This page shows Smith Micro Software Inc (SMSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Smith Micro Software Inc has an operating margin of -167.1%, meaning the company retains $-167 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -240.3% the prior year.
Smith Micro Software Inc's revenue declined 15.5% year-over-year, from $20.6M to $17.4M. This contraction results in a growth score of 7/100.
Smith Micro Software Inc carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Smith Micro Software Inc's current ratio of 0.74 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 9/100, which could limit financial flexibility.
While Smith Micro Software Inc generated -$7.2M in operating cash flow, capex of $88K consumed most of it, leaving -$7.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Smith Micro Software Inc generates a -159.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -119.5% the prior year.
Smith Micro Software Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Smith Micro Software Inc generates $0.25 in operating cash flow (-$7.2M OCF vs -$29.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Smith Micro Software Inc earns $-71.3 in operating income for every $1 of interest expense (-$29.0M vs $407K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Smith Micro Software Inc generated $17.4M in revenue in fiscal year 2025. This represents a decrease of 15.5% from the prior year.
Smith Micro Software Inc's EBITDA was -$23.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 45.2% from the prior year.
Smith Micro Software Inc reported -$29.3M in net income in fiscal year 2025. This represents an increase of 39.8% from the prior year.
Smith Micro Software Inc earned $-1.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 62.9% from the prior year.
Cash & Balance Sheet
Smith Micro Software Inc generated -$7.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 49.1% from the prior year.
Smith Micro Software Inc held $1.5M in cash against $0 in long-term debt as of fiscal year 2025.
Smith Micro Software Inc had 26M shares outstanding in fiscal year 2025. This represents an increase of 46.0% from the prior year.
Margins & Returns
Smith Micro Software Inc's gross margin was 74.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.9 percentage points from the prior year.
Smith Micro Software Inc's operating margin was -167.1% in fiscal year 2025, reflecting core business profitability. This is up 73.2 percentage points from the prior year.
Smith Micro Software Inc's net profit margin was -168.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 68.0 percentage points from the prior year.
Smith Micro Software Inc's ROE was -159.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 40.0 percentage points from the prior year.
Capital Allocation
Smith Micro Software Inc invested $10.7M in research and development in fiscal year 2025. This represents a decrease of 23.9% from the prior year.
Smith Micro Software Inc invested $88K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 340.0% from the prior year.
SMSI Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M-8.6% | $4.3M-1.7% | $4.4M-4.3% | $4.6M-7.0% | $5.0M+6.9% | $4.6M-9.6% | $5.1M-11.3% | $5.8M |
| Cost of Revenue | $940K-17.3% | $1.1M-3.0% | $1.2M-6.9% | $1.3M+4.0% | $1.2M-8.4% | $1.3M-17.8% | $1.6M-19.2% | $2.0M |
| Gross Profit | $3.0M-5.5% | $3.2M-1.2% | $3.2M-3.4% | $3.4M-10.5% | $3.8M+13.0% | $3.3M-5.8% | $3.5M-7.3% | $3.8M |
| R&D Expenses | $2.5M-3.7% | $2.6M-5.4% | $2.8M-3.7% | $2.9M+3.6% | $2.8M-24.2% | $3.6M-1.8% | $3.7M-7.2% | $4.0M |
