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Mar 31, 2022
Smartrent Q1 2022 Earnings Report
SmartRent's Q1 2022 saw record revenue and bookings, driven by growth in units deployed and customer base, along with the strategic acquisition of SightPlan.
Key Takeaways
SmartRent reported a record revenue of $37.4 million and bookings of $72.0 million in Q1 2022. The company deployed over 51,000 new units and added 41 new customers. They also acquired SightPlan to enhance platform capabilities.
Total revenue increased by 95% year-over-year to a record $37.4 million.
SaaS annual recurring revenue (ARR) increased by 205% year-over-year to $16.3 million.
Units Deployed increased by 58% year-over-year to 51,196.
Units Booked increased by 101% to 91,482 and Bookings increased by 122% to $72.0 million year-over-year, both setting company records.
Smartrent
Smartrent
Smartrent Revenue by Segment
Revenue by Segment
Hardware Revenue
CapyFin.comProfessional Services Revenue
CapyFin.comHosted Services Revenue
CapyFin.com Forward Guidance
SmartRent is maintaining its guidance for full-year 2022 and providing guidance for the second quarter of 2022. The estimates presented below represent a range of possible outcomes and may differ materially from actual results. These estimates exclude the impact of potential acquisitions, capital markets activity, and unforeseen potential challenges with supply chain and logistics.
Positive Outlook
- Total Revenue of $220 to $250 million for full year 2022.
- Adjusted EBITDA of $(50) to $(35) million for full year 2022.
- Units Deployed of 280,000 to 320,000 for full year 2022.
- Total Revenue of $47 to $55 million for quarter ended June 30, 2022.
- Units Deployed of 64,000 to 75,000 for quarter ended June 30, 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income