Smith Micro Software entered into a Securities Purchase Agreement to sell $4.9 million secured convertible notes and warrants for 9.4 million shares, approved executive changes effective March 31, 2026 with William W. Smith, Jr. as Executive Chairman and Timothy C. Huffmyer as President and CEO, and announced Q4 and FY 2025 financial results showing revenue declines.
Key takeaways
Entered Securities Purchase Agreement on March 4, 2026 for $4.9M secured convertible notes at $0.68 conversion price and warrants for 9.4M shares at $0.68 exercise price, closing expected March 6, 2026.
Proceeds to repay up to $2.2M Existing Notes due March 31, 2026 (with $0.9M reinvested) and general corporate purposes.
Buyers include Smith Living Trust (William W. Smith, Jr. co-trustee) and Timothy C. Huffmyer.
Executive changes effective March 31, 2026: William W. Smith, Jr. to Executive Chairman, Timothy C. Huffmyer to President and CEO (base salary $425,000), Bethany M. Braund to CFO (base salary $250,000, 20,000 RSUs).
Q4 2025 revenue $4.0M (down from $5.0M YoY), GAAP net loss $4.7M or ($0.20)/share; FY 2025 revenue $17.4M (down from $20.6M), GAAP net loss $30.1M or ($1.46)/share.
Cash and equivalents $1.5M as of December 31, 2025.