8-K
SMITH MICRO SOFTWARE, INC. (SMSI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2025
Smith Micro Software, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-35525 | 33-0029027 |
|---|---|---|
| (State or Other Jurisdiction<br><br> <br>of Incorporation) | (Commission<br><br> <br>File Number) | (IRS Employer<br><br> <br>Identification No.) |
| 5800 Corporate Drive<br><br> <br>Pittsburgh, PA | 15237 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (412) 837-5300
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share | SMSI | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On August 6, 2025, Smith Micro Software, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2025. A copy of the press release is hereby furnished to the Securities and Exchange Commission as Exhibit 99.1 and incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
| Item7.01 | Regulation FD |
|---|
The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.
| Item9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Exhibit | Description |
|---|---|
| 99.1 | Press Release issued onex_829265.htmAugust 6, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Smith Micro Software, Inc. | ||
|---|---|---|
| Date: August 6, 2025 | By: | /s/ Timothy C. Huffmyer |
| Timothy C. Huffmyer | ||
| Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer |
ex_829265.htm
Exhibit 99.1
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Smith Micro Reports Second Quarter 2025 Financial Results
Company expects sequential quarterly revenue growth for the second half of 2025
PITTSBURGH, PA, August 6, 2025 – Smith Micro Software, Inc. (Nasdaq: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its second quarter ended June 30, 2025.
“We made significant progress in the second quarter, culminating in the upcoming launch of SafePath® 8 later this month. SafePath 8 will introduce powerful AI-driven features and is already opening many channels for us as we broaden our reach across our carrier partners and prospects. Our vision of the digital family lifestyle is stronger than ever, offering our customers a comprehensive ecosystem of family safety solutions,” said William W. Smith Jr., president, chief executive officer, and chairman of the board of Smith Micro. Mr. Smith added, “Our customer relationships remain strong, and we are excited about the upcoming launch of an additional feature set with a current customer, which we expect will result in sequential quarterly revenue growth for the second half of 2025.”
Second Quarter 2025 Financial Results
Smith Micro reported revenue of $4.4 million for the quarter ended June 30, 2025, compared to $5.1 million reported in the quarter ended June 30, 2024.
Gross profit for the quarter ended June 30, 2025 was $3.2 million, compared to $3.5 million for the quarter ended June 30, 2024.
Gross profit as a percentage of revenue was 73.5% for the quarter ended June 30, 2025, compared to 68.7% for the quarter ended June 30, 2024.
GAAP net loss for the quarter ended June 30, 2025 was $15.1 million, or $0.78 loss per share, compared to GAAP net loss of $6.9 million, or $0.66 loss per share, for the quarter ended June 30, 2024.
Non-GAAP net loss for the quarter ended June 30, 2025 was $2.8 million, or $0.14 loss per share, compared to non-GAAP net loss of $4.0 million, or $0.38 loss per share, for the quarter ended June 30, 2024. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures."
All share and per share amounts for common stock herein have been retroactively adjusted for all periods presented to give effect to the one-for-eight reverse stock split of our common stock, which became effective April 10, 2024 at 11:59 pm Eastern time.
| Smith Micro Software Second Quarter 2025 Financial Results | Page 2 |
|---|
Second Quarter Year-to-Date 2025 Financial Results
Smith Micro reported revenue of $9.0 million for the six months ended June 30, 2025, compared to $10.9 million reported in the six months ended June 30, 2024.
Gross profit for the six months ended June 30, 2025 was $6.6 million compared to $7.3 million reported for the same period in 2024.
Gross profit as a percentage of revenue was 73.1% for the six months ended June 30, 2025 compared to 67.1% for the six months ended June 30, 2024.
GAAP net loss for the six months ended June 30, 2025 was $20.2 million, or $1.08 loss per share, compared to GAAP net loss of $37.9 million, or $3.79 loss per share, for the six months ended June 30, 2024.
