What is Smith Micro Software's operating income?

Smith Micro Software's total operating income in 2025 was -$29.01 million, based on the following breakdown: Total Gross Profit: $12.86 million Total Operating Expenses: $41.87 million

Smith Micro Software (SMSI) Financials

$2.59 +0.02 (+0.78%)

Closing price 04:00 PM Eastern

Extended Trading

$2.55 -0.04 (-1.54%)

As of 07:22 PM Eastern

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Annual Income Statements for Smith Micro Software

This table shows Smith Micro Software's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.60	-15	-6.66	-2.74	11	4.17	-31	-29	-24	-49	-30
Consolidated Net Income / (Loss)	-2.60	-15	-6.66	-2.74	11	4.17	-31	-29	-24	-49	-29
Net Income / (Loss) Continuing Operations	-2.60	-15	-6.66	-2.74	11	4.17	-31	-29	-24	-49	-29
Total Pre-Tax Income	-2.53	-16	-7.21	-2.73	11	4.33	-31	-29	-24	-49	-29
Total Operating Income	-2.54	-16	-5.67	-1.21	10	3.52	-31	-31	-18	-49	-29
Total Gross Profit	31	21	18	22	39	46	46	34	30	14	13
Total Revenue	40	28	23	26	43	51	58	49	41	21	17
Operating Revenue	40	28	23	26	43	51	58	49	41	21	17
Total Cost of Revenue	8.15	7.56	5.08	4.33	3.93	5.19	13	14	11	6.13	4.51
Operating Cost of Revenue	8.15	7.56	5.08	4.33	3.93	5.19	13	14	11	6.13	4.51
Total Operating Expenses	34	37	24	23	29	43	77	65	48	64	42
Selling, General & Admin Expense	11	10	8.55	8.61	9.92	13	18	16	13	11	10
Marketing Expense	8.90	9.62	6.19	5.78	7.52	9.10	12	13	11	8.88	5.98
Research & Development Expense	14	16	8.95	8.60	12	18	26	29	17	14	11
Depreciation Expense	-	-	-	-	-	-	-	7.45	7.35	6.29	5.40
Impairment Charge	-	0.41	-	-	-	-	-	-	0.00	24	11
Other Special Charges / (Income)	-	-	-	-	-	0.00	13	-	-	0.00	-1.29
Total Other Income / (Expense), net	0.00	0.33	-1.53	-1.51	0.70	0.80	0.03	1.87	-6.18	0.68	-0.39
Interest Expense	-0.00	0.31	1.53	0.68	-0.23	-0.10	-0.03	2.68	3.99	-0.11	0.41
Other Income / (Expense), net	0.00	0.65	-0.01	-0.84	0.47	0.71	-	4.55	4.16	0.57	0.02
Income Tax Expense	0.07	-0.23	-0.55	0.01	0.08	0.16	0.22	0.23	0.16	-0.01	-0.08
Preferred Stock Dividends Declared	-	-	-	-	-	-	-	-	-	-	0.77
Basic Earnings per Share	($0.26)	($1.28)	($0.49)	($0.14)	$0.31	$0.10	($0.61)	($0.53)	($3.01)	($3.94)	($1.46)
Weighted Average Basic Shares Outstanding	10.16M	11.95M	13.49M	22.32M	34.51M	40.81M	51.23M	55.42M	8.12M	12.37M	20.61M
Weighted Average Diluted Shares Outstanding	10.16M	11.95M	13.49M	22.32M	36.99M	42.76M	51.23M	55.42M	8.12M	17.77M	25.76M
Weighted Average Basic & Diluted Shares Outstanding	10.16M	11.95M	13.49M	22.32M	39.48M	42.22M	54.33M	58.68M	74.94M	17.77M	25.76M

This table shows Smith Micro Software's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-5.13	-6.71	-31	-6.93	-6.37	-4.39	-5.18	-15	-5.17	-4.69	-3.90
Consolidated Net Income / (Loss)	-5.13	-6.71	-31	-6.93	-6.37	-4.39	-5.18	-15	-4.54	-4.55	-3.90
Net Income / (Loss) Continuing Operations	-5.13	-6.71	-31	-6.93	-6.37	-4.39	-5.18	-15	-4.54	-4.55	-3.90
Total Pre-Tax Income	-5.12	-6.58	-31	-6.93	-6.37	-4.44	-5.18	-15	-4.54	-4.63	-3.90
Total Operating Income	-2.18	-5.70	-31	-6.98	-6.51	-4.46	-5.21	-15	-4.49	-4.36	-3.37
Total Gross Profit	8.47	6.43	3.81	3.53	3.33	3.76	3.36	3.25	3.21	3.04	3.31
Total Revenue	11	8.59	5.80	5.14	4.65	4.97	4.62	4.42	4.35	3.98	4.22
Operating Revenue	11	8.59	5.80	5.14	4.65	4.97	4.62	4.42	4.35	3.98	4.22
Total Cost of Revenue	2.53	2.16	1.99	1.61	1.32	1.21	1.26	1.17	1.14	0.94	0.91
Operating Cost of Revenue	2.53	2.16	1.99	1.61	1.32	1.21	1.26	1.17	1.14	0.94	0.91
Total Operating Expenses	11	12	35	11	9.83	8.22	8.57	18	7.70	7.40	6.68
Selling, General & Admin Expense	2.93	3.33	2.76	2.74	2.72	2.37	2.72	2.67	2.27	2.35	2.11
Marketing Expense	2.45	2.46	2.61	2.53	2.06	1.67	1.64	1.67	1.48	1.19	1.48
Research & Development Expense	3.70	3.87	3.99	3.70	3.64	2.76	2.86	2.75	2.60	2.51	1.85
Depreciation Expense	1.57	2.47	1.91	1.54	1.42	1.41	1.35	1.35	1.35	1.35	1.25
Total Other Income / (Expense), net	-2.94	-0.88	0.48	0.02	0.14	0.04	0.03	-0.09	-0.05	-0.29	-0.52
Interest Expense	1.58	-1.25	-	-	0.01	-	0.03	-	0.07	-	0.53
Other Income / (Expense), net	0.09	0.74	0.40	0.02	0.15	-0.01	0.06	-0.09	0.02	0.03	0.00
Income Tax Expense	0.01	0.13	0.04	0.00	0.00	-0.05	0.00	0.00	0.00	-0.08	0.00
Basic Earnings per Share	($0.61)	($0.83)	($3.28)	($0.66)	($0.54)	($0.36)	($0.28)	($0.78)	($0.25)	($0.23)	($0.15)
Weighted Average Basic Shares Outstanding	8.42M	8.12M	9.47M	10.57M	11.83M	12.37M	18.22M	19.42M	20.98M	20.61M	25.70M
Weighted Average Diluted Shares Outstanding	8.42M	8.12M	9.47M	11.04M	17.74M	17.77M	19.41M	20.99M	21.59M	25.76M	25.56M
Weighted Average Basic & Diluted Shares Outstanding	71.93M	74.94M	9.60M	11.04M	17.74M	17.77M	19.41M	20.99M	21.59M	25.76M	25.56M

This table details how cash moves in and out of Smith Micro Software's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1.35	-6.59	-0.02	9.95	16	-2.51	-9.68	-2.05	-6.90	-4.32	-1.31
Net Cash From Operating Activities	-0.06	-12	-7.42	-2.87	9.99	7.92	-13	-19	-6.97	-14	-7.19
Net Cash From Continuing Operating Activities	-0.06	-12	-7.42	-2.87	9.99	7.92	-13	-19	-6.97	-14	-7.19
Net Income / (Loss) Continuing Operations	-2.60	-15	-6.66	-2.74	11	4.17	-31	-29	-24	-49	-29
Consolidated Net Income / (Loss)	-2.60	-15	-6.66	-2.74	11	4.17	-31	-29	-24	-49	-29
Depreciation Expense	1.90	1.38	0.92	0.78	1.34	3.58	9.34	7.56	7.40	6.30	5.40
Amortization Expense	-	0.17	0.46	0.24	-	-	0.00	3.32	5.99	0.00	0.24
Non-Cash Adjustments To Reconcile Net Income	2.23	2.05	1.63	2.03	2.31	3.40	19	-0.02	4.43	28	13
Changes in Operating Assets and Liabilities, net	-1.59	0.24	-3.77	-3.18	-4.38	-3.23	-9.98	-0.84	-0.40	0.48	3.29
Net Cash From Investing Activities	-1.32	1.09	-0.08	-0.17	-5.26	-15	-58	0.12	0.13	0.18	1.20
Net Cash From Continuing Investing Activities	-1.32	1.09	-0.08	-0.17	-5.26	-15	-58	0.12	0.13	0.18	1.20
Purchase of Property, Plant & Equipment	-0.12	-0.50	-0.08	-0.17	-1.66	-1.32	-0.83	-0.05	-0.00	-0.02	-0.09
Sale of Property, Plant & Equipment	-	-	-	-	0.37	0.37	-	-	-	0.00	1.29
Other Investing Activities, net	-	-	-	-	-	-	0.19	0.16	0.14	0.20	0.00
Net Cash From Financing Activities	0.03	3.82	7.47	13	11	4.24	61	17	-0.06	9.80	4.68
Net Cash From Continuing Financing Activities	0.03	3.82	7.47	13	11	4.24	61	17	-0.06	9.80	4.68
Repayment of Debt	-	-	-	-3.20	-	-	0.10	-1.28	-1.04	-1.08	-0.94
Issuance of Debt	-	1.90	3.00	-	-	-	0.00	-1.17	-0.01	0.00	1.34
Issuance of Common Equity	0.02	0.01	2.06	18	0.01	0.02	60	18	0.00	9.84	3.35
Other Financing Activities, net	0.02	1.90	-	-1.00	12	4.23	0.93	1.54	0.98	1.04	0.93

This table details how cash moves in and out of Smith Micro Software's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1.57	-0.86	-0.97	-0.53	-4.12	1.30	-0.52	-0.89	-0.01	0.10	0.25
Net Cash From Operating Activities	1.54	-1.02	-1.35	-4.21	-3.82	-4.93	-0.60	-2.27	-2.14	-2.19	-3.75
Net Cash From Continuing Operating Activities	1.54	-1.02	-1.35	-4.21	-3.82	-4.93	-0.60	-2.27	-2.14	-2.19	-3.75
Net Income / (Loss) Continuing Operations	-5.13	-6.71	-31	-6.93	-6.37	-4.39	-5.18	-15	-4.53	-4.55	-3.90
Consolidated Net Income / (Loss)	-5.13	-6.71	-31	-6.93	-6.37	-4.39	-5.18	-15	-4.53	-4.55	-3.90
Depreciation Expense	1.58	2.48	1.91	1.55	1.43	1.41	1.35	1.35	1.35	1.35	1.25
Amortization Expense	1.34	0.60	-	-	-	-	0.00	-	-	0.22	0.43
Non-Cash Adjustments To Reconcile Net Income	2.77	1.77	25	1.02	1.02	0.98	1.12	11	0.57	0.58	0.51
Changes in Operating Assets and Liabilities, net	0.98	0.85	3.16	0.15	0.11	-2.93	2.11	0.51	0.46	0.22	-2.04
Net Cash From Investing Activities	-0.01	0.07	0.19	-0.01	-0.01	-0.00	-0.00	0.96	0.28	-0.04	-0.01
Net Cash From Continuing Investing Activities	-0.01	0.07	0.19	-0.01	-0.01	-0.00	-0.00	0.96	0.28	-0.04	-0.01
Purchase of Property, Plant & Equipment	-0.01	0.00	-0.00	-0.01	-0.01	-0.00	-0.00	-0.03	-0.02	-0.04	-0.01
Net Cash From Financing Activities	0.03	0.10	0.18	3.69	-0.30	6.23	0.09	0.42	1.85	2.32	4.01
Net Cash From Continuing Financing Activities	0.03	0.10	0.18	3.69	-0.30	6.23	0.09	0.42	1.85	2.32	4.01
Repayment of Debt	-0.51	0.12	-0.29	0.29	-0.83	-0.26	-0.30	-0.13	0.43	-0.94	-0.25
Issuance of Debt	0.01	-0.02	0.00	-	-	-	0.00	-	-	0.10	4.00
Other Financing Activities, net	0.54	-	0.47	0.05	0.53	-0.00	0.38	0.55	-0.78	0.78	0.26

