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Smith Micro provides software solutions that simplify and enhance the mobile experience to some of the leading wireless service providers around the globe. From enabling the Digital Family Lifestyle to providing powerful voice messaging capabilities, we strive to enrich today s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer Interne…
The business is unprofitable at the operating level (-167.09% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 15.5% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -63.98% to -71.56%, capital efficiency is deteriorating. Negative free cash flow of -$7M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$17M
▼ -15.5% YoY
Net Income (TTM)
-$29M
▲ +39.8% YoY
Op. Margin
-167.09%
▲ +73.2pp YoY
ROIC
-71.56%
▼ -7.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$7M
▲ +49.1% YoY
Op. Cash Flow (TTM)
-$7M
▲ +49.7% YoY
Net Debt
$844K
Cash & Equiv.
$1M
5Y CAGR: -19.5%
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