Smith Micro Software, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Smith Micro Software, Inc. filed its Q1 2024 10-Q report on May 9, 2024.</b>

AI Summary

SMITH MICRO SOFTWARE, INC. (SMSI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Smith Micro Software, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. The filing was made on May 9, 2024. The company's principal business address is 5800 Corporate Drive, Pittsburgh, PA 15237.

Why It Matters

For investors and stakeholders tracking SMITH MICRO SOFTWARE, INC., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — SMITH MICRO SOFTWARE, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent significant negative or positive financial events or disclosures.

Analyst Insight

Monitor future filings for updates on revenue, profitability, and any strategic initiatives mentioned.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report end date)
• 2024-05-09 — Filing Date (Date the report was filed with the SEC)
• 1231 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• SMITH MICRO SOFTWARE, INC. (company) — Filer name
• SMSI (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• 5800 Corporate Drive, Pittsburgh, PA 15237 (address) — Business address

FAQ

Industry Context

Smith Micro Software operates in the software services industry, specifically focusing on prepackaged software.

Regulatory Implications

The filing is a 10-Q, which is a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze any disclosed risk factors or legal proceedings that may impact the company.
3. Compare the Q1 2024 results with previous quarters and the same period in the prior year.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial data presented in the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous 10-Q filed for the period ending December 31, 2023.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SMSI The Nasdaq Capital Marke
• $1.00 m — Company was not in compliance with the $1.00 minimum bid price requirement for continu
• $1.00 — e Company's common stock had been below $1.00 per share for more than thirty (30) con

Filing Documents

• smsi-20240331.htm (10-Q) — 698KB
• smsi-2024331xexx311.htm (EX-31.1) — 10KB
• smsi-2024331xexx312.htm (EX-31.2) — 10KB
• smsi-2024331xexx321.htm (EX-32.1) — 7KB
• 0000948708-24-000020.txt (&nbsp;) — 4982KB
• smsi-20240331.xsd (EX-101.SCH) — 39KB
• smsi-20240331_cal.xml (EX-101.CAL) — 60KB
• smsi-20240331_def.xml (EX-101.DEF) — 156KB
• smsi-20240331_lab.xml (EX-101.LAB) — 526KB
• smsi-20240331_pre.xml (EX-101.PRE) — 363KB
• smsi-20240331_htm.xml (XML) — 633KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 2 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Notes to the Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. D efaults Upon Senior Securities 26 Item 4. M ine Safety Disclosures 26 Item 5. O ther Information 27 Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SMITH MICRO SOFTWARE, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value data) March 31, 2024 December 31, 2023 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 6,155 $ 7,125 Accounts receivable, net of related allowances of $ 3 and $ 3 at 2024 and 2023, respectively 4,301 7,912 Prepaid expenses and other current assets 1,800 1,843 Total current assets 12,256 16,880 Equipment and improvements, net 790 883 Right-of-use assets 3,147 2,759 Other assets 480 482 Intangible assets, net 27,715 29,532 Goodwill 11,052 35,041 Total assets $ 55,440 $ 85,577 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,218 $ 2,522 Accrued payroll and benefits 2,653 2,500 Current operating lease liabilities 1,272 1,483 Other current liabilities 1,048 1,137 Total current liabilities 7,191 7,642 Non-current liabilities: Warrant liabilities 411 597 Operating lease liabilities 2,228 1,780 Deferred tax liabilities, net 168 168 Total non-current liabilities 2,807 2,545 Commitments and contingencies Stockholders' equity: Common stock, par value $ 0.001 per share; 100,000,000 shares authorized; 9,601,504 and 9,347,979 shares issued and outstanding 2024 and 2023, respectively* 10 9 Additional paid-in capital 382,387 381,329 Accumulated comprehensive deficit ( 336,955 ) ( 305,948 ) Total stockholders' equity 45,442 75,390 Total liabilities and stockholders' equity $ 55,440 $ 85,577 *After giving effect to the Reverse Stock Split (as defined in Note 1). See accompanying notes to the consolidated financial statements. 2 Table of Contents SMITH MICRO SOFTWARE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For the Three Months Ended March 31, 2024 2023 (unaudited) (unaudited) Revenues $ 5,798 $ 10,930 Cost of revenues (including depreciation of $ 6 and $ 14 in the three months ended March 31, 2024 and 2023,

View Full Filing

View this 10-Q filing on SEC EDGAR