This table presents Smith Micro Software's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	24	14	14	25	61	73	115	104	86	48	25
Total Current Assets	22	7.92	7.93	20	40	39	29	27	17	10.00	4.53
Cash & Equivalents	8.82	2.23	2.21	12	28	26	16	14	7.13	2.81	1.49
Accounts Receivable	8.15	4.96	5.15	7.13	11	12	11	11	7.91	5.72	1.82
Prepaid Expenses	0.69	0.73	0.58	0.80	0.80	1.19	1.99	1.98	1.84	1.47	1.22
Plant, Property, & Equipment, net	2.49	1.81	1.23	0.87	2.11	2.17	2.70	1.50	0.88	0.54	0.33
Total Noncurrent Assets	0.20	4.58	4.72	4.25	19	31	83	76	68	38	20
Intangible Assets	-	0.75	0.49	0.24	4.54	13	43	36	30	24	18
Other Noncurrent Operating Assets	0.20	0.15	0.15	0.14	6.70	6.48	5.49	4.21	3.24	2.86	1.62
Total Liabilities & Shareholders' Equity	24	14	14	25	61	73	115	104	86	48	25
Total Liabilities	10	11	9.31	4.64	13	14	14	27	10	7.29	6.58
Total Current Liabilities	7.21	5.51	4.82	3.38	5.72	8.37	9.37	21	7.64	5.65	6.12
Short-Term Debt	-	-	-	-	-	-	0.00	9.01	-	0.00	1.01
Accounts Payable	1.71	1.91	2.33	1.16	2.05	2.28	3.30	3.24	2.52	1.74	1.94
Current Employee Benefit Liabilities	-	-	-	-	-	-	-	-	-	1.69	1.49
Other Current Liabilities	-	-	-	-	1.22	1.43	1.40	3.02	1.48	2.22	1.69
Total Noncurrent Liabilities	3.24	5.74	4.49	1.26	6.79	5.82	4.58	6.47	2.55	1.64	0.46
Long-Term Debt	-	2.59	2.76	-	-	-	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	3.24	1.81	0.77	0.53	5.91	4.81	4.47	6.29	0.60	1.51	0.46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14	3.06	4.57	21	49	59	101	76	75	41	18
Total Preferred & Common Equity	14	3.06	4.57	21	49	59	101	76	75	41	18
Total Common Equity	14	3.06	4.57	21	49	59	101	76	75	41	18
Common Stock	225	229	238	257	274	280	353	358	381	395	403
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	-355	-385

This table presents Smith Micro Software's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	92	55	53	46	43	30	27	26
Total Current Assets	21	12	12	6.42	6.96	5.87	5.06	5.97
Cash & Equivalents	7.98	6.16	5.63	1.51	2.29	1.40	1.39	1.74
Accounts Receivable	10	4.30	3.82	3.41	3.24	2.87	2.58	2.90
Prepaid Expenses	2.94	1.80	2.06	1.51	1.44	1.60	1.09	1.32
Plant, Property, & Equipment, net	1.00	0.79	0.70	0.62	0.47	0.42	0.37	0.27
Total Noncurrent Assets	70	42	41	39	36	23	22	20
Intangible Assets	32	28	26	25	22	21	20	17
Other Noncurrent Operating Assets	3.16	3.63	3.47	3.16	2.56	2.25	1.93	2.24
Total Liabilities & Shareholders' Equity	92	55	53	46	43	30	27	26
Total Liabilities	15	10.00	10	8.43	6.80	7.17	7.24	7.45
Total Current Liabilities	12	7.19	7.54	6.41	5.67	6.27	6.52	4.36
Short-Term Debt	3.46	-	-	-	-	-	0.73	0.00
Accounts Payable	3.03	2.22	2.34	2.05	1.67	1.77	2.28	1.57
Current Employee Benefit Liabilities	-	-	-	-	-	1.82	1.60	1.42
Other Current Liabilities	1.48	1.27	1.23	1.23	1.42	2.69	1.92	1.37
Total Noncurrent Liabilities	3.24	2.81	2.55	2.02	1.13	0.90	0.72	3.10
Long-Term Debt	-	-	-	-	-	-	-	1.90
Other Noncurrent Operating Liabilities	3.07	2.64	2.38	1.86	1.00	0.77	0.59	1.20
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	77	45	43	38	37	22	20	18
Total Preferred & Common Equity	77	45	43	38	37	22	20	18
Total Common Equity	77	45	43	38	37	22	20	18
Common Stock	376	382	387	388	396	397	400	407
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-375	-380	-389

