Smith Micro Software Inc Financials

SMSI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Smith Micro Software Inc (SMSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Key Financial Metrics

Revenue

$20.6M

YoY-49.7%

5Y CAGR-13.9%

10Y CAGR-5.7%

Smith Micro Software Inc generated $20.6M in revenue in fiscal year 2024. This represents a decrease of 49.7% from the prior year.

EBITDA

-$43.1M

YoY-302.5%

Smith Micro Software Inc's EBITDA was -$43.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 302.5% from the prior year.

Free Cash Flow

-$14.3M

YoY-105.2%

Smith Micro Software Inc generated -$14.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 105.2% from the prior year.

Net Income

-$48.7M

YoY-99.6%

Smith Micro Software Inc reported -$48.7M in net income in fiscal year 2024. This represents a decrease of 99.6% from the prior year.

EPS (Diluted)

$-3.94

YoY-30.9%

Smith Micro Software Inc earned $-3.94 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 30.9% from the prior year.

Cash & Debt

$2.8M

YoY-60.6%

5Y CAGR-37.0%

10Y CAGR-12.1%

Smith Micro Software Inc held $2.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

18M

YoY+89.1%

5Y CAGR-14.4%

10Y CAGR-8.9%

Smith Micro Software Inc had 18M shares outstanding in fiscal year 2024. This represents an increase of 89.1% from the prior year.

Gross Margin

70.2%

YoY-4.0pp

5Y CAGR-20.7pp

10Y CAGR-4.6pp

Smith Micro Software Inc's gross margin was 70.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 4.0 percentage points from the prior year.

Operating Margin

-240.3%

YoY-196.1pp

5Y CAGR-263.6pp

10Y CAGR-208.5pp

Smith Micro Software Inc's operating margin was -240.3% in fiscal year 2024, reflecting core business profitability. This is down 196.1 percentage points from the prior year.

Net Margin

-236.9%

YoY-177.2pp

5Y CAGR-261.6pp

10Y CAGR-205.0pp

Smith Micro Software Inc's net profit margin was -236.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 177.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$14.1M

YoY-17.8%

5Y CAGR+3.8%

10Y CAGR-0.1%

Smith Micro Software Inc invested $14.1M in research and development in fiscal year 2024. This represents a decrease of 17.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$20K

YoY+400.0%

5Y CAGR-58.7%

10Y CAGR-21.2%

Smith Micro Software Inc invested $20K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 400.0% from the prior year.

SMSI Income Statement

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Revenue	$20.6M-49.7%	$40.9M-15.8%	$48.5M-17.0%	$58.4M+13.9%	$51.3M+18.4%	$43.3M
Cost of Revenue	$6.1M-42.0%	$10.6M-25.7%	$14.2M+11.9%	$12.7M+144.7%	$5.2M+32.2%	$3.9M
Gross Profit	$14.4M-52.4%	$30.3M-11.7%	$34.3M-25.0%	$45.7M-0.8%	$46.1M+17.0%	$39.4M
R&D Expenses	$14.1M-17.8%	$17.1M-41.7%	$29.4M+12.2%	$26.2M+47.4%	$17.8M+52.1%	$11.7M
SG&A Expenses	$10.6M-17.2%	$12.8M-17.6%	$15.5M-13.5%	$17.9M+40.0%	$12.8M+29.0%	$9.9M
Operating Income	-$49.4M-173.6%	-$18.1M+41.6%	-$30.9M0.0%	-$30.9M-978.7%	$3.5M-65.2%	$10.1M
Interest Expense	N/A	-$6.4M-137.1%	-$2.7M-7982.4%	$34K-64.6%	$96K-57.9%	$228K
Income Tax	-$13K-108.2%	$158K-30.1%	$226K+5.1%	$215K+34.4%	$160K+100.0%	$80K
Net Income	-$48.7M-99.6%	-$24.4M+16.7%	-$29.3M+5.7%	-$31.0M-845.3%	$4.2M-61.2%	$10.7M
EPS (Diluted)	$-3.94-30.9%	$-3.01-467.9%	$-0.53+13.1%	$-0.61-710.0%	$0.10-65.5%	$0.29

