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EXHIBIT 99.1
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Smith Micro Reports Second Quarter 2019 Financial Results
Achieved Revenue of $10.9 Million
And Non-GAAP Earnings per Share of $0.08
PITTSBURGH, PA, July 25, 2019
– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its second quarter ended June 30, 2019.“I am very pleased with the continued growth and profitability we delivered in the second quarter of 2019,” said William W. Smith, Jr., President and CEO of Smith Micro. “We saw growth across all three wireless solutions, again mostly driven by our SafePath® platform. We also achieved another consecutive quarter of subscriber revenue growth from the CommSuite® platform, as well as continued growth with ViewSpot™, our recent Smart Retail acquisition that closed in the first quarter.”
Mr. Smith concluded, “The outlook for the second half of 2019 is very strong. Our sales pipeline continues to grow across all three wireless solutions and, with the successful launch of our first SafePath IOT device, our product offering has strengthened and we’ve now entered a new market.”
Second Quarter 2019 Financial Results:
Smith Micro reported revenue of $10.9 million for the second quarter ended June 30, 2019, compared to $6.9 million reported in the second quarter ended June 30, 2018.
Second quarter 2019 gross profit was $9.9 million compared to $5.8 million reported in the second 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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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.
We received net proceeds of approximately $10.8 million from the sale of our common stock in two private placements, which was partially offset by payments of $1.0 million of related party notes payable and $0.3 million of dividends on preferred stock.
Excluding the ViewSpot acquisition, revenue growth was 37% compared to the same period in 2018.
Excluding the ViewSpot acquisition, revenue growth was 36% compared to the same period in 2018.
Wireless revenue of $10.6 million increased $4.1 million, or 64%, primarily due to increased subscribers and resulting revenues from our largest customer, Sprint, associated with growth in the SafePath product.
Wireless revenue of $18.8 million...Read more
Revenues were $10.9 million and...Read more
Revenues were $19.3 million and...Read more
This increase was primarily due...Read more
This increase was primarily due...Read more
This usage was partially offset...Read more
The amortization of intangible assets...Read more
The amortization of intangible assets...Read more
Smith Micro develops software to...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
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: 0001564590-19-028369
Submitted to the SEC: Fri Aug 02 2019 12:07:14 PM EST
Accepted by the SEC: Fri Aug 02 2019
Period: Sunday, June 30, 2019
Industry: Prepackaged Software