This table displays calculated financial ratios and metrics derived from Smith Micro Software's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	46,094,048.00	12,324,416.00	28,567,906.00	25,027,129.00	38,502,511.00	41,295,351.00	54,565,351.00	56,237,081.00	71,925,856.00	17,736,708.00	21,585,712.00
DEI Adjusted Shares Outstanding	1,440,439.00	1,540,552.00	3,570,988.00	3,128,391.00	4,812,814.00	5,161,919.00	6,820,669.00	7,029,635.00	8,990,732.00	17,736,708.00	21,585,712.00
DEI Earnings Per Adjusted Shares Outstanding	-1.81	-9.96	-1.87	-0.88	2.23	0.81	-4.55	-4.17	-2.71	-2.75	-1.39
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.84%	-28.53%	-18.63%	14.41%	64.91%	18.35%	13.88%	-16.96%	-15.77%	-49.70%	-15.53%
EBITDA Growth	92.84%	-2,072.74%	68.63%	75.96%	1,252.32%	-34.44%	-376.53%	28.27%	96.74%	-8,320.20%	45.07%
EBIT Growth	78.42%	-501.93%	62.76%	63.89%	615.30%	-60.01%	-831.57%	14.76%	47.32%	-251.41%	40.61%
NOPAT Growth	78.39%	-526.67%	64.33%	78.60%	1,280.30%	-66.19%	-738.70%	0.04%	41.62%	-173.55%	41.26%
Net Income Growth	77.95%	-489.66%	56.59%	58.87%	491.31%	-61.15%	-845.33%	5.68%	16.68%	-99.61%	39.78%
EPS Growth	77.95%	-392.31%	61.72%	71.43%	307.14%	-65.52%	-710.00%	13.11%	16.68%	0.00%	0.00%
Operating Cash Flow Growth	99.20%	-20,814.55%	35.50%	61.26%	447.53%	-20.66%	-263.00%	-49.13%	63.80%	-105.01%	49.68%
Free Cash Flow Firm Growth	84.46%	-1,180.23%	57.75%	27.12%	52.06%	-361.96%	-699.29%	88.35%	-32.80%	78.13%	89.39%
Invested Capital Growth	-39.20%	202.92%	49.71%	64.14%	142.93%	61.45%	156.30%	-15.53%	-1.84%	-45.82%	-52.82%
Revenue Q/Q Growth	-1.37%	-9.38%	-5.56%	6.57%	12.82%	0.27%	4.03%	-6.32%	-6.44%	-14.99%	-5.41%
EBITDA Q/Q Growth	-375.55%	-23.09%	41.89%	76.82%	7.51%	-23.33%	-31.47%	23.14%	47.34%	-2.84%	1.23%
EBIT Q/Q Growth	-42.90%	-20.23%	36.20%	63.36%	6.19%	-41.00%	-18.05%	5.12%	7.23%	0.99%	0.46%
NOPAT Q/Q Growth	-43.07%	-25.33%	36.25%	49.98%	40.11%	-51.90%	-14.93%	-11.26%	7.51%	2.44%	0.33%
Net Income Q/Q Growth	-44.08%	-25.67%	34.87%	51.93%	8.83%	-42.60%	-17.34%	-15.66%	4.91%	4.55%	-0.55%
EPS Q/Q Growth	-44.08%	-28.00%	31.94%	39.13%	-19.44%	-44.44%	-24.49%	-17.78%	4.91%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-127.36%	-49.02%	19.37%	39.57%	100.40%	-41.02%	-771.66%	35.08%	35.03%	-37.57%	27.59%
Free Cash Flow Firm Q/Q Growth	14.18%	-56.83%	20.46%	-252.53%	87.65%	-141.33%	-25.02%	56.71%	21.03%	-459.31%	92.19%
Invested Capital Q/Q Growth	-26.59%	181.71%	142.08%	466.35%	-2.40%	3.78%	18.24%	-0.46%	-3.21%	4.72%	-6.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.37%	73.21%	77.88%	83.52%	90.94%	89.88%	78.27%	70.71%	74.16%	70.20%	74.05%
EBITDA Margin	-1.60%	-48.56%	-18.72%	-3.93%	27.49%	15.23%	-36.97%	-31.94%	-1.24%	-206.87%	-134.53%
Operating Margin	-6.42%	-56.33%	-24.70%	-4.62%	23.31%	6.86%	-52.96%	-63.75%	-44.19%	-240.28%	-167.09%
EBIT Margin	-6.42%	-54.04%	-24.73%	-7.81%	24.39%	8.24%	-52.96%	-54.36%	-34.00%	-237.52%	-167.00%
Profit (Net Income) Margin	-6.59%	-54.34%	-28.99%	-10.42%	24.74%	8.12%	-53.14%	-60.35%	-59.70%	-236.91%	-168.91%
Tax Burden Percent	102.68%	98.53%	92.42%	100.48%	99.26%	96.30%	100.70%	100.78%	100.65%	99.97%	99.74%
Interest Burden Percent	99.96%	102.05%	126.84%	132.89%	102.16%	102.27%	99.64%	110.16%	174.46%	99.77%	101.40%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.74%	3.70%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-119.00%	-489.49%	-93.02%	-12.57%	69.61%	12.70%	-36.88%	-27.78%	-17.88%	-64.03%	-72.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-112.63%	-422.33%	-681.46%	20.01%	66.18%	9.84%	8.00%	44.55%	209.02%	282.45%	474.73%
Return on Net Nonoperating Assets (RNNOA)	101.01%	309.88%	-81.68%	-9.24%	-38.64%	-4.95%	-2.10%	-5.31%	-14.27%	-19.83%	-26.45%
Return on Equity (ROE)	-17.99%	-179.61%	-174.69%	-21.81%	30.97%	7.76%	-38.98%	-33.10%	-32.15%	-83.85%	-99.17%
Cash Return on Invested Capital (CROIC)	-70.23%	-590.22%	-132.83%	-61.13%	-13.75%	-34.30%	-124.62%	-10.94%	-16.02%	-4.59%	-0.94%
Operating Return on Assets (OROA)	-9.78%	-78.69%	-40.32%	-10.50%	24.48%	6.31%	-33.02%	-24.19%	-14.69%	-73.07%	-79.42%
Return on Assets (ROA)	-10.03%	-79.13%	-47.27%	-14.02%	24.82%	6.21%	-33.13%	-26.85%	-25.79%	-72.89%	-80.33%
Return on Common Equity (ROCE)	-17.99%	-179.61%	-174.69%	-21.81%	30.97%	7.76%	-38.98%	-33.10%	-32.15%	-83.85%	-99.17%
Return on Equity Simple (ROE_SIMPLE)	-18.55%	-501.57%	-145.85%	-13.32%	22.02%	7.09%	-30.87%	-38.33%	-32.36%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.78	-11	-3.97	-0.85	10	3.39	-22	-22	-13	-35	-20
NOPAT Margin	-4.50%	-39.43%	-17.29%	-3.23%	23.14%	6.61%	-37.07%	-44.62%	-30.93%	-168.20%	-116.96%
Net Nonoperating Expense Percent (NNEP)	-6.36%	-67.16%	588.45%	-32.57%	3.42%	2.87%	-44.88%	-72.33%	-226.89%	-346.47%	-547.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-16.38%	-84.83%	-104.70%
Cost of Revenue to Revenue	20.63%	26.79%	22.12%	16.48%	9.06%	10.12%	21.74%	29.29%	25.84%	29.80%	25.95%
SG&A Expenses to Revenue	28.17%	36.62%	37.22%	32.74%	22.89%	24.95%	30.67%	31.96%	31.27%	51.49%	57.65%
R&D to Revenue	35.09%	56.33%	38.97%	32.73%	26.95%	34.64%	44.84%	60.58%	41.96%	68.52%	61.73%
Operating Expenses to Revenue	85.79%	129.54%	102.58%	88.13%	67.63%	83.02%	131.22%	134.46%	118.34%	310.48%	241.14%
Earnings before Interest and Taxes (EBIT)	-2.54	-15	-5.68	-2.05	11	4.23	-31	-26	-14	-49	-29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.63	-14	-4.30	-1.03	12	7.81	-22	-15	-0.51	-43	-23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	6.33	8.88	2.19	3.15	3.81	2.67	1.55	0.79	0.57	0.63
Price to Tangible Book Value (P/TBV)	2.40	0.00	102.70	2.71	4.22	6.63	11.73	23.53	5.49	3.80	0.00
Price to Revenue (P/Rev)	0.85	0.69	1.77	1.71	3.54	4.36	4.60	2.43	1.45	1.13	0.67
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	14.29	53.74	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	7.00%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	18.34	5.76	8.03	3.91	6.12	6.01	2.99	1.58	0.77	0.54	0.62
Enterprise Value to Revenue (EV/Rev)	0.52	0.70	1.79	1.25	2.88	3.86	4.32	2.33	1.32	0.99	0.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	10.49	25.36	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	11.82	46.84	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	12.46	58.41	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	12.51	25.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.85	0.60	0.00	0.00	0.00	0.00	0.12	0.02	0.00	0.05