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$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-32.5%	$8.6M
Cost of Revenue	$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-8.0%	$2.2M
Gross Profit	$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-40.8%	$6.4M
R&D Expenses	$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+3.1%	$3.9M
SG&A Expenses	$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-17.2%	$3.3M
Operating Income	-$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-452.2%	-$5.7M
Interest Expense	$66K+200.0%	$22K	N/A	N/A	$12K+146.2%	-$26K-135.1%	$74K+112.1%	-$614K
Income Tax	$0	$0-100.0%	$1K+101.9%	-$52K	$0	$0-100.0%	$39K-70.7%	$133K
Net Income	-$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-362.0%	-$6.7M
EPS (Diluted)	$-0.25+67.9%	$-0.78-178.6%	$-0.28-151.9%	$0.54+200.0%	$-0.54+18.2%	$-0.66+79.9%	$-3.28-368.6%	$-0.70

SMSI Balance Sheet

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Total Assets	$48.0M-43.9%	$85.6M-17.4%	$103.6M-9.5%	$114.5M+57.1%	$72.9M+19.1%	$61.2M
Current Assets	$10.0M-40.8%	$16.9M-36.3%	$26.5M-7.5%	$28.7M-27.1%	$39.3M-1.7%	$40.0M
Cash & Equivalents	$2.8M-60.6%	$7.1M-49.2%	$14.0M-12.8%	$16.1M-37.6%	$25.8M-8.9%	$28.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$5.7M-27.7%	$7.9M-24.7%	$10.5M-0.8%	$10.6M-14.2%	$12.3M+13.3%	$10.9M
Goodwill	$11.1M-68.5%	$35.0M0.0%	$35.0M0.0%	$35.0M+185.7%	$12.3M+57.3%	$7.8M
Total Liabilities	$7.3M-28.4%	$10.2M-62.6%	$27.2M+95.0%	$14.0M-1.7%	$14.2M+13.4%	$12.5M
Current Liabilities	$5.7M-26.1%	$7.6M-63.1%	$20.7M+121.3%	$9.4M+11.9%	$8.4M+46.3%	$5.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$40.8M-45.9%	$75.4M-1.3%	$76.4M-24.0%	$100.6M+71.3%	$58.7M+20.6%	$48.7M
Retained Earnings	-$354.6M-15.9%	-$305.9M-8.7%	-$281.6M-11.6%	-$252.3M-14.0%	-$221.2M+1.8%	-$225.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$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-35.2%	$85.6M
Current Assets	$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-27.4%	$16.9M
Cash & Equivalents	$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-13.6%	$7.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$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-45.6%	$7.9M
Goodwill	$0	$0-100.0%	$11.1M0.0%	$11.1M0.0%	$11.1M0.0%	$11.1M0.0%	$11.1M-68.5%	$35.0M
Total Liabilities	$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-1.9%	$10.2M
Current Liabilities	$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-5.9%	$7.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-39.7%	$75.4M
Retained Earnings	N/A	N/A	-$359.8M-1.5%	-$354.6M-1.3%	-$350.3M-1.9%	-$343.9M-2.1%	-$337.0M-10.1%	-$305.9M

SMSI Cash Flow Statement

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.3M-105.0%	-$7.0M+63.8%	-$19.3M-49.1%	-$12.9M-263.0%	$7.9M-20.7%	$10.0M
Capital Expenditures	$20K+400.0%	$4K-91.8%	$49K-94.1%	$830K-37.3%	$1.3M-20.3%	$1.7M
Free Cash Flow	-$14.3M-105.2%	-$7.0M+63.9%	-$19.3M-40.5%	-$13.7M-308.2%	$6.6M-20.7%	$8.3M
Investing Cash Flow	$178K+34.8%	$132K+14.8%	$115K+100.2%	-$57.5M-291.7%	-$14.7M-178.9%	-$5.3M
Financing Cash Flow	$9.8M+16433.3%	-$60K-100.4%	$17.1M-71.9%	$60.7M+1331.6%	$4.2M-62.7%	$11.4M
Dividends Paid	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