Non-GAAP net loss for the six months ended June 30, 2025 was $5.6 million, or $0.30 loss per share, compared to non-GAAP net loss of $8.2 million, or $0.82 loss per share, for the six months ended June 30, 2024. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures."
Total cash and cash equivalents as of June 30, 2025 were $1.4 million. Subsequent to quarter end, on July 18, 2025, Smith Micro completed a registered direct offering and sale of Company common stock and a concurrent private placement of unregistered common stock purchase warrants which generated gross proceeds of $1.5 million.
Non-GAAP Measures
To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, the following non-GAAP financial measures and a non-GAAP reconciliation from the equivalent GAAP metric: non-GAAP net loss, non-GAAP gross profit, and non-GAAP basic and diluted loss per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing the Company's income generation and has therefore excluded the following items from GAAP earnings calculations: stock compensation, intangibles amortization, depreciation, fair value adjustments, goodwill impairment, **** and adjustment for non-recurring items, which includes the gain from the sale of ViewSpot. **** Additionally, since the Company currently has federal and state net operating loss carryforwards that can be utilized to reduce future cash payments for income taxes, these non-GAAP adjustments have not been tax effected, and the resulting income tax expense reflects actual taxes paid or accrued during each period. This presentation may be considered more indicative of the Company's ongoing operational performance. The table below presents the differences between non-GAAP net loss and net loss on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-GAAP financial measures as reported by Smith Micro may not be comparable to similarly titled amounts reported by other companies.
Investor Conference Call
Smith Micro will hold an investor conference call today, August 6, 2025, at 4:30 p.m. ET, to discuss the Company’s second quarter 2025 financial results. To access the call, dial 1-844-701-1164; international participants can call 1-412-317-5492. A passcode is not required to join the call; ask the operator to be placed into the Smith Micro conference. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. An internet webcast is available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=8AVPRziL. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.
| Smith Micro Software Second Quarter 2025 Financial Results | Page 3 |
|---|
About Smith Micro Software, Inc.
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. For more information, visit www.smithmicro.com.
Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective owners.
Forward-Looking Statements
Certain statements in this press release are, and certain statements on the related conference call may be, forward-looking statements regarding future events or results within the meaning of the Private Securities Litigation Reform Act, including statements related to our financial prospects, goals and other projections of our outlook or performance our cost reduction plans and other future business plans, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are customer concentration, given that the majority of our sales depend on a few large customer relationships and the loss of any of them could materially and negatively affect our business, delay or failure of our customers to accept and deploy our products and services or new or upgraded versions thereof, delay or failure of our customers’ end users to adopt our products and services or new or upgraded versions thereof, our reliance on third party operating systems and other technology for the proper operation and delivery of our solutions and any barriers to our use of such third party technology, our reliance on third party application stores for the distribution of our software applications to users and any barriers to such distribution, including any delay or failure of such third party to approve new versions of our applications or their implementation and/or application of policies that may be harmful to our business, unanticipated delays or obstacles in our development and release cycles, the degree to which competing business needs or resource constraints may affect our allocation of resources to planned projects, the risk of harm to our business resulting from our recent and any future cost reduction efforts, our ability to attract and retain key technical personnel that are essential to our product development and support efforts, changes in demand for our products from our customers and their end users, changes in requirements for our products imposed by our customers or by the third party providers of software, hardware and/or platforms that we use or operate with, our ability to effectively integrate, market and sell acquired product lines, new and changing technologies and customer acceptance and timing of deployment of those technologies, and our ability to compete effectively with other software and technology companies. These and other factors discussed in our filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management, and we do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.
| Smith Micro Software Second Quarter 2025 Financial Results | Page 4 |
|---|
Smith Micro Software, Inc.
