Smith Micro Software(SMSI) - 2024 Q4 - Annual Results

Financial Performance - Smith Micro reported Q4 2024 revenue of $5.0 million, a decrease of 41.9% from $8.6 million in Q4 2023[3] - For the fiscal year 2024, Smith Micro reported total revenue of $20.6 million, a decline of 49.7% from $40.9 million in 2023[6] - Revenues for Q4 2024 were $4,969,000, a decrease of 42.5% compared to $8,593,000 in Q4 2023[16] - Gross profit for Q4 2024 was $3.8 million, down from $6.4 million in Q4 2023, with a gross profit margin of 75.6% compared to 74.9% in the prior year[3] - Gross profit for the year ended December 31, 2024, was $14,429,000, down from $30,303,000 in 2023, representing a decline of 52.3%[16] - The net loss for the year ended December 31, 2024, was $48,697,000, compared to a net loss of $24,396,000 in 2023, reflecting a 99.4% increase in losses[17] - GAAP net loss for Q4 2024 was $4.4 million, or $0.25 loss per share, an improvement from a net loss of $6.7 million, or $0.74 loss per share, in Q4 2023[4] - The fiscal year 2024 GAAP net loss was $48.7 million, or $3.94 loss per share, compared to a net loss of $24.4 million, or $3.01 loss per share, in 2023[7] - Non-GAAP net loss for Q4 2024 was $1.9 million, or $0.11 loss per share, compared to a non-GAAP net loss of $1.7 million, or $0.18 loss per share, in Q4 2023[4] - Non-GAAP net loss for the year was $13,677,000, compared to a net loss of $24,396,000 under GAAP[20] Cash and Assets - Total cash and cash equivalents as of December 31, 2024, were $2.8 million, down from $7.1 million at the end of 2023[8] - Cash and cash equivalents at the end of Q4 2024 were $2,808,000, down from $7,125,000 at the beginning of the period, a decrease of 60.5%[17] - Total assets decreased to $48.0 million as of December 31, 2024, from $85.6 million in 2023[15] Operating Expenses - Total operating expenses for the year increased to $63,819,000 from $48,358,000 in 2023, an increase of 32.0%[16] - The company incurred total operating expenses of $8,215,000 in Q4 2024, which included $2,757,000 in research and development expenses[16] Goodwill and Adjustments - The company reported a goodwill impairment charge of $23,989,000 for the year 2024[17] - The adjustments for non-recurring items included costs related to corporate actions and professional fees associated with office closures[22] Strategic Initiatives - Smith Micro launched SafePath Kids with Orange Spain, generating significant interest and aligning with mobile operators' core offerings[2] - The company aims to capture significant market opportunities and return to profitability through enhanced family safety solutions[2] Research and Development - Research and development expenses were $17,145 million, with adjustments resulting in $15,618 million[21]