SMSI · Smith Micro Software, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $17.36M | $20.55M | $40.86M | $48.51M | $58.42M | $51.30M |
| Cost of Revenue | $6.13M | $6.13M | $10.56M | $14.21M | $12.70M | $5.19M |
| Gross Profit | $12.86M | $14.43M | $30.30M | $34.30M | $45.72M | $46.11M |
| R&D | $10.72M | $14.09M | $17.14M | $29.87M | $26.20M | $19.07M |
| SG&A | $10.01M | $10.58M | $12.78M | $16.16M | $17.92M | $12.80M |
| Total Operating Expenses | $41.87M | $63.82M | $48.36M | $65.23M | $76.66M | $42.59M |
| D&A | $5.40M | $6.29M | $7.39M | $1.20M | $1.20M | $700.0K |
| Operating Income | ($29.01M) | ($49.39M) | ($18.05M) | ($30.93M) | ($30.94M) | $3.52M |
| Interest Expense | ($112.0K) | - | - | - | - | - |
| Income Tax | ($76.0K) | ($13.0K) | $158.0K | $226.0K | $215.0K | $160.0K |
| Net Income | ($29.33M) | ($48.70M) | ($24.40M) | ($29.28M) | ($31.04M) | $4.17M |
| EPS - Basic | ($1.46) | ($3.94) | ($3.04) | ($4.88) | - | $0.80 |
| EPS - Diluted | ($1.46) | ($3.94) | ($3.04) | ($4.88) | - | $0.80 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.49M | $2.81M | $7.13M | $14.03M | $16.08M | $25.75M |
| Accounts Receivable | $1.82M | $5.72M | $7.91M | $10.50M | $10.59M | $12.35M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $1.94M | $1.74M | $2.52M | $3.24M | $3.30M | $2.28M |
| Current Assets | $4.53M | $10.00M | $16.88M | $26.51M | $28.66M | $39.29M |
| Total Assets | $24.97M | $48.05M | $85.58M | $103.58M | $115.36M | $72.90M |
| Current Liabilities | $6.12M | $5.65M | $7.64M | $20.73M | $9.37M | $8.37M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $18.39M | $40.76M | $75.39M | $76.38M | $100.56M | $58.72M |
| Retained Earnings | - | ($354.64M) | ($305.95M) | ($281.55M) | ($252.27M) | ($221.23M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($7.19M) | ($14.29M) | ($6.97M) | ($19.26M) | ($12.92M) | $7.92M |
| Investing Cash Flow | $1.20M | $178.0K | $132.0K | $115.0K | ($57.50M) | ($14.68M) |
| Financing Cash Flow | $4.68M | $9.80M | ($60.0K) | $17.09M | $60.74M | $4.24M |
| CapEx | $20.0K | $20.0K | $4.0K | $49.0K | $830.0K | $1.32M |
| Free Cash Flow | ($7.21M) | ($14.31M) | ($6.98M) | ($19.31M) | ($13.75M) | $6.60M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 74.1% | 70.2% | 74.2% | 70.7% | 78.3% | 89.9% |
| Operating margin | -167.1% | -240.3% | -44.2% | -63.7% | -53.0% | 6.9% |
| EBITDA margin | -136.0% | -209.7% | -26.1% | -61.3% | -50.9% | 8.2% |
| Net margin | -168.9% | -236.9% | -59.7% | -60.4% | -53.1% | 8.1% |
| Free cash flow margin | -41.5% | -69.6% | -17.1% | -39.8% | -23.5% | 12.9% |
| FCF / Net income | 0.25 | 0.29 | 0.29 | 0.66 | 0.44 | 1.58 |
| R&D / Revenue | 61.7% | 68.5% | 42.0% | 61.6% | 44.8% | 37.2% |
| SG&A / Revenue | 57.6% | 51.5% | 31.3% | 33.3% | 30.7% | 25.0% |
| Effective tax rate | - | - | - | - | - | 3.7% |
| Return on assets | -117.4% | -101.4% | -28.5% | -28.3% | -26.9% | 5.7% |
| Return on equity | -159.5% | -119.5% | -32.4% | -38.3% | -30.9% | 7.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.74 | 1.77 | 2.21 | 1.28 | 3.06 | 4.69 |
| Quick ratio | 0.74 | 1.77 | 2.21 | 1.28 | 3.06 | 4.69 |
| Cash ratio | 0.24 | 0.50 | 0.93 | 0.68 | 1.72 | 3.08 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 259.0x | - | - | - | - | - |
| Equity multiplier | 1.36 | 1.18 | 1.14 | 1.36 | 1.15 | 1.24 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.70 | 0.43 | 0.48 | 0.47 | 0.51 | 0.70 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 38d | 102d | 71d | 79d | 66d | 88d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 115d | 104d | 87d | 83d | 95d | 160d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | 54.2x |
| P / B | 0.6x | 0.4x | 5.7x | 12.2x | 20.1x | 31.6x |
| P / S | 0.6x | 0.8x | 10.5x | 19.2x | 34.5x | 36.1x |
| EV / EBITDA | - | - | - | - | - | 433.2x |
| Growth | ||||||
| Revenue growth (YoY) | -15.5% | -49.7% | -15.8% | -17.0% | 13.9% | 18.4% |
| Revenue CAGR (3y) | -29.0% | -29.4% | -7.3% | 3.8% | 36.5% | 30.7% |
| Revenue CAGR (5y) | -19.5% | -13.9% | 12.2% | 16.1% | 15.7% | 5.4% |
| Gross profit growth (YoY) | -10.9% | -52.4% | -11.7% | -25.0% | -0.8% | 17.0% |
| Operating income growth (YoY) | 41.3% | -173.6% | 41.6% | 0.0% | - | -65.2% |
| Net income growth (YoY) | 39.8% | -99.6% | 16.7% | 5.7% | - | -61.2% |
| EPS growth (YoY) | 62.9% | -29.6% | 37.7% | - | - | 175.9% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 49.6% | -105.2% | 63.9% | -40.5% | - | -20.7% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -54.9% | -45.9% | -1.3% | -24.0% | 71.3% | 20.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$17.36M totalFamily Safety$14.12M · 81.3%
Commsuite$3.10M · 17.9%
Viewspot$142.0K · 0.8%
Geographic
$17.36M totalAmericas$17.31M · 99.7%
EMEA$56.0K · 0.3%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing SMITH MICRO SOFTWARE against the 5 most active filers in the same SIC group.