Consolidated Balance Sheets
(in thousands except share and par value data)
| December 31, | |||||
|---|---|---|---|---|---|
| 2024 | |||||
| (audited) | |||||
| Assets | **** | **** | |||
| Current assets: | |||||
| Cash and cash equivalents | 1,401 | $ | 2,808 | ||
| Accounts receivable, net of related allowances of 106 and 3 at 2025 and 2024, respectively | 2,867 | 5,721 | |||
| Prepaid expenses and other current assets | 1,597 | 1,467 | |||
| Total current assets | 5,865 | 9,996 | |||
| Equipment and improvements, net | 423 | 538 | |||
| Right-of-use assets | 1,754 | 2,367 | |||
| Other assets | 496 | 496 | |||
| Intangible assets, net | 21,044 | 23,597 | |||
| Goodwill | — | 11,052 | |||
| Total assets | 29,582 | $ | 48,046 | ||
| Liabilities and Stockholders' Equity | **** | **** | |||
| Current liabilities: | |||||
| Accounts payable | 1,766 | $ | 1,738 | ||
| Accrued payroll and benefits | 1,820 | 1,694 | |||
| Current operating lease liabilities | 1,418 | 1,279 | |||
| Other current liabilities | 1,269 | 940 | |||
| Total current liabilities | 6,273 | 5,651 | |||
| Non-current liabilities: | |||||
| Warrant liabilities | 121 | 224 | |||
| Operating lease liabilities | 646 | 1,287 | |||
| Deferred tax liabilities, net | 128 | 128 | |||
| Total non-current liabilities | 895 | 1,639 | |||
| Commitments and contingencies | |||||
| Stockholders' equity: | |||||
| Common stock, par value 0.001 per share; 100,000,000 shares authorized; 19,382,014 and 17,673,404 shares issued and outstanding at 2025 and 2024, respectively | 19 | 18 | |||
| Additional paid-in capital | 397,280 | 395,383 | |||
| Accumulated comprehensive deficit | (374,885 | ) | (354,645 | ) | |
| Total stockholders’ equity | 22,414 | 40,756 | |||
| Total liabilities and stockholders' equity | 29,582 | $ | 48,046 |
All values are in US Dollars.
| Smith Micro Software Second Quarter 2025 Financial Results | Page 5 |
|---|
Smith Micro Software, Inc.
Consolidated Statements of Operations
(in thousands except share data)
| For the Six Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | |||||||||||
| 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||
| Revenues | 4,420 | $ | 5,140 | $ | 9,041 | $ | 10,938 | ||||
| Cost of revenues (including depreciation of 0, 4, 1, and 11 in the three and six months ended June 30, 2025 and 2024, respectively) | 1,171 | 1,607 | 2,429 | 3,595 | |||||||
| Gross profit | 3,249 | 3,533 | 6,612 | 7,343 | |||||||
| Operating expenses: | |||||||||||
| Selling and marketing | 1,665 | 2,529 | 3,309 | 5,143 | |||||||
| Research and development | 2,752 | 3,702 | 5,609 | 7,691 | |||||||
| General and administrative | 2,671 | 2,740 | 5,395 | 5,496 | |||||||
| Depreciation and amortization | 1,349 | 1,541 | 2,698 | 3,449 | |||||||
| Gain on sale of ViewSpot, net | (1,287 | ) | — | (1,287 | ) | — | |||||
| Goodwill impairment | 11,052 | — | 11,052 | 23,989 | |||||||
| Total operating expenses | 18,202 | 10,512 | 26,776 | 45,768 | |||||||
| Operating loss | (14,953 | ) | (6,979 | ) | (20,164 | ) | (38,425 | ) | |||
| Other income (expense): | |||||||||||
| Change in fair value of warrant liabilities | (20 | ) | 42 | 103 | 227 | ||||||
| Interest (expense) income, net | (22 | ) | 26 | (47 | ) | 100 | |||||
| Other (expense) income, net | (67 | ) | (18 | ) | (131 | ) | 201 | ||||
| Loss before provision for income tax provision | (15,062 | ) | (6,929 | ) | (20,239 | ) | (37,897 | ) | |||
| Provision for income tax expense | — | — | 1 | 39 | |||||||
| Net loss | (15,062 | ) | $ | (6,929 | ) | $ | (20,240 | ) | $ | (37,936 | ) |
| Loss per share: | |||||||||||
| Basic and diluted | (0.78 | ) | $ | (0.66 | ) | $ | (1.08 | ) | $ | (3.79 | ) |
| Weighted average shares outstanding: | |||||||||||
| Basic and diluted | 19,417 | 10,567 | 18,820 | 10,016 |
All values are in US Dollars.
