SMSI

MKT CAP:$16M

Smith Micro Software, Inc.

Market Cap

$16M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$0.75+$0.20 (+35.45%)

Apr 23, 2026

Company Details

Smith Micro Software, Inc. develops and sells software to enhance the mobile experience to wireless and cable service providers worldwide. It offers SafePath Family, SafePath IoT, and SafePath Home product suite, which provides tools to pro...

CEO

William W. Smith Jr.

IPO Date

Sep 19, 1995

Website

www.smithmicro.com

Key Metrics TTM

Revenue

$17M

-15.5% YoY

Net Income

-$29M

EPS (Diluted)

-$1.65

Free Cash Flow

-$7M

Revenue / Share

$0.73

Gross Margin

74.1%

Operating Margin

-141.1%

Net Margin

-168.9%

FCF Margin

-41.8%

P/S

0.9x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

Q4 2025

Mar 5, 2026

$4M-20.0%EPS -$0.20

Q3 2025

Nov 5, 2025

$4M-6.5%EPS -$0.25

Q2 2025

Aug 7, 2025

$4M-14.0%EPS -$0.78

Q1 2025

May 8, 2025

$5M-20.3%EPS -$0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$13M	$9M	-$7M
Q2 22	$13M	$9M	-$8M
Q3 22	$12M	$8M	-$8M
Q4 22	$11M	$8M	-$7M
Q1 23	$11M	$8M	-$7M
Q2 23	$10M	$8M	-$3M
Q3 23	$11M	$8M	-$2M
Q4 23	$9M	$6M	-$6M
Q1 24	$6M	$4M	-$31M
Q2 24	$5M	$4M	-$7M
Q3 24	$5M	$3M	-$7M
Q4 24	$5M	$4M	-$4M
Q1 25	$5M	$3M	-$5M
Q2 25	$4M	$3M	-$15M
Q3 25	$4M	$3M	-$4M
Q4 25	$4M	$3M	$142.0K

Valuation

Quarter	P/S	P/E
Q1 22	0.3x	—
Q2 22	0.3x	—
Q3 22	0.3x	—
Q4 22	0.3x	—
Q1 23	0.3x	—
Q2 23	0.4x	—
Q3 23	0.4x	—
Q4 23	0.4x	—
Q1 24	0.4x	—
Q2 24	0.5x	—
Q3 24	0.7x	—
Q4 24	0.8x	—
Q1 25	0.8x	—
Q2 25	0.9x	—
Q3 25	0.9x	—
Q4 25	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$7M
Q2 22	-$5M	-$5M
Q3 22	-$3M	-$3M
Q4 22	-$5M	-$5M
Q1 23	-$5M	-$5M
Q2 23	-$2M	-$2M
Q3 23	$2M	$2M
Q4 23	-$1M	-$1M
Q1 24	-$1M	-$1M
Q2 24	-$4M	-$4M
Q3 24	-$4M	-$4M
Q4 24	-$5M	-$5M
Q1 25	-$602.0K	-$606.0K
Q2 25	-$2M	-$2M
Q3 25	-$2M	-$2M
Q4 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$63.0K
Q2 22	$49.0K
Q3 22	$27.0K
Q4 22	$76.0K
Q1 23	$0
Q2 23	$0
Q3 23	$8.0K
Q4 23	$999
Q1 24	$4.0K
Q2 24	$7.0K
Q3 24	$6.0K
Q4 24	$3.0K
Q1 25	$4.0K
Q2 25	$4.0K
Q3 25	$21.0K
Q4 25	$31.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+11.9%	+35.3%
Q2 22	-20.4%	-0.4%
Q3 22	-28.9%	-9.0%
Q4 22	-22.3%	-0.8%
Q1 23	-14.2%	-9.6%
Q2 23	-18.4%	-35.5%
Q3 23	-6.0%	-34.3%
Q4 23	-24.7%	-23.0%
Q1 24	-47.0%	+108.5%
Q2 24	-50.3%	-10.8%
Q3 24	-57.7%	-15.4%
Q4 24	-42.2%	-34.0%
Q1 25	-20.3%	-73.6%
Q2 25	-14.0%	+59.9%
Q3 25	-6.5%	-20.8%
Q4 25	-20.0%	-59.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	8.4%
Q2 22	$2M	13.3%
Q3 22	$0	0.0%
Q4 22	$1M	9.6%
Q1 23	$945.0K	8.6%
Q2 23	$1M	10.0%
Q3 23	$1M	12.2%
Q4 23	$0	0.0%
Q1 24	$1M	19.6%
Q2 24	$0	0.0%
Q3 24	$1M	26.9%
Q4 24	$983.0K	19.8%
Q1 25	$1M	23.5%
Q2 25	$1M	24.8%
Q3 25	$0	0.0%
Q4 25	$781.0K	19.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$7M	$4M	$3M
Q2 22	$8M	$4M	$4M
Q3 22	$7M	$4M	$3M
Q4 22	$7M	$4M	$3M
Q1 23	$6M	$3M	$4M
Q2 23	$4M	$3M	$3M
Q3 23	$4M	$3M	$2M
Q4 23	$4M	$3M	$2M
Q1 24	$4M	$3M	$3M
Q2 24	$4M	$3M	$3M
Q3 24	$4M	$3M	$2M
Q4 24	$3M	$2M	$2M
Q1 25	$3M	$3M	$2M
Q2 25	$3M	$3M	$2M
Q3 25	$3M	$2M	$1M
Q4 25	$3M	$2M	$1M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	11.9%	-39.6%	-27.7
Q2 22	-20.4%	-51.0%	-71.4
Q3 22	-28.9%	-26.0%	-54.8
Q4 22	-22.3%	-46.9%	-69.2
Q1 23	-14.2%	-47.9%	-62.1
Q2 23	-18.4%	-19.3%	-37.7
Q3 23	-6.0%	-19.1%	-25.0
Q4 23	-24.7%	-40.5%	-65.2
Q1 24	-47.0%	-95.6%	-142.6
Q2 24	-50.3%	-105.7%	-156.0
Q3 24	-57.7%	-106.1%	-163.8
Q4 24	-42.2%	-61.2%	-103.4
Q1 25	-20.3%	-83.5%	-103.8
Q2 25	-14.0%	-86.9%	-100.9
Q3 25	-6.5%	-71.8%	-78.3
Q4 25	-20.0%	-75.7%	-95.8

