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Smith Micro (SMSI) has been on a tear. The stock has nearly quadrupled from its 52-week low of $1.62 in December 2018. However, due to a 8x earnings beat in Q2 (its fourth straight quarter of outperformance) and its operating leverage, it is clear SMSI remains underappreciated and undervalued.

The most recent earnings blowout explains why SMSI rose 67% on Friday, July 26, alone, and has risen even further since. This article will discuss the source of Smith Micro’s outperformance and why I believe the shares will deliver triple-digit returns in the year ahead.

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