Smith Micro Software, Inc. (SMSI) Revenue History
Annual and quarterly revenue from 1994 to present
SMSI Revenue Over Time (1994–2025)
SMSI Revenue Growth History
17 of 31 years with positive growth- FY1994 revenue growth
- N/A
- FY1995 revenue growth
- +73.1%
- FY1996 revenue growth
- +22.8%
- FY1997 revenue growth
- -47.1%
- FY1998 revenue growth
- -18.8%
- FY1999 revenue growth
- +12.6%
- FY2000 revenue growth
- +28.4%
- FY2001 revenue growth
- -21.7%
- FY2002 revenue growth
- -33.7%
- FY2003 revenue growth
- +1.2%
- FY2004 revenue growth
- +84.5%
- FY2005 revenue growth
- +52.1%
- FY2006 revenue growth
- +168.9%
- FY2007 revenue growth
- +34.7%
- FY2008 revenue growth
- +34.1%
- FY2009 revenue growth
- +9.0%
- FY2010 revenue growth
- +21.6%
- FY2011 revenue growth
- -55.7%
- FY2012 revenue growth
- -25.0%
- FY2013 revenue growth
- -1.5%
- FY2014 revenue growth
- -13.3%
- FY2015 revenue growth
- +6.8%
- FY2016 revenue growth
- -28.5%
- FY2017 revenue growth
- -18.6%
- FY2018 revenue growth
- +14.4%
- FY2019 revenue growth
- +64.9%
- FY2020 revenue growth
- +18.4%
- FY2021 revenue growth
- +13.9%
- FY2022 revenue growth
- -17.0%
- FY2023 revenue growth
- -15.8%
- FY2024 revenue growth
- -49.7%
- FY2025 revenue growth
- -15.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $4.2M | -8.7% |
| Q4 2025 | $4.0M | -20.0% |
| Q3 2025 | $4.3M | -6.5% |
| Q2 2025 | $4.4M | -14.0% |
| Q1 2025 | $4.6M | -20.3% |
| Q4 2024 | $5.0M | -42.2% |
| Q3 2024 | $4.6M | -57.7% |
| Q2 2024 | $5.1M | -50.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
SMSI's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
SMSI Revenue Analysis (1994–2025)
Current Revenue & Growth
As of June 21, 2026, Smith Micro Software, Inc. (SMSI) generated trailing twelve-month (TTM) revenue of $17.0 million, reflecting moderate decline in growth of -8.7% year-over-year. The most recent quarter (Q1 2026) recorded $4.2 million in revenue, up 6.2% sequentially.
Historical Growth Trajectory
SMSI's 5-year compound annual growth rate (CAGR) stands at -19.5%, indicating revenue contraction over this period. The 3-year CAGR of -29.0% is below the 5-year average, signalling a growth deceleration in recent years. Smith Micro Software, Inc.'s highest annual revenue of $130.5 million was recorded in 2010.
Revenue by Segment
SMSI's revenue is primarily driven by License and Service (100%). With over half of revenue concentrated in License and Service, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Technology sector peers — including SHEN (-18.8% YoY), GFAI (+4.0% YoY), and MANH (+4.8% YoY) — SMSI has underperformed the peer group in revenue growth. Compare SMSI vs SHEN →
SMSI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| SMSICurrent | $17M | -8.7% | -19.5% | -110.8% | |
 SHEN | $358M | -18.8% | +10.1% | -6.2% | |
 GFAI | $36M | +4.0% | -1.2% | -18.5% | |
 MANH | $1.1B | +4.8% | +13.0% | 26.1% | |
 QLYS | $669M | +10.2% | +13.0% | 33.2% | |
 T | $125.6B | +2.9% | -6.1% | 19.2% |
SMSI Historical Revenue Data (1994–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $17.4M | -15.5% | $12.9M | 74.1% | $-19,246,000 | -110.8% |
| 2024 | $20.6M | -49.7% | $14.4M | 70.2% | $-49,390,000 | -240.3% |
| 2023 | $40.9M | -15.8% | $30.3M | 74.2% | $-18,055,000 | -44.2% |
| 2022 | $48.5M | -17.0% | $34.3M | 70.7% | $-30,927,000 | -63.7% |
| 2021 | $58.4M | +13.9% | $45.7M | 78.3% | $-30,938,000 | -53.0% |
| 2020 | $51.3M | +18.4% | $46.1M | 89.9% | $3.5M | 6.9% |
| 2019 | $43.3M | +64.9% | $39.4M | 90.9% | $10.1M | 23.3% |
| 2018 | $26.3M | +14.4% | $22.0M | 83.5% | $-1,214,000 | -4.6% |
| 2017 | $23.0M | -18.6% | $17.9M | 77.9% | $-5,674,000 | -24.7% |
| 2016 | $28.2M | -28.5% | $20.7M | 73.2% | $-15,905,000 | -56.3% |
| 2015 | $39.5M | +6.8% | $31.4M | 79.4% | $-2,538,000 | -6.4% |
| 2014 | $37.0M | -13.3% | $27.7M | 74.8% | $-11,742,000 | -31.8% |
| 2013 | $42.7M | -1.5% | $33.0M | 77.3% | $-27,830,000 | -65.2% |
| 2012 | $43.3M | -25.0% | $34.9M | 80.5% | $-27,001,000 | -62.3% |
| 2011 | $57.8M | -55.7% | $44.0M | 76.2% | $-165,666,000 | -286.8% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
32+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
SMSI — Frequently Asked Questions
Quick answers to the most common questions about buying SMSI stock.
Is SMSI's revenue growth accelerating or slowing?
SMSI revenue is declining -8.7% year-over-year. TTM revenue fell to $17M, contrasting with the 5-year CAGR of -19.5%. The reversal reflects either macro headwinds or company-specific challenges.
What is SMSI's revenue history from 1994 to 2026?
Smith Micro Software, Inc. (SMSI) revenue history spans 1994 to 2026. TTM revenue as of 2026 is $17M, growing at -8.7% YoY. The 5-year CAGR is -19.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is SMSI's long-term revenue growth rate (CAGR)?
Smith Micro Software, Inc.'s 5-year revenue CAGR of -19.5% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -8.7% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for SMSI.
Why does SMSI's quarterly revenue fluctuate?
SMSI quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Smith Micro Software, Inc.'s revenue data from 1994 to 2026 shows full historical quarterly detail on this page.
How is SMSI's revenue distributed by segment?
SMSI reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does SMSI's revenue compare to industry peers?
Smith Micro Software, Inc. (SMSI) with TTM revenue of $17M and -8.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.