Smith Micro ( (SMSI) ) has released its Q3 earnings. Here is a breakdown of the information Smith Micro presented to its investors.
Smith Micro Software, Inc. is a company that develops software solutions to enhance mobile experiences and provides products for wireless service providers and consumer IoT devices globally.
For the third quarter of 2024, Smith Micro reported a decrease in revenue to $4.6 million, down from $11.0 million in the same quarter last year. The company also highlighted achieving significant cost reductions and anticipates a return to profitability and positive cash flow in 2025 due to strategic initiatives.
Key financial metrics showed a gross profit of $3.3 million, though this reflected a decrease from the previous year’s $8.5 million. The company reported a GAAP net loss of $6.4 million for the quarter, which widened from a $5.1 million loss in the third quarter of 2023. The non-GAAP net loss was $3.6 million, compared to a non-GAAP net gain of $0.6 million the previous year. Despite these figures, the company has implemented cost-saving measures, reducing expenses by $1.9 million this quarter.
Looking forward, Smith Micro’s management remains optimistic about the company’s prospects, driven by new product launches and expanding opportunities. The leadership has expressed confidence in achieving growth and returning to profitability in the coming quarters, supported by strategic investments and operational efficiencies.
