$SMSI reports Q4 revenues of $11.4M, gross profit up; aims for profitability; reallocating resources, providing wireless solutions.
Mar 9th 2023, 9:07 pm
Analyst Summary: Smith Micro Software, Inc. has reported its Q4 and fiscal year financial results, with revenues of $11.4 million in Q4 and $58.4 million for the full year. Although Q4 revenue slightly decreased compared to the previous year, gross profit was up by $20,000. The company aims to complete its migration activities by the end of Q2 or Q3 this year, with a target to reach profitability in the same time frame. To streamline costs, the company has started reallocating resources and will continue taking actions in the near term. Non-GAAP metrics have also been included in this press release to enhance the analysis of income generation. The company is committed to simplifying and enhancing the mobile experience, providing solutions to wireless service providers and cable MSOs worldwide. Investors may participate in the investor conference call scheduled on March 9, 2023, at 4:30 p.m. The call will discuss the Q4 and fiscal year 2022 financial results. Although there are risks and uncertainties, Smith Micro is confident in its future outlook to engage consumers via smartphones and consumer IoT devices with innovations and creation of new opportunities. Quotes from the CEO and Management: - "As we near completion of migration activities, we are focusing on partnering with our customers in growing revenues and returning the Company to profitability," said William W. Smith, Jr., President, CEO, and Chairman of the Board of Smith Micro. - "We are currently taking steps to significantly reallocate resources and will be taking further actions in the very near term to streamline our costs," he added. Forward-Looking Statements: The statement contains risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These include the effectiveness of the software and technology we use, the ability to integrate and sell acquired product lines, customer acceptance and timing of deployment of technologies, competition with other software and technology companies, and the existence and terms of convertible notes and related agreements. The forward-looking statements in this release are based on the views and assumptions of management, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.