| SG&A Expenses | $2.3M+3.4% | $2.3M-15.1% | $2.7M-1.9% | $2.7M+14.8% | $2.4M-12.6% | $2.7M-0.9% | $2.7M-0.6% | $2.8M |
| Operating Income | -$4.4M+2.7% | -$4.5M+70.0% | -$15.0M-187.0% | -$5.2M-16.9% | -$4.5M+31.5% | -$6.5M+6.8% | -$7.0M+77.8% | -$31.4M |
| Interest Expense | N/A | $66K+200.0% | $22K | N/A | -$172K-1533.3% | $12K+146.2% | -$26K-135.1% | $74K |
| Income Tax | -$77K | $0 | $0-100.0% | $1K+101.9% | -$52K | $0 | $0-100.0% | $39K |
| Net Income | -$4.6M-0.4% | -$4.5M+69.9% | -$15.1M-190.9% | -$5.2M-17.9% | -$4.4M+31.0% | -$6.4M+8.1% | -$6.9M+77.7% | -$31.0M |
| EPS (Diluted) | N/A | $-0.25+67.9% | $-0.78-178.6% | $-0.28 | N/A | $-0.54+18.2% | $-0.66+79.9% | $-3.28 |
SMSI Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.0M-8.0% | $27.1M-8.3% | $29.6M-31.8% | $43.4M-9.7% | $48.0M+4.0% | $46.2M-12.9% | $53.0M-4.4% | $55.4M |
| Current Assets | $4.5M-10.5% | $5.1M-13.7% | $5.9M-15.7% | $7.0M-30.4% | $10.0M+55.7% | $6.4M-44.2% | $11.5M-6.1% | $12.3M |
| Cash & Equivalents | $1.5M+7.2% | $1.4M-0.5% | $1.4M-38.8% | $2.3M-18.5% | $2.8M+86.1% | $1.5M-73.2% | $5.6M-8.6% | $6.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.8M-29.5% | $2.6M-10.1% | $2.9M-11.5% | $3.2M-43.4% | $5.7M+68.0% | $3.4M-10.9% | $3.8M-11.1% | $4.3M |
| Goodwill | $0 | $0 | $0-100.0% | $11.1M0.0% | $11.1M0.0% | $11.1M0.0% | $11.1M0.0% | $11.1M |
| Total Liabilities | $6.6M-9.1% | $7.2M+1.0% | $7.2M+5.4% | $6.8M-6.7% | $7.3M-13.6% | $8.4M-16.4% | $10.1M+0.9% | $10.0M |
| Current Liabilities | $6.1M-6.2% | $6.5M+4.0% | $6.3M+10.6% | $5.7M+0.4% | $5.7M-11.8% | $6.4M-15.0% | $7.5M+4.9% | $7.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $18.4M-7.5% | $19.9M-11.3% | $22.4M-38.7% | $36.6M-10.3% | $40.8M+8.0% | $37.7M-12.0% | $42.9M-5.6% | $45.4M |
| Retained Earnings | N/A | N/A | N/A | -$359.8M-1.5% | -$354.6M-1.3% | -$350.3M-1.9% | -$343.9M-2.1% | -$337.0M |
SMSI Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2M-2.3% | -$2.1M+5.8% | -$2.3M-276.7% | -$602K+87.8% | -$4.9M-29.1% | -$3.8M+9.3% | -$4.2M-212.9% | -$1.3M |
| Capital Expenditures | $36K+71.4% | $21K-22.2% | $27K+575.0% | $4K+33.3% | $3K-50.0% | $6K-14.3% | $7K+75.0% | $4K |
| Free Cash Flow | -$2.2M-3.0% | -$2.2M+6.0% | -$2.3M-278.7% | -$606K+87.7% | -$4.9M-29.0% | -$3.8M+9.3% | -$4.2M-212.5% | -$1.3M |
| Investing Cash Flow | -$36K-112.9% | $279K-70.9% | $960K+24100.0% | -$4K-33.3% | -$3K+50.0% | -$6K+14.3% | -$7K-103.6% | $194K |
| Financing Cash Flow | $2.3M+25.4% | $1.9M+339.7% | $421K+389.5% | $86K-98.6% | $6.2M+2190.3% | -$298K-108.1% | $3.7M+1937.6% | $181K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SMSI Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.3%+2.5pp | 73.9%+0.4pp | 73.5%+0.7pp | 72.8%-2.9pp | 75.6%+4.1pp | 71.6%+2.8pp | 68.7%+3.0pp | 65.7% |
| Operating Margin | -109.8%-6.6pp | -103.2%+235.1pp | -338.3%-225.6pp | -112.8%-23.0pp | -89.7%+50.3pp | -140.0%-4.2pp | -135.8%+406.6pp | -542.4% |
| Net Margin | -114.5%-10.2pp | -104.3%+236.5pp | -340.8%-228.7pp | -112.1%-23.7pp | -88.4%+48.6pp | -137.0%-2.2pp | -134.8%+400.0pp | -534.8% |
| Return on Equity | -24.8%-1.9pp | -22.8%+44.4pp | -67.2%-53.0pp | -14.2%-3.4pp | -10.8%+6.1pp | -16.9%-0.7pp | -16.2%+52.1pp | -68.2% |
| Return on Assets | -18.2%-1.5pp | -16.7%+34.2pp | -50.9%-39.0pp | -11.9%-2.8pp | -9.1%+4.7pp | -13.8%-0.7pp | -13.1%+42.9pp | -55.9% |
| Current Ratio | 0.74-0.0 | 0.78-0.2 | 0.94-0.3 | 1.23-0.5 | 1.77+0.8 | 1.00-0.5 | 1.53-0.2 | 1.70 |
| Debt-to-Equity | 0.360.0 | 0.36+0.0 | 0.32+0.1 | 0.190.0 | 0.18-0.0 | 0.22-0.0 | 0.24+0.0 | 0.22 |
