Smith Micro Software, Inc. (SMSI) Income Statement
SMSI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSMSI revenue and net income
Where SMSI's revenue goes
2025Each bar shows an amount and its share of revenue. SMSI kept −173.3% of revenue as net income.
SMSI profit margins
SMSI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −15.5% | −29.0% | −19.5% | −7.9% |
| Gross profit | −10.9% | −27.9% | −22.5% | −8.5% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SMSI quarterly EPS vs estimates
Smith Micro Software beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.14).
SMSI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M | $20.6M | $40.9M | $48.5M | $58.4M | $51.3M | $43.3M | $26.3M | $23.0M | $28.2M |
| Cost of revenue | $4.5M | $6.1M | $10.6M | $14.2M | $12.7M | $5.2M | $3.9M | $4.3M | $5.1M | $7.6M |
| Gross profit | $12.9M | $14.4M | $30.3M | $34.3M | $45.7M | $46.1M | $39.4M | $22.0M | $17.9M | $20.7M |
| Research & development | $10.7M | $14.1M | $17.1M | $29.9M | $26.2M | $17.8M | $11.7M | $8.6M | $9.0M | $15.9M |
| Sales, general & admin | $16.0M | $19.5M | $23.9M | $29.0M | $29.5M | $21.9M | $17.4M | $14.4M | $14.7M | $20.0M |
| Total operating expenses | $32.1M | $63.8M | $48.4M | $65.2M | $76.7M | $42.6M | $29.3M | $23.0M | $23.7M | $35.9M |
| Operating income | −$19.2M | −$49.4M | −$18.1M | −$30.9M | −$30.9M | $3.5M | $10.1M | −$1.2M | −$5.7M | −$15.9M |
| Interest income | — | — | — | — | $34,000 | $96,000 | $228,000 | $1.3M | $1.1M | $313,000 |
| Interest expense | $407,000 | $112,000 | $6.4M | $2.7M | $25.6M | $1.5M | $228,000 | $472,000 | $1.1M | $389,000 |
| Income before taxes | −$29.4M | −$48.7M | −$24.2M | −$29.1M | −$30.8M | $4.3M | $10.8M | −$2.7M | −$7.2M | −$15.6M |
| Income taxes | $693,000 | −$13,000 | $158,000 | $226,000 | $215,000 | $160,000 | $80,000 | $13,000 | −$546,000 | −$229,000 |
| Net income | −$30.1M | −$48.7M | −$24.4M | −$29.3M | −$31.0M | $4.2M | $10.7M | −$2.7M | −$6.7M | −$15.3M |
| EBITDA | −$23.6M | −$19.1M | −$10.5M | −$18.8M | −$8.7M | $7.1M | $11.6M | −$262,000 | −$4.9M | −$13.8M |
| EPS (diluted) | −$2.06 | −$5.76 | −$2.42 | −$10.48 | $0.01 | $4.53 | $10.40 | $0.34 | −$0.68 | −$26.40 |
| Gross margin | 74.1% | 70.2% | 74.2% | 70.7% | 78.3% | 89.9% | 90.9% | 83.5% | 77.9% | 73.2% |
| Operating margin | −110.8% | −240.3% | −44.2% | −63.7% | −53.0% | 6.9% | 23.3% | −4.6% | −24.7% | −56.3% |
| Net margin | −173.3% | −236.9% | −59.7% | −60.4% | −53.1% | 8.1% | 24.7% | −10.4% | −29.0% | −54.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3M | $4.2M | $4.0M | $4.3M | $4.4M | $4.6M | $5.0M | $4.6M | $5.1M | $5.8M | $8.6M | $11.0M |
| Cost of revenue | $811,000 | $911,000 | $939,000 | $1.1M | $1.2M | $1.3M | $1.2M | $1.3M | $1.6M | $2.0M | $2.2M | $2.5M |
| Gross profit | $3.5M | $3.3M | $3.0M | $3.2M | $3.2M | $3.4M | $3.8M | $3.3M | $3.5M | $3.8M | $6.4M | $8.5M |
| Research & development | $1.4M | $1.8M | $2.5M | $2.6M | $2.8M | $2.9M | $2.8M | $3.6M | $3.7M | $4.0M | $3.9M | $3.7M |
| Sales, general & admin | $3.2M | $3.6M | $3.5M | $3.7M | $4.3M | $4.4M | $4.0M | $4.8M | $5.3M | $5.4M | $5.8M | $5.4M |
| Total operating expenses | $5.9M | $5.8M | $7.4M | $7.7M | $18.2M | $8.6M | $8.2M | $9.8M | $10.5M | $35.3M | $12.1M | $10.7M |
