Smith Micro reported fourth quarter 2024 revenue of $5.0 million, a decrease from $8.6 million in Q4 2023. The GAAP net loss for the quarter was $4.4 million, or $0.25 per share, an improvement from a $6.7 million loss, or $0.74 per share, in the prior year. Non-GAAP net loss was $1.9 million, or $0.11 per share, compared to $1.7 million, or $0.18 per share, in Q4 2023.
For the full fiscal year 2024, total revenues were $20.6 million, down from $40.9 million in 2023. The GAAP net loss for the year was $48.7 million, or $3.94 per share, compared to $24.4 million, or $3.01 per share, in 2023. Cash and cash equivalents were $2.8 million as of December 31, 2024.
The company highlighted the successful launch of SafePath Kids with Orange Spain's TúYo solution during the fourth quarter, marking its first deployment under a renewed strategic focus. This initiative aims to align with mobile operators' core business objectives by offering devices and rate plans as integral components of their services. Management believes this pivot positions the company for significant market opportunity and a return to profitability.
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