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    Smith Micro Reports Fourth Quarter and Fiscal Year 2024 Financial Results

    3/11/25 4:05:00 PM ET
    $SMSI
    Computer Software: Prepackaged Software
    Technology
    Get the next $SMSI alert in real time by email

    Smith Micro Software, Inc. (NASDAQ:SMSI) ("Smith Micro" or the "Company") today reported financial results for its fourth quarter and fiscal year ended December 31, 2024.

    "Looking back on 2024, it was a transformative year for Smith Micro as we addressed challenges head-on and developed new innovations that have ignited a renewed focus for the Company. We are seeing excitement – both within the company and among our customers and prospects – for the opportunities that we are creating with the latest expansion of our SafePath® platform," said William W. Smith, Jr., president, chief executive officer, and chairman of the board of Smith Micro.

    "We have distinguished ourselves as a trusted partner to mobile operators through our delivery of value-added-services, and now, with our latest innovations in SafePath OS™ and SafePath Kids™, carriers can leverage the strength of our SafePath solutions to offer devices and rate plans aimed at creating a safer mobile experience, not as valued-added-services, but as an integral component of the carrier's core offerings. Our successful launch of SafePath Kids with Orange Spain's TúYo solution during the fourth quarter was our first deployment under this renewed focus, and the product is generating tremendous interest," Smith added, "Our path forward is clear. We are bringing an enhanced and powerful new portfolio of our family safety solutions to market, which we believe align to mobile operators' core strengths and principal business objectives. I believe the pivot we have made positions us to capture a significant market opportunity and a return to profitability."

    Fourth Quarter 2024 Financial Results

    Smith Micro reported revenue of $5.0 million for the quarter ended December 31, 2024, compared to $8.6 million reported in the quarter ended December 31, 2023.

    Gross profit for the quarter ended December 31, 2024 was $3.8 million, compared to $6.4 million for the quarter ended December 31, 2023.

    Gross profit as a percentage of revenue was 75.6 percent for the quarter ended December 31, 2024, compared to 74.9 percent for the quarter ended December 31, 2023.

    GAAP net loss for the quarter ended December 31, 2024 was $4.4 million, or $0.25 loss per share, compared to GAAP net loss of $6.7 million, or $0.74 loss per share, for the quarter ended December 31, 2023.

    Non-GAAP net loss for the quarter ended December 31, 2024 was $1.9 million, or $0.11 loss per share, compared to non-GAAP net loss of $1.7 million, or $0.18 loss per share, for the quarter ended December 31, 2023. 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.

    Fourth Quarter Year-to-Date 2024 Financial Results

    Smith Micro reported revenue of $20.6 million for the twelve months ended December 31, 2024, compared to $40.9 million reported in the twelve months ended December 31, 2023.

    Gross profit for the twelve months ended December 31, 2024 was $14.4 million compared to $30.3 million reported for the same period in 2023.

    Gross profit as a percentage of revenue was 70.2 percent for the twelve months ended December 31, 2024 compared to 74.2 percent for the twelve months ended December 31, 2023.

    GAAP net loss for the twelve months ended December 31, 2024 was $48.7 million, or $3.94 loss per share, compared to GAAP net loss of $24.4 million, or $3.01 loss per share, for the twelve months ended December 31, 2023.

    Non-GAAP net loss for the twelve months ended December 31, 2024 was $13.7 million, or $1.11 loss per share, compared to non-GAAP net loss of $5.3 million, or $0.65 loss per share, for the twelve months ended December 31, 2023. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures."

    Total cash and cash equivalents as of December 31, 2024 were $2.8 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, amortization of debt issuance costs and discount, goodwill impairment, personnel severance and reorganization activities, and adjustment for non-recurring items. 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, March 11, 2025, at 4:30 p.m. ET, to discuss the Company's fourth quarter and fiscal year 2024 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=ppW11NOZ. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.

    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. The Smith Micro portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. 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 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, Inc.