Long-Term Debt to Equity	0.00	0.85	0.60	0.00	0.00	0.00	0.00	0.00	0.02	0.00	0.00
Financial Leverage	-0.90	-0.73	0.12	-0.46	-0.58	-0.50	-0.26	-0.12	-0.07	-0.07	-0.06
Leverage Ratio	1.79	2.27	3.70	1.56	1.25	1.25	1.18	1.23	1.25	1.15	1.23
Compound Leverage Factor	1.79	2.32	4.69	2.07	1.27	1.28	1.17	1.36	2.17	1.15	1.25
Debt to Total Capital	0.00%	45.85%	37.65%	0.00%	0.00%	0.00%	0.00%	10.55%	2.31%	0.00%	5.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.55%	0.00%	0.00%	5.19%
Long-Term Debt to Total Capital	0.00%	45.85%	37.65%	0.00%	0.00%	0.00%	0.00%	0.00%	2.31%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	54.15%	62.35%	100.00%	100.00%	100.00%	100.00%	89.45%	97.69%	100.00%	94.81%
Debt to EBITDA	0.00	-0.19	-0.64	0.00	0.00	0.00	0.00	-0.58	-3.52	0.00	-0.04
Net Debt to EBITDA	0.00	-0.03	-0.13	0.00	0.00	0.00	0.00	0.32	10.58	0.00	0.02
Long-Term Debt to EBITDA	0.00	-0.19	-0.64	0.00	0.00	0.00	0.00	0.00	-3.52	0.00	0.00
Debt to NOPAT	0.00	-0.23	-0.69	0.00	0.00	0.00	0.00	-0.42	-0.14	0.00	-0.05
Net Debt to NOPAT	0.00	-0.03	-0.14	0.00	0.00	0.00	0.00	0.23	0.42	0.00	0.02
Long-Term Debt to NOPAT	0.00	-0.23	-0.69	0.00	0.00	0.00	0.00	0.00	-0.14	0.00	0.00
Altman Z-Score	-8.15	-22.45	-20.31	-5.72	4.14	6.62	8.28	-1.51	-1.43	-0.90	-2.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.02	1.44	1.65	5.94	6.99	4.69	3.06	1.28	2.21	1.77	0.74
Quick Ratio	2.92	1.31	1.53	5.70	6.85	4.55	2.85	1.18	1.97	1.51	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.05	-13	-5.67	-4.13	-1.98	-9.16	-73	-8.53	-11	-2.48	-0.26
Operating Cash Flow to CapEx	-44.35%	-2,300.60%	-9,635.06%	-1,661.27%	774.86%	828.87%	-1,556.14%	-39,308.16%	-174,325.00%	-71,475.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-42.89	-3.72	-6.12	0.00	0.00	0.00	-3.18	-2.84	0.00	-0.65
Operating Cash Flow to Interest Expense	0.00	-36.75	-4.86	-4.26	0.00	0.00	0.00	-7.19	-1.75	0.00	-17.67
Operating Cash Flow Less CapEx to Interest Expense	0.00	-38.35	-4.92	-4.51	0.00	0.00	0.00	-7.21	-1.75	0.00	-14.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.52	1.46	1.63	1.35	1.00	0.77	0.62	0.44	0.43	0.31	0.48
Accounts Receivable Turnover	4.83	4.31	4.55	4.28	4.81	4.41	5.09	4.60	4.44	3.02	4.61
Inventory Turnover	119.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.68	13.12	15.11	25.11	29.15	23.98	24.00	23.12	34.32	28.93	39.96
Accounts Payable Turnover	5.05	4.18	2.40	2.48	2.45	2.40	4.55	4.35	3.67	2.88	2.45
Days Sales Outstanding (DSO)	75.58	84.72	80.29	85.23	75.89	82.68	71.65	79.34	82.24	121.04	79.23
Days Inventory Outstanding (DIO)	3.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	72.29	87.22	152.26	147.12	149.18	152.33	80.24	83.96	99.52	126.91	148.88
Cash Conversion Cycle (CCC)	6.34	-2.50	-71.98	-61.89	-73.29	-69.65	-8.59	-4.61	-17.28	-5.87	-69.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.13	3.42	5.12	8.40	20	33	84	71	70	38	18
Invested Capital Turnover	26.46	12.41	5.38	3.89	3.01	1.92	0.99	0.62	0.58	0.38	0.62
Increase / (Decrease) in Invested Capital	-0.73	2.29	1.70	3.28	12	13	52	-13	-1.32	-32	-20
Enterprise Value (EV)	21	20	41	33	125	198	252	113	54	20	11
Market Capitalization	34	19	41	45	153	224	268	118	59	23	12
Book Value per Share	$0.30	$0.25	$0.32	$0.82	$1.26	$1.42	$1.84	$1.36	$1.05	$2.30	$0.85
Tangible Book Value per Share	$0.30	($0.11)	$0.03	$0.66	$0.94	$0.82	$0.42	$0.09	$0.15	$0.34	$0.00
Total Capital	14	5.65	7.33	21	49	59	101	85	77	41	19
Total Debt	0.00	2.59	2.76	0.00	0.00	0.00	0.00	9.01	1.78	0.00	1.01
Total Long-Term Debt	0.00	2.59	2.76	0.00	0.00	0.00	0.00	0.00	1.78	0.00	0.00
Net Debt	-13	0.36	0.55	-12	-28	-26	-16	-5.02	-5.35	-2.81	-0.49
Capital Expenditures (CapEx)	0.12	0.50	0.08	0.17	1.29	0.96	0.83	0.05	0.00	0.02	-1.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.68	0.18	0.91	4.54	5.98	5.17	3.21	0.76	2.11	1.54	-2.08
Debt-free Net Working Capital (DFNWC)	15	2.41	3.11	17	34	31	19	15	9.24	4.35	-0.58
Net Working Capital (NWC)	15	2.41	3.11	17	34	31	19	5.78	9.24	4.35	-1.59
Net Nonoperating Expense (NNE)	0.83	4.21	2.69	1.89	-0.69	-0.77	9.39	7.63	12	14	9.02
Net Nonoperating Obligations (NNO)	-13	0.36	0.55	-12	-28	-26	-16	-5.02	-5.35	-2.81	-0.49
Total Depreciation and Amortization (D&A)	1.90	1.55	1.38	1.02	1.34	3.58	9.34	11	13	6.30	5.64
Debt-free, Cash-free Net Working Capital to Revenue	4.24%	0.64%	3.94%	17.28%	13.79%	10.07%	5.49%	1.57%	5.17%	7.48%	-11.96%
Debt-free Net Working Capital to Revenue	36.89%	8.53%	13.54%	63.54%	79.00%	60.27%	33.02%	30.48%	22.61%	21.14%	-3.36%
Net Working Capital to Revenue	36.89%	8.53%	13.54%	63.54%	79.00%	60.27%	33.02%	11.91%	22.61%	21.14%	-9.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.92)	($9.68)	($3.92)	($1.12)	$2.48	$0.80	($4.88)	($4.24)	($3.04)	($3.94)	($1.46)
Adjusted Weighted Average Basic Shares Outstanding	1.43M	1.54M	2.28M	4.02M	4.31M	5.10M	6.40M	6.93M	8.11M	12.37M	20.61M
Adjusted Diluted Earnings per Share	($1.92)	($9.68)	($3.92)	($1.12)	$2.32	$0.80	($4.88)	($4.24)	($3.04)	($3.94)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	1.43M	1.54M	2.28M	4.02M	4.62M	5.35M	6.40M	6.93M	8.11M	12.37M	25.76M
Adjusted Basic & Diluted Earnings per Share	($1.92)	($9.68)	($3.92)	($1.12)	$0.00	$0.00	($4.88)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.44M	1.49M	1.69M	2.79M	4.94M	5.28M	6.79M	7.33M	9.37M	17.77M	25.76M
Normalized Net Operating Profit after Tax (NOPAT)	-1.78	-11	-4.06	-0.73	10	3.39	-13	-22	-13	-18	-13
Normalized NOPAT Margin	-4.50%	-37.66%	-17.66%	-2.77%	23.58%	6.61%	-21.66%	-44.62%	-30.93%	-86.50%	-77.59%
Pre Tax Income Margin	-6.41%	-55.15%	-31.37%	-10.37%	24.92%	8.43%	-52.77%	-59.89%	-59.32%	-236.97%	-169.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-48.75	-3.73	-3.04	0.00	0.00	0.00	-9.84	-3.48	0.00	-71.24
NOPAT to Interest Expense	0.00	-35.57	-2.60	-1.26	0.00	0.00	0.00	-8.08	-3.17	0.00	-49.90
EBIT Less CapEx to Interest Expense	0.00	-50.35	-3.78	-3.30	0.00	0.00	0.00	-9.86	-3.48	0.00	-68.30
NOPAT Less CapEx to Interest Expense	0.00	-37.17	-2.66	-1.52	0.00	0.00	0.00	-8.10	-3.17	0.00	-46.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-14.74%	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-14.74%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Smith Micro Software's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	66,752,487.00	71,925,856.00	71,925,856.00	9,601,582.00	11,035,130.00	17,736,708.00	17,773,859.00	19,413,821.00	20,994,917.00	21,585,712.00	25,763,019.00