| FCF Margin | -55.9%-6.3pp | -49.6%+2.3pp | -51.9%-38.8pp | -13.1%+86.1pp | -99.2%-17.0pp | -82.2%-0.2pp | -82.0%-58.7pp | -23.3% |
Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Smith Micro Software Inc's annual revenue?
Smith Micro Software Inc (SMSI) reported $17.4M in total revenue for fiscal year 2025. This represents a -15.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Smith Micro Software Inc's revenue growing?
Smith Micro Software Inc (SMSI) revenue declined by 15.5% year-over-year, from $20.6M to $17.4M in fiscal year 2025.
Is Smith Micro Software Inc profitable?
No, Smith Micro Software Inc (SMSI) reported a net income of -$29.3M in fiscal year 2025, with a net profit margin of -168.9%.
What is Smith Micro Software Inc's EBITDA?
Smith Micro Software Inc (SMSI) had EBITDA of -$23.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Smith Micro Software Inc's gross margin?
Smith Micro Software Inc (SMSI) had a gross margin of 74.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Smith Micro Software Inc's operating margin?
Smith Micro Software Inc (SMSI) had an operating margin of -167.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Smith Micro Software Inc's net profit margin?
Smith Micro Software Inc (SMSI) had a net profit margin of -168.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Smith Micro Software Inc's return on equity (ROE)?
Smith Micro Software Inc (SMSI) has a return on equity of -159.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Smith Micro Software Inc's free cash flow?
Smith Micro Software Inc (SMSI) generated -$7.3M in free cash flow during fiscal year 2025. This represents a 49.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Smith Micro Software Inc's operating cash flow?
Smith Micro Software Inc (SMSI) generated -$7.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Smith Micro Software Inc's total assets?
Smith Micro Software Inc (SMSI) had $25.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Smith Micro Software Inc's capital expenditures?
Smith Micro Software Inc (SMSI) invested $88K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Smith Micro Software Inc spend on research and development?
Smith Micro Software Inc (SMSI) invested $10.7M in research and development during fiscal year 2025.
What is Smith Micro Software Inc's current ratio?
Smith Micro Software Inc (SMSI) had a current ratio of 0.74 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Smith Micro Software Inc's debt-to-equity ratio?
Smith Micro Software Inc (SMSI) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Smith Micro Software Inc's return on assets (ROA)?
Smith Micro Software Inc (SMSI) had a return on assets of -117.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Smith Micro Software Inc's cash runway?
Based on fiscal year 2025 data, Smith Micro Software Inc (SMSI) had $1.5M in cash against an annual operating cash burn of $7.2M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Smith Micro Software Inc's Piotroski F-Score?
Smith Micro Software Inc (SMSI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Smith Micro Software Inc's earnings high quality?
Smith Micro Software Inc (SMSI) has an earnings quality ratio of 0.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Smith Micro Software Inc cover its interest payments?
Smith Micro Software Inc (SMSI) has an interest coverage ratio of -71.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Smith Micro Software Inc?
Smith Micro Software Inc (SMSI) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.