    Consolidated Balance Sheets

    (in thousands except share and par value data)

     

     

     

     

     

    December 31,

    2024

     

    December 31,

    2023

     

    (unaudited)

     

    (audited)

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    2,808

     

     

    $

    7,125

     

    Accounts receivable, net of related allowances of $3 and $3 at December 31, 2024 and 2023, respectively

     

    5,721

     

     

     

    7,912

     

    Prepaid expenses and other current assets

     

    1,467

     

     

     

    1,843

     

    Total current assets

     

    9,996

     

     

     

    16,880

     

    Equipment and improvements, net

     

    538

     

     

     

    883

     

    Right-of-use assets

     

    2,367

     

     

     

    2,759

     

    Other assets

     

    496

     

     

     

    482

     

    Intangible assets, net

     

    23,597

     

     

     

    29,532

     

    Goodwill

     

    11,052

     

     

     

    35,041

     

    Total assets

    $

    48,046

     

     

    $

    85,577

     

    Liabilities and Stockholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    1,738

     

     

    $

    2,522

     

    Accrued payroll and benefits

     

    1,694

     

     

     

    2,500

     

    Current operating lease liabilities

     

    1,279

     

     

     

    1,483

     

    Other current liabilities

     

    940

     

     

     

    1,137

     

    Total current liabilities

     

    5,651

     

     

     

    7,642

     

    Non-current liabilities:

     

     

     

    Warrant liabilities

     

    224

     

     

     

    597

     

    Operating lease liabilities

     

    1,287

     

     

     

    1,780

     

    Deferred tax liabilities, net

     

    128

     

     

     

    168

     

    Total non-current liabilities

     

    1,639

     

     

     

    2,545

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Common stock, par value $0.001 per share; 100,000,000 shares authorized; 17,673,404 and 9,347,979 shares issued and outstanding 2024 and 2023, respectively

     

    18

     

     

     

    9

     

    Additional paid-in capital

     

    395,383

     

     

     

    381,329

     

    Accumulated comprehensive deficit

     

    (354,645

    )

     

     

    (305,948

    )

    Total stockholders' equity

     

    40,756

     

     

     

    75,390

     

    Total liabilities and stockholders' equity

    $

    48,046

     

     

    $

    85,577

     

     

    Smith Micro Software, Inc.

    Consolidated Statements of Operations

    (in thousands except share data)

     

    For the Three Months Ended

    December 31,

     

    For the Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (unaudited)

     

    (unaudited)

     

    (unaudited)

     

    (audited)

    Revenues

    $

    4,969

     

     

    $

    8,593

     

     

    $

    20,555

     

     

    $

    40,862

     

    Cost of revenues (including depreciation of $1, $11, $15, and $50 in the years ended December 31, 2024 and 2023, respectively)

     

    1,210

     

     

     

    2,159

     

     

     

    6,126

     

     

     

    10,559

     

    Gross profit

     

    3,759

     

     

     

    6,434

     

     

     

    14,429

     

     

     

    30,303

     

    Operating expenses:

     

     

     

     

     

     

     

    Selling and marketing

     

    1,675

     

     

     

    2,458

     

     

     

    8,877

     

     

     

    11,089

     

    Research and development

     

    2,757

     

     

     

    3,868

     

     

     

    14,085

     

     

     

    17,145

     

    General and administrative

     

    2,370

     

     

     

    3,331

     

     

     

    10,583

     

     

     

    12,779

     

    Depreciation and amortization

     

    1,413

     

     

     

    2,473

     

     

     

    6,285

     

     

     

    7,345

     

    Goodwill impairment

     

    —

     

     

     

    —

     

     

     

    23,989

     

     

     

    —

     

    Total operating expenses

     

    8,215

     

     

     

    12,130

     

     

     

    63,819

     

     

     

    48,358

     

    Operating loss

     

    (4,456

    )

     

     

    (5,696

    )

     

     

    (49,390

    )

     

     

    (18,055

    )

    Other income (expense):

     

     

     

     

     

     

     

    Change in fair value of warrant and derivative liabilities

     

    (75

    )

     

     

    728

     

     

     

    372

     

     

     

    4,214

     

    Loss on derecognition of debt

     

    —

     

     

     

    (1,006

    )

     

     

    —

     

     

     

    (3,991

    )

    Interest income (expense), net

     

    23

     

     

     

    (614

    )

     

     

    112

     

     

     

    (6,354

    )

    Other income (expense), net

     