Rule of 40

Revenue Segments

Quarter	Wireless Business Segment
Q1 22	$13M
Q2 22	$13M
Q3 22	$12M
Q4 22	$11M
Q1 23	$11M
Q2 23	$10M
Q3 23	$11M
Q4 23	$9M
Q1 24	$6M

Revenue by Geography

Quarter	Americas	E M E A	Emea
Q1 22	$12M	$542.0K	—
Q2 22	$12M	—	$452.0K
Q3 22	$11M	—	$452.0K
Q4 22	$11M	—	$438.0K
Q1 23	$11M	—	$419.0K
Q2 23	$10M	—	$256.0K
Q3 23	$11M	—	$214.0K
Q4 23	$8M	—	$261.0K
Q1 24	$5M	—	$321.0K
Q2 24	$5M	—	$197.0K
Q3 24	$5M	—	$20.0K
Q1 25	$5M	—	$6.0K
Q2 25	$4M	—	$13.0K
Q3 25	$4M	—	$16.0K
Q4 25	$4M	—	$21.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$10M	$0	$10M
Q2 22	$5M	$0	$5M
Q3 22	$19M	$0	$19M
Q4 22	$14M	$0	$14M
Q1 23	$9M	$0	$9M
Q2 23	$6M	$0	$6M
Q3 23	$8M	$0	$8M
Q4 23	$7M	$0	$7M
Q1 24	$6M	$0	$6M
Q2 24	$6M	$0	$6M
Q3 24	$2M	$0	$2M
Q4 24	$3M	$0	$3M
Q1 25	$2M	$0	$2M
Q2 25	$1M	$0	$1M
Q3 25	$1M	$0	$1M
Q4 25	$1M	$0	$1M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	7M	+0.1%	+25.7%
Q2 22	7M	+1.1%	+4.0%
Q3 22	7M	+1.1%	+3.3%
Q4 22	7M	+0.9%	+3.3%
Q1 23	7M	+1.3%	+4.5%
Q2 23	8M	+9.6%	+13.3%
Q3 23	8M	+7.8%	+20.9%
Q4 23	9M	+7.9%	+29.3%
Q1 24	9M	+4.2%	+32.9%
Q2 24	11M	+11.6%	+35.4%
Q3 24	12M	+12.0%	+40.5%
Q4 24	12M	+4.5%	+36.1%
Q1 25	12M	0.0%	+30.6%
Q2 25	19M	+57.0%	+83.8%
Q3 25	21M	+8.0%	+77.3%
Q4 25	24M	+13.7%	+92.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$34.1K	373
Q2 22	$34.0K	373
Q3 22	$31.4K	373
Q4 22	$36.2K	315
Q1 23	$34.7K	315
Q2 23	$32.8K	315
Q3 23	$34.9K	315
Q4 23	$37.2K	231
Q1 24	$25.1K	231
Q2 24	$22.3K	231
Q3 24	$20.1K	231
Q4 24	$30.3K	164
Q1 25	$28.2K	164
Q2 25	$27.0K	164
Q3 25	$26.5K	164
Q4 25	$33.7K	118

Revenue / Employee