 

(1,648

)

Other liabilities

 

(15

)

 

 

(163

)

 

 

(161

)

 

 

(871

)

Net cash (used in) provided by operating activities

 

(2,851

)

 

 

779

 

 

 

(14,478

)

 

 

2,275

 

Investing activities:

 

 

 

 

 

 

 

Acquisitions, net

 

 

 

 

 

 

 

 

 

 

(56,865

)

Capital expenditures, net

 

27

 

 

 

(402

)

 

 

(85

)

 

 

(738

)

Other investing activities

 

11

 

 

 

5

 

 

 

94

 

 

 

74

 

Net cash provided by (used in) investing activities

 

38

 

 

 

(397

)

 

 

9

 

 

 

(57,529

)

Financing activities:

 

 

 

 

 

 

 

Proceeds from notes and warrants offering

 

15,000

 

 

 

 

 

 

15,000

 

 

 

 

Proceeds from stock and warrants offering

 

3,000

 

 

 

 

 

 

3,000

 

 

 

59,711

 

Stock, notes, and warrants offering costs

 

(1,227

)

 

 

 

 

 

(1,227

)

 

 

 

Proceeds from exercise of common stock warrants

 

 

 

 

2,026

 

 

 

 

 

 

2,066

 

Proceeds from financing arrangements

 

250

 

 

 

 

 

 

1,541

 

 

 

 

Repayments of financing arrangements

 

(587

)

 

 

 

 

 

(978

)

 

 

 

Other financing activities

 

21

 

 

 

28

 

 

 

56

 

 

 

95

 

Net cash provided by financing activities

 

16,457

 

 

 

2,054

 

 

 

17,392

 

 

 

61,872

 

Net increase in cash and cash equivalents

 

13,644

 

 

 

2,436

 

 

 

2,923

 

 

 

6,618

 

Cash and cash equivalents, beginning of period

$

5,357

 

 

$

29,936

 

 

$

16,078

 

 

$

25,754

 

Cash and cash equivalents, end of period

$

19,001

 

 

$

32,372

 

 

$

19,001

 

 

$

32,372

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Results

 

 

 

 

 

 

 

 

(in thousands, except per share data) - unaudited

 

 

 

 

 

 

 

 

 

GAAP

Stock Compensation

Intangibles Amortization

Fair Value Adjustments

Notes and Stock Offering Fees

Personnel Severance and Reorganization Activities

CFO Transition Costs

Acquisition Costs

IP-related Costs

Non-GAAP

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

Gross profit

$

8,070

 

$

 

$

 

$

 

$

 

$

 

$

 

$

 

 

$

8,070

 

Selling and marketing expenses

 

2,986

 

 

(180

)

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

 

2,757

 

Research and development expenses

 

7,523

 

 

(279

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,244

 

General and administrative expenses

 

4,133

 

 

(636

)

 

 

 

 

 

(430

)

 

(3

)

 

 

 

 

 

 

3,064

 

Amortization of intangible assets

 

1,545

 

 

 

 

(1,545

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

16,187

 

 

(1,095

)

 

(1,545

)

 

 

 

(430

)

 

(52

)

 

 

 

 

 

 

13,065

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(7,285

)

 

1,095

 

 

1,545

 

 

(1,557

)

 

1,021

 

 

52

 

 

 

 

 

 

 

(5,129

)

Net (loss) income

 

(7,312

)

 

1,095

 

 

1,545

 

 

(1,557

)

 

1,021

 

 

52

 

 

 

 

 

 

 

(5,156

)

(Loss) earnings per share: basic and diluted

 

(0.13

)

 

0.02

 

 

0.03

 

 

(0.03

)

 

0.02

 

 

 

 

 

 

 

 

 

(0.09

)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

Gross profit

$

12,751

 

$

 

$

 

$

 

$

 

$

 

$

 

$

 

 

$

12,751

 

Selling and marketing expenses

 

3,067

 

 

(238

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,829

 

Research and development expenses

 

7,123

 

 

(270

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,853

 

General and administrative expenses

 

5,143

 

 

(819

)

 

 

 

 

 

 

 

 

 

(143

)

 

 

(1,000

)

 

3,181

 

Change in fair value of contingent consideration

 

12,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,864

)

 

 

 

Amortization of intangible assets

 

3,015

 

 

 

