# Smith Micro Software, Inc. (SMSI) · Edgar & Edgarette company card

> Smith Micro Software (SMSI) saw revenue fall 15.5% in FY2025 to $17 million, operating margin -167% against a 0.9% median for prepackaged software, equity 73.6% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 948708 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SMSI) · [JSON](https://www.pops4.com/boards/company/SMSI.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $17M |
| Revenue growth, 1 year | -15.5% |
| Revenue growth per year | -26.2% |
| Operating margin | -167.1% (prior year -240.3%) |
| Net margin | -168.9% |
| Operating cash flow | −$7M |
| Capital spending | $88,000 |
| Free cash flow | −$7M |
| Cash | $1M |
| Long-term debt | — |
| Total assets | $25M |
| Total equity | $18M |
| Equity ÷ assets | 73.6% |
| Return on equity | -159.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 4 of 9 (middling)
- Beneish M: -7.71 (below the −1.78 line)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -167.1% in FY2025; revenue is hard to predict: its 80% range is ±53%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $17.4M (FY2025). Experience: revenue down 15.5% on the year, down 26.2% a year over 4 years; operating margin -167.1%, up from -240.3%. Soundness: equity 73.6% of assets, return on equity -159.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $7.3M and $24.0M next year (method v4.1: its own 6-year record of growth weighed at 63% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $6.7M to $26.1M. A statistical range, not company guidance. Against peers (140 filers, $50M+ revenue, services-prepackaged software): operating margin -167.1% against a 0.9% median; growth -15.5% against 13.0%.

Range logged 2026-09-24, receipt 654a8624d61eabc0, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2025-12-23 ([filing](https://www.sec.gov/Archives/edgar/data/948708/000143774925038664/0001437749-25-038664-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-09-18 ([filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926030711/0001437749-26-030711-index.htm))

## Recent filings

- 8-K · filed 2026-09-18 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926030711/0001437749-26-030711-index.htm)
- 10-Q · filed 2026-08-14 · [filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926027989/0001437749-26-027989-index.htm)
- 8-K · filed 2026-08-13 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926027656/0001437749-26-027656-index.htm)
- S-1 · filed 2026-07-10 · [filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926023324/0001437749-26-023324-index.htm)
- 8-K · filed 2026-06-23 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926021428/0001437749-26-021428-index.htm)
- 8-K · filed 2026-06-12 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/948708/000143774926020391/0001437749-26-020391-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000948708.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=948708

## Cite

POPS4, Edgar & Edgarette: Smith Micro Software, Inc. (SMSI) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/SMSI. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.