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Mar 31, 2023
Smartrent Q1 2023 Earnings Report
SmartRent reported a strong start to the year with record revenue and significant improvement in gross profit, driving the path to profitability.
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
Revenue by Segment
Hardware Revenue
CapyFin.comProfessional Services Revenue
CapyFin.comHosted Services Revenue
CapyFin.com 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