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Smith Micro Software (SMSI)

Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today's connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set.

Company profile

Ticker
SMSI
Exchange
CEO
William Smith
Employees
Incorporated
Location
Fiscal year end
Former names
SMITH MICRO SOFTWARE INC, SMITH MICRO SOFTWARE, INC
SEC CIK
Subsidiaries
Smith Micro Software d.o.o. • Core Mobility, Inc. • Smith Micro Software, Unipessoal Lda, a Portuguese corporation • Smith Micro Software CZ s.r.o. • Smith Micro Software SK s.r.o. • Smith Micro Software, LLC ...
IRS number
330029027

SMSI stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 May 22
2 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 9.83M 9.83M 9.83M 9.83M 9.83M 9.83M
Cash burn (monthly) 2.08M 6.62M 2.33M 2.89M 2.2M 1.93M
Cash used (since last report) 6.38M 20.29M 7.14M 8.86M 6.73M 5.93M
Cash remaining 3.45M -10.46M 2.69M 969.6K 3.1M 3.9M
Runway (months of cash) 1.7 -1.6 1.2 0.3 1.4 2.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Jun 22 William W Smith JR Common Stock Payment of exercise Dispose F No No 2.62 6,478 16.97K 455,339
18 May 22 William W Smith JR Common Stock Payment of exercise Dispose F No No 2.6 6,479 16.85K 461,817
18 May 22 James M Kempton Common Stock Payment of exercise Dispose F No No 2.56 288 737.28 112,604
19 Apr 22 James M Kempton Common Stock Payment of exercise Dispose F No No 3.56 352 1.25K 112,892
26.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 71 83 -14.5%
Opened positions 9 11 -18.2%
Closed positions 21 13 +61.5%
Increased positions 24 26 -7.7%
Reduced positions 29 34 -14.7%
13F shares Current Prev Q Change
Total value 130.66M 127.28M +2.7%
Total shares 14.55M 15.95M -8.8%
Total puts 272.6K 282.4K -3.5%
Total calls 699.2K 561K +24.6%
Total put/call ratio 0.4 0.5 -22.5%
Largest owners Shares Value Change
BLK Blackrock 2.7M $10.19M -2.8%
Vanguard 2.62M $9.88M +5.4%
Pacific Ridge Capital Partners 2.18M $8.22M +14.0%
Geode Capital Management 901.37K $3.4M +7.4%
STT State Street 708.76K $2.67M +5.2%
Renaissance Technologies 580.3K $2.19M -9.7%
ATAC Neuberger Berman 519.85K $1.96M -7.3%
Dimensional Fund Advisors 457.77K $1.73M +38.7%
NTRS Northern Trust 413.31K $1.56M -2.3%
Susquehanna International 389.33K $1.47M -33.6%
Largest transactions Shares Bought/sold Change
Wellington Management 0 -645.6K EXIT
Pacific Ridge Capital Partners 2.18M +267.34K +14.0%
GS Goldman Sachs 36.01K -215.34K -85.7%
Susquehanna International 389.33K -197K -33.6%
Vanguard 2.62M +134.13K +5.4%
Dimensional Fund Advisors 457.77K +127.72K +38.7%
DB Deutsche Bank AG - Registered Shares 167.12K -104.53K -38.5%
Redmond Asset Management 0 -84.06K EXIT
MS Morgan Stanley 32.77K -80.53K -71.1%
BLK Blackrock 2.7M -77.67K -2.8%

Financial report summary

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Risks
  • We derive a significant portion of our revenues from sales to a concentrated number of clients, and a reduction in sales to any of them may adversely impact our revenues and operating results.
  • Our growth depends in part on our customers’ ability and willingness to timely launch and deliver our products and services, to promote our products and services and to attract and retain new end user customers or achieve other goals outside of our control.
  • Security breaches, improper access to or disclosure of our data, our customers’ data or their end users’ data, other hacking attacks on our systems or the third-party systems that we use, or other cyber incidents and privacy breaches could harm our reputation and adversely affect our business.
  • We rely on our ability and/or customers’ ability to distribute our mobile software applications to their end users through third party mobile software application stores, which we do not control. Changes in the application stores’ policies and/or terms of service and other barriers to our distribution via mobile software application stores may seriously harm our ability to maintain and/or grow the subscriber base for our products and services and could materially and adversely affect our financial condition and results of operations.
  • Our products may contain undetected software defects, which could negatively affect our revenues.
  • We derive a significant portion of our revenues from wireless carriers, and changes within this vertical market, or failure to penetrate new markets, could adversely impact our revenues and operating results.
  • Our results of operations and financial condition may be adversely affected by public health epidemics, including the ongoing COVID-19 global health pandemic.
  • Competition within our target markets is intense and includes numerous established competitors and new entrants, which could negatively affect our revenues and results of operations.
  • Our business, financial condition and operating results could be adversely affected as a result of legal, business, and economic risks specific to international operations.
  • Evolving information security and data privacy laws and regulations may result in increased compliance costs, impediments to the development or performance of our offerings, and monetary or other penalties.
  • Regulations affecting our customers and our business and future regulations, to which they or we may become subject, may harm our business.
  • If we fail to meet the requirements for continued listing on the NASDAQ Stock Market, our common stock could be delisted from trading on NASDAQ, which would likely reduce the liquidity of our common stock and could cause our trading price to decline.
  • We may raise additional capital through the issuance of equity or convertible debt securities or by entering into borrowing arrangements in order to meet our capital needs. Additional funds to allow us to meet our capital needs may not be available on terms acceptable to us or at all.
  • The Company has a history of net losses and may incur substantial net losses in the future.
  • If we are unable to meet our obligations as they become due over the next twelve months, the Company may not be able to continue as a going concern.
  • Our operating income or loss may continue to change due to shifts in our sales mix and variability in our operating expenses.
  • Our acquisitions of companies or technologies may disrupt our business and divert management attention and cause our other operations to suffer.
  • We rely directly and indirectly on third-party intellectual property and licenses, which may not be available on commercially reasonable terms or at all.
  • Our quarterly revenues and operating results are difficult to predict and could fall below analyst or investor expectations, which could cause the price of our common stock to fall.
Management Discussion
  • The table below sets forth certain statements of operations and comprehensive loss data expressed as a percentage of revenues for the three months ended March 31, 2022 and 2021. Our historical results are not necessarily indicative of the operating results that may be expected in the future.
  • Revenues. Revenues were $12.7 million and $11.4 million for the three months ended March 31, 2022 and 2021, respectively, representing an increase of $1.4 million, or 12%. This increase was primarily related to our acquisition of the Family Safety Mobile Business in April 2021, offset by decreases associated with CommSuite and our legacy family safety product lines.
  • Cost of revenues. Cost of revenues were $3.6 million and $1.5 million for the three months ended March 31, 2022 and 2021, respectively. This increase was primarily due to supporting the increased revenues associated with the Family Safety Mobile Business and incremental costs associated with maintaining multiple family safety platforms.

Content analysis

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