| Operating income | −$2.4M | −$2.5M | −$4.4M | −$4.5M | −$15.0M | −$5.2M | −$4.5M | −$6.5M | −$7.0M | −$31.4M | −$5.7M | −$2.2M |
| Interest income | — | — | — | — | — | — | — | — | $26,000 | $74,000 | — | — |
| Interest expense | $221,000 | $526,000 | $293,000 | $66,000 | $22,000 | $25,000 | $23,000 | $12,000 | $26,000 | $74,000 | $614,000 | $1.4M |
| Income before taxes | −$2.6M | −$3.9M | −$4.6M | −$4.5M | −$15.1M | −$5.2M | −$4.4M | −$6.4M | −$6.9M | −$31.0M | −$6.6M | −$5.1M |
| Income taxes | — | — | −$77,000 | $635,000 | — | $1,000 | −$52,000 | — | — | $39,000 | $133,000 | $14,000 |
| Net income | −$2.6M | −$3.9M | −$4.6M | −$4.5M | −$15.1M | −$5.2M | −$4.4M | −$6.4M | −$6.9M | −$31.0M | −$6.7M | −$5.1M |
| EBITDA | −$1.1M | −$2.1M | $6.8M | −$3.1M | −$3.8M | −$3.8M | −$3.0M | −$4.9M | −$5.4M | −$5.5M | −$3.5M | −$2.1M |
| EPS (diluted) | −$0.22 | −$0.30 | −$0.40 | −$0.16 | −$0.70 | −$0.80 | −$0.11 | −$1.50 | −$1.90 | −$2.25 | −$0.02 | $0.40 |
| Gross margin | 81.3% | 78.4% | 76.4% | 73.9% | 73.5% | 72.8% | 75.6% | 71.6% | 68.7% | 65.7% | 74.9% | 77.0% |
| Operating margin | −54.6% | −58.3% | −109.8% | −103.2% | −338.3% | −112.7% | −89.7% | −140.0% | −135.8% | −542.4% | −66.3% | −19.8% |
| Net margin | −61.0% | −92.3% | −114.6% | −104.3% | −340.8% | −112.1% | −88.4% | −137.0% | −134.8% | −534.8% | −78.1% | −46.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SMSI's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SMSI financial results
In fiscal year 2025 (ended December 31, 2025), Smith Micro Software reported revenue of $17.4 million, down 15.5% from the year before. It had a net loss of $30.1 million, a net profit margin of −173.3%. Diluted earnings per share came to −$2.06. Over five years revenue grew at an average rate of −19.5% a year.
See the SMSI stock overview for the latest quote and news, or the SMSI chart for price history and technical indicators.
SMSI income statement FAQ
What is Smith Micro Software's annual revenue?
Smith Micro Software reported total revenue of $17.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 15.5% from $20.6 million the previous year.
Is Smith Micro Software profitable?
No. Smith Micro Software reported a net loss of $30.1 million in fiscal 2025, a net profit margin of −173.3%; its operating margin was −110.8%.
What is Smith Micro Software's gross margin?
Smith Micro Software's gross margin was 74.1% in fiscal 2025: for every $100 of revenue, Smith Micro Software kept $74 after the direct cost of its products and services.
How much does Smith Micro Software spend on research and development?
Smith Micro Software spent $10.7 million on research and development in fiscal 2025, 61.7% of revenue.
How fast is Smith Micro Software growing?
Revenue grew −19.5% a year on average over the last five fiscal years, from $51.3 million to $17.4 million.
What are Smith Micro Software's earnings per share?
Smith Micro Software earned $-2.06 per diluted share in fiscal 2025, compared with $-5.76 a year earlier.
When will Smith Micro Software report its next earnings?
Smith Micro Software is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Smith Micro Software's fiscal year end?
Smith Micro Software's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.