Smith Micro Software 10-Q Filed
Ticker: SMSI · Form: 10-Q · Filed: Aug 5, 2024 · CIK: 948708
| Field | Detail |
|---|---|
| Company | Smith Micro Software, Inc. (SMSI) |
| Form Type | 10-Q |
| Filed Date | Aug 5, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001, $1.00 m, $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, software
Related Tickers: SMSI
TL;DR
**SMSI 10-Q is IN! Q2 2024 financials are live. Check it.**
AI Summary
Smith Micro Software, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities and strategic positioning.
Why It Matters
This filing provides investors with a detailed look at Smith Micro Software's financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company's financial performance and market position can introduce medium-level risks.
Key Players & Entities
- SMITH MICRO SOFTWARE, INC. (company) — Filer
- 20240630 (date) — Period of Report
- 20240805 (date) — Filed as of Date
- PITTSBURGH (location) — Business Address City
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q filing was filed as of date 20240805.
What is the company's primary business address?
The company's business address is 5800 CORPORATE DRIVE, PITTSBURGH, PA 15237.
What is the Standard Industrial Classification code for Smith Micro Software, Inc.?
The Standard Industrial Classification code is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.
What is the fiscal year end for Smith Micro Software, Inc.?
The fiscal year end for Smith Micro Software, Inc. is December 31 (1231).
Filing Stats: 4,692 words · 19 min read · ~16 pages · Grade level 17 · Accepted 2024-08-05 16:13:46
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-20240630.htm (10-Q) — 895KB
- smsi-2024331xexx3111.htm (EX-31.1) — 10KB
- smsi-2024331xexx3121.htm (EX-31.2) — 10KB
- smsi-2024331xexx3211.htm (EX-32.1) — 7KB
- 0000948708-24-000026.txt ( ) — 5269KB
- smsi-20240630.xsd (EX-101.SCH) — 40KB
- smsi-20240630_cal.xml (EX-101.CAL) — 61KB
- smsi-20240630_def.xml (EX-101.DEF) — 157KB
- smsi-20240630_lab.xml (EX-101.LAB) — 438KB
- smsi-20240630_pre.xml (EX-101.PRE) — 311KB
- smsi-20240630_htm.xml (XML) — 768KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 2 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to the Consolidated Financial Statements 7 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 20 Item 4.
Controls and Procedures
Controls and Procedures 26 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 27
Risk Factors
Item 1A. Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 6. Exhibits 28
SIGNATURES
SIGNATURES 29 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) June 30, 2024 December 31, 2023 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 5,628 $ 7,125 Accounts receivable, net of related allowances of $ 3 and $ 3 at 2024 and 2023, respectively 3,824 7,912 Prepaid expenses and other current assets 2,055 1,843 Total current assets 11,507 16,880 Equipment and improvements, net 701 883 Right-of-use assets 2,955 2,759 Other assets 511 482 Intangible assets, net 26,265 29,532 Goodwill 11,052 35,041 Total assets $ 52,991 $ 85,577 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,338 $ 2,522 Accrued payroll and benefits 2,612 2,500 Current operating lease liabilities 1,226 1,483 Other current liabilities 1,367 1,137 Total current liabilities 7,543 7,642 Non-current liabilities: Warrant liabilities 369 597 Operating lease liabilities 2,009 1,780 Deferred tax liabilities, net 168 168 Total non-current liabilities 2,546 2,545 Commitments and contingencies Stockholders' equity: Common stock, par value $ 0.001 per share; 100,000,000 shares authorized; 10,625,467 and 9,347,979 shares issued and outstanding 2024 and 2023, respectively 11 9 Additional paid-in capital 386,775 381,329 Accumulated comprehensive deficit ( 343,884 ) ( 305,948 ) Total stockholders' equity 42,902 75,390 Total liabilities and stockholders' equity $ 52,991 $ 85,577 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 5,140 $ 10,338 $ 10,938 $ 21,268 Cost of revenues (including depreciation of $ 4 , $ 13 , $ 11 , and $ 27 in the three and six mo