Smith Micro Software Inc Stock Price, News & Analysis

Smith Micro Software, Inc. (NASDAQ: SMSI) announced significant workforce cuts, reducing its global workforce by approximately 26%. This includes closures in Slovakia effective June 30, 2023. The company has also cut executive salaries and suspended its quarterly bonus program until achieving profitability on a non-GAAP basis. Smith Micro is targeting a reduction of $4 million in quarterly costs and is focused on migrating family safety customers to its SafePath platform, with a launch expected from a Tier 1 carrier in the second half of 2023. The company anticipates reaching profitability by the end of Q3 fiscal year 2023.

Smith Micro Software, Inc. (NASDAQ: SMSI) announced its fourth quarter and fiscal year 2022 financial results, reporting a revenue of $11.4 million for Q4, down from $14.7 million in Q4 2021. The company posted a GAAP net loss of $8.0 million, compared to a loss of $4.0 million in the prior year. For the full year, revenue totaled $48.5 million, a decline from $58.4 million in 2021. The gross profit margin decreased, with gross profit at $34.3 million for the year. Smith Micro aims to reduce expenses by $4 million per quarter to return to profitability by Q3 2023, focusing on unifying its Digital Family Lifestyle business.

Smith Micro Software, Inc. (NASDAQ: SMSI) is set to report its fourth quarter and fiscal year 2022 financial results on March 9, 2023, after market close. A teleconference will follow at 4:30 PM ET for all interested parties. Participants can join by dialing 1-844-701-1164 (international: +1 412-317-5492). The news release will be accessible on Smith Micro’s Newsroom. The company specializes in software solutions enhancing the mobile experience for leading wireless service providers and MSOs worldwide.

Smith Micro Software (SMSI) recently unveiled enhanced data and analytics capabilities for its ViewSpot platform, aimed at boosting retail customer engagement. The platform allows retailers to link user engagement with sales outcomes, facilitating effective marketing strategies in-store. The launch is particularly timely given the challenges in retail environments, such as workforce reductions and rising consumer expectations for data-driven experiences. The Company plans to promote ViewSpot beyond mobile network operators to other retailers, aiming to transform consumer browsing into purchasing through actionable insights and dynamic content management.

Smith Micro Software (NASDAQ: SMSI) announced a contract termination from a Tier 1 carrier customer for its family safety solution, effective June 30, 2023. While the company will continue delivering services for up to 180 days after the termination, it expresses disappointment over the unexpected notice. To mitigate impacts, Smith Micro plans to reallocate resources to other Tier 1 customers and accelerate cost-saving initiatives to align its cost structure. The company assures it remains committed to fulfilling obligations under the contract while focusing on growth and profitability.

Smith Micro Software (SMSI) will participate in MWC Barcelona from February 27 to March 2, 2023, showcasing its innovative SaaS platforms, including SafePath® and ViewSpot®. These solutions aim to enhance customer engagement and drive revenue for mobile network operators. Key executives attending include Von Cameron and Jonas Jacobsson. The company seeks to expand through new partnerships and potential mergers and acquisitions. Visitors can find Smith Micro in Meeting Room 2L4MR, Hall 2, and schedule meetings via email or their website. For more information, visit smithmicro.com.

Smith Micro Software, Inc. (NASDAQ: SMSI) has secured a new contract with a Tier 1 mobile network operator in the U.S. to deliver its digital family safety solutions, replacing a previous agreement. The updated terms focus on enhancing parental controls and location services. CEO William W. Smith Jr. expressed optimism about the partnership's potential to improve customer experiences. The solutions include features like on-demand tracking, location history, and content filtering, aimed at enriching family digital lifestyles. This development strengthens Smith Micro's position in the market and enhances its collaboration with major service providers.