DEI Adjusted Shares Outstanding	8,344,061.00	8,990,732.00	8,990,732.00	9,601,582.00	11,035,130.00	17,736,708.00	17,773,859.00	19,413,821.00	20,994,917.00	21,585,712.00	25,763,019.00
DEI Earnings Per Adjusted Shares Outstanding	-0.62	-0.75	-3.45	-0.72	-0.58	-0.25	-0.29	-0.78	-0.25	-0.22	-0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.97%	-24.66%	-46.95%	-50.28%	-57.75%	-42.17%	-20.30%	-14.01%	-6.48%	-20.00%	-8.66%
EBITDA Growth	151.30%	19.45%	-16,640.23%	-852.29%	-694.10%	-62.45%	86.95%	-153.13%	36.71%	9.53%	55.44%
EBIT Growth	57.19%	17.93%	-677.80%	-143.95%	-203.73%	9.88%	83.40%	-116.25%	29.70%	2.98%	34.57%
NOPAT Growth	73.90%	20.47%	-353.44%	-115.14%	-198.35%	21.72%	83.43%	-114.26%	31.07%	2.13%	35.26%
Net Income Growth	11.68%	15.82%	-350.23%	-22.31%	-24.08%	34.56%	83.30%	-117.38%	28.80%	-3.64%	24.74%
EPS Growth	11.68%	15.82%	-350.23%	0.00%	0.00%	56.63%	0.00%	0.00%	0.00%	36.11%	0.00%
Operating Cash Flow Growth	154.05%	78.61%	74.79%	-95.18%	-347.57%	-381.62%	55.24%	46.10%	43.98%	55.63%	-523.26%
Free Cash Flow Firm Growth	63.85%	-132.94%	186.09%	691.48%	1,534.03%	1,184.65%	-89.87%	-82.43%	-56.07%	-41.36%	881.84%
Invested Capital Growth	0.94%	-1.84%	-47.47%	-50.39%	-49.92%	-45.82%	-12.76%	-43.63%	-46.94%	-52.82%	-46.02%
Revenue Q/Q Growth	6.41%	-21.89%	-32.53%	-11.35%	-9.57%	6.91%	-7.00%	-4.35%	-1.65%	-8.56%	6.19%
EBITDA Q/Q Growth	15.44%	-326.51%	-1,449.36%	81.43%	8.84%	38.07%	-24.49%	-260.13%	77.21%	11.47%	38.69%
EBIT Q/Q Growth	26.59%	-136.88%	-526.10%	77.59%	8.60%	29.72%	-15.31%	-191.93%	70.29%	3.00%	22.24%
NOPAT Q/Q Growth	32.77%	-161.12%	-452.17%	77.81%	6.76%	31.49%	-16.87%	-187.01%	70.01%	2.72%	22.69%
Net Income Q/Q Growth	9.39%	-30.74%	-362.03%	77.65%	8.08%	31.04%	-17.90%	-190.88%	69.89%	-0.37%	14.39%
EPS Q/Q Growth	9.39%	-30.74%	-362.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	171.48%	-166.39%	-31.48%	-212.86%	9.34%	-29.15%	87.78%	-276.74%	5.78%	-2.29%	-71.64%
Free Cash Flow Firm Q/Q Growth	-152.85%	-21.34%	604.77%	144.53%	-4.25%	-8.22%	-95.29%	324.15%	139.38%	22.51%	-21.06%
Invested Capital Q/Q Growth	-3.69%	-3.21%	-43.91%	-5.12%	-2.78%	4.72%	-9.68%	-38.69%	-8.49%	-6.89%	3.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.02%	74.86%	65.71%	68.74%	71.58%	75.65%	72.78%	73.51%	73.87%	76.35%	78.42%
EBITDA Margin	7.54%	-21.88%	-502.38%	-105.23%	-106.09%	-61.46%	-82.28%	-309.77%	-71.80%	-69.51%	-40.13%
Operating Margin	-19.83%	-66.27%	-542.36%	-135.78%	-140.00%	-89.72%	-112.75%	-338.30%	-103.17%	-109.76%	-79.91%
EBIT Margin	-19.03%	-57.70%	-535.39%	-135.31%	-136.77%	-89.92%	-111.49%	-340.27%	-102.81%	-109.06%	-79.86%
Profit (Net Income) Margin	-46.66%	-78.10%	-534.79%	-134.81%	-137.03%	-88.39%	-112.05%	-340.77%	-104.32%	-114.52%	-92.32%
Tax Burden Percent	100.27%	102.02%	100.13%	100.00%	100.00%	98.83%	100.02%	100.00%	100.00%	98.34%	100.00%
Interest Burden Percent	244.58%	132.67%	99.76%	99.63%	100.19%	99.46%	100.49%	100.15%	101.48%	106.78%	115.60%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-8.41%	-26.81%	-237.83%	-51.63%	-43.64%	-23.91%	-41.58%	-151.61%	-47.81%	-47.77%	-35.96%
ROIC Less NNEP Spread (ROIC-NNEP)	36.06%	25.76%	104.50%	30.40%	16.48%	7.28%	-5.31%	-20.87%	80.69%	43.15%	108.33%
Return on Net Nonoperating Assets (RNNOA)	-3.65%	-1.76%	-4.60%	-1.29%	-0.87%	-0.51%	0.55%	2.25%	-3.04%	-2.40%	-4.20%
Return on Equity (ROE)	-12.06%	-28.57%	-242.44%	-52.92%	-44.50%	-24.42%	-41.03%	-149.36%	-50.85%	-50.18%	-40.16%
Cash Return on Invested Capital (CROIC)	-19.91%	-16.02%	10.00%	9.70%	1.27%	-4.59%	-30.44%	-18.97%	-12.13%	-0.94%	-12.31%
Operating Return on Assets (OROA)	-8.23%	-24.93%	-248.92%	-55.96%	-47.76%	-27.66%	-43.73%	-153.77%	-51.49%	-51.87%	-39.18%
Return on Assets (ROA)	-20.20%	-33.74%	-248.64%	-55.75%	-47.85%	-27.19%	-43.95%	-154.00%	-52.25%	-54.46%	-45.29%
Return on Common Equity (ROCE)	-12.06%	-28.57%	-242.44%	-52.92%	-44.50%	-24.42%	-41.03%	-149.36%	-50.85%	-50.18%	-40.16%
Return on Equity Simple (ROE_SIMPLE)	-33.37%	0.00%	-106.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.53	-3.99	-22	-4.89	-4.55	-3.12	-3.65	-10	-3.14	-3.05	-2.36
NOPAT Margin	-13.88%	-46.39%	-379.65%	-95.04%	-98.00%	-62.80%	-78.92%	-236.81%	-72.22%	-76.83%	-55.94%
Net Nonoperating Expense Percent (NNEP)	-44.47%	-52.58%	-342.33%	-82.03%	-60.12%	-31.19%	-36.27%	-130.74%	-128.50%	-90.92%	-144.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-5.17%	-48.44%	-11.39%	-12.07%	-7.66%	-9.97%	-46.70%	-15.22%	-15.75%	-11.66%
Cost of Revenue to Revenue	22.98%	25.14%	34.29%	31.26%	28.42%	24.35%	27.22%	26.49%	26.13%	23.65%	21.58%
SG&A Expenses to Revenue	26.67%	38.75%	47.53%	53.31%	58.41%	47.74%	58.95%	60.43%	52.17%	59.02%	50.06%
R&D to Revenue	33.67%	45.01%	68.80%	72.02%	78.25%	55.48%	61.83%	62.26%	59.88%	63.07%	43.78%
Operating Expenses to Revenue	96.85%	141.14%	608.07%	204.51%	211.57%	165.37%	185.52%	411.81%	177.04%	186.11%	158.33%
Earnings before Interest and Taxes (EBIT)	-2.09	-4.96	-31	-6.96	-6.36	-4.47	-5.15	-15	-4.47	-4.34	-3.37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.83	-1.88	-29	-5.41	-4.93	-3.05	-3.80	-14	-3.12	-2.76	-1.69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.05	0.79	0.55	0.49	0.30	0.57	0.36	0.75	0.76	0.63	1.01
Price to Tangible Book Value (P/TBV)	8.12	5.49	3.71	3.80	6.38	3.80	4.09	12.21	123.41	0.00	18.05
Price to Revenue (P/Rev)	1.85	1.45	0.69	0.70	0.47	1.13	0.67	0.90	0.83	0.67	1.09
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.05	0.77	0.47	0.42	0.27	0.54	0.31	0.73	0.76	0.62	1.01
Enterprise Value to Revenue (EV/Rev)	1.75	1.32	0.52	0.51	0.40	0.99	0.55	0.82	0.79	0.64	1.10
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3.26	2.86	14.14	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.05	0.10
Long-Term Debt to Equity	0.00	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10
Financial Leverage	-0.10	-0.07	-0.04	-0.04	-0.05	-0.07	-0.10	-0.11	-0.04	-0.06	-0.04
Leverage Ratio	1.26	1.25	1.29	1.26	1.21	1.15	1.20	1.26	1.27	1.23	1.26
Compound Leverage Factor	3.08	1.65	1.29	1.25	1.21	1.14	1.21	1.27	1.29	1.32	1.46
