Smith Micro Software, Inc.
SMSI Technology Software Application
Smith Micro Software, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.4 million, down 15.5% from fiscal 2024. In the quarter to June 2026, revenue fell 1.79%, EPS grew 86.7% and free cash flow grew 61.1%, each against the same quarter a year earlier.
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Smith Micro Software, Inc. (SMSI) Beneish M-score
Smith Micro Software, Inc.'s Beneish M-score for fiscal 2025 is −7.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −7.71 | (1.65) |
| FY2024 | −6.06 | (2.56) |
| FY2023 | −3.49 | (0.14) |
| FY2022 | −3.36 | (0.43) |
| FY2021 | −2.93 | (0.42) |
| FY2020 | −2.51 | (1.05) |
| FY2019 | −1.46 | 0.65 |
| FY2018 | −2.10 | 0.03 |
| FY2017 | −2.13 | (13.50) |
| FY2016 | 11.37 | 14.48 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.38 | — | 0.35 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.89) | — | −4.15 | |
| Leverage index | 2.08 | — | −0.68 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −7.71 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SMSI Smith Micro Software, Inc. | −7.7× |
| YAAS Youxin Technology Ltd compare | −4.8× |
| IDAI T Stamp Inc. compare | −1.8× |
| AHI Advanced Human Imaging Limited Sponsored ADR compare | −1.4× |
| RPGL Republic Power Group Limited compare | −0.4× |
| FUSE Fusemachines Inc. compare | 0.3× |
| PSQH PSQ Holdings, Inc. compare | 0.6× |
| IPM Intelligent Protection Management Corp. compare | 15.2× |
| SAGT SAGTEC GLOBAL LIMITED compare | 26.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI