Smartrent Q1 2023 Earnings Report
Key Takeaways
SmartRent reported record revenue of $65.1 million, up 74% year-over-year. Gross profit increased to $9.1 million, up 292% year-over-year, and net loss improved to $(13.2) million. The company's strong performance and focus on efficiency have positioned it well for continued success and potential profitability.
Achieved record revenue of $65.1 million, a 74% increase year-over-year.
Gross profit increased by 292% year-over-year, reaching $9.1 million.
Net loss improved by 44% year-over-year, amounting to $(13.2) million.
Ended the quarter with $204.4 million in cash.
Smartrent
Smartrent
Smartrent Revenue by Segment
Forward Guidance
SmartRent provided guidance for the second quarter and full year 2023, anticipating revenue between $50 to $55 million for Q2 and $225 to $250 million for the full year. Adjusted EBITDA is expected to be between $(7) to $(3) million for Q2 and $(25) to $(15) million for the full year.
Positive Outlook
- The path ahead may not be linear, we plan to carry this momentum forward and continue to execute on our mission toward growth and profitability.
- Believe it can sustain meaningful top line growth
- Narrow the Adjusted EBITDA loss
- Total Revenue of $50 to $55 million
- Adjusted EBITDA of $(7) to $(3) million
Challenges Ahead
- Timing differences may lead to some quarter-to-quarter variability.
- Estimates exclude the impact of potential acquisitions
- Estimates exclude the impact of capital markets activities
- Estimates exclude the impact of unforeseen continued challenges with supply chain and logistics.
- Estimates are forward-looking based on the Company’s current assessment of demand for its product, execution capabilities and market conditions, as well as other risks outlined below under the caption “Forward-Looking Statements.”
Revenue & Expenses
Visualization of income flow from segment revenue to net income