The following is a summary of the Smith Micro Software, Inc. (SMSI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Smith Micro reported a sharp decrease in Q1 2024 revenue, which totaled $5.8 million, marking a 47% reduction compared to the same period last year. The gross margin modestly dropped from 70% in Q1 2023 to 65.7% in Q1 2024, accruing $3.8 million in gross profit. The quarter culminated in a non-GAAP net loss of $4.2 million or $0.45 per share. The company's consolidated revenues are projected to fall between $5 million and $5.5 million in Q2.
Business Progress:
Smith Micro intends to reign in expenditures by up to $1.3 million by Q3 2024 to bolster profitability. Growth strategies center on new program launches like the Affiliate Influencer Program and Retail Store Ambassador Program. Significant progress was noted in forging strategic partnerships, with DISH as the first customer to launch SafePath Global and adopt the CommSuite platform. Additional growth prospects include a new family safety solution due for launch with a leading European carrier and potential renewal of partnerships with T-Mobile. New product offerings, SafePath Premium and SafePath OS, are also slated for introduction.
More details: Smith Micro Software IR
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