Debt to Total Capital	4.30%	2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.54%	5.19%	9.39%
Short-Term Debt to Total Capital	4.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.54%	5.19%	0.00%
Long-Term Debt to Total Capital	0.00%	2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	95.70%	97.69%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	96.46%	94.81%	90.61%
Debt to EBITDA	-3.60	-3.52	0.00	0.00	0.00	0.00	0.00	0.00	-0.03	-0.04	-0.09
Net Debt to EBITDA	4.72	10.58	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.02	-0.01
Long-Term Debt to EBITDA	0.00	-3.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.09
Debt to NOPAT	-0.25	-0.14	0.00	0.00	0.00	0.00	0.00	0.00	-0.04	-0.05	-0.10
Net Debt to NOPAT	0.33	0.42	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.02	-0.01
Long-Term Debt to NOPAT	0.00	-0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.10
Altman Z-Score	-0.88	-1.09	-8.12	-7.59	-9.75	2.14	-10.38	0.34	1.33	1.11	1.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	2.21	1.70	1.53	1.00	1.77	1.23	0.94	0.78	0.74	1.37
Quick Ratio	1.50	1.97	1.45	1.25	0.77	1.51	0.97	0.68	0.61	0.54	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.20	-2.67	13	33	32	29	1.37	5.79	14	17	13
Operating Cash Flow to CapEx	30,820.00%	0.00%	-33,625.00%	-60,114.29%	-63,583.33%	-164,233.33%	-15,050.00%	-8,400.00%	0.00%	-6,072.22%	-34,109.09%
Free Cash Flow to Firm to Interest Expense	-1.39	0.00	0.00	0.00	2,631.09	0.00	54.64	0.00	210.14	0.00	25.50
Operating Cash Flow to Interest Expense	0.97	0.00	0.00	0.00	-317.92	0.00	-24.08	0.00	-32.38	0.00	-7.13
Operating Cash Flow Less CapEx to Interest Expense	0.97	0.00	0.00	0.00	-318.42	0.00	-24.24	0.00	-28.15	0.00	-7.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.43	0.46	0.41	0.35	0.31	0.39	0.45	0.50	0.48	0.49
Accounts Receivable Turnover	4.42	4.44	4.61	3.89	3.53	3.02	5.14	5.58	6.14	4.61	5.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	31.59	34.32	34.66	33.59	29.98	28.93	30.81	33.20	37.20	39.96	45.72
Accounts Payable Turnover	3.53	3.67	3.47	2.92	2.79	2.88	2.77	2.42	2.21	2.45	2.57
Days Sales Outstanding (DSO)	82.61	82.24	79.10	93.81	103.38	121.04	71.00	65.45	59.48	79.23	66.06
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	103.53	99.52	105.13	125.17	130.94	126.91	131.63	151.00	165.45	148.88	142.25
Cash Conversion Cycle (CCC)	-20.92	-17.28	-26.02	-31.36	-27.57	-5.87	-60.63	-85.56	-105.97	-69.65	-76.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	72	70	39	37	36	38	34	21	19	18	19
Invested Capital Turnover	0.61	0.58	0.63	0.54	0.45	0.38	0.53	0.64	0.66	0.62	0.64
Increase / (Decrease) in Invested Capital	0.68	-1.32	-35	-38	-36	-32	-5.01	-16	-17	-20	-16
Enterprise Value (EV)	76	54	19	16	9.75	20	11	15	15	11	19
Market Capitalization	81	59	25	21	11	23	13	17	15	12	19
Book Value per Share	$1.15	$1.05	$4.80	$4.47	$3.42	$2.30	$2.06	$1.15	$0.95	$0.85	$0.71
Tangible Book Value per Share	$0.15	$0.15	$0.71	$0.58	$0.16	$0.34	$0.18	$0.07	$0.01	$0.00	$0.04
Total Capital	80	77	45	43	38	41	37	22	21	19	20
Total Debt	3.46	1.78	0.00	0.00	0.00	0.00	0.00	0.00	0.73	1.01	1.90
Total Long-Term Debt	0.00	1.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.90
Net Debt	-4.53	-5.35	-6.16	-5.63	-1.51	-2.81	-2.29	-1.40	-0.66	-0.49	0.16
Capital Expenditures (CapEx)	0.01	-0.00	0.00	0.01	0.01	0.00	0.00	0.03	-0.28	0.04	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.51	2.11	-1.09	-1.66	-1.50	1.54	-1.00	-1.81	-2.13	-2.08	-0.13
Debt-free Net Working Capital (DFNWC)	12	9.24	5.07	3.96	0.01	4.35	1.29	-0.41	-0.73	-0.58	1.61
Net Working Capital (NWC)	9.03	9.24	5.07	3.96	0.01	4.35	1.29	-0.41	-1.46	-1.59	1.61
Net Nonoperating Expense (NNE)	3.61	2.72	8.99	2.04	1.81	1.27	1.53	4.59	1.40	1.50	1.54
Net Nonoperating Obligations (NNO)	-4.53	-5.35	-6.16	-5.63	-1.51	-2.81	-2.29	-1.40	-0.66	-0.49	0.16
Total Depreciation and Amortization (D&A)	2.92	3.08	1.91	1.55	1.43	1.41	1.35	1.35	1.35	1.57	1.68
Debt-free, Cash-free Net Working Capital to Revenue	10.32%	5.17%	-3.05%	-5.45%	-6.20%	7.48%	-5.15%	-9.70%	-11.58%	-11.96%	-0.78%
Debt-free Net Working Capital to Revenue	28.60%	22.61%	14.18%	12.98%	0.04%	21.14%	6.66%	-2.19%	-3.99%	-3.36%	9.49%
Net Working Capital to Revenue	20.68%	22.61%	14.18%	12.98%	0.04%	21.14%	6.66%	-2.19%	-7.97%	-9.16%	9.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.64)	($6.64)	($3.28)	($0.66)	($0.54)	($0.36)	($0.28)	($0.78)	($0.25)	($0.23)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	8.42M	1.01M	9.47M	10.57M	11.83M	12.37M	18.22M	19.42M	20.98M	20.61M	25.70M
Adjusted Diluted Earnings per Share	($0.64)	($6.64)	($3.28)	($0.66)	($0.54)	($0.36)	($0.28)	$0.00	$0.00	($0.23)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	8.42M	1.01M	9.47M	10.57M	11.83M	17.77M	18.22M	20.99M	21.59M	25.76M	25.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	($6.64)	$0.00	$0.00	$0.00	($0.36)	$0.00	$0.00	$0.00	($0.23)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.99M	9.37M	9.60M	11.04M	17.74M	17.77M	19.41M	20.99M	21.59M	25.76M	25.56M
Normalized Net Operating Profit after Tax (NOPAT)	-1.53	-3.99	-5.22	-4.89	-4.55	-3.12	-3.65	-3.63	-3.14	-3.05	-2.36
Normalized NOPAT Margin	-13.88%	-46.39%	-90.03%	-95.04%	-98.00%	-62.80%	-78.92%	-82.16%	-72.22%	-76.83%	-55.94%
Pre Tax Income Margin	-46.53%	-76.55%	-534.12%	-134.81%	-137.03%	-89.43%	-112.03%	-340.77%	-104.32%	-116.45%	-92.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.32	0.00	0.00	0.00	-529.75	0.00	-206.08	0.00	-67.71	0.00	-6.41
NOPAT to Interest Expense	-0.96	0.00	0.00	0.00	-379.58	0.00	-145.88	0.00	-47.57	0.00	-4.49
EBIT Less CapEx to Interest Expense	-1.33	0.00	0.00	0.00	-530.25	0.00	-206.24	0.00	-63.48	0.00	-6.43
NOPAT Less CapEx to Interest Expense	-0.97	0.00	0.00	0.00	-380.08	0.00	-146.04	0.00	-43.34	0.00	-4.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Smith Micro Software Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Smith Micro Software's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Smith Micro Software's net income appears to be on an upward trend, with a most recent value of -$29.33 million in 2025, rising from -$2.60 million in 2015. The previous period was -$48.70 million in 2024. Check out Smith Micro Software's forecast to explore projected trends and price targets.