| Smith Micro Software Second Quarter 2025 Financial Results | Page 6 |
|---|
Smith Micro Software, Inc.
Consolidated Statements of Cash Flows
(in thousands)
| For the Six Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | ||||||
| 2025 | 2024 | |||||
| (unaudited) | (unaudited) | |||||
| Operating activities: | **** | **** | ||||
| Net loss | $ | (20,240 | ) | $ | (37,936 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization | 2,698 | 3,460 | ||||
| Goodwill impairment | 11,052 | 23,989 | ||||
| Non-cash lease expense | 110 | (224 | ) | |||
| Change in fair value of warrant liabilities | (103 | ) | (227 | ) | ||
| Provision for credit losses | 103 | — | ||||
| Stock based compensation | 2,183 | 2,272 | ||||
| Gain on sale of ViewSpot, net | (1,287 | ) | — | |||
| Gain on license of patents, net | — | (198 | ) | |||
| Changes in operating accounts: | ||||||
| Accounts receivable | 3,051 | 4,087 | ||||
| Prepaid expenses and other assets | (128 | ) | (241 | ) | ||
| Accounts payable, accrued, and other liabilities | (309 | ) | (535 | ) | ||
| Net cash used in operating activities | (2,870 | ) | (5,553 | ) | ||
| Investing activities: | **** | **** | ||||
| Capital expenditures, net | (31 | ) | (11 | ) | ||
| Proceeds from sale of ViewSpot, net | 987 | — | ||||
| Proceeds from license of patents, net | — | 198 | ||||
| Net cash provided by investing activities | 956 | 187 | ||||
| Financing activities: | **** | **** | ||||
| Proceeds from Common Stock, Warrants, and Pre-Funded Warrants Offering, net | — | 3,351 | ||||
| Proceeds from financing arrangements | 933 | 1,044 | ||||
| Repayments of financing arrangements | (428 | ) | (529 | ) | ||
| Other financing activities | 2 | 3 | ||||
| Net cash provided by financing activities | 507 | 3,869 | ||||
| Net decrease in cash and cash equivalents | (1,407 | ) | (1,497 | ) | ||
| Cash and cash equivalents, beginning of period | 2,808 | 7,125 | ||||
| Cash and cash equivalents, end of period | $ | 1,401 | $ | 5,628 |
| Smith Micro Software Second Quarter 2025 Financial Results | Page 7 |
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Smith Micro Software, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data) - unaudited
| Three Months Ended | **** | **** | **** | **** | **** | **** | **** | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | GAAP | Stock Compensation | Intangibles Amortization | Depreciation | Fair Value Adjustments | Goodwill Impairment | Adjustments for Non-Recurring Items¹ | Non-GAAP | |||||||||||||||
| Gross profit | $ | 3,249 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,249 | |||||||
| Selling and marketing | 1,665 | (263 | ) | — | — | — | — | — | 1,402 | ||||||||||||||
| Research and development | 2,752 | (204 | ) | — | — | — | — | — | 2,548 | ||||||||||||||
| General and administrative | 2,671 | (629 | ) | — | — | — | — | (78 | ) | 1,964 | |||||||||||||
| Depreciation and amortization | 1,349 | — | (1,276 | ) | (73 | ) | — | — | — | — | |||||||||||||
| Gain on sale of ViewSpot, net | (1,287 | ) | — | — | — | — | — | 1,287 | — | ||||||||||||||
| Goodwill impairment | 11,052 | — | — | — | — | (11,052 | ) | — | — | ||||||||||||||
| Total operating expenses | $ | 18,202 | $ | (1,096 | ) | $ | (1,276 | ) | $ | (73 | ) | $ | — | $ | (11,052 | ) | $ | 1,209 | $ | 5,914 | |||
| (Loss) income before provision for income taxes | $ | (15,062 | ) | $ | 1,096 | $ | 1,276 | $ | 73 | $ | 20 | $ | 11,052 | $ | (1,209 | ) | $ | (2,754 | ) | ||||
| Net (loss) income | $ | (15,062 | ) | $ | 1,096 | $ | 1,276 | $ | 73 | $ | 20 | $ | 11,052 | $ | (1,209 | ) | $ | (2,754 | ) | ||||
| (Loss) earnings per share: basic and diluted | $ | (0.78 | ) | $ | 0.06 | $ | 0.07 | $ | 0.00 | $ | 0.00 | $ | 0.57 | $ | (0.06 | ) | $ | (0.14 | ) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.
