Smith Micro Software Inc 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from __________ to __________ Commission File Number 01-35525____________________________________________________ SMITH MICRO SOFTWARE, INC.(Exact name of registrant as specified in its charter) ____________________________________________________ Delaware33-0029027(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification Number) Registrant's telephone number, including area code: (412) 837-5300 Securities registered pursuant to Section 12(b) of the Act: Title of each classTradingSymbol(s)Name of each exchange on whichregisteredCommon Stock, par value $0.001 pershareSMSIThe Nasdaq Capital Market Securities registered pursuant to Section 12(g) of the Act: None____________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934 Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See definition of “accelerated filer”, “large accelerated filer”, “smaller reportingcompany”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company Accelerated filer☐Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As of June 30,2025, the last business day of the registrant’s most recently completed second quarter, the aggregate marketvalue of the common stock of the registrant held by non-affiliates was$10,935,493based upon the closing sale price of such stock asreported on the Nasdaq Capital Market on that date. For purposes of such calculation, only executive officers, board members, andbeneficial owners of more than 10% of the registrant’s outstanding common stock are deemed to be affiliates. As ofFebruary 26, 2026, there were25,763,019shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for use in connection with its2026Annual Meeting of Stockholders,which is to be filed no later than 120 days afterDecember 31, 2025, are incorporated by reference into Part III of this Annual Reporton Form 10-K SMITH MICRO SOFTWARE, INC.2025ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTSPART IItem 1.BUSINESS5Item 1A.RISK FACTORS8Item 1B.UNRESOLVED STAFF COMMENTS20Item 1C.CYBERSECURITY20Item 2.PROPERTIES21Item 3.LEGAL PROCEEDINGS21Item 4.MINE SAFETY DISCLOSURES21PART IIItem 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES22Item 6.RESERVED22Item 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS23Item 8.FINANCIA