Smith Micro Software's total operating income in 2025 was -$29.01 million, based on the following breakdown:

Total Gross Profit: $12.86 million
Total Operating Expenses: $41.87 million

Over the last 10 years, Smith Micro Software's total revenue changed from $39.51 million in 2015 to $17.36 million in 2025, a change of -56.1%.

Smith Micro Software's total liabilities were at $6.58 million at the end of 2025, a 9.7% decrease from 2024, and a 37.0% decrease since 2015.

In the past 10 years, Smith Micro Software's cash and equivalents has ranged from $1.49 million in 2025 to $28.27 million in 2019, and is currently $1.49 million as of their latest financial filing in 2025.

Over the last 10 years, Smith Micro Software's book value per share changed from 0.30 in 2015 to 0.85 in 2025, a change of 180.0%.

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Financial statements for NASDAQ:SMSI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Smith Micro Software (SMSI) Financials

Financials Breakdown Chart

Smith Micro Software Financials - Frequently Asked Questions

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Smith Micro Software (SMSI) Financials

Annual Income Statements for Smith Micro Software

Quarterly Income Statements for Smith Micro Software

Annual Cash Flow Statements for Smith Micro Software

Quarterly Cash Flow Statements for Smith Micro Software

Annual Balance Sheets for Smith Micro Software

Quarterly Balance Sheets for Smith Micro Software

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Quarterly Metrics And Ratios for Smith Micro Software

Financials Breakdown Chart

Smith Micro Software Financials - Frequently Asked Questions

When does Smith Micro Software's fiscal year end?

How has Smith Micro Software's net income changed over the last 10 years?

What is Smith Micro Software's operating income?

How has Smith Micro Software's revenue changed over the last 10 years?

How much debt does Smith Micro Software have?

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How has Smith Micro Software's book value per share changed over the last 10 years?

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