^1^Adjustment for Non-Recurring Items includes costs associated with executive transition of approximately $78, offset by gain from sale of ViewSpot of $1,287.
| Three Months Ended | **** | **** | **** | **** | **** | **** | **** | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2024 | GAAP | Stock Compensation | Intangibles Amortization | Depreciation | Fair Value Adjustments | Goodwill Impairment | Adjustments for Non-Recurring Items¹ | Non-GAAP | |||||||||||||||
| Gross profit | $ | 3,533 | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | 11 | $ | 3,548 | |||||||
| Selling and marketing | 2,529 | (345 | ) | — | — | — | — | (140 | ) | 2,044 | |||||||||||||
| Research and development | 3,702 | (245 | ) | — | — | — | — | (71 | ) | 3,386 | |||||||||||||
| General and administrative | 2,740 | (548 | ) | — | — | — | — | (88 | ) | 2,104 | |||||||||||||
| Depreciation and amortization | 1,541 | — | (1,450 | ) | (91 | ) | — | — | — | — | |||||||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | |||||||||||||||
| Total operating expenses | $ | 10,512 | $ | (1,138 | ) | $ | (1,450 | ) | $ | (91 | ) | $ | — | $ | — | $ | (299 | ) | $ | 7,534 | |||
| (Loss) income before provision for income taxes | $ | (6,929 | ) | $ | 1,138 | $ | 1,450 | $ | 95 | $ | (42 | ) | $ | — | $ | 311 | $ | (3,977 | ) | ||||
| Net (loss) income | $ | (6,929 | ) | $ | 1,138 | $ | 1,450 | $ | 95 | $ | (42 | ) | $ | — | $ | 311 | $ | (3,977 | ) | ||||
| (Loss) earnings per share: basic and diluted | $ | (0.66 | ) | $ | 0.11 | $ | 0.14 | $ | 0.01 | $ | (0.00 | ) | $ | — | $ | 0.03 | $ | (0.38 | ) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.
^1^Adjustment for Non-Recurring Items includes costs associated with corporate actions in 2024, including but not limited to special meetings and reverse stock split, offset by licensure of patents.
