Smith Micro Software Q3 revenue rises on contract expansion
SMSI•Smith Micro Software’s third-quarter revenue rose 15% year over year to $5.02 million, while gross margin reached a five-year high and its non-GAAP net loss narrowed sharply.
1. Quarterly results
Third-quarter revenue rose 15% year over year to $5.02 million. Gross profit was $4.10 million, and the non-GAAP net loss narrowed sharply to $1.70 million.
2. Growth drivers
The company attributed revenue growth to securing and expanding contracts with new and existing customers, and to momentum in its SafePath platform as it broadened the platform for carrier deployment.
3. Outlook
The company did not provide specific financial guidance for upcoming quarters or the full year.
