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Smith Micro Software, Inc. (SMSI) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Smith Micro Software Inc

CIK: 948708 Ticker: SMSI

EXHIBIT 99.1

 

 

 

IR INQUIRIES:

Charles Messman

Investor Relations

949-362-5800

IR@smithmicro.com

 

 

Smith Micro Reports First Quarter 2021 Financial Results

 

 

PITTSBURGH, PA, May 5, 2021

– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2021.

“I’m incredibly proud of what we accomplished during the first quarter,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “We announced the largest acquisition in Company history and also raised additional capital in a successful follow-on public offering. Bolstered by our strengthened employee base and diversified customer portfolio, we believe we are well positioned to maximize revenues throughout the rest of the year and beyond.”

First Quarter 2021 Financial Results

Smith Micro reported revenue of $11.4 million for the first quarter ended March 31, 2021, compared to $13.3 million reported in the first quarter ended March 31, 2020.

First quarter 2021 gross profit was $9.8 million compared to $12.1 million reported in the first quarter of 2020.

Gross profit as a percentage of revenue was 86 percent for the first quarter of 2021 compared to 91 percent for the first quarter of 2020.

Generally accepted accounting principles in the United States (“GAAP”) net loss for the first quarter of 2021 was $3.2 million, or $0.07 diluted loss per share, compared to GAAP net income of $2.0 million, or $0.05 diluted earnings per share, for the first quarter of 2020.

 


The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, May 5, 2021 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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Smith Micro Software Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accounting Policies
Accounting Policies (Policies)
Accounting Policies - Additional Information (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Allocation Of Purchase Price (Detail)
Acquisitions - Summary Of Consideration Paid For Acquisitions (Detail)
Acquisitions - Summary Of Unaudited Proforma Results Of Operation (Detail)
Commitments And Contingencies
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Details Of Basic And Diluted Earnings Per Share (Detail)
Equity Transactions
Equity Transactions - Additional Information (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Additional Information Relating To Company's Operating Leases (Detail)
Leases - Summary Of Maturity Of Operating Lease Liabilities (Detail)
Leases - Summary Of Operating Lease Cost (Detail)
Revenues
Revenues (Tables)
Revenues - Additional Information (Detail)
Revenues - Schedule Of Revenues On Disaggregated Basis (Detail)
Segment, Customer Concentration And Geographical Information
Segment, Customer Concentration And Geographical Information (Tables)
Segment, Customer Concentration And Geographical Information - Additional Information (Detail)
Segment, Customer Concentration And Geographical Information - Company Revenue In Different Geographic Locations (Detail)
Segment, Customer Concentration And Geographical Information - Wireless Revenues By Product (Detail)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
The Company

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: 0001564590-21-026970
Submitted to the SEC: Wed May 12 2021 4:00:51 PM EST
Accepted by the SEC: Wed May 12 2021
Period: Wednesday, March 31, 2021
Industry: Prepackaged Software

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