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EXHIBIT 99.1
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Smith Micro Reports First Quarter 2019 Financial Results
Revenue Increased to $8.4 Million
PITTSBURGH, PA, May 8, 2019
– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2019.“We delivered a very solid quarter for the Company as we launched our 2019 fiscal year,” said William W. Smith Jr., President and CEO of Smith Micro Software. “We saw accelerated revenue growth with our SafePath® platform, a sixth consecutive quarter of subscriber revenue growth from the CommSuite® platform, and strong contribution from ViewSpot™, our recent Smart Retail acquisition that closed in early January.”
Mr. Smith concluded, “We are off to a solid start to the fiscal year. Our sales pipeline continues to grow across all three of our core wireless solutions, with a broader geographical reach and a more viable ecosystem of opportunities than we have seen in several years. Moving forward, we will leverage and build upon that momentum and continue to deliver growth and profitability throughout 2019.”
First Quarter 2019 Financial Results:
Smith Micro reported revenue of $8.4 million for the first quarter ended March 31, 2019, compared to $5.5 million reported in the first quarter ended March 31, 2018.
First quarter 2019 gross profit was $7.5 million compared to $4.2 million reported in the first quarter of 2018.
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Smith Micro Software Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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We received net proceeds of approximately $4.5 million from the sale of our common stock in a private placement, which was offset by payment of $1.0 million of related party notes payable and $0.1 million payment of dividends on preferred stock.
This Quarterly Report on Form 10-Q ("Report") contains forward-looking statements regarding Smith Micro which include, but are not limited to, statements concerning customer concentration, projected revenues, market acceptance of products, the success and timing of new product introductions, the competitive factors affecting our business, our ability to raise additional capital, gross profit and income, our ability to remain a going concern, our expenses, and the protection of our intellectual property.
Wireless revenue of $8.2 million increased $3.4 million, or 69.7%, primarily due to increased subscribers and resulting revenues from our largest customer, Sprint, associated with growth in the SafePath product.
Revenues were $8.4 million and $5.5 million for the three months ended March 31, 2019 and 2018, respectively, representing an increase of $2.9 million, or 54.3%.
This increase was primarily due to an increase in non-cash stock compensation, variable compensation expense, consulting fees, and acquisition fees.
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Smith Micro Software Inc provided additional information to their SEC Filing as exhibits
Ticker: SMSI
CIK: 948708
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-019395
Submitted to the SEC: Wed May 15 2019 12:06:30 PM EST
Accepted by the SEC: Wed May 15 2019
Period: Sunday, March 31, 2019
Industry: Prepackaged Software