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	-$602K	N/A	N/A	N/A	-$1.3M	N/A
Capital Expenditures	N/A	N/A	$4K	N/A	N/A	N/A	$4K	N/A
Free Cash Flow	N/A	N/A	-$606K	N/A	N/A	N/A	-$1.3M	N/A
Investing Cash Flow	N/A	N/A	-$4K	N/A	N/A	N/A	$194K	N/A
Financing Cash Flow	N/A	N/A	$86K	N/A	N/A	N/A	$181K	N/A
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	FY24	FY24	FY23	FY22	FY21	FY20
Gross Margin	70.2%-4.0pp	74.2%+3.5pp	70.7%-7.6pp	78.3%-11.6pp	89.9%-1.1pp	90.9%
Operating Margin	-240.3%-196.1pp	-44.2%+19.6pp	-63.7%-10.8pp	-53.0%-59.8pp	6.9%-16.4pp	23.3%
Net Margin	-236.9%-177.2pp	-59.7%+0.7pp	-60.4%-7.2pp	-53.1%-61.3pp	8.1%-16.6pp	24.7%
Return on Equity	N/A	N/A	N/A	N/A	7.1%-14.9pp	22.0%
Return on Assets	-101.4%-72.8pp	-28.5%-0.2pp	-28.3%-1.2pp	-27.1%-32.8pp	5.7%-11.8pp	17.5%
Current Ratio	1.77-0.4	2.21+0.9	1.28-1.8	3.06-1.6	4.69-2.3	6.99
Debt-to-Equity	0.18+0.0	0.14-0.2	0.36+0.2	0.14-0.1	0.24-0.0	0.26
FCF Margin	-69.6%-52.6pp	-17.1%+22.7pp	-39.8%-16.3pp	-23.5%-36.4pp	12.9%-6.3pp	19.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	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%-9.2pp	74.9%
Operating Margin	-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%-476.1pp	-66.3%
Net Margin	-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%-456.7pp	-78.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-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%-48.1pp	-7.8%
Current Ratio	0.78-0.2	0.94-0.3	1.23-0.5	1.77+0.8	1.00-0.5	1.53-0.2	1.70-0.5	2.21
Debt-to-Equity	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+0.1	0.14
FCF Margin	N/A	N/A	-13.1%	N/A	N/A	N/A	-23.3%	N/A

Financial Health Signals

Financial Profile 30/100

Profitability

Growth

Leverage

100

Liquidity

Cash Flow

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Weak

1/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Low Quality

0.29x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is Smith Micro Software Inc's annual revenue?

Smith Micro Software Inc (SMSI) reported $20.6M in total revenue for fiscal year 2024. This represents a -49.7% 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 49.7% year-over-year, from $40.9M to $20.6M in fiscal year 2024.

Is Smith Micro Software Inc profitable?

No, Smith Micro Software Inc (SMSI) reported a net income of -$48.7M in fiscal year 2024, with a net profit margin of -236.9%.

What is Smith Micro Software Inc's earnings per share (EPS)?

Smith Micro Software Inc (SMSI) reported diluted earnings per share of $-3.94 for fiscal year 2024. This represents a -30.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Smith Micro Software Inc's EBITDA?

Smith Micro Software Inc (SMSI) had EBITDA of -$43.1M in fiscal year 2024, 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 70.2% in fiscal year 2024, 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 -240.3% in fiscal year 2024, 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 -236.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Smith Micro Software Inc's free cash flow?

Smith Micro Software Inc (SMSI) generated -$14.3M in free cash flow during fiscal year 2024. This represents a -105.2% 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 -$14.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Smith Micro Software Inc's total assets?

Smith Micro Software Inc (SMSI) had $48.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Smith Micro Software Inc's capital expenditures?

Smith Micro Software Inc (SMSI) invested $20K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Smith Micro Software Inc spend on research and development?

Smith Micro Software Inc (SMSI) invested $14.1M in research and development during fiscal year 2024.

How many shares does Smith Micro Software Inc have outstanding?

Smith Micro Software Inc (SMSI) had 18M shares outstanding as of fiscal year 2024.

What is Smith Micro Software Inc's current ratio?

Smith Micro Software Inc (SMSI) had a current ratio of 1.77 as of fiscal year 2024, which is generally considered healthy.

What is Smith Micro Software Inc's debt-to-equity ratio?

Smith Micro Software Inc (SMSI) had a debt-to-equity ratio of 0.18 as of fiscal year 2024, 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 -101.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Smith Micro Software Inc's cash runway?

Based on fiscal year 2024 data, Smith Micro Software Inc (SMSI) had $2.8M in cash against an annual operating cash burn of $14.3M. 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 1 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.

Are Smith Micro Software Inc's earnings high quality?

Smith Micro Software Inc (SMSI) has an earnings quality ratio of 0.29x, 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.

How financially healthy is Smith Micro Software Inc?

Smith Micro Software Inc (SMSI) scores 30 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.