    66

     

     

     

    10

     

     

     

    196

     

     

     

    (52

    )

    Loss before provision for income tax (benefit) provision

     

    (4,442

    )

     

     

    (6,578

    )

     

     

    (48,710

    )

     

     

    (24,238

    )

    (Benefit) provision for income tax expense

     

    (51

    )

     

     

    133

     

     

     

    (13

    )

     

     

    158

     

    Net loss

    $

    (4,391

    )

     

    $

    (6,711

    )

     

    $

    (48,697

    )

     

    $

    (24,396

    )

     

     

     

     

     

     

     

     

    Loss per share:

     

     

     

     

     

     

     

    Basic and diluted

    $

    (0.25

    )

     

    $

    (0.74

    )

     

    $

    (3.94

    )

     

    $

    (3.01

    )

     

     

     

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic and diluted

     

    17,550

     

     

     

    9,086

     

     

     

    12,367

     

     

     

    8,115

     

     

    Smith Micro Software, Inc.

    Consolidated Statements of Cash Flows

    (in thousands)

     

     

     

     

     

    For the Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

    (unaudited)

     

    (audited)

    Operating activities:

     

     

     

    Net loss

    $

    (48,697

    )

     

    $

    (24,396

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation and amortization

     

    6,300

     

     

     

    7,395

     

    Goodwill impairment charge

     

    23,989

     

     

     

    —

     

    Non-cash lease expense

     

    (304

    )

     

     

    (191

    )

    Change in fair value of warrant and derivative liabilities

     

    (372

    )

     

     

    (4,214

    )

    Loss on derecognition of debt

     

    —

     

     

     

    3,991

     

    Non-cash transaction costs including amortization of debt discount and issuance costs

     

    —

     

     

     

    5,993

     

    Stock based compensation

     

    4,503

     

     

     

    4,835

     

    Deferred income taxes

     

    (40

    )

     

     

    (10

    )

    Gain on license of patents, net

     

    (198

    )

     

     

    —

     

    Loss on disposal of assets

     

    —

     

     

     

    12

     

    Changes in operating accounts:

     

     

     

    Accounts receivable

     

    2,191

     

     

     

    2,589

     

    Prepaid expenses and other assets

     

    361

     

     

     

    12

     

    Accounts payable and accrued liabilities

     

    (1,934

    )

     

     

    (2,825

    )

    Other liabilities

     

    (94

    )

     

     

    (164

    )

    Net cash used in operating activities

     

    (14,295

    )

     

     

    (6,973

    )

    Investing activities:

     

     

     

    Capital expenditures, net

     

    (20

    )

     

     

    (4

    )

    Proceeds from license of patents, net

     

    198

     

     

     

    —

     

    Other investing activities, net

     

    —

     

     

     

    136

     

    Net cash provided by investing activities

     

    178

     

     

     

    132

     

    Financing activities:

     

     

     

    Proceeds from Common Stock, Private Placement, Warrants, Pre-Funded Warrants Offerings, net

     

    9,838

     

     

     

    —

     

    Proceeds from financing arrangements

     

    1,044

     

     

     

    981

     

    Repayments of financing arrangements

     

    (1,087

    )

     

     

    (1,036

    )

    Other financing activities

     

    5

     

     

     

    (5

    )

    Net cash provided by (used in) financing activities

     

    9,800

     

     

     

    (60

    )

    Net decrease in cash and cash equivalents

     

    (4,317

    )

     

     

    (6,901

    )

    Cash and cash equivalents, beginning of period

     

    7,125

     

     

     

    14,026

     

    Cash and cash equivalents, end of period

    $

    2,808

     

     

    $

    7,125

     

     

    Smith Micro Software, Inc.

