Smith Micro Software Files Q3 2024 10-Q

TL;DR

Smith Micro Software's Q3 2024 10-Q is in: financials and operations updated.

AI Summary

Smith Micro Software, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and business segments are presented, reflecting the company's ongoing activities in the software sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Smith Micro Software, Inc., crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance, debt levels, or operational challenges that impact risk.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end date of the company's annual fiscal year.)

Key Players & Entities

• SMITH MICRO SOFTWARE, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241114 (date) — Filing date of the 10-Q
• PITTSBURGH, PA (location) — Company's business and mailing address

FAQ

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-20240930.htm (10-Q) — 947KB
• smsi-2024quarterlyxexx311.htm (EX-31.1) — 10KB
• smsi-2024quarterlyxexx312.htm (EX-31.2) — 10KB
• smsi-2024quarterlyxexx321.htm (EX-32.1) — 7KB
• 0000948708-24-000035.txt ( ) — 5577KB
• smsi-20240930.xsd (EX-101.SCH) — 43KB
• smsi-20240930_cal.xml (EX-101.CAL) — 61KB
• smsi-20240930_def.xml (EX-101.DEF) — 181KB
• smsi-20240930_lab.xml (EX-101.LAB) — 462KB
• smsi-20240930_pre.xml (EX-101.PRE) — 334KB
• smsi-20240930_htm.xml (XML) — 823KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 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) September 30, 2024 December 31, 2023 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 1,509 $ 7,125 Accounts receivable, net of related allowances of $ 3 and $ 3 at 2024 and 2023, respectively 3,406 7,912 Prepaid expenses and other current assets 1,505 1,843 Total current assets 6,420 16,880 Equipment and improvements, net 615 883 Right-of-use assets 2,657 2,759 Other assets 504 482 Intangible assets, net 24,931 29,532 Goodwill 11,052 35,041 Total assets $ 46,179 $ 85,577 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,050 $ 2,522 Accrued payroll and benefits 2,121 2,500 Current operating lease liabilities 1,228 1,483 Other current liabilities 1,011 1,137 Total current liabilities 6,410 7,642 Non-current liabilities: Warrant liabilities 149 597 Operating lease liabilities 1,706 1,780 Deferred tax liabilities, net 168 168 Total non-current liabilities 2,023 2,545 Commitments and contingencies Stockholders' equity: Common stock, par value $ 0.001 per share; 100,000,000 shares authorized; 11,857,234 and 9,347,979 shares issued and outstanding 2024 and 2023, respectively 12 9 Additional paid-in capital 387,988 381,329 Accumulated comprehensive deficit ( 350,254 ) ( 305,948 ) Total stockholders' equity 37,746 75,390 Total liabilities and stockholders' equity $ 46,179 $ 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 4,648 $ 11,001 $ 15,585 $ 32,269 Cost of revenues (including depreciation of $ 3 , $ 12 , $ 14 , and $ 40 in the t

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