| Smith Micro Software Second Quarter 2025 Financial Results | Page 8 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | **** | **** | **** | **** | **** | **** | **** | **** | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 30, 2025 | GAAP | Stock Compensation | Intangibles Amortization | Depreciation | Fair Value Adjustments | Goodwill Impairment | Adjustments for Non-Recurring Items¹ | Non-GAAP | ||||||||||||||||
| Gross profit | $ | 6,612 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 6,613 | ||||||||
| Selling and marketing | 3,309 | (498 | ) | — | — | — | — | — | 2,811 | |||||||||||||||
| Research and development | 5,609 | (418 | ) | — | — | — | — | — | 5,191 | |||||||||||||||
| General and administrative | 5,395 | (1,267 | ) | — | — | — | — | (78 | ) | 4,050 | ||||||||||||||
| Depreciation and amortization | 2,698 | — | (2,552 | ) | (146 | ) | — | — | — | — | ||||||||||||||
| Gain on sale of ViewSpot, net | (1,287 | ) | — | — | — | — | — | 1,287 | — | |||||||||||||||
| Goodwill impairment | 11,052 | — | — | — | — | (11,052 | ) | — | — | |||||||||||||||
| Total operating expenses | $ | 26,776 | $ | (2,183 | ) | $ | (2,552 | ) | $ | (146 | ) | $ | — | $ | (11,052 | ) | $ | 1,209 | $ | 12,052 | ||||
| (Loss) income before provision for income taxes | $ | (20,239 | ) | $ | 2,183 | $ | 2,552 | $ | 146 | $ | (103 | ) | $ | 11,052 | $ | (1,209 | ) | $ | (5,618 | ) | ||||
| Net (loss) income | $ | (20,240 | ) | $ | 2,183 | $ | 2,552 | $ | 146 | $ | (103 | ) | $ | 11,052 | $ | (1,209 | ) | $ | (5,619 | ) | ||||
| (Loss) earnings per share: basic and diluted | $ | (1.08 | ) | $ | 0.12 | $ | 0.14 | $ | 0.01 | $ | (0.01 | ) | $ | 0.59 | $ | (0.06 | ) | $ | (0.30 | ) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.
^1^Adjustment for Non-Recurring Items includes costs associated with executive transition of approximately $78, offset by gain from sale of ViewSpot of $1,287.
| Six Months Ended | **** | **** | **** | **** | **** | **** | **** | **** | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2024 | GAAP | Stock Compensation | Intangibles Amortization | Depreciation | Fair Value Adjustments | Goodwill Impairment | Adjustments for Non-Recurring Items¹ | Non-GAAP | ||||||||||||||||
| Gross profit | $ | 7,343 | $ | — | $ | — | $ | 11 | $ | — | $ | — | $ | 11 | $ | 7,365 | ||||||||
| Selling and marketing | 5,143 | (653 | ) | — | — | — | — | (153 | ) | 4,337 | ||||||||||||||
| Research and development | 7,691 | (509 | ) | — | — | — | — | (89 | ) | 7,093 | ||||||||||||||
| General and administrative | 5,496 | (1,110 | ) | — | — | — | — | (194 | ) | 4,192 | ||||||||||||||
| Depreciation and amortization | 3,449 | — | (3,266 | ) | (183 | ) | — | — | — | — | ||||||||||||||
| Goodwill impairment | 23,989 | — | — | — | — | (23,989 | ) | — | — | |||||||||||||||
| Total operating expenses | $ | 45,768 | $ | (2,272 | ) | $ | (3,266 | ) | $ | (183 | ) | $ | — | $ | (23,989 | ) | $ | (436 | ) | $ | 15,622 | |||
| (Loss) income before provision for income taxes | $ | (37,897 | ) | $ | 2,272 | $ | 3,266 | $ | 194 | $ | (227 | ) | $ | 23,989 | $ | 249 | $ | (8,154 | ) | |||||
| Net (loss) income | $ | (37,936 | ) | $ | 2,272 | $ | 3,266 | $ | 194 | $ | (227 | ) | $ | 23,989 | $ | 249 | $ | (8,193 | ) | |||||
| (Loss) earnings per share: basic and diluted | $ | (3.79 | ) | $ | 0.23 | $ | 0.33 | $ | 0.02 | $ | (0.02 | ) | $ | 2.39 | $ | 0.02 | $ | (0.82 | ) |
Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.
^1^Adjustment for Non-Recurring Items includes costs associated with corporate actions in 2024, including but not limited to special meetings and reverse stock split, offset by licensure of patents.