     

    Reconciliation of GAAP to Non-GAAP Results

     

    (in thousands, except per share data) - unaudited

     

     

     

     

     

     

     

     

    Three Months Ended

    December 31, 2024

    GAAP

    Stock

    Compensation

    Intangibles

    Amortization

    Depreciation

    Fair Value

    Adjustments

    Non-GAAP

    Gross profit

    $

    3,759

     

    $

    —

     

    $

    —

     

    $

    1

     

    $

    —

    $

    3,760

     

    Selling and marketing

     

    1,675

     

     

    (239

    )

     

    —

     

     

    —

     

     

    —

     

    1,436

     

    Research and development

     

    2,757

     

     

    (250

    )

     

    —

     

     

    —

     

     

    —

     

    2,507

     

    General and administrative

     

    2,370

     

     

    (495

    )

     

    —

     

     

    —

     

     

    —

     

    1,875

     

    Depreciation and amortization

     

    1,413

     

     

    —

     

     

    (1,334

    )

     

    (79

    )

     

    —

     

    —

     

    Total operating expenses

    $

    8,215

     

    $

    (984

    )

    $

    (1,334

    )

    $

    (79

    )

    $

    —

    $

    5,818

     

     

     

     

     

     

     

     

    (Loss) Income before provision for income taxes

    $

    (4,442

    )

    $

    984

     

    $

    1,334

     

    $

    80

     

    $

    75

    $

    (1,969

    )

    Net (Loss) Income

    $

    (4,391

    )

    $

    984

     

    $

    1,334

     

    $

    80

     

    $

    75

    $

    (1,918

    )

    (Loss) earnings per share: basic and diluted

    $

    (0.25

    )

    $

    0.06

     

    $

    0.08

     

    $

    —

     

    $

    —

    $

    (0.11

    )

    Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

    Three Months Ended

    December 31, 2023

    GAAP

    Stock

    Compensation

    Intangibles

    Amortization

    Depreciation

    Fair Value

    Adjustments

    Amortization of

    Debt Issuance

    Costs and

    Discount

    Personnel

    Severance and

    Reorganization

    Activities

    Non-GAAP

    Gross profit

    $

    6,434

     

    $

    —

     

    $

    —

     

    $

    11

     

    $

    —

    $

    —

    $

    —

     

    $

    6,445

     

    Selling and marketing

     

    2,458

     

     

    (302

    )

     

    —

     

     

    —

     

     

    —

     

    —

     

    —

     

     

    2,156

     

    Research and development

     

    3,868

     

     

    (302

    )

     

    —

     

     

    —

     

     

    —

     

    —

     

    —

     

     

    3,566

     

    General and administrative

     

    3,331

     

     

    (915

    )

     

    —

     

     

    —

     

     

    —

     

    —

     

    (155

    )

     

    2,261

     

    Depreciation and amortization

     

    2,473

     

     

    —

     

     

    (2,369

    )

     

    (104

    )

     

    —

     

    —

     

    —

     

     

    —

     

    Total operating expenses

    $

    12,130

     

    $

    (1,519

    )

    $

    (2,369

    )

    $

    (104

    )

    $

    —

    $

    —

    $

    (155

    )

    $

    7,983

     

     

     

     

     

     

     

     

     

     

    (Loss) Income before provision for income taxes

    $

    (6,578

    )

    $

    1,519

     

    $

    2,369

     

    $

    115

     

    $

    278

    $

    595

    $

    155

     

    $

    (1,547

    )

    Net (Loss) Income

    $

    (6,711

    )

    $

    1,519

     

    $

    2,369

     

    $

    115

     

    $

    278

    $

    595

    $

    155

     

    $

    (1,680

    )

    (Loss) earnings per share: basic and diluted

    $

    (0.74

    )

    $

    0.17

     

    $

    0.26

     

    $

    0.01

     

    $

    0.03

    $

    0.07

    $

    0.01

     

    $

    (0.18

    )

    Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

    Smith Micro Software, Inc.

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Results

     

     

     

     

    (in thousands, except per share data) - unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended

    December 31, 2024

    GAAP

    Stock

    Compensation

    Intangibles

    Amortization

    Depreciation

    Fair Value

    Adjustments

    Goodwill

    Impairment

    Personnel

    Severance and

    Reorganization

    Activities

    Adjustment

    for

    Non-Recurring

    Items1

    Non-GAAP

    Gross profit

    $

    14,429

     

    $

    —

     

    $

    —

     

    $

    15

     

    $

    —

     

    $

    —

     

    $

    11

     

    $

    —

     

    $

    14,455

     

    Selling and marketing

     

    8,877

     

     

    (1,207

    )

     

