Q2 2024 Smith Micro Software Inc Earnings Call Transcript
Key Points
- Successful launch of Boost Family Guard powered by SafePath Global, demonstrating a rapid deployment model.
- Nearing completion of a unique SafePath-enabled family safety offering with a European Tier 1 carrier, expected to launch in early fall.
- Completed cost reduction initiatives, with further reductions planned to better align resources and return to profitability.
- Introduction of SafePath Premium with enhanced AI and machine learning features, including cyberbullying protection and social media intelligence.
- Strong sales pipeline with advanced discussions for new SafePath deployments in Europe and the US, including a marketing engagement agreement with the Competitive Carrier Association (CCA).
- Revenue for the second quarter of 2024 decreased by approximately 50% compared to the same quarter in 2023.
- Conclusion of the Verizon Family Safety contract and decline in legacy Sprint Safe & Found revenue negatively impacted overall revenue.
- Gross profit and gross margin both declined compared to the same period last year, primarily due to the period-over-period decline in revenues.
- GAAP net loss for the second quarter of 2024 was $6.9 million, an increase from the $5.7 million loss in the second quarter of 2023.
- ViewSpot revenue declined significantly, with further declines expected in the third quarter.
Good day and welcome to the Smith Micro second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Charles Messman, Vice President of Marketing. Please go ahead.
Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to discuss Smith Micro Software's financial results for the second quarter ended June 30, 2024. By now, you should have received a copy of the press release with the financial results. If you do not have a copy and would like one, please visit the Investor Relations section of our website at www.smithmicro.com.
On today's call, we have Bill Smith, our Chairman of the Board, President, Chief Executive Officer; and Jim Kempton, our Chief Financial Officer. Please note that some of the information you will hear during today's discussion consist of forward-looking
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