Smith Micro Software Inc Stock Price, News & Analysis

Smith Micro Software has entered into a secured revolving credit facility with Wells Fargo Bank, granting up to $7.0 million to support working capital and corporate needs. This one-year credit line may be renewed and aims to enhance financial flexibility for ongoing research and development and product implementations, particularly for the SafePath 7 Family Safety platform. The company emphasizes the importance of this agreement for its operations in the telecommunications sector.

Smith Micro Software, Inc. (NASDAQ: SMSI) announced the launch of a new version of its family-safety application, powered by the SafePath® 7 platform, at a Tier 1 wireless carrier. This enhanced application provides advanced features such as robust parental controls, real-time location services, and app evasion functionality. The mobile app is available on iOS and Android and offers functionalities including location tracking, internet access filtering, and screen time management. This milestone strengthens Smith Micro's position in the digital family safety space and opens opportunities for further deployments with other Tier 1 carriers.

Smith Micro Software, Inc. (NASDAQ: SMSI) reported a revenue increase to $14.7 million in Q4 2021 from $12.4 million in Q4 2020. However, gross profit decreased to $10.6 million compared to $11.0 million year-over-year. The company's GAAP net loss for Q4 2021 was $4.0 million, a downturn from a $0.6 million net income in Q4 2020. For fiscal year 2021, revenue rose to $58.4 million from $51.3 million, but a significant GAAP net loss of $31.0 million was noted, compared to a net income of $4.2 million in 2020. Cash and cash equivalents totaled $16.1 million.

Smith Micro Software, listed under NASDAQ: SMSI, will report its fourth quarter and fiscal year 2021 financial results on March 10, 2022, after market close. A teleconference to discuss these results will begin at 4:30 PM ET. Interested parties can access the conference call by dialing 1-844-701-1164 or through an internet webcast. The release will be available on Smith Micro's Newsroom.

Smith Micro Software (NASDAQ: SMSI) reported a third quarter revenue of $16.4 million, up from $12.6 million year-over-year. Gross profit increased to $12.8 million, but the margin fell to 78% from 90%. A GAAP net loss of $18.6 million or $0.34 per share was reported, contrasting with a net income of $161 thousand in Q3 2020. Non-GAAP results showed a net loss of $258 thousand versus $1.8 million income last year. Cash equivalents were $32.4 million at the end of Q3 2021. The company highlighted progress in partnerships with Tier 1 carriers and demand for family safety services.

Smith Micro Software, Inc. (NASDAQ: SMSI) will report its third quarter 2021 financial results on November 10, 2021, after market close. A teleconference will follow at 4:30 PM ET. The call is open to investors and will provide insights into the company's performance. Access details include dialing 1-844-701-1164 or joining via an internet webcast available on Smith Micro's website. For more details, visit the News Room.

Smith Micro Software (NASDAQ: SMSI) announced the appointment of James M. Kempton as Chief Financial Officer, effective November 3, 2021. Kempton, formerly with L.B. Foster Company as Corporate Controller, succeeds Michael Fox, who served as Interim CFO since September 2021. Kempton's leadership and experience are expected to strengthen Smith Micro’s financial strategies.

William W. Smith, Jr., President and CEO, expressed confidence in Kempton's ability to drive the company's growth. The transition follows the resignation of previous CFO Tim Huffmyer.

Smith Micro Software has appointed Mike Fox as the interim Chief Financial Officer following Tim Huffmyer's departure. Fox, a seasoned finance executive with over 25 years of experience, will serve in this role while the company seeks a permanent CFO. This transition comes as part of Smith Micro's ongoing efforts to enhance its leadership team amidst a challenging market. The company continues to develop innovative software solutions to improve mobile experiences, targeting leading wireless service providers and cable MSOs worldwide.