    —

     

     

    —

     

     

    —

     

    $

    —

     

     

    (174

    )

     

    —

     

     

    7,496

     

    Research and development

     

    14,085

     

     

    (1,076

    )

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    (316

    )

     

    (6

    )

     

    12,687

     

    General and administrative

     

    10,583

     

     

    (2,220

    )

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    (60

    )

     

    (231

    )

     

    8,072

     

    Depreciation and amortization

     

    6,285

     

     

    —

     

     

    (5,935

    )

     

    (350

    )

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    Goodwill impairment

     

    23,989

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    (23,989

    )

     

    —

     

     

    —

     

     

    —

     

    Total operating expenses

     

    63,819

     

     

    (4,503

    )

     

    (5,935

    )

     

    (350

    )

     

    —

     

     

    (23,989

    )

     

    (550

    )

     

    (237

    )

     

    28,255

     

     

     

     

     

     

     

     

     

     

     

    (Loss) Income before provision for income taxes

     

    (48,710

    )

     

    4,503

     

     

    5,935

     

     

    365

     

     

    (372

    )

     

    23,989

     

     

    561

     

     

    39

     

     

    (13,690

    )

    Net (Loss) Income

     

    (48,697

    )

     

    4,503

     

     

    5,935

     

     

    365

     

     

    (372

    )

     

    23,989

     

     

    561

     

     

    39

     

     

    (13,677

    )

    (Loss) earnings per share: basic and diluted

     

    (3.94

    )

     

    0.36

     

     

    0.48

     

     

    0.03

     

     

    (0.03

    )

     

    1.94

     

     

    0.05

     

     

    —

     

     

    (1.11

    )

    Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

    1Adjustment 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.

    Year Ended

    December 31, 2023

    GAAP

    Stock

    Compensation

    Intangibles

    Amortization

    Depreciation

    Fair Value

    Adjustments

    Amortization

    of Debt

    Issuance

    Costs and

    Discount

    Personnel

    Severance and

    Reorganization

    Activities

    Adjustment

    for

    Non-Recurring

    Items1

    Non-GAAP

    Gross profit

    $

    30,303

     

    $

    —

     

    $

    —

     

    $

    50

     

    $

    —

     

    $

    —

    $

    183

     

    $

    —

     

    $

    30,536

     

    Selling and marketing

     

    11,089

     

     

    (955

    )

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    (93

    )

     

     

    10,041

     

    Research and development

     

    17,145

     

     

    (1,056

    )

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    (463

    )

     

    (8

    )

     

    15,618

     

    General and administrative

     

    12,779

     

     

    (2,823

    )

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    (174

    )

     

    (189

    )

     

    9,593

     

    Depreciation and amortization

     

    7,345

     

     

    —

     

     

    (6,789

    )

     

    (556

    )

     

    —

     

     

    —

     

    —

     

     

    —

     

     

    —

     

    Total operating expenses

     

    48,358

     

     

    (4,834

    )

     

    (6,789

    )

     

    (556

    )

     

    —

     

     

    —

     

    (730

    )

     

    (197

    )

     

    35,252

     

     

     

     

     

     

     

     

     

     

     

    (Loss) Income before provision for income taxes

     

    (24,238

    )

     

    4,834

     

     

    6,789

     

     

    606

     

     

    (223

    )

     

    5,993

     

    913

     

     

    197

     

     

    (5,129

    )

    Net (Loss) Income

     

    (24,396

    )

     

    4,834

     

     

    6,789

     

     

    606

     

     

    (223

    )

     

    5,993

     

    913

     

     

    197

     

     

    (5,287

    )

    (Loss) earnings per share: basic and diluted

     

    (3.01

    )

     

    0.60

     

     

    0.84

     

     

    0.07

     

     

    (0.03

    )

     

    0.74

     

    0.11

     

     

    0.02

     

     

    (0.65

    )

    Note: (Loss) earnings per share: basic and diluted - may be impacted by rounding to allow rows to calculate.

    1Adjustment for Non-Recurring Items includes professional fees associated with office closures and convertible notes.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250311406143/en/

    IR INQUIRIES:

    Charles Messman

    Investor Relations

    949-362-5800

    [email protected]

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