Smith Micro Software Inc (SMSI) 10-Q Quarterly Report November 2020

– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its third quarter ended September 30, 2020.

“Our third quarter was extremely productive and I am pleased that our financial results came in above street expectations,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “During the quarter, we invested in R&D as well as sales and marketing initiatives, and will continue to do so throughout the remainder of 2020. I am very pleased that we remain profitable and cash-flow positive, as the company generated $8 million of cash in the first three quarters of 2020. Moving into 2021, we remain well-positioned for growth and continued profitability as we look to launch our solutions with multiple carrier customers.”

Third Quarter 2020 Financial Results

Smith Micro reported revenue of $12.6 million for the third quarter ended September 30, 2020, compared to $11.8 million reported in the third quarter ended September 30, 2019.

Third quarter 2020 gross profit was $11.3 million compared to $10.8 million reported in the third quarter of 2019.

Gross profit as a percentage of revenue was 90 percent for the third quarter of 2020 compared to 91 percent for the third quarter of 2019.

Generally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the third quarter of 2020 was $161 thousand, or $0.00 diluted earnings per share,

The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, November 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Smith Micro Software Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
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.

Financial - Expense Highlight
The amortization of intangible assets in selling and marketing expense was $475 thousand and $88 thousand for the three months ended September 30, 2020 and 2019, respectively.
Financial - Expense Highlight
The amortization of intangible assets in selling and marketing expense was $1.2 million and $295 thousand for the nine months ended September 30, 2020 and 2019, respectively.
Revenue - Product Highlight
Wireless revenue of $12.5 million increased $0.9 million, or 8%, primarily due to increased subscribers and resulting revenues from our largest customer, T-Mobile (formerly Sprint), associated with growth in the SafePath product and also included revenue related to the newly acquired Circle operator business.
Revenue - Product Highlight
Wireless revenue of $38.4 million increased $8.0 million, or 26%, primarily due to increased subscribers and resulting revenues from our largest customer, T-Mobile (formerly Sprint), associated with growth in the SafePath product and also included revenue related to the newly acquired Circle operator business.
Financial - Expense
This increase was primarily due...Read more
Financial - Expense
This increase was primarily due...Read more
Financial - Expense
The amortization of intangible assets...Read more
Financial - Expense
The amortization of intangible assets...Read more
Financial - Expense
We also expect to increase...Read more
Financial - Expense
This increase was primarily due...Read more
Financial - Expense
This increase was primarily due...Read more
Financial - Expense
This increase was primarily due...Read more
Revenue - Product
Revenues were $12.6 million and...Read more
Revenue - Product
Revenues were $38.9 million and...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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: SMSI
CIK: 948708
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-052475
Submitted to the SEC: Mon Nov 09 2020 4:00:40 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Prepackaged Software

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Smith Micro Software, Inc. (SMSI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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