Filing Flows › Smith Micro Software (SMSI) › Q4 2025
Smith Micro Software (SMSI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Smith Micro Software (SMSI) reported revenue of $4.0M for the fourth quarter 2025 (Q4 2025), -20% from a year earlier and -9% from the quarter before. Operating margin was -109.8%, net loss $4.6M (114.6% of revenue).
Smith Micro Software, Q4 2025: revenue $4.0M (-20% year over year), operating margin -109.8%, net loss $4.6M, operating cash flow −$2.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0M | -9% | -20% |
| Operating profit | −$4.4M | — | — |
| Net earnings | −$4.6M | — | — |
| Operating cash flow | −$2.2M | — | — |
What changed
Revenue was $4.0M in Q4 2025, down 20% year over year and down 9% from the previous quarter. Cloud Based usage Fees was the largest line at 59% of revenue.
Gross margin was 76.4%, up 0.7 points from Q4 2024. Operating costs exceeded revenue by $4.4M, an operating margin of -109.8%. Operating expenses fell 10% while revenue fell 20%. The quarter ended with a net loss of $4.6M, wider than the previous quarter's $4.5M loss.
Operating cash flow was −$2.2M. Non-cash charges added back $1.4M of depreciation and amortization and $781K of share-based compensation. Working capital and other items added $233K. Capital expenditures of $36K exceeded it, leaving free cash flow of −$2.2M.
Questions
What was Smith Micro Software's revenue in the fourth quarter 2025?
Smith Micro Software (SMSI) reported revenue of $4.0M for the fourth quarter 2025 (Q4 2025), -20% from a year earlier and -9% from the quarter before.
Was Smith Micro Software profitable in the fourth quarter 2025?
Operating loss was $4.4M (-109.8% of revenue) and net loss $4.6M.