 

(3,015

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

31,212

 

 

(1,327

)

 

(3,015

)

 

 

 

 

 

 

 

(143

)

 

(12,864

)

(1,000

)

 

12,863

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(18,462

)

 

1,327

 

 

3,015

 

 

 

 

 

 

 

 

143

 

 

12,864

 

1,000

 

 

(113

)

Net (loss) income

 

(18,607

)

 

1,327

 

 

3,015

 

 

 

 

 

 

 

 

143

 

 

12,864

 

1,000

 

 

(258

)

(Loss) earnings per share: basic and diluted

 

(0.34

)

 

0.02

 

 

0.06

 

 

 

 

 

 

 

 

 

 

0.24

 

0.02

 

 

 

Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.
Smith Micro Software, Inc.

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Results

 

 

 

 

 

 

 

 

(in thousands, except per share data) - unaudited

 

 

 

 

 

 

 

 

 

GAAP

Stock Compensation

Intangibles Amortization

Fair Value Adjustments

Notes and Stock Offering Fees

Personnel Severance and Reorganization Activities

CFO Transition Costs

Acquisition Costs

IP-related Costs

Non-GAAP

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

Gross profit

$

26,226

 

$

2

 

$

 

$

 

$

 

$

 

$

 

$

 

$

 

$

26,228

 

Selling and marketing expenses

 

9,692

 

 

(336

)

 

 

 

 

 

 

 

(769

)

 

 

 

 

 

 

 

8,587

 

Research and development expenses

 

23,139

 

 

(808

)

 

 

 

 

 

(430

)

 

 

 

 

 

 

 

 

 

22,331

 

General and administrative expenses

 

12,206

 

 

(2,124

)

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

9,649

 

Amortization of intangible assets

 

4,766

 

 

 

 

(4,766

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

49,803

 

 

(3,268

)

 

(4,766

)

 

 

 

(430

)

 

(772

)

 

 

 

 

 

 

 

40,567

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(22,730

)

 

3,270

 

 

4,766

 

 

(1,557

)

 

1,021

 

 

772

 

 

 

 

 

 

 

 

(14,458

)

Net (loss) income

 

(22,807

)

 

3,270

 

 

4,766

 

 

(1,557

)

 

1,021

 

 

772

 

 

 

 

 

 

 

 

(14,535

)

(Loss) earnings per share: basic and diluted

 

(0.41

)

 

0.06

 

 

0.09

 

 

(0.03

)

 

0.02

 

 

0.01

 

 

 

 

 

 

 

 

(0.26

)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

Gross profit

$

35,148

 

$

1

 

$

 

$

 

$

 

$

 

 

 

$

 

 

 

$

35,149

 

Selling and marketing expenses

 

8,428

 

 

(663

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,765

 

Research and development expenses

 

19,060

 

 

(704

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,356

 

General and administrative expenses

 

13,746

 

 

(2,254

)

 

 

 

 

 

 

 

 

 

(143

)

 

(1,587

)

 

(1,000

)

 

8,762

 

Change in fair value of contingent consideration

 

12,864

 

 

 

 

 

 

(12,864

)

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

7,958

 

 

 

 

(7,958

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

62,056

 

 

(3,621

)

 

(7,958

)

 

(12,864

)

 

 

 

 

 

(143

)

 

(1,587

)

 

(1,000

)

 

34,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

(26,876

)

 

3,622

 

 

7,958

 

 

12,864

 

 

 

 

 

 

143

 

 

1,587

 

 

1,000

 

 

298

 

Net (loss) income

 

(27,035

)

 

3,622

 

 

7,958

 

 

12,864

 

 

 

 

 

 

143

 

 

1,587

 

 

1,000

 

 

139

 

(Loss) earnings per share: basic and diluted

 

(0.54

)

 

0.07

 

 

0.16

 

 

0.26

 

 

 

 

 

 

 

 

0.03

 

 

0.02

 

 

 

Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20221109006060/en/

CONTACT: IR INQUIRIES:

Charles Messman

Investor Relations

949-362-5800

IR@smithmicro.com

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: CONSUMER ELECTRONICS IOT (INTERNET OF THINGS) TECHNOLOGY VOIP MOBILE/WIRELESS SOFTWARE

SOURCE: Smith Micro Software, Inc.

Copyright Business Wire 2022.

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